2009 INDUSTRY REVIEW AND COMMODITY
PRICE DECK REVISION
Revised 2009 and 2010 commodity price assumptions
• We have revised our crude oil price assumptions for 2009 and 2010. For 2009, we are
now forecasting a West Texas Intermediate (WTI) crude oil price of US$60.00/bbl, up
from US$45.00/bbl. Additionally, we have increased our 2010 oil price assumption to
US$70.00/bbl from US$60.00/bbl.
• We have reduced our NYMEX natural gas price assumption for 2009 to
US$4.25/mmbtu from US$5.00/mmbtu, but maintained our assumption for 2010 at
US$6.00/mmbtu. Our AECO natural gas price assumption has also decreased for 2009
to C$4.19/mcf from C$5.00/mcf, and remains unchanged for 2010 at C$6.09/mcf.
• We are increasing our US$/C$ exchange rate forecast in both 2009 and 2010 to $0.85
and $0.87, from $0.80 and $0.82, respectively.
Long-term commodity forecasts
• Our long-term WTI crude oil price is escalated at a 2% inflation rate beyond 2010. As a
result, our 2011 WTI forecast is US$71.40/bbl (from US$65.00/bbl previously).
• Our long-term NYMEX natural gas price is also escalated at an inflation rate of 2% per
year beyond 2010. As a result, our NYMEX price forecast in 2011 is US$6.12/mmbtu
(from US$7.00/mmbtu previously).