Deloitte Resource Evaluation & Advisory 

Canadian Domestic Forecast 

Base Case Forecast Effective September 30 2015 

Crude Oil Pricing Natural Gas Liquids Pricing 

Edmonton Par Prices 

Natural Gas Pricing Sulphur 

Price 

Inflation 

Rate 

Cost 

Inflation 

Rate 

CAD to USD 

Exchange 

Rate 

WTI at 

Cushing 

Oklahoma 

US$/bbl 

Real 

WTI at 

Cushing 

Oklahoma 

US$/bbl 

Current 

Edmonton 

City Gate 

C$/bbl 

Real 

Edmonton 

City Gate 

C$/bbl 

Current 

WCS 

20.5 Deg. API 

Hardisty 

C$/bbl 

Current 

Bow River 

25 Deg. API 

Hardisty 

C$/bbl 

Current 

Heavy Oil 

12 Deg. API 

Hardisty 

C$/bbl 

Current 

Ethane 

C$/bbl 

Current 

Propane 

C$/bbl 

Current 

Butane 

C$/bbl 

Current 

Pentanes + 

Condensate 

C$/bbl 

Current 

Alberta 

Reference 

Average 

Price 

C$/mcf 

Current 

Alberta 

AECO 

Average 

Price 

C$/mcf 

Real 

Alberta 

AECO 

Average 

Price 

C$/mcf 

Current 

B.C. 

Direct 

Stn. 2 

Sales 

C$/mcf 

Current 

NYMEX 

Henry 

Hub 

US$/Mcf 

Real 

NYMEX 

Henry 

Hub 

US$/Mcf 

Current 

Alberta 

Plant Gate 

C$/lt 

Current 

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2005 2.2% 2.2% 0.826 $67.93 $56.56 $83.21 $69.29 $44.60 $45.62 $33.70 $23.78 $43.19 $51.88 $74.72 $8.30 $10.53 $8.76 $8.22 $10.58 $8.81 $40.99 

2006 2.0% 2.0% 0.882 $77.51 $66.02 $86.04 $73.28 $51.22 $51.90 $39.53 $19.83 $44.07 $58.16 $78.18 $6.56 $7.68 $6.54 $6.58 $7.92 $6.75 $19.53 

2007 2.1% 2.1% 0.935 $83.19 $72.32 $88.64 $77.05 $52.90 $53.87 $39.76 $18.42 $49.75 $59.35 $81.64 $6.20 $7.42 $6.45 $6.40 $8.03 $6.98 $38.02 

2008 2.4% 2.4% 0.943 $112.10 $99.57 $115.73 $102.80 $82.95 $83.90 $73.08 $22.59 $56.96 $83.54 $109.82 $7.88 $9.18 $8.16 $8.20 $9.98 $8.86 $303.83 

2009 0.3% 0.3% 0.880 $67.76 $61.65 $72.64 $66.10 $58.66 $59.80 $54.40 $11.61 $34.62 $56.21 $69.52 $3.85 $4.35 $3.96 $4.17 $4.34 $3.95 ($5.08) 

2010 1.8% 1.8% 0.971 $86.99 $79.40 $85.25 $77.80 $67.22 $68.18 $60.62 $11.53 $45.19 $68.79 $84.06 $3.76 $4.39 $4.01 $4.01 $4.81 $4.39 $56.94 

2011 2.9% 2.9% 1.012 $102.13 $94.88 $102.84 $95.54 $77.12 $78.42 $69.60 $10.30 $52.41 $86.98 $105.29 $3.46 $3.91 $3.63 $3.34 $4.31 $4.00 $101.60 

2012 1.5% 1.5% 1.001 $98.34 $94.11 $90.47 $86.57 $73.10 $74.41 $64.07 $6.73 $30.80 $75.47 $99.71 $2.25 $2.50 $2.39 $2.29 $2.88 $2.75 $126.81 

2013 0.9% 0.9% 0.972 $100.76 $97.91 $96.08 $93.36 $74.97 $76.29 $65.49 $8.68 $38.54 $77.44 $103.57 $2.98 $3.27 $3.17 $3.08 $3.84 $3.73 $62.17 

2014 1.9% 1.9% 0.906 $95.07 $93.26 $97.36 $95.50 $81.06 $81.49 $73.70 $12.46 $38.38 $57.08 $100.95 $4.22 $4.59 $4.50 $4.34 $4.48 $4.39 $88.99 

2

0

1

5

9 Mths H 1.2% 1.2% 0.795 $51.16 $51.16 $60.21 $60.21 $48.68 $49.22 $43.42 $7.69 $1.65 $25.83 $55.36 $2.63 $2.77 $2.77 $2.62 $2.82 $2.82 $114.27 

3 Mths F 0.0% 0.0% 0.760 $47.50 $47.50 $57.25 $57.25 $46.25 $47.25 $41.25 $8.00 $2.85 $22.90 $54.40 $2.75 $2.90 $2.90 $2.75 $2.80 $2.80 $100.00 

Avg. N/A N/A 0.786 $50.24 $50.24 $59.47 $59.47 $48.07 $48.73 $42.88 $7.77 $1.95 $25.10 $55.12 $2.66 $2.80 $2.80 $2.65 $2.81 $2.81 $110.70 

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2015 0.0% 0.0% 0.760 $47.50 $47.50 $57.25 $57.25 $46.25 $47.25 $41.25 $8.00 $2.85 $22.90 $54.40 $2.75 $2.90 $2.90 $2.75 $2.80 $2.80 $100.00 

2016 2.0% 2.0% 0.760 $52.50 $53.55 $63.80 $65.10 $50.80 $51.80 $44.70 $9.30 $9.75 $32.55 $65.10 $3.20 $3.30 $3.35 $3.20 $3.10 $3.15 $102.00 

2017 2.0% 2.0% 0.780 $55.00 $57.20 $65.40 $68.05 $53.50 $54.50 $47.25 $10.15 $17.00 $40.85 $68.05 $3.55 $3.55 $3.70 $3.55 $3.35 $3.50 $104.05 

2018 2.0% 2.0% 0.800 $60.00 $63.65 $70.00 $74.30 $59.45 $60.50 $53.05 $10.65 $22.30 $44.55 $74.30 $3.70 $3.65 $3.85 $3.70 $3.50 $3.70 $106.10 

2019 2.0% 2.0% 0.800 $65.00 $70.35 $76.25 $82.55 $67.40 $68.45 $60.90 $11.65 $24.80 $49.50 $82.55 $4.05 $3.90 $4.20 $4.05 $3.70 $4.00 $108.25 

2020 2.0% 2.0% 0.800 $70.00 $77.30 $82.50 $91.10 $75.65 $76.75 $69.00 $12.30 $27.35 $54.65 $91.10 $4.30 $4.05 $4.45 $4.30 $3.85 $4.25 $110.40 

2021 2.0% 2.0% 0.800 $75.00 $84.45 $88.75 $99.95 $84.20 $85.30 $77.40 $13.20 $30.00 $59.95 $99.95 $4.60 $4.25 $4.80 $4.60 $4.00 $4.50 $112.60 

2022 2.0% 2.0% 0.800 $80.00 $91.90 $95.00 $109.15 $93.05 $94.20 $86.15 $13.90 $32.75 $65.50 $109.15 $4.90 $4.40 $5.05 $4.90 $4.10 $4.70 $114.85 

2023 2.0% 2.0% 0.800 $80.00 $93.75 $95.00 $111.30 $94.90 $96.10 $87.85 $14.65 $33.40 $66.80 $111.30 $5.15 $4.55 $5.35 $5.15 $4.25 $5.00 $117.15 

2024 2.0% 2.0% 0.800 $80.00 $95.60 $95.00 $113.55 $96.80 $98.00 $89.65 $15.30 $34.05 $68.10 $113.55 $5.40 $4.65 $5.55 $5.40 $4.30 $5.15 $119.50 

2025 2.0% 2.0% 0.800 $80.00 $97.50 $95.00 $115.80 $98.75 $99.95 $91.40 $15.80 $34.75 $69.50 $115.80 $5.55 $4.70 $5.75 $5.55 $4.35 $5.30 $121.90 

2026 2.0% 2.0% 0.800 $80.00 $99.45 $95.00 $118.10 $100.70 $101.95 $93.25 $16.40 $35.45 $70.85 $118.10 $5.80 $4.80 $5.95 $5.80 $4.45 $5.55 $124.35 

2027 2.0% 2.0% 0.800 $80.00 $101.45 $95.00 $120.50 $102.75 $104.00 $95.10 $17.25 $36.15 $72.30 $120.50 $6.10 $4.95 $6.30 $6.10 $4.55 $5.75 $126.80 

2028 2.0% 2.0% 0.800 $80.00 $103.50 $95.00 $122.90 $104.80 $106.10 $97.00 $17.60 $36.85 $73.75 $122.90 $6.20 $4.95 $6.40 $6.20 $4.55 $5.90 $129.35 

2029 2.0% 2.0% 0.800 $80.00 $105.55 $95.00 $125.35 $106.90 $108.20 $98.95 $17.95 $37.60 $75.20 $125.35 $6.35 $4.95 $6.55 $6.35 $4.55 $6.00 $131.95 

2030 2.0% 2.0% 0.800 $80.00 $107.65 $95.00 $127.85 $109.00 $110.35 $100.95 $18.30 $38.35 $76.70 $127.85 $6.45 $4.95 $6.65 $6.45 $4.55 $6.10 $134.60 

2031 2.0% 2.0% 0.800 $80.00 $109.80 $95.00 $130.40 $111.20 $112.55 $102.95 $18.65 $39.10 $78.25 $130.40 $6.60 $4.95 $6.80 $6.60 $4.55 $6.25 $137.30 

2032 2.0% 2.0% 0.800 $80.00 $112.00 $95.00 $133.00 $113.40 $114.80 $105.00 $19.05 $39.90 $79.80 $133.00 $6.70 $4.95 $6.95 $6.70 $4.55 $6.35 $140.00 

2033 2.0% 2.0% 0.800 $80.00 $114.25 $95.00 $135.70 $115.70 $117.10 $107.10 $19.40 $40.70 $81.40 $135.70 $6.85 $4.95 $7.05 $6.85 $4.55 $6.50 $142.80 

2034 2.0% 2.0% 0.800 $80.00 $116.55 $95.00 $138.40 $118.00 $119.45 $109.25 $19.80 $41.50 $83.05 $138.40 $7.00 $4.95 $7.20 $7.00 $4.55 $6.65 $145.70 

2034+ 2.0% 2.0% 0.800 0.0% 2.0% 0.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 0.0% 2.0% 2.0% 0.0% 2.0% 2.0% 

Notes: - All prices are in Canadian dollars except WTI and NYMEX gas which are in U.S. dollars

- Edmonton city gate prices based on historical light oil par prices posted by the government of Alberta and Net Energy differential futures (40 Deg. API < 0.5% Sulphur)

- Natural Gas Liquid prices are forecasted at Edmonton therefore an additional transportation cost must be included to plant gate sales point

- 1 Mcf is equivalent to 1 mmbtu

- Real prices listed in 2015 dollars with no escalation considered

- Alberta gas prices, except AECO, include an average cost of service to the plant gate 

Disclaimer - No representation or warranty of any kind (whether expressed or implied) is given by Deloitte LLP as to the accuracy, completeness, currency or fitness for any purpose of this document. As such, this document does not constitute the giving of 

investment advice, nor a part of any advice on investment decisions. Accordingly, regardless of the form of action, whether in contract, tort or otherwise, and to the extent permitted by applicable law, Deloitte LLP accepts no liability of any kind and disclaims all 

responsibility for the consequences of any person acting or refraining from acting in reliance on this this price forecast in whole or in part. This price forecast is not for dissemination in the United States or for distribution to United States wire services.
Deloitte Resource Evaluation & Advisory

Canadian Domestic Forecast - Additional Crude Reference Prices 

Base Case Forecast Effective September 30 2015 

Crude Oil Pricing Natural Gas 

Price 

Inflation 

Rate 

Cost 

Inflation 

Rate 

CAD to USD 

Exchange 

Rate 

WTI at 

Cushing 

Oklahoma 

US$/bbl 

Real 

WTI at 

Cushing 

Oklahoma 

US$/bbl 

Current 

Edmonton 

City Gate 

C$/bbl 

Real 

Edmonton 

City Gate 

C$/bbl 

Current 

Lt. Sour 

35 Deg. API 

Cromer, SK 

C$/bbl 

Current 

MSO 

31 Deg. API 

Hardisty 

C$/bbl 

Current 

Bow River 

25 Deg. API 

Hardisty 

C$/bbl 

Current 

WCS 

20.5 Deg. API 

Hardisty 

C$/bbl 

Current 

Heavy Oil 

12 Deg. API 

Hardisty 

C$/bbl 

Current 

Synbit (AWB) 

70% Bitumen 

30% Cond. 

21 Deg. API 

C$/bbl 

Current 

Delivered to 

Sarnia 

MSW 

C$/bbl 

Current 

Ontario 

Dawn 

Reference 

Point 

C$/mcf 

Current 

H

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2005 2.2% 2.2% 0.826 $67.93 $56.56 $83.21 $69.29 $62.31 $56.26 $45.62 $44.60 $33.70 $46.01 $71.30 $10.67 

2006 2.0% 2.0% 0.882 $77.51 $66.02 $86.04 $73.28 $66.08 $61.45 $51.90 $51.22 $39.53 $51.12 $75.37 $7.76 

2007 2.1% 2.1% 0.935 $83.19 $72.32 $88.64 $77.05 $70.06 $64.87 $53.87 $52.90 $39.76 $52.33 $78.48 $7.43 

2008 2.4% 2.4% 0.943 $112.10 $99.57 $115.73 $102.80 $95.28 $92.40 $83.90 $82.95 $73.08 $84.10 $109.21 $9.88 

2009 0.3% 0.3% 0.880 $67.76 $61.65 $72.64 $66.10 $64.04 $63.76 $59.80 $58.66 $54.40 $58.94 $69.29 $4.80 

2010 1.8% 1.8% 0.971 $86.99 $79.40 $85.25 $77.80 $76.40 $72.32 $68.18 $67.22 $60.62 $67.65 $81.48 $4.79 

2011 2.9% 2.9% 1.012 $102.13 $94.88 $102.84 $95.54 $92.13 $83.39 $78.42 $77.12 $69.60 $80.30 $99.26 $4.34 

2012 1.5% 1.5% 1.001 $98.34 $94.11 $90.47 $86.57 $84.27 $77.53 $74.41 $73.10 $64.07 $74.76 $90.36 $3.11 

2013 0.9% 0.9% 0.972 $100.76 $97.91 $96.08 $93.36 $91.76 $82.65 $76.29 $74.97 $65.49 $76.91 $97.33 $4.13 

2014 1.9% 1.9% 0.906 $95.07 $93.26 $97.36 $95.50 $92.91 $89.39 $81.49 $81.06 $73.70 $81.87 $98.19 $5.76 

2

0

1

5

9 Mths H 1.2% 1.2% 0.795 $51.16 $51.16 $60.21 $60.21 $57.03 $56.66 $49.22 $48.68 $43.42 $47.00 $67.20 $3.86 

3 Mths F 0.0% 0.0% 0.760 $47.50 $47.50 $57.25 $57.25 $53.75 $54.25 $47.25 $46.25 $41.25 $45.20 $64.25 $4.00 

Avg. N/A N/A 0.786 $50.24 $50.24 $59.47 $59.47 $56.21 $56.06 $48.73 $48.07 $42.88 $46.55 $66.46 $3.89 

F

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2015 0.0% 0.0% 0.760 $47.50 $47.50 $57.25 $57.25 $53.75 $54.25 $47.25 $46.25 $41.25 $45.20 $64.25 $4.00 

2016 2.0% 2.0% 0.760 $52.50 $53.55 $63.80 $65.10 $61.50 $58.95 $51.80 $50.80 $44.70 $50.80 $70.20 $4.50 

2017 2.0% 2.0% 0.780 $55.00 $57.20 $65.40 $68.05 $64.40 $61.80 $54.50 $53.50 $47.25 $53.50 $73.25 $4.85 

2018 2.0% 2.0% 0.800 $60.00 $63.65 $70.00 $74.30 $70.55 $67.90 $60.50 $59.45 $53.05 $59.45 $79.60 $5.05 

2019 2.0% 2.0% 0.800 $65.00 $70.35 $76.25 $82.55 $78.75 $76.05 $68.45 $67.40 $60.90 $67.40 $87.95 $5.40 

2020 2.0% 2.0% 0.800 $70.00 $77.30 $82.50 $91.10 $87.20 $84.45 $76.75 $75.65 $69.00 $75.65 $96.60 $5.70 

2021 2.0% 2.0% 0.800 $75.00 $84.45 $88.75 $99.95 $96.00 $93.20 $85.30 $84.20 $77.40 $84.20 $105.60 $6.00 

2022 2.0% 2.0% 0.800 $80.00 $91.90 $95.00 $109.15 $105.10 $102.25 $94.20 $93.05 $86.15 $93.05 $114.85 $6.30 

2023 2.0% 2.0% 0.800 $80.00 $93.75 $95.00 $111.30 $107.20 $104.30 $96.10 $94.90 $87.85 $94.90 $117.15 $6.60 

2024 2.0% 2.0% 0.800 $80.00 $95.60 $95.00 $113.55 $109.35 $106.35 $98.00 $96.80 $89.65 $96.80 $119.50 $6.85 

2025 2.0% 2.0% 0.800 $80.00 $97.50 $95.00 $115.80 $111.55 $108.50 $99.95 $98.75 $91.40 $98.75 $121.90 $7.05 

2026 2.0% 2.0% 0.800 $80.00 $99.45 $95.00 $118.10 $113.75 $110.65 $101.95 $100.70 $93.25 $100.70 $124.35 $7.35 

2027 2.0% 2.0% 0.800 $80.00 $101.45 $95.00 $120.50 $116.05 $112.85 $104.00 $102.75 $95.10 $102.75 $126.80 $7.65 

2028 2.0% 2.0% 0.800 $80.00 $103.50 $95.00 $122.90 $118.35 $115.15 $106.10 $104.80 $97.00 $104.80 $129.35 $7.85 

2029 2.0% 2.0% 0.800 $80.00 $105.55 $95.00 $125.35 $120.75 $117.45 $108.20 $106.90 $98.95 $106.90 $131.95 $8.00 

2030 2.0% 2.0% 0.800 $80.00 $107.65 $95.00 $127.85 $123.15 $119.80 $110.35 $109.00 $100.95 $109.00 $134.60 $8.15 

2031 2.0% 2.0% 0.800 $80.00 $109.80 $95.00 $130.40 $125.60 $122.20 $112.55 $111.20 $102.95 $111.20 $137.30 $8.30 

2032 2.0% 2.0% 0.800 $80.00 $112.00 $95.00 $133.00 $128.10 $124.60 $114.80 $113.40 $105.00 $113.40 $140.00 $8.45 

2033 2.0% 2.0% 0.800 $80.00 $114.25 $95.00 $135.70 $130.70 $127.10 $117.10 $115.70 $107.10 $115.70 $142.80 $8.65 

2034 2.0% 2.0% 0.800 $80.00 $116.55 $95.00 $138.40 $133.30 $129.65 $119.45 $118.00 $109.25 $118.00 $145.70 $8.80 

2034+ 2.0% 2.0% 0.800 0.0% 2.0% 0.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 

Notes: - All prices are in Canadian dollars except WTI and NYMEX gas which are in U.S. dollars

- Edmonton city gate prices based on historical light oil par prices posted by the government of Alberta and Net Energy differential futures (40 Deg. API < 0.5% Sulphur)

- 1 Mcf is equivalent to 1 mmbtu

- Real prices listed in 2015 dollars with no escalation considered

‐ Sarnia price is Edmonton Sweet (MSW) delivered to Sarnia, Ontario

‐ Synbit is a combined bitumin (70%) and Condensate (30%) stream equivelent to the Acces Western Blend (AWB). 

Disclaimer - No representation or warranty of any kind (whether expressed or implied) is given by Deloitte LLP as to the accuracy, completeness, currency or fitness for any purpose of this document. As such, this 

document does not constitute the giving of investment advice, nor a part of any advice on investment decisions. Accordingly, regardless of the form of action, whether in contract, tort or otherwise, and to the extent 

permitted by applicable law, Deloitte LLP accepts no liability of any kind and disclaims all responsibility for the consequences of any person acting or refraining from acting in reliance on this this price forecast in whole 

or in part. This price forecast is not for dissemination in the United States or for distribution to United States wire services.
Deloitte Resource Evaluation & Advisory

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2034+

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International Forecast 

Base Case Forecast Effective September 30 2015 

Real Prices 

Crude Oil Pricing 

Natural Gas Pricing Ethanol 

Average 

WTI 

Spot 

US$/bbl 

Real 

Alaskan 

North 

Slope 

US$/bbl 

Real 

California 

Kern 

River 

US$/bbl 

Real 

Louisiana 

Heavy 

Sweet 

US$/bbl 

Real 

Louisiana 

Light 

Sweet 

US$/bbl 

Real 

MARS 

Blend 

US$/bbl 

Real 

Wyoming 

Sweet 

US$/bbl 

Real 

Brent 

Spot 

US$/bbl 

Real 

Gulf Coast 

Argus Sour 

Crude Index 

ASCI 

US$/bbl 

Real 

Average 

OPEC 

Basket 

US$/bbl 

Real 

Venezuelan 

Merey 

US$/bbl 

Real 

Nigerian 

Bonny Light 

US$/bbl 

Real 

Arabia UAE 

Dubai Feteh 

US$/bbl 

Real 

Mexico 

Maya 

US$/bbl 

Real 

Russia 

Urals 

US$/bbl 

Real 

Indonesia 

Minas 

US$/bbl 

Real 

USD to GBP 

Exchange 

Rate 

USD to EUR 

Exchange 

Rate 

NYMEX 

Henry 

Hub 

US$/Mcf 

Real 

Permian 

Waha 

US$/Mcf 

Real 

San Juan 

Ignacio 

US$/Mcf 

Real 

Gulf Coast 

(onshore) 

US$/Mcf 

Real 

Louisiana 

East Texas 

US$/Mcf 

Real 

Rocky Mtn. 

Opal 

US$/Mcf 

Real 

UK NBP 

US$/Mcf 

Real 

India 

Domestic Gas 

US$/Mcf 

Real 

U.S. 

CBOT 

Ethanol 

US$/gal. 

Real 

F

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t

2015 $47.50 $43.50 $44.50 $47.50 $48.50 $45.50 $39.00 $52.50 $45.50 $49.50 $42.50 $53.00 $51.00 $44.50 $51.50 $51.00 

1.550 1.100 $2.80 $2.60 $2.60 $2.70 $2.75 $2.65 $6.40 $4.00 $1.45 

2016 $52.50 $48.50 $49.50 $52.50 $53.50 $50.50 $44.00 $57.50 $50.50 $54.50 $47.50 $58.00 $56.00 $49.50 $56.50 $56.00 

1.550 1.100 $3.10 $2.90 $2.90 $3.00 $3.05 $2.95 $6.50 $3.15 $1.45 

2017 $55.00 $51.00 $52.00 $55.00 $56.00 $53.00 $46.50 $60.00 $53.00 $57.00 $50.00 $60.50 $58.50 $52.00 $59.00 $58.50 

1.550 1.100 $3.35 $3.15 $3.15 $3.25 $3.30 $3.20 $6.55 $3.35 $1.45 

2018 $60.00 $56.00 $57.00 $60.00 $61.00 $58.00 $51.50 $65.00 $58.00 $62.00 $55.00 $65.50 $63.50 $57.00 $64.00 $63.50 

1.550 1.100 $3.50 $3.30 $3.30 $3.40 $3.45 $3.35 $6.60 $3.45 $1.45 

2019 $65.00 $61.00 $62.00 $65.00 $66.00 $63.00 $56.50 $70.00 $63.00 $67.00 $60.00 $70.50 $68.50 $62.00 $69.00 $68.50 

1.550 1.100 $3.70 $3.50 $3.50 $3.60 $3.65 $3.55 $6.70 $3.55 $1.45 

2020 $70.00 $66.00 $67.00 $70.00 $71.00 $68.00 $61.50 $75.00 $68.00 $72.00 $65.00 $75.50 $73.50 $67.00 $74.00 $73.50 

1.550 1.100 $3.85 $3.65 $3.65 $3.75 $3.80 $3.70 $6.85 $3.70 $1.45 

2021 $75.00 $71.00 $72.00 $75.00 $76.00 $73.00 $66.50 $80.00 $73.00 $77.00 $70.00 $80.50 $78.50 $72.00 $79.00 $78.50 

1.550 1.100 $4.00 $3.80 $3.80 $3.90 $3.95 $3.85 $7.00 $3.85 $1.45 

2022 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50 

1.550 1.100 $4.10 $3.90 $3.90 $4.00 $4.05 $3.95 $7.10 $4.00 $1.45 

2023 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50 

1.550 1.100 $4.25 $4.05 $4.05 $4.15 $4.20 $4.10 $7.25 $4.10 $1.45 

2024 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50 

1.550 1.100 $4.30 $4.10 $4.10 $4.20 $4.25 $4.15 $7.30 $4.25 $1.45 

2025 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50 

1.550 1.100 $4.35 $4.15 $4.15 $4.25 $4.30 $4.20 $7.35 $4.30 $1.45 

2026 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50 

1.550 1.100 $4.45 $4.25 $4.25 $4.35 $4.40 $4.30 $7.45 $4.35 $1.45 

2027 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50 

1.550 1.100 $4.55 $4.35 $4.35 $4.45 $4.50 $4.40 $7.55 $4.45 $1.45 

2028 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50 

1.550 1.100 $4.55 $4.35 $4.35 $4.45 $4.50 $4.40 $7.55 $4.55 $1.45 

2029 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50 

1.550 1.100 $4.55 $4.35 $4.35 $4.45 $4.50 $4.40 $7.55 $4.55 $1.45 

2030 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50 

1.550 1.100 $4.55 $4.35 $4.35 $4.45 $4.50 $4.40 $7.55 $4.55 $1.45 

2031 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50 

1.550 1.100 $4.55 $4.35 $4.35 $4.45 $4.50 $4.40 $7.55 $4.55 $1.45 

2032 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50 

1.550 1.100 $4.55 $4.35 $4.35 $4.45 $4.50 $4.40 $7.55 $4.55 $1.45 

2033 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50 

1.550 1.100 $4.55 $4.35 $4.35 $4.45 $4.50 $4.40 $7.55 $4.55 $1.45 

2034 $80.00 $76.00 $77.00 $80.00 $81.00 $78.00 $71.50 $85.00 $78.00 $82.00 $75.00 $85.50 $83.50 $77.00 $84.00 $83.50 

1.550 1.100 $4.55 $4.35 $4.35 $4.45 $4.50 $4.40 $7.55 $4.55 $1.45 

2034+ 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 

1.550 1.100 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 

Notes: Venezuelan Merey replaced BCF-17 in the OPEC basket March 1, 2009. 

Disclaimer - No representation or warranty of any kind (whether expressed or implied) is given by Deloitte LLP as to the accuracy, completeness, currency or fitness for any purpose of this document. As such, this document 

does not constitute the giving of investment advice, nor a part of any advice on investment decisions. Accordingly, regardless of the form of action, whether in contract, tort or otherwise, and to the extent permitted by 

applicable law, Deloitte LLP accepts no liability of any kind and disclaims all responsibility for the consequences of any person acting or refraining from acting in reliance on this this price forecast in whole or in part. This price 

forecast is not for dissemination in the United States or for distribution to United States wire services.
Deloitte Resource Evaluation & Advisory

International Forecast 

Base Case Forecast Effective September 30 2015 

Escalated Prices 

Crude Oil Pricing Natural Gas Ethanol 

USD to GBP 

Exchange 

Rate 

USD to EUR 

Exchange 

Rate 

Average 

WTI 

Spot 

US$/bbl 

Escalated 

Alaska 

North 

Slope 

US$/bbl 

Escalated 

California 

Kern 

River 

US$/bbl 

Escalated 

Louisiana 

Heavy 

Sweet 

US$/bbl 

Escalated 

Louisiana 

Light 

Sweet 

US$/bbl 

Escalated 

MARS 

Blend 

US$/bbl 

Escalated 

Wyoming 

Sweet 

US$/bbl 

Escalated 

Brent 

Spot 

US$/bbl 

Escalated 

Gulf Coast 

Argus Sour 

Crude Index 

US$/bbl 

Escalated 

Average 

OPEC 

Basket 

US$/bbl 

Escalated 

Venezuelan 

Merey 

US$/bbl 

Escalated 

Nigerian 

Bonny Light 

US$/bbl 

Escalated 

Arabia UAE 

Dubai Feteh 

US$/bbl 

Escalated 

Mexico 

Maya 

US$/bbl 

Escalated 

Russia 

Urals 

US$/bbl 

Escalated 

Indonesia 

Minas 

US$/bbl 

Escalated 

NYMEX 

Henry 

Hub 

US$/Mcf 

Escalated 

Permian 

Waha 

US$/Mcf 

Escalated 

San Juan 

Ignacio 

US$/Mcf 

Escalated 

Gulf Coast 

(Onshore) 

US$/Mcf 

Escalated 

Louisiana 

East Texas 

US$/Mcf 

Escalated 

Rocky Mtn. 

Opal 

US$/Mcf 

Escalated 

UK NBP 

US$/Mcf 

Escalated 

U.S. 

CBOT 

Ethanol 

US$/gal. 

Escalated 

H

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c

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2005 1.820 1.245 $56.56 $47.31 $44.73 $52.91 $52.81 $48.68 $54.01 $54.57 N/A $50.71 N/A $55.60 $49.32 $40.91 $50.75 $53.93 $8.81 $7.58 $7.23 $7.85 $8.72 $7.19 3.672869 N/A 

2006 1.843 1.256 $66.02 $56.97 $55.00 $63.31 $63.64 $57.15 $60.41 $65.15 N/A $61.08 N/A $66.81 $61.51 $51.20 $61.34 $65.20 $6.75 $5.90 $5.81 $6.36 $6.72 $5.35 4.955439 N/A 

2007 2.002 1.371 $72.32 $63.80 $62.49 $70.20 $72.34 $63.80 $64.36 $72.47 N/A $69.08 N/A $75.15 $68.40 $59.85 $69.54 $73.55 $6.98 $6.24 $6.13 $6.56 $6.99 $4.01 2.932821 N/A 

2008 1.852 1.470 $99.57 $91.24 $87.20 $103.62 $100.82 $94.61 $88.38 $96.85 N/A $94.43 N/A $100.24 $93.48 $83.83 $94.51 $100.25 $8.86 $7.44 $7.20 $8.48 $8.89 $6.52 $6.14 N/A 

2009 1.565 1.393 $61.65 $54.84 $53.09 $58.78 $60.29 $56.51 $51.73 $61.49 N/A $61.06 N/A $53.01 $61.65 $56.41 $60.70 $58.84 $3.95 $3.43 $3.34 $3.76 $3.96 $3.14 $4.53 $1.72 

2010 1.546 1.328 $79.40 $72.17 $72.83 $78.16 $79.32 $75.60 $70.44 $79.68 $75.60 $77.45 $69.68 $70.70 $78.04 $70.07 $78.01 $0.00 $4.39 $4.16 $4.09 $4.29 $4.38 $3.94 $6.41 $1.80 

2011 1.604 1.392 $94.88 $98.47 $103.11 $107.12 $108.03 $105.37 $87.41 $111.26 $105.37 $107.51 $97.88 $88.28 $106.19 $98.95 $109.19 $0.00 $4.00 $3.88 $3.82 $3.90 $3.98 $3.80 $9.03 $2.51 

2012 1.586 1.286 $94.11 $98.35 $103.69 $107.18 $107.19 $104.82 $85.04 $111.99 $104.82 $109.46 $100.11 $111.61 $109.11 $99.74 $110.50 $110.64 $2.75 $2.64 $2.64 $2.68 $2.74 $2.67 $9.47 $2.31 

2013 1.565 1.329 $97.91 $95.85 $101.38 $105.80 $106.19 $101.80 $89.97 $108.64 $101.80 $105.47 $96.71 $111.41 $105.51 $98.06 $108.05 $107.54 $3.73 $3.62 $3.64 $3.64 $3.68 $3.64 $10.66 $2.04 

2014 1.647 1.329 $93.26 $86.45 $90.38 $96.16 $94.25 $92.95 $83.50 $99.02 $92.95 $96.29 $86.79 $100.77 $96.61 $85.81 $98.01 $98.63 $4.39 $4.28 $4.28 $4.31 $4.04 $4.34 $8.24 $1.93 

F

o

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e

c

a

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t

2015 1.550 1.100 $47.50 $43.50 $44.50 $47.50 $48.50 $45.50 $39.00 $52.50 $45.50 $49.50 $42.50 $53.00 $51.00 $44.50 $51.50 $51.00 $2.80 $2.60 $2.60 $2.70 $2.75 $2.65 $6.40 $1.45 

2016 1.550 1.100 $53.55 $49.45 $50.50 $53.55 $54.55 $51.50 $44.90 $58.65 $51.50 $55.60 $48.45 $59.15 $57.10 $50.50 $57.65 $57.10 $3.15 $2.95 $2.95 $3.05 $3.10 $3.00 $6.65 $1.50 

2017 1.550 1.100 $57.20 $53.05 $54.10 $57.20 $58.25 $55.15 $48.40 $62.40 $55.15 $59.30 $52.00 $62.95 $60.85 $54.10 $61.40 $60.85 $3.50 $3.30 $3.30 $3.40 $3.45 $3.35 $6.80 $1.50 

2018 1.550 1.100 $63.65 $59.45 $60.50 $63.65 $64.75 $61.55 $54.65 $69.00 $61.55 $65.80 $58.35 $69.50 $67.40 $60.50 $67.90 $67.40 $3.70 $3.50 $3.50 $3.60 $3.65 $3.55 $7.00 $1.55 

2019 1.550 1.100 $70.35 $66.05 $67.10 $70.35 $71.45 $68.20 $61.15 $75.75 $68.20 $72.50 $64.95 $76.30 $74.15 $67.10 $74.70 $74.15 $4.00 $3.80 $3.80 $3.90 $3.95 $3.85 $7.25 $1.55 

2020 1.550 1.100 $77.30 $72.85 $73.95 $77.30 $78.40 $75.10 $67.90 $82.80 $75.10 $79.50 $71.75 $83.35 $81.15 $73.95 $81.70 $81.15 $4.25 $4.05 $4.05 $4.15 $4.20 $4.10 $7.55 $1.60 

2021 1.550 1.100 $84.45 $79.95 $81.10 $84.45 $85.60 $82.20 $74.90 $90.10 $82.20 $86.70 $78.85 $90.65 $88.40 $81.10 $88.95 $88.40 $4.50 $4.30 $4.30 $4.40 $4.45 $4.35 $7.90 $1.65 

2022 1.550 1.100 $91.90 $87.30 $88.45 $91.90 $93.05 $89.60 $82.15 $97.65 $89.60 $94.20 $86.15 $98.20 $95.90 $88.45 $96.50 $95.90 $4.70 $4.50 $4.50 $4.60 $4.65 $4.55 $8.15 $1.65 

2023 1.550 1.100 $93.75 $89.05 $90.20 $93.75 $94.90 $91.40 $83.75 $99.60 $91.40 $96.10 $87.85 $100.20 $97.85 $90.20 $98.40 $97.85 $5.00 $4.75 $4.75 $4.85 $4.90 $4.80 $8.50 $1.70 

2024 1.550 1.100 $95.60 $90.85 $92.00 $95.60 $96.80 $93.20 $85.45 $101.60 $93.20 $98.00 $89.65 $102.20 $99.80 $92.00 $100.40 $99.80 $5.15 $4.90 $4.90 $5.00 $5.10 $4.95 $8.70 $1.75 

2025 1.550 1.100 $97.50 $92.65 $93.85 $97.50 $98.75 $95.10 $87.15 $103.60 $95.10 $99.95 $91.40 $104.20 $101.80 $93.85 $102.40 $101.80 $5.30 $5.05 $5.05 $5.20 $5.25 $5.10 $8.95 $1.75 

2026 1.550 1.100 $99.45 $94.50 $95.75 $99.45 $100.70 $97.00 $88.90 $105.70 $97.00 $101.95 $93.25 $106.30 $103.80 $95.75 $104.45 $103.80 $5.55 $5.30 $5.30 $5.40 $5.45 $5.35 $9.25 $1.80 

2027 1.550 1.100 $101.45 $96.40 $97.65 $101.45 $102.75 $98.90 $90.70 $107.80 $98.90 $104.00 $95.10 $108.45 $105.90 $97.65 $106.55 $105.90 $5.75 $5.50 $5.50 $5.65 $5.70 $5.60 $9.60 $1.85 

2028 1.550 1.100 $103.50 $98.30 $99.60 $103.50 $104.80 $100.90 $92.50 $109.95 $100.90 $106.10 $97.00 $110.60 $108.00 $99.60 $108.65 $108.00 $5.90 $5.65 $5.65 $5.75 $5.80 $5.70 $9.75 $1.90 

2029 1.550 1.100 $105.55 $100.30 $101.60 $105.55 $106.90 $102.90 $94.35 $112.15 $102.90 $108.20 $98.95 $112.80 $110.20 $101.60 $110.85 $110.20 $6.00 $5.75 $5.75 $5.85 $5.95 $5.80 $9.95 $1.90 

2030 1.550 1.100 $107.65 $102.30 $103.65 $107.65 $109.00 $105.00 $96.25 $114.40 $105.00 $110.35 $100.95 $115.05 $112.40 $103.65 $113.05 $112.40 $6.10 $5.85 $5.85 $6.00 $6.05 $5.90 $10.15 $1.95 

2031 1.550 1.100 $109.80 $104.35 $105.70 $109.80 $111.20 $107.10 $98.15 $116.70 $107.10 $112.55 $102.95 $117.35 $114.65 $105.70 $115.30 $114.65 $6.25 $5.95 $5.95 $6.10 $6.20 $6.05 $10.35 $2.00 

2032 1.550 1.100 $112.00 $106.40 $107.80 $112.00 $113.40 $109.20 $100.10 $119.00 $109.20 $114.80 $105.00 $119.70 $116.90 $107.80 $117.60 $116.90 $6.35 $6.10 $6.10 $6.25 $6.30 $6.15 $10.55 $2.05 

2033 1.550 1.100 $114.25 $108.55 $109.95 $114.25 $115.70 $111.40 $102.10 $121.40 $111.40 $117.10 $107.10 $122.10 $119.25 $109.95 $119.95 $119.25 $6.50 $6.20 $6.20 $6.35 $6.45 $6.30 $10.80 $2.05 

2034 1.550 1.100 $116.55 $110.70 $112.15 $116.55 $118.00 $113.65 $104.15 $123.85 $113.65 $119.45 $109.25 $124.55 $121.65 $112.15 $122.35 $121.65 $6.65 $6.35 $6.35 $6.50 $6.55 $6.40 $11.00 $2.10 

2034+ 1.550 1.100 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 

Notes: Venezuelan Merey replaced BCF-17 in the OPEC basket March 1, 2009. 

Disclaimer - No representation or warranty of any kind (whether expressed or implied) is given by Deloitte LLP as to the accuracy, completeness, currency or fitness for any purpose of this document. As such, this 

document does not constitute the giving of investment advice, nor a part of any advice on investment decisions. Accordingly, regardless of the form of action, whether in contract, tort or otherwise, and to the extent 

permitted by applicable law, Deloitte LLP accepts no liability of any kind and disclaims all responsibility for the consequences of any person acting or refraining from acting in reliance on this this price forecast in whole or in 

part. This price forecast is not for dissemination in the United States or for distribution to United States wire services.