Montney-focused ARC Resources sees Q3 gains
ARC Resources, a Canadian oil and gas producer focused on the Montney play, said November 3 it had net income in Q3 2022 of C$867.8mn (US$637.3mn), up from C$53.6mn in Q3 2021 and 14% higher than Q2 2022 income.
Cash flow from operating activities rose to C$1.1bn from C$615mn, while free funds flow increased to C$580.1mn from C$497mn. ARC distributed 94% of the free funds flow – about C$544mn – to shareholders in Q3 through a combination of dividends and share repurchases.
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Highlighting ARC’s performance in the quarter was its natural gas market diversification activities, which moved natural gas sales away from the volatile AECO hub in Alberta to more stable and lucrative hubs in eastern Canada and the US. Its average realised gas price in Q3 2022 was C$9.29/’000 ft3, 60% higher than the average AECO monthly index price and nearly double the C$4.67/’000 ft3 average realised in Q3 2021.
Natural gas production in the quarter declined slightly year-over-year, to 1.23bn ft3/day from 1.3bn ft3/day.