HIGHLIGHTS
- ARC delivered second quarter 2023 production of 343,630 boe(1) per day (63 per cent natural gas and 37 per cent crude oil and liquids(2)). Production increased two per cent year-over-year, and 13 per cent on a per share(3) basis.
- Second quarter production was impacted by approximately 4,100 boe per day related to the wildfires in
Alberta . Production was fully restored in the quarter, with June production averaging 355,000 boe per day. ARC's assets, including its infrastructure, did not sustain any damages. - ARC generated funds from operations of
$561 million (4) ($0.92 per share(5)) and free funds flow of$144 million (6) ($0.24 per share(7)). ARC recognized cash flow from operating activities of$551 million ($0.90 per share) and net income of$279 million ($0.46 per share). - ARC distributed approximately 110 per cent of free funds flow, or
$159 million , to shareholders during the second quarter. Through the first six months of 2023, ARC has returned 107 per cent of free funds flow to shareholders (90 per cent net of proceeds from divestitures). - ARC declared dividends of
$104 million or$0.17 per share and repurchased 3.1 million common shares for$55 million under its normal course issuer bid ("NCIB"). - Since renewing its NCIB on
September 1, 2022 , ARC has repurchased 47 million common shares, representing 72 per cent of its allotment under the current NCIB. ARC intends to continue to allocate free funds flow to share repurchases, and plans to renew the NCIB for an additional 10 per cent of the public float (as defined by the TSX) onSeptember 1, 2023 , subject to review and approval by the TSX. - Capital expenditures in the second quarter totaled
$417 million (6). Through the first half of 2023, capital expenditures totalled$904 million , representing approximately 50 per cent of the 2023 capital budget. - During the second quarter, ARC completed its 80 MMcf per day Sunrise facility expansion and executed turnarounds at Kakwa, both on-time and within budget. In addition, the Company drilled 32 wells and completed 49 wells, providing operational momentum for the second half of 2023.
- Guidance for 2023 is unchanged. Planned capital expenditures remain between
$1.8 to$1.9 billion (8) and full-year production is forecast to average between 350,000 and 355,000 boe per day (62 per cent natural gas and 38 per cent crude oil and liquids). - As of
June 30, 2023 , ARC's long-term debt balance was$1.1 billion and its net debt balance was$1.3 billion (4) or 0.4 times funds from operations(4).
ARC's unaudited condensed consolidated financial statements and notes (the "financial statements") and Management's Discussion and Analysis ("MD&A") as at and for the three and six months ended
_______________________________________________________________________________________________________________________________________________________________________________________________________________ | |
(1) | ARC has adopted the standard six thousand cubic feet ("Mcf") of natural gas to one barrel ("bbl") of crude oil ratio when converting natural gas to barrels of oil equivalent ("boe"). Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of the 6:1 conversion ratio, utilizing the 6:1 conversion ratio may be misleading as an indication of value. |
(2) | Throughout this news release, crude oil ("crude oil") refers to light, medium, and heavy crude oil product types as defined by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Condensate is a natural gas liquid as defined by NI 51-101. Throughout this news release, natural gas liquids ("NGLs") comprise all natural gas liquids as defined by NI 51-101 other than condensate, which is disclosed separately. Throughout this news release, crude oil and liquids ("crude oil and liquids") refers to crude oil, condensate, and NGLs. |
(3) | Represents average daily production divided by the diluted weighted average common shares outstanding for the respective three months ended |
(4) | See Note 10 "Capital Management" in the financial statements and "Non-GAAP and Other Financial Measures" in the Q2 2023 MD&A for information relating to this capital management measure, which information is incorporated by reference into this news release. |
(5) | See "Non-GAAP and Other Financial Measures" in the Q2 2023 MD&A for an explanation of the composition of this supplementary financial measure, which information is incorporated by reference into this news release. |
(6) | Non-GAAP financial measure that is not a standardized financial measure under International Financial Reporting Standards ("IFRS") and may not be comparable to similar financial measures disclosed by other issuers. See "Non-GAAP and Other Financial Measures" in the Q2 2023 MD&A for information relating to this non-GAAP financial measure, which information is incorporated by reference into this news release. See "Non-GAAP and Other Financial Measures" of this news release for the most directly comparable financial measure disclosed in ARC's current financial statements to which such non-GAAP financial measure relates and a reconciliation to such comparable financial measure. |
(7) | Non-GAAP ratio that is not a standardized financial measure under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Free funds flow, a non-GAAP financial measure, is used as a component of the non-GAAP ratio. See "Non-GAAP and Other Financial Measures" in the Q2 2023 MD&A for the non-GAAP ratio for the comparative period and other information relating to this non-GAAP ratio, which information is incorporated by reference into this news release. |
(8) | Refer to the section entitled "About |
FINANCIAL AND OPERATIONAL RESULTS
(Cdn$ millions, except per share amounts(1), boe amounts, | Three Months Ended | Six Months Ended | |||
and common shares outstanding) | |||||
FINANCIAL RESULTS | |||||
Net income | 574.9 | 278.9 | 762.9 | 853.8 | 693.5 |
Per share | 0.93 | 0.46 | 1.13 | 1.39 | 1.01 |
Cash flow from operating activities | 540.3 | 550.9 | 1,092.6 | 1,091.2 | 1,851.4 |
Per share(2) | 0.87 | 0.90 | 1.61 | 1.77 | 2.71 |
Funds from operations | 717.4 | 560.8 | 1,029.7 | 1,278.2 | 1,773.3 |
Per share | 1.16 | 0.92 | 1.52 | 2.08 | 2.59 |
Free funds flow | 230.0 | 144.3 | 677.3 | 374.3 | 1,087.6 |
Per share | 0.37 | 0.24 | 1.00 | 0.61 | 1.59 |
Dividends declared | 91.9 | 103.7 | 79.9 | 195.6 | 148.1 |
Per share | 0.15 | 0.17 | 0.12 | 0.32 | 0.22 |
Cash flow used in investing activities | 397.4 | 464.4 | 363.9 | 861.8 | 710.6 |
Capital expenditures | 487.4 | 416.5 | 352.4 | 903.9 | 685.7 |
Long-term debt | 1,056.0 | 1,122.0 | 1,247.6 | 1,122.0 | 1,247.6 |
Net debt | 1,264.7 | 1,281.1 | 1,511.4 | 1,281.1 | 1,511.4 |
Common shares outstanding, weighted average diluted (millions) | 619.2 | 611.5 | 676.8 | 615.4 | 683.6 |
Common shares outstanding, end of period (millions) | 611.2 | 608.4 | 663.7 | 608.4 | 663.7 |
OPERATIONAL RESULTS | |||||
Production | |||||
Crude oil (bbl/day) | 7,884 | 8,076 | 8,297 | 7,981 | 8,096 |
Condensate (bbl/day) | 71,085 | 75,464 | 75,793 | 73,287 | 74,382 |
Crude oil and condensate (bbl/day) | 78,969 | 83,540 | 84,090 | 81,268 | 82,478 |
Natural gas (MMcf/day) | 1,264 | 1,289 | 1,219 | 1,277 | 1,249 |
NGLs (bbl/day) | 48,800 | 45,202 | 48,877 | 46,991 | 49,563 |
Total (boe/day) | 338,377 | 343,630 | 336,112 | 341,018 | 340,256 |
Average realized price | |||||
Crude oil ($/bbl)(3) | 92.78 | 88.13 | 134.52 | 90.42 | 123.35 |
Condensate ($/bbl)(3) | 104.10 | 93.43 | 137.91 | 98.58 | 128.76 |
Natural gas ($/Mcf)(3) | 5.89 | 2.83 | 9.08 | 4.34 | 7.50 |
NGLs ($/bbl)(3) | 28.59 | 20.89 | 34.16 | 24.87 | 31.03 |
Average realized price ($/boe)(3) | 50.16 | 35.97 | 72.31 | 42.97 | 63.14 |
Netback | |||||
Commodity sales from production ($/boe)(3) | 50.16 | 35.97 | 72.31 | 42.97 | 63.14 |
Royalties ($/boe)(3) | (7.96) | (4.38) | (11.10) | (6.14) | (9.45) |
Operating expense ($/boe)(3) | (4.50) | (4.81) | (4.66) | (4.66) | (4.35) |
Transportation expense ($/boe)(3) | (5.61) | (5.34) | (6.27) | (5.47) | (5.91) |
Netback ($/boe)(3) | 32.09 | 21.44 | 50.28 | 26.70 | 43.43 |
TRADING STATISTICS(4) | |||||
High price | 18.07 | 18.44 | 22.88 | 18.44 | 22.88 |
Low price | 14.33 | 15.38 | 14.81 | 14.33 | 11.88 |
Close price | 15.33 | 17.67 | 16.23 | 17.67 | 16.23 |
Average daily volume (thousands of shares) | 5,949 | 4,009 | 9,208 | 4,979 | 8,334 |
(1) | Per share amounts, with the exception of dividends, are based on weighted average diluted common shares. |
(2) | See "Non-GAAP and Other Financial Measures" in the Q2 2023 MD&A for an explanation of the composition of this supplementary financial measure, which information is incorporated by reference into this news release. |
(3) | Non-GAAP ratio that is not a standardized financial measure under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Netback, a non-GAAP financial measure, is used as a component of the non-GAAP ratio. See "Non-GAAP and Other Financial Measures" in the Q2 2023 MD&A for the non-GAAP ratio for the comparative period and other information relating to this non-GAAP ratio, which information is incorporated by reference into this news release. |
(4) | Trading prices are stated in Canadian dollars on a per share basis and are based on intra-day trading on the |
GUIDANCE & OUTLOOK
2023 Guidance
Guidance for 2023 is unchanged and outlined in the table below.
- Full-year 2023 production is forecast to average between 350,000 to 355,000 boe per day (62 per cent natural gas and 38 per cent crude oil and liquids), which implies average production of approximately 360,000 boe per day in the second half of 2023 driven primarily from volume growth at Kakwa, Greater Dawson, and Sunrise.
- ARC plans to invest between
$1.8 billion and$1.9 billion in capital expenditures for 2023, unchanged from previous guidance.
2023 Guidance | 2023 YTD Actual | % Variance from 2023 Guidance | |
Crude oil (bbl/day) | 8,500 - 9,000 | 7,981 | (6) |
Condensate (bbl/day) | 76,000 - 78,000 | 73,287 | (4) |
Crude oil and condensate (bbl/day) | 84,500 - 87,000 | 81,268 | (4) |
Natural gas (MMcf/day) | 1,295 - 1,305 | 1,277 | (1) |
NGLs (bbl/day) | 49,000 - 51,000 | 46,991 | (4) |
Total (boe/day) | 350,000 - 355,000 | 341,018 | (3) |
Expenses ($/boe)(1) | |||
Operating | 4.45 - 4.85 | 4.66 | — |
Transportation | 5.50 - 6.00 | 5.47 | (1) |
General and administrative ("G&A") expense before share-based compensation expense | 0.85 - 0.95 | 1.14 | 20 |
G&A - share-based compensation expense | 0.25 - 0.35 | 0.35 | — |
Interest and financing(2) | 0.65 - 0.75 | 0.66 | — |
Current income tax expense as a per cent of funds from operations(1) | 10 - 15 | 8 | (20) |
Capital expenditures ($ billions)(3) | 1.8 - 1.9 | 0.9 | n/a |
(1) | See "Non-GAAP and Other Financial Measures" in the Q2 2023 MD&A for an explanation of the composition of these supplementary financial measures, which information is incorporated by reference into this news release. |
(2) | Excludes accretion of ARC's asset retirement obligation. |
(3) | Refer to the section entitled "About |
Refer to the section entitled "Annual Guidance" in ARC's MD&A for the three and six months ended
Outlook
Now in its 28th year of operations, ARC has transformed to become the largest condensate producer and largest
The characteristics of ARC today - scale, investment-grade credit rating, high-quality
- Total anticipated capital investment to bring Phase I on-stream remains unchanged at
$740 million . - Full productive capacity of approximately 40,000 boe per day (40 per cent natural gas and 60 per cent crude oil and liquids) is anticipated to be on-stream in the first half of 2025.
- Long-term takeaway capacity for all products has been secured for multiple phases.
ARC provided a five-year financial outlook through 2028 as part of its Investor Update in
FINANCIAL AND OPERATIONAL RESULTS
Production
- ARC's production averaged 343,630 boe per day during the second quarter of 2023 (63 per cent natural gas and 37 per cent crude oil and liquids).
- Second quarter production was impacted by approximately 4,100 boe per day related to the wildfires in
Alberta and associated downtime on third-party pipelines and infrastructure. Owned and operated infrastructure and dual-connected facilities were critical in minimizing the operating and financial impact. Production was fully restored in the second quarter, with June production averaging approximately 355,000 boe per day. - Production in the second half of the year is forecast to average approximately 360,000 boe per day. The increase in production compared to the first half of the year will be driven primarily from Kakwa, Greater Dawson, and Sunrise returning to full production levels.
- At Kakwa, ARC has improved efficiencies and extended its inventory duration:
- ARC has observed an 18 per cent improvement in well productivity due to improved well design progressions and wider inter-well spacing.
- With approximately 55 per cent of Kakwa undeveloped, ARC is able to sustain production at approximately 180,000 boe per day for the next 15 years.
Funds from Operations, Cash Flow from Operating Activities, and Free Funds Flow
Funds from Operations and Cash Flow from Operating Activities
- Second quarter 2023 funds from operations was
$561 million ($0.92 per share), representing a decrease of$157 million from the first quarter of 2023. This decrease was driven by lower commodity prices. Partially offsetting lower commodity prices were slightly higher production volumes and lower realized losses on risk management contracts. Second quarter risk management losses of$9 million decreased$141 million from the first quarter of 2023. - Second quarter 2023 cash flow from operating activities was
$551 million , increasing by$11 million ($0.03 per share) from the first quarter of 2023.
The following table details the change in funds from operations for the second quarter of 2023 relative to the first quarter of 2023.
Funds from Operations Reconciliation | $ millions | $/share(1) |
Funds from operations for the three months ended | 717.4 | 1.16 |
Production volumes | ||
Crude oil and liquids | 43.4 | 0.07 |
Natural gas | 21.3 | 0.03 |
Commodity prices | ||
Crude oil and liquids | (108.5) | (0.17) |
Natural gas | (359.0) | (0.59) |
Sales of commodities purchased from third parties | (148.0) | (0.24) |
Interest income | (1.1) | — |
Other income | (1.1) | — |
Realized loss on risk management contracts | 141.4 | 0.23 |
Royalties | 105.4 | 0.17 |
Expenses | ||
Commodities purchased from third parties | 138.5 | 0.22 |
Operating | (13.4) | (0.02) |
Transportation | 4.0 | 0.01 |
G&A | (22.0) | (0.04) |
Interest and financing | (4.7) | (0.01) |
Current income tax | 54.0 | 0.09 |
Realized loss on foreign exchange | (4.4) | (0.01) |
Other | (2.4) | — |
Weighted average shares, diluted | — | 0.02 |
Funds from operations for the three months ended | 560.8 | 0.92 |
(1) Per share amounts are based on weighted average diluted common shares. |
Free Funds Flow
- ARC generated free funds flow of
$144 million ($0.24 per share) during the second quarter of 2023. - ARC intends to return essentially all free funds flow to shareholders in 2023 through a combination of dividends and share repurchases.
Shareholder Returns
Dividends and Share Repurchases
- During the second quarter, ARC distributed 110 per cent or
$159 million ($0.26 per share) of free funds flow to shareholders through a combination of dividends and share repurchases under its NCIB. - On
May 4, 2023 , the Board approved a 13 per cent increase to the quarterly dividend, from$0.15 per share to$0.17 per share. The dividend increase was effective with the second quarter dividend payable onJuly 17, 2023 to shareholders of record onJune 30, 2023 . - During the second quarter 2023, ARC declared dividends of
$104 million ($0.17 per share). - ARC repurchased
$3.1 million common shares under its NCIB at a weighted average price of$16.88 per share. - In the first six months of 2023, ARC returned 107 per cent of free funds flow to shareholders (90 per cent net of proceeds from divestitures).
- ARC has repurchased 47 million common shares since renewing its NCIB on
September 1, 2022 , representing 72 per cent of its current NCIB allotment. - Since commencing its initial NCIB in
September 2021 , ARC has repurchased approximately 16 per cent of total outstanding shares, or 119 million common shares, at a weighted average price of$15.59 per share. - ARC intends to renew its NCIB on
September 1, 2023 for an additional 10 per cent of the public float, subject to review and approval by the TSX.
Operating and Transportation Expense
Operating Expense
- ARC's second quarter 2023 operating expense of
$4.81 per boe was in-line with the 2023 guidance range of$4.45 to$4.85 per boe. - Operating expense per boe increased seven per cent or by
$0.31 per boe quarter-over-quarter reflecting the completion of planned turnaround activity.
Transportation Expense
- ARC's second quarter 2023 transportation expense per boe of
$5.34 decreased by$0.27 per boe from the first quarter of 2023 and was slightly below ARC's guidance range of$5.50 to$6.00 per boe. The decrease is primarily due to lower fuel gas expense related to lower commodity prices.
Cash Flow Used in Investing Activities and Capital Expenditures
- Capital expenditures in the second quarter registered at
$417 million . ARC drilled 32 wells and completed 49 wells during the second quarter, focused mainly at Kakwa and Sunrise. Other investment focused on completing the Sunrise facility expansion, turnaround activity at Kakwa, and the electrification of the Dawson III and IV facilities. - Cash flow used in investing activities was
$464 million during the second quarter of 2023. During the six months endedJune 30, 2023 , cash flow used in investing activities was$862 million . Of this, ARC invested$902 million in capital expenditures to drill 78 wells and complete 83 wells.
The following table details ARC's capital activity by area during the first six months of 2023.
Six Months Ended | ||
Area | Wells Drilled(1)(2) | Wells Completed(1) |
Kakwa | 44 | 59 |
Greater Dawson | 14 | 9 |
Sunrise | 16 | 7 |
4 | 8 | |
Total | 78 | 83 |
(1) Wells drilled and completed for operated assets only. | |
(2) Excludes disposal wells. |
Physical Marketing & Risk Management
- In the second quarter, ARC realized an average natural gas price of
$2.83 per Mcf, 20 per cent higher than the average AECO 7A Monthly Index price for the period. - ARC has approximately 25 per cent of its natural gas hedged in 2023, primarily through costless collars and weighted to the summer months.
- The Company continues to evaluate opportunities to supply natural gas to international markets through long-term LNG supply agreements. ARC has takeaway capacity in place to execute on such agreements, with plans to market approximately 25 per cent of its future natural gas production to international markets.
Net Debt
- As of
June 30, 2023 , ARC's long-term debt balance was$1.1 billion , and its net debt balance was$1.3 billion , or 0.4 times funds from operations. - ARC targets its net debt to be approximately 1.0 times funds from operations and manages its capital structure to achieve that target over the long term.
- Long-term debt is comprised of
$1.0 billion of senior notes outstanding and$0.1 billion in borrowings under the Company's credit facility. - ARC holds an investment-grade credit rating, which allows the Company to have access to capital and manage a low-cost capital structure. ARC is committed to protecting its strong financial position by maintaining significant financial flexibility with its balance sheet.
Net Income
- ARC recognized net income of
$279 million ($0.46 per share) during the second quarter of 2023, a decrease of$296 million ($0.47 per share) from the first quarter of 2023.
ESG Initiatives
In the second quarter, ARC completed the electrification of its Dawson III and IV facilities. As a result, all of the Company's major natural gas plants in northeast BC are now powered by renewable hydroelectricity which avoids GHG emissions of approximately 420,000 tCO2e per year. This project was supported in part through funding provided by the Province of BC.
ARC plans to publish its 2022 ESG performance data and highlights in the third quarter of 2023.
CONFERENCE CALL
ARC's senior leadership team will be hosting a conference call to discuss the Company's second quarter 2023 results on
Date | |
Time | |
Dial-in Numbers | |
587-880-2171 | |
416-764-8659 | |
Toll-free | 1-888-664-6392 |
Conference ID | 35443491 |
Webcast URL | https://app.webinar.net/oV8628QedgR |
Callers are encouraged to dial in 15 minutes before the start time to register for the event. A replay will be available on ARC's website at www.arcresources.com following the conference call.
NON-GAAP AND OTHER FINANCIAL MEASURES
Throughout this news release and in other materials disclosed by the Company, ARC employs certain measures to analyze its financial performance, financial position, and cash flow. These non-GAAP and other financial measures are not standardized financial measures under IFRS and may not be comparable to similar financial measures disclosed by other issuers. The non-GAAP and other financial measures should not be considered to be more meaningful than generally accepted accounting principles ("GAAP") measures which are determined in accordance with IFRS, such as net income, cash flow from operating activities, and cash flow used in investing activities, as indicators of ARC's performance.
Non-GAAP Financial Measures
Capital Expenditures
ARC uses capital expenditures to monitor its capital investments relative to those budgeted by the Company on an annual basis. ARC's capital budget excludes acquisition or disposition activities as well as the accounting impact of any accrual changes and payments under certain lease arrangements. The most directly comparable GAAP measure to capital expenditures is cash flow used in investing activities. The following table details the composition of capital expenditures and its reconciliation to cash flow used in investing activities.
Three Months Ended | Six Months Ended | ||||
Capital Expenditures ($ millions) |
|
|
|
|
|
Cash flow used in investing activities | 397.4 | 464.4 | 363.9 | 861.8 | 710.6 |
Acquisition of crude oil and natural gas assets | (0.5) | — | (0.8) | (0.5) | (1.6) |
Disposal of crude oil and natural gas assets | 73.6 | — | — | 73.6 | 7.4 |
Long-term investments | (1.2) | (3.2) | (0.1) | (4.4) | (0.1) |
Change in non-cash investing working capital | 16.0 | (44.8) | (13.8) | (28.8) | (36.5) |
Other (1) | 2.1 | 0.1 | 3.2 | 2.2 | 5.9 |
Capital expenditures | 487.4 | 416.5 | 352.4 | 903.9 | 685.7 |
(1) | Comprises non-cash capitalized costs related to the Company's right-of-use asset depreciation and share-based compensation. |
Free Funds Flow
ARC uses free funds flow as an indicator of the efficiency and liquidity of ARC's business, measuring its funds after capital investment available to manage debt levels, pay dividends, and return capital to shareholders through share repurchases. ARC computes free funds flow as funds from operations generated during the period less capital expenditures. Capital expenditures is a non-GAAP financial measure. By removing the impact of current period capital expenditures from funds from operations, Management monitors its free funds flow to inform its capital allocation decisions. The most directly comparable GAAP measure to free funds flow is cash flow from operating activities. The following table details the calculation of free funds flow and its reconciliation to cash flow from operating activities.
Three Months Ended | Six Months Ended | ||||
Free Funds Flow ($ millions) |
|
|
|
|
|
Cash flow from operating activities | 540.3 | 550.9 | 1,092.6 | 1,091.2 | 1,851.4 |
Net change in other liabilities | 13.7 | (13.9) | 31.2 | (0.2) | 72.0 |
Change in non-cash operating working capital | 163.4 | 23.8 | (94.1) | 187.2 | (150.1) |
Funds from operations | 717.4 | 560.8 | 1,029.7 | 1,278.2 | 1,773.3 |
Capital expenditures(1) | (487.4) | (416.5) | (352.4) | (903.9) | (685.7) |
Free funds flow | 230.0 | 144.3 | 677.3 | 374.3 | 1,087.6 |
(1) | Certain additional disclosures for these specified financial measures have been incorporated by reference. See "Cash Flow used in Investing Activities, Capital Expenditures, Acquisitions, and Dispositions" in the Q2 2023 MD&A. |
FORWARD-LOOKING INFORMATION AND STATEMENTS
This news release contains certain forward-looking statements and forward-looking information (collectively referred to as "forward-looking information") within the meaning of applicable securities legislation about current expectations regarding the future based on certain assumptions made by ARC. Although ARC believes that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward-looking information in this news release is identified by words such as "anticipate", "believe", "ongoing", "may", "expect", "estimate", "plan", "will", "project", "continue", "target", "strategy", "upholding", or similar expressions, and includes suggestions of future outcomes. In particular, but without limiting the foregoing, this news release contains forward-looking information with respect to: ARC's 2023 guidance, including planned capital expenditures (and the commodity prices at which such capital expenditures are fully funded by funds from operations), production guidance, production estimates and expenses; the anticipated timing of development of Attachie Phase I and the anticipated benefits therefrom; the ability of the
Readers are cautioned not to place undue reliance on forward-looking information as ARC's actual results may differ materially from those expressed or implied. ARC undertakes no obligation to update or revise any forward-looking information except as required by law. Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to ARC and others that apply to the industry generally. The material assumptions on which the forward-looking information in this news release are based, and the material risks and uncertainties underlying such forward-looking information, include: ARC's ability to successfully integrate and realize the anticipated benefits of completed or future acquisitions and divestitures; access to sufficient capital to pursue any development plans; ARC's ability to issue securities and to repurchase its securities under the NCIB; ARC's ability to meet and maintain certain targets, including with respect to emissions-related reductions and ESG performance; expectations and projections made in light of ARC's historical experience; data contained in key modeling statistics; the potential implementation of new technologies and the cost thereof; forecast commodity prices and other pricing assumptions with respect to ARC's 2023 capital expenditure budget; continuing uncertainty of the impact of the
The forward-looking information contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking information included in this news release are made as of the date of this news release and, except as required by applicable securities laws, ARC undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise.
The forward-looking information in this news release also includes financial outlooks and other related forward-looking information (including production and financial-related metrics) relating to ARC, including, but not limited to: the expectations of ARC regarding free funds flow, funds from operations, net debt, and production. Any financial outlook and forward-looking information implied by such forward-looking statements are described in ARC's MD&A, and ARC's most recent annual information form, which are available on ARC's website at www.arcresources.com and under ARC's SEDAR+ profile at www.sedarplus.ca and are incorporated by reference herein.
About ARC
Please visit ARC's website at www.arcresources.com or contact Investor Relations:
E-mail: IR@arcresources.com
Telephone: (403) 503-8600
Fax: (403) 509-6427
Toll Free: 1-888-272-4900
Suite 1200, 308 - 4 Avenue SW
SOURCE
© Canada Newswire, source