forecast0701

CHAPMAN HYDROGEN AND PETROLEUM ENGINEERING LTD.
NATURAL GAS & BY-PRODUCTS
HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES
July 1, 2024
		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	6 mos.	1.99	1.89	1.69	2.19	34.24	46.10	105.96
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC)
		1.97	1.87	2.01	2.35	30.95	45.93	105.89
FORECAST PRICES
2024	6 mos.	1.57	1.49	1.64	2.82	34.31	49.88	105.98
2025		2.71	2.57	2.83	3.45	37.02	52.40	100.44
2026		3.62	3.44	3.79	3.81	36.35	51.45	98.66
2027		3.92	3.72	4.10	4.12	36.86	52.13	99.87
2028		4.00	3.79	4.18	4.20	37.60	53.16	101.86
2029		4.08	3.87	4.26	4.28	38.34	54.22	103.88
2030		4.16	3.94	4.35	4.37	39.11	55.30	105.95
2031		4.24	4.02	4.44	4.46	39.88	56.40	108.06
2032		4.32	4.10	4.52	4.55	40.68	57.52	110.20
2033		4.41	4.18	4.61	4.64	41.48	58.66	112.40
2034		4.50	4.27	4.71	4.73	42.31	59.83	114.63
2035		4.59	4.35	4.80	4.82	43.15	61.02	116.91
2036		4.68	4.44	4.90	4.92	44.01	62.24	119.24
2037		4.77	4.53	5.00	5.02	44.89	63.47	121.61
2038		4.87	4.62	5.09	5.12	45.78	64.74	124.03
2039		4.97	4.71	5.20	5.22	46.69	66.03	126.51

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: $US1.37/MMBTU in 2024; $US2.78/MMBTU in 2025; $US3.16/MMBTU in 2026).
	[3]	Henry Hub Spot is natural gas traded on the New York Mercantile Exchange (NYMEX). (Actual Henry Hub strip gas prices are: $US2.82/MMBTU in 2024; $US3.45/MMBTU in 2025 and $US3.81/MMBTU in 2026).
	[4]	Alberta average field price for Propane and Butane purchased at field locations.
	[5]	Edmonton condensate from GasAlbertaInc.

CHAPMAN HYDROGEN AND PETROLEUM ENGINEERING LTD.
CRUDE OIL
HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES
July 1, 2024
				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	6 mos.	79.45	83.78	106.27	85.77	0.74
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC)
		78.79	83.07	106.18	82.91	0.74
FORECAST PRICES
2024	6 mos.	80.37	84.63	109.26	81.77	0.74
2025		77.18	81.71	103.54	77.50	0.75
2026		76.81	80.55	101.71	76.12	0.76
2027		77.76	81.83	102.96	77.06	0.76
2028		79.32	83.47	105.01	78.59	0.76
2029		80.90	85.14	107.10	80.15	0.76
2030		82.52	86.84	109.23	81.75	0.76
2031		84.17	88.58	111.40	83.37	0.76
2032		85.86	90.35	113.61	85.03	0.76
2033		87.57	92.16	115.87	86.72	0.76
2034		89.33	94.00	118.18	88.45	0.76
2035		91.11	95.88	120.53	90.21	0.76
2036		92.93	97.80	122.92	92.00	0.76
2037		94.79	99.75	125.37	93.83	0.76
2038		96.69	101.75	127.86	95.70	0.76
2039		98.62	103.78	130.41	97.60	0.76
Escalated 2% thereafter
Notes:	[1]	West Texas Intermediate quality (D2/S2) crude (40API) landed in Cushing, Oklahoma.
		(Actual WTI strip oil prices are: $US80.37/STB in 2024; $US75.66/STB in 2025; $US71.12/STB in 2026)
	[2]	The Brent Spot price is estimated based on historic data.
		(Actual Brent strip oil prices are: $US83.80/STB in 2024; $US80.11/STB in 2025; $US75.99/STB in 2026)
	[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.