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. | |||||
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. |