ARC Reports Lower 2Q Production Volumes and Gas Realizations; Stock Still Looks Overvalued
No-moat ARC Resources reported second-quarter production volumes of 127.9 thousand barrels of oil equivalent per day compared with 113.4 mboe/d in the year-ago quarter and 131 mboe/d in the prior quarter. As planned by the company, second-quarter production was lower sequentially, driven by maintenance at Parkland/Tower. Second-quarter production was also lower than our expectations of 129 mboe/d, with maintenance activities lasting longer than we expected. Despite subdued first-half volumes, th...ARC Resources is engaged in the exploration for, development and production of crude oil, natural gas and natural gas liquids in western Canada. As of Dec 31 2011, net proven reserves for light and medium oil, heavy oil, natural gas and natural gas liquids were 87,905 thousand barrels, 1,801 thousand barrels, 1,197 billion cubit feet and 15,002 thousand barrels, respectively.
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