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Oil and Gas Industry: Encana Penn West Canadian Oil and Gas Industry Analysis Industry Overview Energy Sector (all sources) contributed 5.9% to GDP in 2004. Of the $70.8 billion total energy GDP, crude oil and natural gas industries accounted for 78%; accounts for 2.3% of Canada’s GDP. Industry Overview Important segment of Canada’s economy in terms of investment, trade and employment. Employment: Direct employment, excluding service stations and wholesale trade in petroleum products, was 240,827 people in 2004 or 1.5% of total employment in Canada. Investment: In 2004, new capital investments in energy-related industries represented 19.0% of total Canadian investment and 4.4% of GDP. Industry Overview Trade (Exports) 1). Since oil prices bottomed out during the Asian crisis in?1998, the share of energy in exports has more than doubled from?7.3% to?16.1%. 2). In 2004, energy accounted for 17.5% of total merchandise exports, and the energy trade balance ranked first as a contributor to Canadas positive overall trade balance. Industry Overview The United States is Canadas major trade market for energy products Exports: Exports for energy products between US and Canada accounts for 99% ($66.7 billion) of all Canadian energy exports. Imports: In 2004, Canada imported $24.5 billion of energy products, mainly from the United States (28%), Norway (19%) and the UK (12%). Industry Overview Natural Gas: Canada exported 63% of natural gas ($27.0 billion) to the United States in 2004. In volume terms, Canada accounted for more than 84% of U.S. gas imports and had a 15% share of the U.S. market. Oil: The US accounts for 99% ($25.1 billion) of Canadian exported crude oil in 2004. In volume terms, Canadian crude oil held a accounted for more than 16% of U.S. crude imports and 14% share of the U.S. market in 2004. Canadian Oil Industry Production In 2004, Total Canadian production of crude oil averaged 3.1 million barrels per d