Alberta Government Reports First Budget Surplus In Seven Years

The Government of Alberta has reported its first budget surplus in seven years as oil and
natural gas prices remain elevated.

The western Canadian province recorded a surplus of $3.9 billion for its fiscal year ended March
31, a period when West Texas Intermediate (WTI) crude oil, the U.S. standard, traded at an
average price of $77 U.S. per barrel.

Oil prices rose above $100 U.S. a barrel in March, which was the last month of Alberta’s fiscal
year.

In all, oil and natural gas royalties flowing to the Alberta government totaled $16.2 billion during
the fiscal year, which was $13.3 billion more than had been budgeted.

Alberta, which has the third largest oil reserves in the world, said its revenue totaled $68.3
billion during the fiscal year, which was $24.6 billion higher than budgeted. The province’s net
debt fell to $57 billion as of March 31 compared to $59.8 billion a year earlier.

Alberta’s government said it will use its budget surplus to pay down debt and help Albertans
manage high inflation through the suspension of gas taxes and by offering electricity rebates.