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Arc Resources Inc Q2-2018 Earnings & Price Target

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ARC is a conventional oil and natural gas producer in western Canada operating primarily in the Montney area of northeastern Alberta and northwest BC and the Pembina area in central Alberta. Production is weighted 20% to oil, condensate, NGLs and 80% for natural gas. The Montney Region in Northern Alberta and BC accounts for approximately 70% of production and represents the largest concentration of reserves. The Montney region is recognized as one of the best tight gas plays in North America with both dry and liquids-rich gas as well as a light oil fairway. ARC was an early entrant in the Montney, and pioneered the use of multi-stage fracturing for horizontal completions; a technology that has proved instrumental in unlocking the play. The proceeds from the sale of their Saskatchewan assets have been reinvested in the Montney region. Arc is connected to three major pipelines providing access to North American Markets: TransCanada for Canada & US; Alliance to Chicago, and Spectra to the West Coast of Canada. There are multiple pipelines planned to support the proposed West Coast LNG Project and ARC's primary properties are situated in the heart of the region to be serviced by the pipelines.

Financial

Revenue per boe for Q2-2018 was $33.82 per boe including a $2.41 realized commodity hedging gain compared to costs of $28.13 leaving $5.69 per boe to fund dividends of $4.44 per boe. For Q2-2018 ARC generated $1.25 per boe of free cash flow or $15M after replacing reserves and paying dividends.

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