November 18, 2025

Duvernay natural gas full cycle costs at Henry Hub (HH) equivalent range from a low of USD $3.35/Mcf for wells with an Initial Productivity (IP) greater than 18 MMcf/d to a high of USD $16.84/Mcf for wells with an IP of under 3 MMcf/d without taking into account liquids uplift. Average liquids uplift in Duvernay is USD $2.31/Mcf which is significantly higher than average liquids uplift in other Western Canadian plays. Average Operating costs are USD $0.93/Mcf while royalties & taxes and overhead are USD $0.37/Mcf. F&D costs range from USD $0.98 to $8.80/Mcf and the 15% producer return ranges from USD $0.65 to $5.87/Mcf. The assumed HH differential is USD$ 0.86/Mcf.