ARC Resources Exceeds Our Expectations but Faces Second-Quarter Headwinds
No-moat ARC Resources reported first-quarter production volumes of 139 thousand barrels of oil equivalent per day compared with 131 mboe/d in the year-ago quarter and 136.5 mboe/d in the prior quarter. First-quarter production was also above our expectations driven by additional production flowing through the Sunrise Phase 2 plant. Despite the outperformance, management expects second-quarter production to decline by 5% from first-quarter levels owing to spring break-up and third-party pipelines...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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