ATB reports loss of oil, gas export revenues in 2020
Oil and gas exports from Alberta took a big, pandemic hit in 2020, the Alberta Treasury Branch reported.
The annual value of Alberta’s international merchandise exports fell by 22.0 per cent last year or $25.8 billion.
The ATB reported on Wednesday that a decline in oil and gas sector exports accounted for 94.8 per cent of the total drop.
Total oil and gas sector exports were $84.5 billion in 2019 but a combination of lower prices and lower volume in 2020 brought this down to $60.0 billion for a drop of 29.0 per cent.
When oil and gas sector exports are excluded, the contraction in 2020 was 4.1 per cent ($1.3 billion).
The ATB reports that oil and gas exports started last year strong, with year-over-year sales up by 40 per cent in January and by 17.8 per cent in February.
The slide began after the pandemic was declared in March and peaked in May when exports were down by 83.5 per cent ($6.1 billion) compared to 12 months earlier.
Although oil and gas exports were up by the end of 2020, compared to mid-year, they were still off by 22.1 per cent ($1.6 billion) in December in comparison to 12 months earlier.