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Updated June 2023

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Highlights of 2022


WTI: The price of West Texas Intermediate (WTI) increased by 39 per cent in 2022. Tight crude oil supplies following the Russian invasion of Ukraine and the global demand recovery from COVID-19 contributed to the price increase. 

CLS: The price of Canadian Light Sweet (CLS) rose by 49 per cent in 2022. The annual average differential to WTI was lower than in 2021, averaging around US$2/bbl.

WCS: The price of Western Canadian Select (WCS) increased by 38 per cent in 2022. The differential price to WTI increased, averaging around US$18/bbl.

Henry Hub: The price of Henry Hub increased by 75 per cent in 2022, with a rise in liquified natural gas (LNG) exports to Europe and increased U.S. domestic consumption.

AECO-C: The price of AECO-C increased by 51 per cent in 2022 because of increased domestic demand and growth in exports to the rest of Canada and the U.S. via pipeline.

Total Capital Expenditures

Total capital expenditures increased by an estimated 44 per cent in 2022 to Cdn$26.6 billion. Global energy prices increased in 2022 mostly due to the war in Ukraine and a tightening crude oil supply. Capital expenditures are projected to remain below 2014 peak levels over the 10-year forecast period.

Exchange Rate

The U.S./Canadian dollar exchange rate averaged US$0.77 in 2022 compared with US$0.80 in 2021.