Canada’s ARC Resources rides strong prices in Q2

Canadian Montney producer ARC Resources reported record results in Q2 2022, as soaring commodity prices pushed free funds flow to a new high of C$677mn (US$526.3mn) and net income to C$762.9mn from a loss of C$123mn in the year ago period.

About 60% of free funds flow – some C$406mn – was distributed to shareholders, while the balance was allocated to debt reduction.

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Total production was modestly higher year over year, at 336,112 barrels of oil equivalent (boe)/day versus 335,701 boe/day, led by 1.22bn ft³/day of natural gas production, up from 1.2bn ft³/day in Q2 2021.

But commodity prices were sharply higher: ARC’s realised price for natural gas soared to C$9.08/’000 ft³ from C$3.34/’000 ft³, C$2.81/’000 ft³ higher than the average AECO 7A monthly index price.