ARX Reports Third-Quarter Results; Raising Fair Value Estimate
ARC Resources reported third-quarter production volumes of 115.2 thousand barrels of oil equivalent per day, compared with 107.3 mboe/d in the year-ago quarter and below our expectations of 120 mboe/d. Production growth was driven by increased natural gas production from new wells flowing through the Sunrise gas plant, which came on-stream midway through third-quarter 2015. ARC maintained its 2016 production guidance range of 118-122 mboe/d, and announced its 2017 annual production target range ...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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