CHAPMAN PETROLEUM ENGINEERING LTD. | |||||||||
CRUDE OIL | |||||||||
HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES | |||||||||
January 1, 2019 | |||||||||
AB Synthetic | Western Canada | Exchange | |||||||
WTI [1] | Brent Spot (ICE)[2] | Crude Price [3] | Select [4] | Rate | |||||
Date | $US/STB | $US/STB | $CDN/STB | $CDN/STB | $US/$CDN | ||||
HISTORICAL PRICES | |||||||||
2004 | 41.51 | 38.26 | 52.89 | 37.52 | 0.77 | ||||
2005 | 56.64 | 54.57 | 69.16 | 43.25 | 0.83 | ||||
2006 | 66.05 | 65.16 | 72.88 | 50.40 | 0.88 | ||||
2007 | 72.34 | 72.44 | 75.57 | 53.17 | 0.94 | ||||
2008 | 99.67 | 96.94 | 102.98 | 83.88 | 0.94 | ||||
2009 | 61.95 | 61.74 | 76.77 | 53.04 | 0.88 | ||||
2010 | 79.48 | 79.61 | 80.56 | 66.58 | 0.97 | ||||
2011 | 94.88 | 111.26 | 102.45 | 77.43 | 1.01 | ||||
2012 | 94.05 | 111.63 | 92.56 | 71.70 | 1.00 | ||||
2013 | 97.98 | 108.56 | 100.17 | 75.76 | 0.97 | ||||
2014 | 93.12 | 99.43 | 101.07 | 82.07 | 0.91 | ||||
2015 | 48.69 | 53.32 | 62.17 | 46.23 | 0.78 | ||||
2016 | 43.17 | 45.06 | 57.98 | 38.90 | 0.76 | ||||
2017 | 50.86 | 54.75 | 67.75 | 49.63 | 0.77 | ||||
2018 | 64.92 | 71.64 | 75.06 | 50.17 | 0.77 | ||||
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC) | |||||||||
65.61 | 72.16 | 75.41 | 49.91 | 0.78 | |||||
FORECAST PRICES | |||||||||
2019 | 65.00 | 71.50 | 75.35 | 50.48 | 0.77 | ||||
2020 | 66.00 | 72.60 | 74.47 | 55.86 | 0.79 | ||||
2021 | 69.30 | 76.23 | 77.56 | 58.17 | 0.80 | ||||
2022 | 72.77 | 80.04 | 80.76 | 60.57 | 0.81 | ||||
2023 | 74.22 | 81.64 | 81.44 | 61.08 | 0.82 | ||||
2024 | 75.70 | 83.28 | 82.14 | 61.61 | 0.83 | ||||
2025 | 77.22 | 84.94 | 83.96 | 62.97 | 0.83 | ||||
2026 | 78.76 | 86.64 | 85.83 | 64.37 | 0.83 | ||||
2027 | 80.34 | 88.37 | 87.72 | 65.79 | 0.83 | ||||
2028 | 81.95 | 90.14 | 89.66 | 67.24 | 0.83 | ||||
2029 | 83.58 | 91.94 | 91.63 | 68.73 | 0.83 | ||||
2030 | 85.26 | 93.78 | 93.65 | 70.24 | 0.83 | ||||
2031 | 86.96 | 95.66 | 95.70 | 71.78 | 0.83 | ||||
2032 | 88.70 | 97.57 | 97.80 | 73.35 | 0.83 | ||||
2033 | 90.47 | 99.52 | 99.93 | 74.95 | 0.83 | ||||
2034 | 92.28 | 101.51 | 102.12 | 76.45 | 0.83 | ||||
Escalated 2% thereafter | |||||||||
Notes: | [1] | West Texas Intermediate quality (D2/S2) crude (40API) landed in Cushing, Oklahoma. | |||||||
[2] | The Brent Spot price is estimated based on historic data. | ||||||||
[3] | Equivalent price for Light Sweet Crude (D2/S2) & Synthetic Crude landed in Edmonton. | ||||||||
[4] | Western Canada Select (20.5API), spot price for B.C., Alberta, Saskatchewan, and Manitoba. |
CHAPMAN PETROLEUM ENGINEERING LTD. | ||||||||
NATURAL GAS & BY-PRODUCTS | ||||||||
HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES | ||||||||
January 1, 2019 | ||||||||
Alberta | AECO Spot | Henry Hub | Propane | Butane | Condensate (Pentanes Plus) | |||
GRP [1] | Gas[2] | Gas[3] | C3 [4] | C4 [4] | C5+[5] | |||
Date | $CDN/MMBTU | $CDN/GJ | $CDN/MMBTU | $US/MMBTU | $CDN/BBL | $CDN/BBL | $CDN/BBL | |
HISTORICAL PRICES | ||||||||
2009 | 3.85 | 3.65 | 3.99 | 3.94 | 38.34 | 49.34 | 67.52 | |
2010 | 3.93 | 3.73 | 4.02 | 4.39 | 44.40 | 57.99 | 77.51 | |
2011 | 3.46 | 3.28 | 3.63 | 3.99 | 50.17 | 70.93 | 97.21 | |
2012 | 2.25 | 2.13 | 2.39 | 2.70 | 47.40 | 64.48 | 96.26 | |
2013 | 2.98 | 2.82 | 3.17 | 3.84 | 50.09 | 91.43 | 100.72 | |
2014 | 4.22 | 4.00 | 4.51 | 4.36 | 46.85 | 62.26 | 108.28 | |
2015 | 2.62 | 2.48 | 2.71 | 2.69 | 6.17 | 36.81 | 59.14 | |
2016 | 2.03 | 1.93 | 2.18 | 3.31 | 6.71 | 29.81 | 55.62 | |
2017 | 2.05 | 1.94 | 2.50 | 3.85 | 25.55 | 39.62 | 67.15 | |
2018 | 1.38 | 1.31 | 1.51 | 4.11 | 30.47 | 48.97 | 77.19 | |
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC) | ||||||||
1.41 | 1.34 | 1.55 | 2.95 | 32.11 | 48.82 | 81.85 | ||
FORECAST PRICES | ||||||||
2019 | 1.69 | 1.61 | 1.86 | 3.51 | 28.69 | 29.99 | 70.82 | |
2020 | 1.97 | 1.86 | 2.16 | 3.81 | 30.17 | 39.67 | 70.01 | |
2021 | 2.24 | 2.12 | 2.46 | 4.11 | 32.90 | 46.89 | 72.90 | |
2022 | 2.35 | 2.23 | 2.58 | 4.23 | 35.58 | 53.15 | 75.92 | |
2023 | 2.47 | 2.34 | 2.71 | 4.36 | 36.39 | 54.42 | 76.56 | |
2024 | 2.59 | 2.46 | 2.85 | 4.50 | 36.82 | 54.90 | 77.21 | |
2025 | 2.72 | 2.58 | 2.99 | 4.64 | 37.68 | 56.18 | 78.93 | |
2026 | 2.86 | 2.71 | 3.14 | 4.79 | 38.60 | 57.43 | 80.68 | |
2027 | 2.91 | 2.76 | 3.20 | 4.85 | 39.52 | 58.72 | 82.46 | |
2028 | 2.97 | 2.82 | 3.27 | 4.92 | 40.48 | 60.05 | 84.28 | |
2029 | 3.03 | 2.88 | 3.33 | 4.98 | 41.44 | 61.39 | 86.14 | |
2030 | 3.09 | 2.93 | 3.40 | 5.05 | 42.37 | 62.72 | 88.03 | |
2031 | 3.15 | 2.99 | 3.47 | 5.12 | 43.30 | 64.09 | 89.96 | |
2032 | 3.22 | 3.05 | 3.54 | 5.19 | 44.22 | 65.52 | 91.93 | |
2033 | 3.28 | 3.11 | 3.61 | 5.26 | 45.20 | 66.93 | 93.94 | |
2034 | 3.35 | 3.17 | 3.68 | 5.33 | 46.11 | 68.27 | 95.82 | |
Escalated 2% thereafter | ||||||||
Notes: | [1] | Alberta Gas Reference Price (GRP) represents the average of all system and direct (spot and firm) sales. | ||||||
[2] | The AECO C Spot price, which is the Alberta gas trading price | |||||||
[3] | Henry Hub Spot is natural gas traded on the New York Mercantile Exchange (NYMEX). | |||||||
[4] | Alberta average field price for Propane and Butane purchased at field locations. | |||||||
[5] | Edmonton condensate from GMPFirstEnergy. |