Lease condensate is a hydrocarbon liquid that is present in the reservoir gas phase but condensates to liquid phase when gas is produces through lease surface separation equipment. Lease condensate reserves and production are usually reported as a part of the crude oil reserves and production.

NGL is a hydrocarbon liquid that is present in the reservoir gas phase but condensates to the liquid phase when passing through gas processing plant. Lease condensate is not normally included as NGL. This definition of NGL is the same as plant product used by Cronquist.