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Updated May 2022

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Highlights of 2021


WTI: The price of West Texas Intermediate (WTI) increased by 73 per cent in 2021. The recovery in global demand for liquid fuels combined with a tight supply contributed to the price increase.

CLS: Canadian Light Sweet (CLS) crude oil prices rose by 76 per cent in 2021. The annual average differential to WTI was lower than in 2020, with monthly averages showing less fluctuation.

WCS: The price of Western Canadian Select (WCS) increased by 105 per cent in 2021. The differential price to WTI increased slightly, with the monthly average remaining relatively stable across the year.

Henry Hub: The price of Henry Hub increased by 75 per cent in 2021, with an increase in liquid natural gas (LNG) exports and exports via pipeline.

AECO-C: The price of AECO-C increased by 60 per cent in 2021, with an increase in exports to the U.S. via pipeline.

Total Capital Expenditures

Total capital expenditures increased by an estimated 26 per cent in 2021 to Cdn$20.2 billion. Global energy prices rose in 2021 and continued to increase in the first quarter of 2022, leading to a more favourable investment environment.

Exchange Rate

The U.S./Canadian dollar exchange rate averaged US$0.80 in 2021 compared with US$0.75 in 2020.