BTU Analytics provides independent fundamentals-based consulting and analytical reports to the North American oil, NGL, and natural gas markets. Our focus is giving clients answers to complex questions supported by data and backed by analysis of the market from wellhead to burner tip. We form our view by bringing together bottoms-up fundamental analysis with upstream financial analysis to allow our clients to better navigate the market and determine opportunities and risks in the face of ever-evolving market conditions.


Andrew Bradford

Andrew Bradford is the CEO of BTU Analytics where his responsibilities include commercial operations, business development, product development, and natural gas project consulting. Prior to BTU Analytics, he was the Senior Commercial Director of North American Natural Gas at Platts-Bentek Energy where he led the Bentek natural gas analytics team and ran commercial operations for Platts publications Gas Daily and Inside FERC Gas Market Report.  In this role, he served on the National Petroleum Council’s 2011 Prudent Development study.  Andrew launched Bentek Energy’s Northeast analysis in 2008 and consulted clients on many early Marcellus pipeline transportation strategies.  Andrew’s 20 plus years of experience in the energy industry includes positions at Amoco Production Company and Constellation Energy. He holds a Masters in Energy and Environmental Analysis from Boston University and a Bachelors in Geology from Colorado College.

Kathryn Downey Miller

Kathryn Downey Miller is a partner at BTU Analytics, LLC and managing director of analytics and consulting services. She leads the firm’s consulting and analytics groups in delivering market advisory services to clients across all sectors of the energy industry. Prior to BTU Analytics, Kathryn led the consulting services group at Bentek Energy. Kathryn’s market expertise is drawn from a diverse set of prior roles within the industry, including buyside investment research focused on E&P equities, investor relations strategy consulting for E&P and service companies and investment banking. She speaks frequently at industry events on North American energy markets and is a CFA Charterholder.

Anthony (Tony) Scott

Tony Scott is a partner at BTU Analytics, LLC and managing director of analytics. Over the last ten years, Tony has built an in-depth understanding of the North American energy market by developing market leading research into coal, natural gas, NGLs, and crude oil markets in North America. He has conducted hundreds of consulting engagements assisting producers, marketers, midstream, refiners, traders, and private equity understand how rapidly changing energy markets in North America would impact their assets and investments. In addition to investment advisory services, Tony is a frequent speaker at industry events on North American energy markets including the IEF Thought-Leaders Roundtable. Prior to co-founding, BTU Analytics, Mr. Scott lead the development of Bentek Energy’s upstream, NGL, crude oil, and consulting businesses. He holds a B.S. and M.S. in Mineral Economics from the Colorado School of Mines.

Mason Ender

Mason Ender is a partner at BTU Analytics, LLC and managing director of business development overseeing client relations, marketing, and sales.  Prior to BTU Analytics, he was the Manager of Sales for Bentek Energy, a division of Platts.  Mason has worked with energy companies both domestically and internationally to implement effective fundamental energy analytic solutions.  Mason also routinely presents energy market dynamics informing the market of upcoming risks and opportunities.


BTU Analytics seeks individuals with a passion for the energy industry who possess the desire and work ethic required to thrive in a start-up atmosphere. Interested in a career at BTU Analytics?  Please email your resume (put your first & last name in the file name of your resume please) with a short description of relevant work experience to careers@btuanalytics.com

Currently Available Positions:

Business Development Manager (Houston, TX)

Senior Energy Analyst

Energy Analyst

Speaking Engagements

BTU Analytics routinely speaks at company meetings, energy conferences and board meetings. Email info@btuanalytics.com for more information.

Upcoming Events

Argus US Natural Gas Markets Conference
May 9, 2017
Houston, TX
Speaker: Andrew Bradford

North American Petroleum Accounting Conference
May 19, 2017
Dallas, TX
Speaker: Erika Coombs

Kallanish Energy North America Oil & Gas 2017
May 23, 2017
Pittsburgh, PA
Speaker: Kathryn Miller

Recent Speaking Engagements

Morgan Stanley MLP/Diversified Natural Gas, Utilities & Clean Tech Conference 2017
March 1, 2017
New York, NY
Speaker: Tony Scott

BTU Analytics: What Lies Ahead
February 8, 2017
Houston, TX
Speaker: Kathryn Miller, Tony Scott, Andrew Bradford, Matthew Hoza and Jason Slingsby
Conference Link: BTU Analytics: What Lies Ahead

Dallas Petroleum Club
January 13, 2017
Houston, TX
Speaker: Erika Coombs
Conference Link: Dallas Petroleum Club

Houston GPA Luncheon
January 11, 2017
Houston, TX
Speaker: Marissa Anderson
Conference Link: Houston GPA Luncheon

Tulsa Geological Society Luncheon
October 18, 2016
Tulsa, OK
Speaker: Jason Slingsby

Argus Condensate & Naptha Markets
September 28-30, 2016
Houston, TX
Speaker: Tony Scott
Conference Link: Argus Condensate & Naptha Markets

Deutsche Bank – 2016 MLP, Midstream, and Natural Gas Conference
May 10, 2016
New York City, NY
Speaker: Kathryn Miller
Conference Link: 2016 MLP Conference, Midstream, and Natural Gas Conference

Argus US Natural Gas Markets Conference
April 27-29, 2016
Houston, TX
Speaker: Andrew Bradford
Conference Link: Argus US Natural Markets Conference

Annual Upstream PA 2016
April 19, 2016
Penn Stater Inn in State College, PA
Speaker: Andrew Bradford
Conference Link: Shale Directories

COPAS Colorado
April 5, 2016
Denver, CO
Speaker: Erika Coombs
Conference Link: COPAS Colorado Conferences

Energy & Mineral Law Foundation Winter Workshop on Energy Law
February 28 – March 1, 2016
Fort Lauderdale, FL
Speaker: Andrew Bradford
Conference Link: Energy & Mineral Law Foundation

Morgan Stanley MLP/Diversified Natural Gas, Utilities & Clean Tech Conference 2016 
March 1-2, 2016
New York City, NY
Speaker: Tony Scott
Conference Link: Morgan Stanley MLP

BTU Analytics: What Lies Ahead
February 4, 2016
Houston, TX
Speaker: Kathryn Miller, Tony Scott, Andrew Bradford, Erika Coombs
Conference Link: BTU Analytics: What Lies Ahead

Houston Gas Processor’s Association
January 13, 2016
Houston, TX
Speaker: Erika Coombs
Conference Link: Houston Gas Processor’s Association

NGL Forum
December 7-9, 2015
San Antonio, TX
Speaker: Tony Scott
Conference Link: NGL Forum

Pennsylvania Independent Oil & Gas Association – 2015 Eastern Oil & Gas Conference
October 27-28, 2015
Monroeville, PA
Speaker: Matthew Hoza
Conference Link: 2015 Eastern Oil and Gas Conference

Northeast Energy and Commerce Association (NECA) Fuels Conference
September 29, 2015
Boston, MA
Speaker: Andrew Bradford
Conference Link: NECA 2015 Fuels Conference

19th Annual Wyoming Oil & Gas Fair
September 15-17, 2015
Casper, Wyoming
Speaker: Erika Coombs
Conference Link: Wyoming Oil & Gas Fair

LDC Gas Forums – Mid-Continent
September 14-16, 2015
Chicago, IL
Speaker: Tony Scott
Conference Link: LDC Gas Forum – Mid-Continent

Independent Oil & Gas Association of NY – Annual Meeting
July 8, 2015
Findley Lake, NY
Speaker: Michael Bennett
Conference Link: IOGA NY

DUG East
June 24, 2015
Pittsburgh, PA
Speaker: Kathryn Downey Miller
Conference Link: DUG East

LDC Gas Forums – Northeast
June 15-17, 2015
Boston, MA
Speaker: Andrew Bradford
Conference Link: LDC Gas Forums – Northeast

Northeast Gas Association
April 23, 2015
Hartford, CT
Speaker: Andrew Bradford
Conference Link: Northeast Gas Association

Gas Processors Association Convention
April 12-15, 2015
San Antonio, TX
Speaker: Kathryn Downey Miller
Conference Link: 2015 GPA Convention

COPAS Colorado Regional Luncheon
March 10, 2015
Denver, CO
Speaker: Kathryn Downey Miller
Conference Link: COPAS Colorado Regional Luncheon

Houston Gas Processor’s Association
January 14, 2015
Houston, TX
Speaker: Kathryn Downey Miller
Conference Link: Houston Gas Processor’s Association


In The News


Dakota Access Line Outlasts Protests, Readies for Service – March 27, 2017

With Tillerson, Trump Gives Keystone XL a Friend in D.C. – December 13, 2016

Canada Fires May Have Prompted Rare U.S. Import of Danish OilJuly 11, 2016

Is the Oil Glut Coming to an End? (Video)- June 14, 2016

Texas Isn’t Scared of $30 Oil – February 3, 2016 


The Booming U.S. Natural Gas Electricity Market – June 12, 2016 

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So Long, DUCs; PUCs Are The Future as Drilling Pace in Permian May Not Be Sustainable – February 21, 2017

Haynesville Pulls in Three Rigs; More to Come, Analyst Says – October 28, 2016

Heat Key to NatGas End-of-Season Storage Missing 4 Tcf Mark – October 4, 2016

E&Ps Able to Chart Destiny, All Basins Being Equal, Says BTU Analytics – September 16, 2016

Natural Gas Gathering A Crucial Priority as More E&P’s Focus on Dry Utica – August 26, 2016

Oil and Gas Analysts Chart Industry’s Bumpy Recovery – August 23, 2016

The Worst May Be Over, But Natgas Recovery Will Be Slow, Sometimes Painful – August 19, 2016

Shell Securing Land For Ethane Pipeline System to Supply Pennsylvania Cracker – August 16, 2016

Debate Red Hot as FERC Decision on Crucial Access Northeast Tariff Revision Looms – June 29, 2016

Opposition Turns to FTC to Stall Atlantic Coast Pipeline, Claims Antitrust – June 24, 2016

Rigs:  They’re Back… – June 17, 2016

NatGas Cash, Futures Diverge; Moderating Temps Ahead – June 15, 2016

Rigs, Permits, Completions Still Falling After 2015’s Productivity Gains – April 8, 2016

U.S., Canada Both Lose Rigs as Further Declines Expected – January 29, 2016 

East Tugs Physical NatGas Higher; Futures Have Fifth Consecutive Gain – January 26, 2016 

Cash NatGas Rockets Higher; Futures, Not So Much – January 4, 2016      

Latest Cold Snap Lifts December NatGas Forwards During Short Holiday Week – November 25, 2015      

Weak Winter, Record 4 Tcf Storage Combine to Tamp Down NatGas Forwards – November 20, 2015

Power generation exports key to delicate US natural gas supply demand balance – September 15, 2015


Oil Prices Lower but Post Weekly Gain – May 20, 2016

Enbridge to Invest $5 Billion in Gulf Coast Oil TerminalsNovember 4, 2015

Energy Pipeline Boom Ends – September 9, 2015


Who’s Who in Energy  October 18, 2016

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Appalachia pipeline capacity could overwhelm supply – February 14, 2017

Permian asset values ‘distorted’: BTU Analytics’ Miller – February 13, 2017

Happy days in oil industry?  Not so fast   May 31, 2016

Midstream construction finally catches upstream activity –  February 15, 2016


 Despite price bounce, natural gas rebound remains far off–     May 28, 2016

 Drillers share keys to boosting efficiency at DUG East conference–     June 24, 2015


Why Fort Worth-based Range Resources’ $3.3 billion acquisition makes sense – May 16, 2016

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Utica Shale:  the best and worst of shale plays? – November 9, 2015


Profits from Texas oil discovery could extend to Omaha pipeline company Northern Natural Gas – September 9, 2016


Higher heating bills on the near horizon – depending on the weather – September 11, 2016

More producers boost their bets on oil play northeast of Denver – December 6, 2015

Private operators are bolstering oil and gas drilling in the Denver-Julesburg Basin – May 12, 2015

Liquified natural gas may boost Western Slope producers’ fortunes – May 4, 2015

Colorado drilling slowdown set to lead to April drop in oil production – March 11, 2015

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Natural gas drop is ‘double whammy’ with oil’s fall – December 26, 2014

TransCanada mulls lowering Mainline tolls again – February 14, 2017

US northeast gas takeaway demand could slow – February 8, 2017

North Dakota gas output to hit record in NovemberDecember 21, 2016

New England pivoting from Canadian gas – October 14, 2016

US gas producers boot output ahead of expansionsAugust 29, 2016

Appalachia gas targets local marketsJuly 21, 2016

Anticipated Gas Decline May Lead to 2020 Shortfall – April 29, 2016

Louisiana gas output shows new signs of lifeNovember 9, 2015


Drillers: $60 oil needed – May 31, 2016


Russian Energy Ministry Expects Crude Oil at $40-$50 in 2016 – May 23, 2016


E&P Companies Target Potential STACK, SCOOP PlaysAugust 25, 2016

Technology Investment Remains Key for Industry Efficiency – May 4, 2016

Oil slides again, set for biggest 3-day loss in a year – March 10, 2017

Contact Us

BTU Analytics LLC
445 Union Boulevard, Suite 124
Lakewood, CO 80228