Lowering FVE for ARC on Lower 2018 Production Forecast; Stock Overvalued
No-moat ARC Resources reported third-quarter production volumes of 129,500 barrels of oil equivalent per day compared with 115.2 mboe/d in the year-ago quarter and 113.4 mboe/d in the prior quarter. Third-quarter production also exceeded our expectations of 125.4 mboe/d driven by better-than-expected results from the ramp-up of the Dawson Phase 3 facility and new crude wells at Tower. The company expects fourth-quarter production to be similar to third quarter production and maintained its 2017 ...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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