CHAPMAN HYDROGEN AND PETROLEUM ENGINEERING LTD. | ||||||
CRUDE OIL | ||||||
HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES | ||||||
October 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 | ||||||
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 | |
2025 | 9 mos. | 67.47 | 70.94 | 88.26 | 75.90 | 0.72 |
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC) | ||||||
70.41 | 74.07 | 94.55 | 79.45 | 0.72 | ||
FORECAST PRICES | ||||||
2025 | 3 mos. | 64.50 | 68.15 | 84.66 | 71.68 | 0.72 |
2026 | 67.50 | 71.14 | 88.18 | 74.67 | 0.73 | |
2027 | 70.25 | 74.52 | 89.37 | 75.67 | 0.75 | |
2028 | 72.00 | 76.50 | 91.72 | 77.66 | 0.75 | |
2029 | 73.44 | 78.03 | 93.65 | 79.30 | 0.75 | |
2030 | 74.91 | 79.59 | 95.62 | 80.97 | 0.75 | |
2031 | 76.41 | 81.18 | 97.63 | 82.67 | 0.75 | |
2032 | 77.94 | 82.81 | 99.69 | 84.41 | 0.75 | |
2033 | 79.49 | 84.46 | 101.78 | 86.18 | 0.75 | |
2034 | 81.08 | 86.15 | 103.91 | 87.99 | 0.75 | |
2035 | 82.71 | 87.87 | 106.09 | 89.83 | 0.75 | |
2036 | 84.36 | 89.63 | 108.31 | 91.71 | 0.75 | |
2037 | 86.05 | 91.42 | 110.57 | 93.63 | 0.75 | |
2038 | 87.77 | 93.25 | 112.88 | 95.59 | 0.75 | |
2039 | 89.52 | 95.12 | 115.24 | 97.58 | 0.75 | |
2040 | 91.31 | 97.02 | 117.64 | 99.62 | 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: $US61.99/STB in 2025; $US60.91/STB in 2026; $US61.07/STB in 2027; $US61.99/STB in 2028) | ||||||
[2] | The Brent Spot price is estimated based on historic data. | |||||
(Actual Brent strip oil prices are: $US66.03/STB in 2025; $US64.67/STB in 2026; $US64.80/STB in 2027; $US66.00/STB in 2028) | ||||||
[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 | ||||||||
October 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 | ||||||||
2015 | 4.22 | 4.00 | 4.51 | 4.35 | 46.85 | 62.26 | 108.28 | |
2016 | 2.62 | 2.48 | 2.71 | 2.76 | 6.17 | 36.81 | 59.14 | |
2017 | 2.03 | 1.93 | 2.18 | 2.50 | 6.71 | 29.81 | 55.62 | |
2018 | 2.05 | 1.94 | 2.50 | 2.96 | 25.55 | 39.62 | 67.15 | |
2019 | 1.38 | 1.31 | 1.51 | 3.18 | 30.47 | 48.97 | 77.19 | |
2020 | 1.31 | 1.24 | 1.81 | 2.57 | 14.98 | 21.39 | 70.46 | |
2021 | 1.85 | 1.75 | 2.25 | 2.02 | 20.62 | 24.74 | 50.06 | |
2022 | 3.05 | 2.89 | 3.58 | 3.91 | 42.31 | 38.12 | 70.39 | |
2023 | 4.60 | 4.36 | 5.14 | 6.45 | 53.85 | 62.81 | 122.16 | |
2024 | 3.00 | 2.84 | 2.51 | 2.59 | 31.68 | 49.39 | 108.73 | |
2025 | 9 mos. | 1.49 | 1.41 | 1.42 | 3.55 | 35.62 | 38.84 | 93.43 |
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC) | ||||||||
1.35 | 1.28 | 1.34 | 2.85 | 33.75 | 39.74 | 92.57 | ||
FORECAST PRICES | ||||||||
2025 | 3 mos. | 1.90 | 1.80 | 1.95 | 3.28 | 28.31 | 42.32 | 82.12 |
2026 | 2.75 | 2.61 | 2.82 | 3.80 | 29.41 | 44.03 | 85.53 | |
2027 | 3.16 | 3.00 | 3.24 | 3.99 | 29.76 | 44.60 | 86.69 | |
2028 | 3.42 | 3.24 | 3.50 | 4.01 | 30.47 | 45.76 | 88.97 | |
2029 | 3.48 | 3.30 | 3.57 | 4.09 | 31.11 | 46.72 | 90.84 | |
2030 | 3.55 | 3.37 | 3.65 | 4.18 | 31.77 | 47.70 | 92.75 | |
2031 | 3.63 | 3.44 | 3.72 | 4.26 | 32.43 | 48.71 | 94.71 | |
2032 | 3.70 | 3.51 | 3.79 | 4.34 | 33.12 | 49.73 | 96.69 | |
2033 | 3.77 | 3.58 | 3.87 | 4.43 | 33.81 | 50.78 | 98.72 | |
2034 | 3.85 | 3.65 | 3.95 | 4.52 | 34.52 | 51.84 | 100.79 | |
2035 | 3.92 | 3.72 | 4.02 | 4.61 | 35.24 | 52.93 | 102.91 | |
2036 | 4.00 | 3.80 | 4.11 | 4.70 | 35.98 | 54.03 | 105.06 | |
2037 | 4.08 | 3.87 | 4.19 | 4.80 | 36.73 | 55.16 | 107.26 | |
2038 | 4.16 | 3.95 | 4.27 | 4.89 | 37.50 | 56.32 | 109.50 | |
2039 | 4.25 | 4.03 | 4.36 | 4.99 | 38.28 | 57.49 | 111.78 | |
2040 | 4.33 | 4.11 | 4.44 | 5.09 | 39.08 | 58.69 | 116.47 | |
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: $US1.95/MMBTU in 2025; $US2.82/MMBTU in 2026; $US3.09/MMBTU in 2027; $US2.96/MMBTU in 2028) | ||||||||
[3] | Henry Hub Spot is natural gas traded on the New York Mercantile Exchange (NYMEX). | |||||||
(Actual Henry Hub strip gas prices are: $US3.49/MMBTU in 2025; $US4.00/MMBTU in 2026; $US3.99/MMBTU in 2027; $US3.82/MMBTU in 2028) | ||||||||
[4] | Alberta average field price for Propane and Butane purchased at field locations. | |||||||
[5] | Edmonton condensate from GasAlbertaInc. |