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Alberta’s oil, natural gas revenues survive 2001 price roller coaster Gas revenues gain 11%, despite drop in production, but crude revenues fall 20%; bitumen, heavy oil lead the declines Gary Park PNA Canadian Correspondent
The value of crude oil and natural gas produced in Alberta last year dropped only 1 percent to C$41.7 billion (US$26.3 billion), despite some of the wildest commodity price swings on record.
From a red-hot start to the year, prices cooled off quickly through the second half, according to figures released by the Alberta Energy and Utilities Board.
Gas revenues climbed 11 percent to C$25 billion (US$15.8 billion), but crude oil returns fell 20 percent to C$16.7 billion ((US$10.5 billion).
Gas prices ranged from about C$11.20 (US$7.05) per thousand cubic feet to C$2.40 (US$1.51), averaging C$5.07 (US$3.19) for the year, compared with C$4.27 (US$2.69) in 2000.
Total gas shipments from the province slipped about 5 percent to 4.5 trillion cubic feet, with exports to the United States dropping marginally to 2.3 trillion cubic feet, despite sharply reduced demand and some fuel switching by industrial customers. Alliance deliveries The introduction of the Alliance pipeline from northern British Columbia to Chicago saw deliveries to the U.S. Midwest improve to 1.06 trillion cubic feet from 928 billion cubic feet in 2000, but all other export markets shrank.
Gas deliveries within Alberta fell 11 percent to 728 billion cubic feet and across the rest of Canada by 6 percent to 1.5 trillion cubic feet.
On the crude oil side, volumes grew year-over-year, but average prices for all grades were down. Grade output varies The breakdown for the various grades was:
Light and medium crude — output down 6 per cent to 75 million barrels, with the average price off 12 percent at C$36.90 (US$23.06) per barrel.
Synthetic crude from northern Alberta’s oil sands plants — production up 9 percent to 127.3 million barrels. Canadian Oil Sands Trust figures put the average price at C$35.98 (US$22.67) per barrel.
Bitumen — production rose 7 percent to 112.9 million barrels, with average prices off 39 percent at about C$16.56 (US$10.43) a barrel.
Heavy oil — output up fractionally at 87.4 million barrels, but average prices down 33 percent at C$20.94 (US$13.19) per barrel.
Crude exports to the United States rose by 8 percent to 377.3 million barrels. Deliveries in Alberta were down 15 percent to 128.6 million barrels but shipments to the rest of Canada increased by 2.57 million barrels to 73.8 million barrels.
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