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. Tony is a frequent speaker at industry events on North American energy markets including the IEF Thought-Leaders Roundtable. Prior to 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

Speaking Engagements

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

Upcoming Events

BTU Analytics: What Lies Ahead
February 22, 2018
Houston, TX
Speakers: Kathryn Downey Miller, Tony Scott, Andrew Bradford, Matthew Hoza, Jason Slingsby, Erika Coombs, Marissa Anderson, Jake Fells & Matt Hagerty
Conference Link: BTU Analytics: What Lies Ahead

Morgan Stanley Midstream Energy Conference
February 28, 2018
New York, NY
Speaker: Kathryn Downey Miller

Rocky Mountain GPA Luncheon
March 8, 2018
Denver, CO
Speaker: Kathryn Downey Miller

University of Oklahoma 2018 Energy Symposium
March 15, 2018
Oklahoma City, OK
Speaker: Andrew Bradford

PIOGA 2018 Spring Meeting
March 21, 2018
Pittsburgh, PA
Speaker: Mason Ender

Credit Suisse – Midstream and MLP Conference
May 8-9, 2018
New York, NY
Speaker: Kathryn Downey Miller

Kayo Women’s Energy & Resources Summit
June 13 & 14, 2018
Houston, TX
Speaker: Kathryn Downey Miller

Recent Speaking Engagements

DTC Lunch, Coal and Q&A
December 6, 2017
New York Athletic Club, New York, NY
Speaker: Andrew Bradford

COPAS Dallas
November 16, 2017
Dallas, TX
Speaker: Erika Coombs

OCTG and Line Pipe Forecast Summit
October 10, 2017
Houston, TX
Speaker: Tony Scott

Appalachian Basin GPA Regional Conference
October 10, 2017
Seven Springs, PA
Speaker: Matthew Hoza

Energy Finance Discussion Group
September 12, 2017
Denver, CO
Speaker: Andrew Bradford

American Coal Council – Coal Market Strategies 2017
August 16, 2017
Park City, UT
Speaker: Andrew Bradford

EnerCom’s The Oil and Gas Conference 2017
August 15, 2017
Denver, CO
Speaker: Kathryn Downey Miller

Ohio Gas Association Market Conditions Conference
August 2, 2017
Columbus, OH
Speaker: Matthew Hoza

DUG East
June 21, 2017
Pittsburgh, PA
Speaker: Kathryn Downey Miller

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

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

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

Deutsche Bank – MLP, Midstream, and Natural Gas Conference
May 9, 2017
New York, NY
Speaker: Kathryn Downey Miller

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
Speakers: Kathryn Downey 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

Houston GPA Luncheon
January 11, 2017
Houston, TX
Speaker: Kathryn Downey Miller


In The News


OPEC Fights Back – and This Time, It’s Driving Oil Prices Up November 7, 2017

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 


Are Proposed Natural Gas Pipeline Projects Given Sufficient Review? – June 1, 2017

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

Oil Extends Gains to Sixth Day on Dip in U.S. Output – June 29, 2017


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Polar Vortex-Level Demand Prompts Big NatGas Cash Surge; Futures Rally Too – January 2, 2018

Haynesville’s NatGas Rig Count, Proppant Intensity Surging – October 17, 2017

NatGas Pipes Competing for One-Way Ticket from the Permian to MexicoSeptember 28, 2017

Nexus Urges FERC to Act Quickly Now That Quorum Restored – August 8, 2017

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



U.S. Shale Juggernaut Shows Signs of Fatigue October 5, 2017

Effort to Crush Shale Producers Only Made Them Stronger – June 9, 2017

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


New $1.4 billion pipeline should help oil and gas producers in Denver-Julesburg Basin – January 5, 2018

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


US northeast to get 3 Bcf/d gas takeaway boost – January 11, 2018

Massachusetts reviews natgas manipulation claim – October 19, 2017

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 jumps on IMF growth outlook as Brent tops $70 again – January 23, 2018

Cold chills U.S. shale gas production as heating demand jumps – January 2, 2018

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

U.S. tight oil players emerge from downturn with daylight to grow – June 5, 2017


Natural Gas ETFs Brighten as U.S. Burns Through Record Stores – January 2, 2018


Worst Hurricane Season In A Decade Threatens Gulf Coast Production – June 5, 2017

Dakota Access boosts drillers, but won’t be a Bakken game-changer – October 12, 2017


Contact Us

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