well abandonment and reclamation costs means costs of abandoning a well and surface lease reclamation. They do not include costs of abandoning the gathering system, suspended wells, batteries, plants, or processing facilities.
well abandonment and reclamation costs means costs of abandoning a well (net of salvage value) and of disconnecting the well from the surface gathering system and reclaiming the site to original conditions. They do not include costs of abandoning the gathering system. Pricing Assumptions – Forecast Prices and CostsGLJ and Sproule employed the following pricing, exchange rate and inflation rate assumptions as of December 31, 2015 in estimating our reserves data using forecast prices and costs.For the year ended December 31, 2015, the average realized sales prices before hedging were $52.30/bbl for light and medium crude oil, $45.90/bbl for heavy crude oil, $53.31/bbl for tight crude oil, $16.29/bbl for NGLs, $3.04/mcf for shale gas and $2.72/mcf for conventional natural gas.Reconciliations of Changes in Reserves(1)The following table sets forth a reconciliation of the Corporation's Company Gross reserves by total Proved, total Probable and total Proved plus Probable reserves as at December 31, 2015 against such reserves as at January 1, 2015 based on forecast price and cost assumptions.
well abandonment and reclamation costs means costs of abandoning a well (net of salvage value) and of disconnecting the well from the surface gathering system and remediating and reclaiming the site to original conditions. They do not include costs of abandoning the gathering system.Pricing Assumptions – Forecast Prices and CostsThe average of the three independent reserve evaluator price decks (McDaniel, GLJ Ltd. and Sproule Associates Ltd.) resulted in the following pricing, exchange rate and inflation rate assumptions as of December 31, 2023 in estimating our reserves data using forecast prices and costs. - 25 - Reconciliations of Changes in Reserves(1)The following table sets forth a reconciliation of the Corporation's working interest reserves by total Proved, total Probable and total Proved plus Probable reserves as at December 31, 2023, against such reserves as at December 31, 2022, based on forecast price and cost assumptions. - 26 - - 27 - Notes:
More Definitions of well abandonment and reclamation costs
well abandonment and reclamation costs means costs of abandoning a well (net of salvage value) and of disconnecting the well from the surface gathering system and remediating and reclaiming the site to original conditions. They do not include costs of abandoning the gathering system. Pricing Assumptions – Forecast Prices and Costs GLJ and Sproule employed the following pricing, exchange rate and inflation rate assumptions as of December 31, 2020 in estimating our reserves data using forecast prices and costs. Year Crude Oil Conventional Natural Gas NGLsOperatingWTI atHenry HubAECO/NITPentanesCostCushing NYMEXOklahoma Edmonton ($US/Spot ($Cdn/Plus EdmontonButanes EdmontonPropane EdmontonInflation RateCapital Cost Inflation RateExchange Rate($US/bbl) ($Cdn/bbl) MMBTU)MMBTU)($Cdn/bbl)($Cdn/bbl)($Cdn/bbl)(%/yr)(%/yr)($US/$Cdn) For the year ended December 31, 2020, the average realized sales prices before hedging were $43.97/bbl for light and medium crude oil, $38.08/bbl for heavy crude oil, $43.69/bbl for tight oil, $17.19/bbl for NGLs, $3.09/mcf for shale gas and $2.75/mcf for conventional natural gas. Reconciliations of Changes in Reserves(1) The following table sets forth a reconciliation of the Corporation's Company Gross reserves by total Proved, total Probable and total Proved plus Probable reserves as at December 31, 2020 against such reserves as at December 31, 2019 based on forecast price and cost assumptions. CANADA Light and Medium Crude Oil(Mbbls) , 2019 100,947 58,348 159,295 27,799 6,894 34,693 176,152 112,932 289,084 50,306 26,302 76,608————————————d Improved1,693 (946) 747 — — — 5,722 4,054 9,776 994 253 1,247isions (4) 4,402(4,687)(285)2173941,490(10,650)(9,161)986(1,354)(367)30737———292957———December 31DiscoveriesExtensions an Recovery (2)Technical Rev AcquisitionsDispositions (5) (6) (1,848) (1,454) (3,303) — — — (83) (26) (109) (105) (63) (168)
well abandonment and reclamation costs means costs of abandoning a well (net of salvage value) and of disconnecting the well from the surface gathering system and remediating and reclaiming the site to original conditions. They do not include costs of abandoning the gathering system. Pricing Assumptions – Forecast Prices and Costs The average of the three independent reserve evaluator price decks (McDaniel, GLJ Ltd., and Sproule Associates Ltd.) resulted in the following pricing, exchange rate and inflation rate assumptions as of December 31, 2022 in estimating our reserves data using forecast prices and costs. YearCrude OilConventional Natural GasNGLsWTI atPentaneCushing Henry Hub AECO/NIT Plus Butane Propane Operating Cost Capital Cost ExchangeOklahoma Edmonton NYMEX Spot Edmonton Edmonton Edmonton Inflation Rate Inflation Rate Rate($US/bbl) ($Cdn/bbl) ($US/MMBTU) ($Cdn/MMBTU) ($Cdn/bbl) ($Cdn/bbl) ($Cdn/bbl) (%/yr) (%/yr) ($US/$Cdn)Forecast2023 80.33 103.76 4.74 4.23 106.22 53.88 39.80 0.0% 0.0% 0.745202478.5097.744.504.40101.3552.6739.142.3%2.3%0.7652025 76.95 95.27 4.31 4.21 98.94 51.42 39.74 2.0% 2.0% 0.768202677.6195.584.404.27100.1951.6139.862.0%2.0%0.7722027 79.16 97.07 4.49 4.34 101.74 52.39 40.47 2.0% 2.0% 0.775202880.7499.014.584.43103.78
well abandonment and reclamation costs means costs of abandoning a well (net of salvage value) and of disconnecting the well from the surface gathering system and remediating and reclaiming the site to original conditions. They do not include costs of abandoning the gathering system.
well abandonment and reclamation costs means costs of abandoning a well (net of salvage value) and of disconnecting the well from the surface gathering system and remediating and reclaiming the site to original conditions. They do not include costs of abandoning the gathering system. Pricing Assumptions – Forecast Prices and Costs McDaniel employed the following pricing, exchange rate and inflation rate assumptions as of December 31, 2021 in estimating our reserves data using forecast prices and costs. Year Crude Oil Conventional Natural Gas NGLsOperatingCushing NYMEXOklahoma Edmonton ($US/ ($US/bbl) ($Cdn/bbl) MMBTU)WTI atHenry HubAECO/NITPentanesCost Reconciliations of Changes in Reserves(1) The following table sets forth a reconciliation of the Corporation's working interest reserves by total Proved, total Probable and total Proved plus Probable reserves as at December 31, 2021, against such reserves as at December 31, 2020, based on forecast price and cost assumptions. CANADA Light and Medium Crude Oil(Mbbls) Recovery (2) 6,786 1,753 8,539 1,810 1,362 3,173 10,834 134 10,968 30,987 6,087 37,0744Technical Revisions ( ) (3,267)(2,184)(5,451)(1,863)(939)(2,802)2,583(24,125)(21,542)(1,015)(4,371)(5,386)Acquisitions (5) 24630——————54,31412,32666,641Dispositions (6) (23,463)(14,422)(37,885)———(1,943)(3,393)(5,336)(1,396)(1,159)(2,554)Economic Factors (7) 4,1071,7445,8519111671,0782,9735833,5561,6174982,115Production (8) (6,519)—(6,519)(1,534)—(1,534)(17,917)—(17,917)(9,005)—(9,005)December 31, 2021 61,12240,574101,69624,2597,25531,514147,93081,170229,100118,63839,126157,764 CANADAShale Gas (Natural Gas) (MMcf)Proved+Conventional Natural Gas (Natural Gas) (MMcf)Proved+Total BOE(Mboe) Proved+Factors Proved ProbableProbable Proved ProbableProbable Proved ProbableProbable December 31, 2020 122,71778,924201,64152,04229,38181,423332,049212,110544,159Discoveries —————————Extensions and Improved Recovery (2) 112,59920,170132,7691,5818202,40269,44812,83482,282Technical Revisions (4) 2,749(11,430)(8,681)(1,970)(1,940)(3,910)(3,432)(33,847)(37,279)Acquisitions (5) 203,90148,064251,966———88,32220,343108,665Dispositions (6) (3,188)(5,272)(8,460)(7,728)(4,712)(12,440)(28,621)(20,638)(49,259)Economic Factors (7) 2,6276833,3103,8221,5275,35010,6833,36014,043Production (8) (32,682)—(32,682)(4,135)—(4,135)(41,110)—(41,110)December 31, 2021 408,722131,140539,86243,61225,07768,690427,338194,161621,500
well abandonment and reclamation costs means costs of abandoning a well (net of salvage value) and of disconnecting the well from the surface gathering system and remediating and reclaiming the site to original conditions. They do not include costs of abandoning the gathering system. Pricing Assumptions – Forecast Prices and Costs The average of the three independent reserve evaluator price decks (McDaniel, GLJ Ltd., and Sproule Associates Ltd.) resulted in the following pricing, exchange rate and inflation rate assumptions as of December 31, 2022 in estimating our reserves data using forecast prices and costs. Year Crude Oil Conventional Natural Gas NGLsOperatingCushing NYMEXOklahoma Edmonton ($US/ ($US/bbl) ($Cdn/bbl) MMBTU)WTI atHenry HubAECO/NITPentaneCost Reconciliations of Changes in Reserves(1) The following table sets forth a reconciliation of the Corporation's working interest reserves by total Proved, total Probable and total Proved plus Probable reserves as at December 31, 2022, against such reserves as at December 31, 2021, based on forecast price and cost assumptions. CANADA Light and Medium Crude Oil(Mbbls) Recovery (2) 2,000 741 2,741 93 30 123 2,511 (178) 2,333 20,614 5,283 25,8963Technical Revisions ( ) (1,115)(2,301)(3,416)(447)(157)(605)1,623(4,778)(3,154)3,378(812)2,566Acquisitions (4) ——————2883610,0162,48112,496Dispositions (5) (9,052)(3,046)(12,098)———(710)(1,023)(1,733)(7,065)(1,824)(8,890)Economic Factors (6) 1,4535822,0346031027062,4163912,8071,3533101,662Production (7) (5,210)—(5,210)(1,470)—(1,470)(15,379)—(15,379)(11,668)—(11,668)December 31, 2022 49,19736,55085,74723,0397,23030,268138,41975,590214,009135,26444,562179,827 CANADAShale Gas (Natural Gas) (MMcf)Proved+Conventional Natural Gas (Natural Gas) (MMcf)Proved+Total BOE(Mboe) Proved+Factors Proved ProbableProbable Proved ProbableProbable Proved ProbableProbable December 31, 2021 408,722131,140539,86243,61225,07768,690427,338194,161621,500Discoveries —————————Extensions and Improved Recovery (2) 90,98322,017113,00068429998340,4969,59550,090Technical Revisions (3) 2,357(9,583)(7,226)(2,149)(1,955)(4,104)3,473(9,971)(6,498)Acquisitions (4) 61,38415,28076,664———20,2745,03525,309Dispositions (5) (38,086)(10,679)(48,765)(1,290)(371)(1,661)(23,390)(7,735)(31,125)Economic Factors (6) 3,6468604,5062,2475492,7966,8061,6208,426Production (7) (42,930)—(42,930)(3,826)—(3,826)(41,520)—(41,520)December 31, 2022 486,076149,035635,11139,27923,59962,877433,478192,705626,182
well abandonment and reclamation costs means costs of abandoning a well (net of salvage value) and of disconnecting the well from the surface gathering system and reclaiming the site to original conditions. They do not include costs of abandoning the gathering system. Pricing Assumptions – Forecast Prices and Costs GLJ and Sproule employed the following pricing, exchange rate and inflation rate assumptions as of December 31, 2017 in estimating our reserves data using forecast prices and costs. Year Conventional Natural Gas Crude Oil NGLsOperatingHenry Hub NYMEX($US/ MMBTU)AECO/NITSpot($Cdn/MMBTU)WTI at Cushing Oklahoma ($US/bbl) Edmonton($Cdn/bbl)Pentanes Plus Edmonton ($Cdn/bbl) Butanes Edmonton ($Cdn/bbl) Propane Edmonton ($Cdn/bbl)Cost Inflation Rate (%/yr)Capital Cost Inflation Rate(%/yr) Exchange Rate ($US/$Cdn) For the year ended December 31, 2017, the average realized sales prices before hedging were $58.65/bbl for light and medium crude oil, $51.02/bbl for heavy crude oil, $59.68/bbl for tight crude oil, $27.82/bbl for NGLs, $2.68/mcf for shale gas and$2.42/mcf for conventional natural gas. Reconciliations of Changes in Reserves(1) The following table sets forth a reconciliation of the Corporation's Company Gross reserves by total Proved, total Probable and total Proved plus Probable reserves as at December 31, 2017 against such reserves as at December 31, 2016 based on forecast price and cost assumptions. CANADA Light and Medium Crude Oil(Mbbls) December 31, 2016 158,179 94,499 252,677 22,816 7,329 30,145 221,705 130,906 352,611 46,665 25,288 71,952Discoveries — — — — — — — — — — — —Extensions and Improved Recovery (2)6,345 3,395 9,740 132 (132) 1 22,938 14,687 37,624 4,951 2,779 7,730Technical Revisions (3) 6,226 (14,870) (8,644) 5,136 75 5,211 2,177 (16,367) (14,190) 9,212 497 9,709Acquisitions (8) 585 1,436 2,020 42 8 51 1,045 396 1,440 434 752 1,186Dispositions (6) (12,810) (5,423) (18,233) (21) (63) (84) (273) (357) (630) (108) (103) (211)Economic Factors 387 759 1,146 30 19 50 520 347 866 41 85 127
well abandonment and reclamation costs means costs of abandoning a well (net of salvage value) and of disconnecting the well from the surface gathering system and remediating and reclaiming the site to original conditions. They do not include costs of abandoning the gathering system. Pricing Assumptions – Forecast Prices and Costs GLJ and Sproule employed the following pricing, exchange rate and inflation rate assumptions as of December 31, 2019 in estimating our reserves data using forecast prices and costs. Year Conventional Natural Gas Crude Oil NGLsOperatingHenry Hub NYMEX($US/ MMBTU)AECO/NITSpot($Cdn/MMBTU)WTI at Cushing Oklahoma ($US/bbl) Edmonton($Cdn/bbl)Pentanes Plus Edmonton ($Cdn/bbl) Butanes Edmonton ($Cdn/bbl) Propane Edmonton ($Cdn/bbl)Cost Inflation Rate (%/yr)Capital Cost Inflation Rate(%/yr) Exchange Rate ($US/$Cdn) For the year ended December 31, 2019, the average realized sales prices before hedging were $66.50/bbl for light and medium crude oil, $60.95/bbl for heavy crude oil, $67.67/bbl for tight oil, $19.94/bbl for NGLs, $2.87/mcf for shale gas and $2.29/mcf for conventional natural gas. Reconciliations of Changes in Reserves(1) The following table sets forth a reconciliation of the Corporation's Company Gross reserves by total Proved, total Probable and total Proved plus Probable reserves as at December 31, 2019 against such reserves as at December 31, 2018 based on forecast price and cost assumptions. CANADA Light and Medium Crude Oil(Mbbls) December 31, 2018 127,356 71,928 199,284 29,015 7,903 36,918 219,734 130,667 350,400 59,824 31,789 91,613Discoveries 85 29 114 — — — 494 171 664 27 9 36Recovery (2)3,658 2,0165,6741331014311,6698,86520,5341,2828752,156Technical Revisions (4)(638) (5,633)(6,270)670(951)(281)(21,578)(20,512)(42,090)(1,885)(4,122)(6,007) Acquisitions2,4035902,993———24749—1717Dispositions (5)(18,827)(9,959)(28,786)———(9,186)(6,707)(15,893)(2,321)(2,080)(4,401)Economic Factors(2,107)(622)(2,729)(285)(69)(354)(1,761)402(1,360)(691)(186)(877)Production (7)(10,984)—(10,984)(1,733)—(1,733)(23,220)—(23,220)(5,931)—(5,931)December 31, 2019100,94758,348159,29527,7996,89434,693176,152112,932289,08450,30626,30276,608Extensions and Improved CANADAProved