CHAPMAN HYDROGEN AND PETROLEUM ENGINEERING LTD.
CRUDE OIL
HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES 
January 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
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
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
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC)
  79.28 83.96 111.15 79.96 0.74
FORECAST PRICES
2024 72.99 76.68 99.99 74.95 0.75
2025 74.36 79.24 101.81 76.32 0.75
2026 76.03 80.69 102.71 76.99 0.76
2027 77.35 81.50 104.45 78.30 0.76
2028 78.90 83.13 106.48 79.82 0.76
2029 80.48 84.79 108.56 81.38 0.76
2030 82.09 86.49 110.68 82.96 0.76
2031 83.73 88.22 112.84 84.58 0.76
2032 85.40 89.98 115.04 86.24 0.76
2033 87.11 91.78 117.29 87.92 0.76
2034 88.85 93.62 119.58 89.64 0.76
2035 90.63 95.49 121.92 91.39 0.76
2036 92.44 97.40 124.31 93.18 0.76
2037 94.29 99.35 126.74 95.00 0.76
2038 96.18 101.33 129.22 96.86 0.76
2039 98.10 103.36 131.75 98.76 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: $US72.12/STB in 2024; $US68.85/STB in 2025; $US65.55/STB in 2026)
[2] The Brent Spot price is estimated based on historic data.
(Actual  Brent strip oil  prices are: $US75.68/STB in 2024; $US73.37/STB in 2025; $US70.78/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 
January 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
2012 2.25 2.13 2.39 2.75 47.40 64.48 96.26
2013 2.98 2.82 3.17 3.73 50.09 91.43 100.72
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 0 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
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC)
    3.28 3.11 3.04 3.06 32.95 51.03 111.33
FORECAST PRICES
2024 2.09 1.99 2.09 2.70 31.45 50.60 96.99
2025 3.25 3.08 3.24 3.53 37.10 51.57 98.76
2026 3.85 3.66 3.85 4.10 37.35 52.02 99.63
2027 4.16 3.95 4.16 4.18 37.98 52.90 101.32
2028 4.25 4.03 4.24 4.26 38.72 53.93 103.29
2029 4.33 4.11 4.32 4.35 39.47 54.98 105.30
2030 4.42 4.19 4.41 4.43 40.24 56.06 107.36
2031 4.51 4.27 4.50 4.52 41.03 57.15 109.45
2032 4.60 4.36 4.59 4.61 41.83 58.27 111.59
2033 4.69 4.45 4.68 4.70 42.64 59.40 113.77
2034 4.78 4.54 4.78 4.80 43.48 59.90 115.99
2035 4.88 4.63 4.87 4.89 44.33 61.07 118.26
2036 4.98 4.72 4.97 4.99 45.19 62.26 120.58
2037 5.07 4.81 5.07 5.09 46.08 63.48 122.94
2038 5.18 4.91 5.17 5.19 46.98 64.72 125.34
2039 5.28 5.01 5.27 5.30 47.90 66.02 127.85
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: $US1.90/MMBTU in 2024; $US2.95/MMBTU in 2025; $US3.44/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: $US2.70/MMBTU in 2024; $US3.53/MMBTU in 2025 and  $US4.45/MMBTU in 2026).
[4] Alberta average field price for Propane and Butane  purchased at field locations.
[5] Edmonton condensate from GasAlbertaInc.