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Updated June 2024

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Highlights of 2023

Oil and Gas Prices

WTI: The price of West Texas Intermediate (WTI) decreased by 18% in 2023. Prices declined due to rising global oil inventories and concerns about slow global oil demand growth.

WCS: The price of Western Canadian Select (WCS) decreased by 22% in 2023. The price differential between WCS and WTI increased compared to 2022, averaging around US$19/bbl.

Henry Hub: The price of Henry Hub declined by 59% in 2023, with elevated North American inventories and low heating demand due to mild winter weather. 

AECO-C: The price of AECO-C decreased by 46% in 2023 due to decreased domestic heating demand and the growth in the natural gas supply.

Total Capital Expenditures

Total capital expenditures increased by an estimated 2% in 2023 to Cdn$29.5 billion. 

Global energy prices fell from 2022 highs as a mild winter sustained high natural gas inventories, and continued geopolitical conflicts created uncertainty in oil production. Capital expenditures are projected to remain below the 2014 peak over the 10-year forecast period. 

Exchange Rate

The U.S. and Canadian dollar exchange rate averaged US$0.74 in 2023 compared with US$0.77 in 2022.