For 2011, the fourth-quarter survey indicates a mean base-case WTI oil-price forecast of $70.09 per barrel and a mean base-case Henry Hub gas-price forecast of $3.89 per MMBtu. The five-year trend shows an increasing forward price deck for both oil and gas, with average 2015 oil- and gas-price forecasts of $73.29 per barrel and $4.92 per MMBtu, respectively.

Modest escalation of both oil and gas prices after 2015 is common, but prices are capped at means of $73.38 per barrel and $5.30 per MMBtu, respectively. The average discount rate used ...