Calculate the frac spread and explain how it is an important profitability measure for firms operating in midstream (such as MLPs that operate in fractionation of NGLs). [Hint: This is from the lecture on Midstream and there is the Frac Spread Tutorial lecture in Midstream -- Part 2 lecture.]

Step 1: Calc NGL Value
Step 2: HH natgas price
Step 3: Frac Spread