CHAPMAN HYDROGEN AND PETROLEUM ENGINEERING LTD.
CRUDE OIL
HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES
January 1, 2025
				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	$CDN/$US
HISTORICAL PRICES
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
2019		57.00	64.11	75.28	57.86	0.75
2020		39.54	43.40	48.78	37.05	0.75
2021		67.89	70.39	83.73	68.00	0.80
2022		94.73	100.62	125.24	100.41	0.77
2023		77.59	82.49	107.36	77.29	0.74
2024		76.46	80.49	103.57	83.48	0.73
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC)
		75.59	79.97	101.95	82.46	0.73
FORECAST PRICES
2025		71.00	75.22	96.11	71.92	0.73
2026		74.72	77.64	99.82	74.70	0.74
2027		76.57	80.24	101.63	76.05	0.75
2028		78.10	81.85	103.68	77.59	0.75
2029		79.67	83.48	105.78	79.16	0.75
2030		81.26	85.15	107.92	80.76	0.75
2031		82.89	86.86	110.10	82.39	0.75
2032		84.54	88.59	112.32	84.06	0.75
2033		86.23	90.36	114.59	85.76	0.75
2034		87.96	92.17	116.91	87.49	0.75
2035		89.72	94.02	119.27	89.25	0.75
2036		91.51	95.90	121.68	91.06	0.75
2037		93.34	97.81	124.14	92.90	0.75
2038		95.21	99.77	126.64	94.77	0.75
2039		97.11	101.77	129.20	96.68	0.75
2040		99.06	103.80	131.80	98.63	0.75
Escalated 2% thereafter
Notes:	[1]	West Texas Intermediate quality (D2/S2) crude (40API) landed in Cushing, Oklahoma.
		(Actual  WTI strip oil  prices are: $US70.04/STB in 2025; $US66.72/STB in 2026; $US64.89/STB in 2027)
	[2]	The Brent Spot price is estimated based on historic data.
		(Actual  Brent strip oil  prices are: $US73.03/STB in 2025; $US70.58/STB in 2026; $US69.17/STB in 2027)
	[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 HYDROGEN AND PETROLEUM ENGINEERING LTD.
NATURAL GAS & BY-PRODUCTS
HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES
January 1, 2025
		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
2014		4.22	4.00	4.51	4.35	46.85	62.26	108.28
2015		2.62	2.48	2.71	2.76	6.17	36.81	59.14
2016		2.03	1.93	2.18	2.50	6.71	29.81	55.62
2017		2.05	1.94	2.50	2.96	25.55	39.62	67.15
2018		1.38	1.31	1.51	3.18	30.47	48.97	77.19
2019		1.31	1.24	1.81	2.57	14.98	21.39	70.46
2020		1.85	1.75	2.25	2.02	20.62	24.74	50.06
2021		3.05	2.89	3.58	3.91	42.31	38.12	70.39
2022		4.60	4.36	5.14	6.45	53.85	62.81	122.16
2023		3.00	2.84	2.51	2.59	31.68	49.39	108.73
2024		1.29	1.22	1.37	2.26	31.61	44.25	103.51
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC)
		1.18	1.12	1.20	2.10	31.61	44.25	102.25
FORECAST PRICES
2025		2.13	2.02	2.30	3.46	34.03	46.72	93.22
2026		2.94	2.79	3.17	3.76	33.72	46.48	96.83
2027		3.32	3.15	3.58	4.03	34.24	47.94	98.58
2028		3.39	3.21	3.65	4.11	34.94	48.94	100.57
2029		3.46	3.28	3.72	4.19	35.65	49.93	102.61
2030		3.52	3.34	3.80	4.28	36.37	50.94	104.68
2031		3.59	3.41	3.87	4.36	37.10	51.97	106.80
2032		3.67	3.48	3.95	4.45	37.85	53.02	108.96
2033		3.74	3.55	4.03	4.54	38.62	54.09	111.16
2034		3.81	3.62	4.11	4.63	39.40	55.18	113.40
2035		3.89	3.69	4.19	4.72	40.19	56.30	115.69
2036		3.97	3.76	4.28	4.82	41.00	57.43	118.03
2037		4.05	3.84	4.36	4.91	41.83	58.59	120.41
2038		4.13	3.92	4.45	5.01	42.68	59.77	122.84
2039		4.21	3.99	4.54	5.11	43.54	60.98	125.32
2040		4.30	4.07	4.63	5.21	44.42	62.21	130.49
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. (Actual  AECO C spot gas  prices are: $US2.00/MMBTU in 2025; $US2.88/MMBTU in 2026; $US2.98/MMBTU in 2027).
	[3]	Henry Hub Spot is natural gas traded on the New York Mercantile Exchange (NYMEX). (Actual  Henry Hub strip gas  prices are: $US3.53/MMBTU in 2025; $US3.91/MMBTU in 2026; $US3.84/MMBTU in 2027).
	[4]	Alberta average field price for Propane and Butane  purchased at field locations.
	[5]	Edmonton condensate from GasAlbertaInc.