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ARC Resources Ltd. Reports First Quarter 2018 Financial and Operating Results

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ARC Resources Ltd. Reports First Quarter 2018 Financial and Operating Results

Canada NewsWire

CALGARY, May 2, 2018 /CNW/ - (ARX - TSX) ARC Resources Ltd. ("ARC") is pleased to report its first quarter 2018 financial and operating results. First quarter production averaged 131,016 boe per day, net income was $54.9 million ($0.16 per share), and funds from operations totaled $201.0 million ($0.57 per share). ARC's unaudited condensed interim financial statements and notes ("financial statements"), as well as ARC's Management's Discussion and Analysis ("MD&A") as at and for the three months ended March 31, 2018, are available on ARC's website at www.arcresources.com and on SEDAR at www.sedar.com.

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Three Months Ended


December 31, 2017

March 31, 2018

March 31, 2017

FINANCIAL




(Cdn$ millions, except per share and boe amounts and shares outstanding)




Net income

73.9

54.9

142.5


Per share (1)

0.21

0.16

0.40

Funds from operations (2)

221.1

201.0

177.2


Per share (1)

0.63

0.57

0.50

Dividends

53.1

53.1

53.1


Per share (1)

0.15

0.15

0.15

Capital expenditures, before land and net property acquisitions (dispositions)

245.1

213.7

255.2

Total capital expenditures, including land and net property acquisitions (dispositions)

247.7

116.3

260.6

Net debt outstanding (2)

728.0

728.0

501.4

Shares outstanding, weighted average diluted (millions)

353.8

353.8

353.7

Shares outstanding, end of period (millions)

353.5

353.5

353.4

OPERATING




Production





Crude oil (bbl/day)

24,641

25,037

24,030


Condensate (bbl/day) (3)

6,989

5,505

4,504


Natural gas (MMcf/day)

572.4

564.9

496.2


NGLs (bbl/day)

6,380

6,332

3,893


Total (boe/day) (4)

133,409

131,016

115,129

Average realized prices, prior to gains or losses on risk management contracts (5)





Crude oil ($/bbl)

67.29

69.50

61.42


Condensate ($/bbl)

69.04

77.42

64.31


Natural gas ($/Mcf)

2.27

2.50

3.10


NGLs ($/bbl)

35.31

31.39

25.91


Oil equivalent ($/boe) (4)

27.48

28.85

29.58

Operating netback ($/boe) (4)(5)(6)





Commodity sales from production

27.48

28.85

29.58


Royalties

(2.15)

(2.45)

(2.49)


Transportation expenses

(2.44)

(2.61)

(2.42)


Operating expenses

(6.11)

(6.31)

(6.86)

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