Updated May 2021
Within this section
- Crude oil prices
- Natural gas prices
- Capital expenditures
- U.S./Canadian exchange rate
- Methodology
- Data (XLSX 833 KB)
Highlights of 2019
Prices
WTI: West Texas Intermediate (WTI) decreased by 12 per cent. Despite global cuts by the Organization of the Petroleum Exporting Countries (OPEC) and geopolitical tensions leading to short-term risk premiums on prices, persistent growth from U.S. shale producers and economic growth concerns weighed on prices.
CLS: Canadian Light Sweet (CLS) crude oil prices increased by 3 per cent. Compared to 2018, CLS prices strengthened in response to narrowed differentials and effects of Alberta's curtailment program.
WCS: The price of Western Canadian Select (WCS) increased by 15 per cent, largely due to production curtailments limiting oil sands producers' output and the return of U.S. refineries in key Alberta's bitumen export markets.
Henry Hub: The price of Henry Hub decreased by 18 per cent largely because of continued gas production that has been driven by associated gas produced alongside shale oil.
AECO-C: The price of AECO-C increased by 8 per cent. Despite the year-over-year increase, AECO-C continues to be challenged by high western Canadian production and insufficient removal capacity.
Total Capital Expenditures
Total capital expenditures decreased by an estimated 12 per cent to Cdn$24.2 billion. Low energy prices, market access constraints, and higher-efficiency wells led to less capital spent on drilling programs. Several larger oil sands producers have deferred larger projects due to market and policy uncertainties, while also focusing on free cash flow towards debt repayment, increased dividends, and stock buybacks over reinvestment in capital programs.
Exchange Rate
The U.S./Canadian dollar exchange rate averaged US$0.75 in 2019, which is about 3 per cent less than in 2018.