ARC Resources Ltd (ARX)

ARC RESOURCES LTD. ANNOUNCES APPROVAL OF RESOLUTIONS AT ANNUAL AND GENERAL MEETING OF SHAREHOLDERSApril 29, 2026 5:00 PM
PR Newswire (Canada)

CALGARY, AB, April 29, 2026 /CNW/ - (TSX: ARX) ARC Resources Ltd. ("ARC" or the "Corporation") is pleased to announce that its shareholders approved all resolutions at its Annual and General Meeting of Shareholders (the "Meeting") held on April 29, 2026.







During the business proceedings of the Meeting, ARC's shareholders approved the following resolutions:1. Resolution to appoint 12 board members, with 95.45 per cent to 99.37 per cent of shares represented at the Meeting voting in favour of individual directors as follows:DirectorsApproval Percentage
Withheld Percentage
Harold N. Kvisle95.45 %
4.55 %
Carol T. Banducci98.10 %
1.90 %
David R. Collyer97.85 %
2.15 %
Hugh H. Connett                       98.64 %
1.36 %
Michael R. Culbert98.11 %
1.89 %
Denise S. Man98.87 %
1.13 %
Michael G. McAllister98.66 %
1.34 %
Marty L. Proctor96.90 %
3.10 %
M. Jacqueline Sheppard97.59 %
2.41 %
Leontine van Leeuwen-Atkins98.64 %
1.36 %
Jonathan A. Wright99.37 %
0.63 %
Terry M. Anderson98.66 %
1.34 %
2. Resolution to appoint PricewaterhouseCoopers LLP, Chartered Professional Accountants, as the Corporation's auditors, with 99.86 per cent of the shares represented at the Meeting voting in favour of the resolution.3. Resolution to accept the Corporation's approach to executive compensation ("say on pay"), as disclosed in ARC's 2026 Information Circular – Proxy Statement, with 97.98 per cent of shares represented at the Meeting voting in favour of the advisory resolution.About ARCARC Resources Ltd. is a pure-play Montney producer and one of Canada's largest dividend-paying energy companies, featuring low-cost operations. ARC's investment-grade credit profile is supported by commodity and geographic diversity and robust risk management practices around all aspects of the business. ARC's common shares trade on the Toronto Stock Exchange under the symbol ARX.Please visit ARC's website at www.arcresources.com or contact Investor Relations:
E-mail: IR @FearLES
Fax: (403) 509-6427
Toll Free: 1-888-272-4900
ARC Resources Ltd.
Suite 1500, 308 - 4 Avenue SW
Calgary, AB  T2P 0H7SOURCE ARC Resources Ltd.

Original: ARC RESOURCES LTD. ANNOUNCES APPROVAL OF RESOLUTIONS AT ANNUAL AND GENERAL MEETING OF SHAREHOLDERS

ARC RESOURCES LTD. REPORTS FIRST QUARTER 2026 RESULTSApril 28, 2026 5:05 PM
PR Newswire (Canada)

CALGARY, AB, April 28, 2026 /CNW/ - (TSX: ARX) ARC Resources Ltd. ("ARC" or the "Company") today reported its first quarter 2026 financial and operational results following the announcement of its execution of an arrangement agreement pursuant to which it will be acquired by Shell plc ("Shell") on April 27, 2026.







HIGHLIGHTSShell TransactionOn April 27, 2026, ARC announced that it has entered into an arrangement agreement (the "Arrangement Agreement") with Shell and Shell Canada Limited ("Shell Canada"), a wholly owned subsidiary of Shell, whereby Shell has agreed to acquire all of the issued and outstanding common shares of ARC ("ARC Shares") in a cash and share transaction valued at approximately $22 billion, including assumed net debt (the "Transaction").The $32.80 per share purchase price – payable 75 per cent in ordinary shares of Shell ("Shell Shares") and 25 per cent in cash – represents a 27 per cent premium to ARC's April 24, 2026, closing price on the Toronto Stock Exchange ("TSX").The proposed Transaction is to be completed by way of a plan of arrangement under the Business Corporations Act (Alberta) (the "ABCA") and, subject to satisfaction of conditions typical for a transaction of this nature, is expected to close in the second half of 2026.See ARC's press release titled "ARC Resources Announces Agreement to be Acquired by Shell" for additional information with respect to the Transaction.First Quarter ResultsARC delivered record first quarter 2026 average production of 418,522 boe(1) per day (61 per cent natural gas and 39 per cent crude oil and liquids(2)). Production per share(3) increased 16 per cent compared to the first quarter of 2025.Production included 110,954 barrels per day of crude oil and condensate, driven primarily by Kakwa, Attachie and Greater Dawson.ARC generated funds from operations of $967 million(4) ($1.70 per share(4)) and cash flow from operating activities of $1.1 billion ($1.85 per share(4)).ARC realized an average natural gas price of $4.51 per Mcf(4), which is 81 per cent or $2.02 greater than the average AECO 7A Monthly Index price.ARC generated free funds flow of $459 million(4) ($0.81 per share(4)) in the first quarter, while net income was $584 million, or $1.03 per share. Capital expenditures totalled $508 million in the first quarter, with development activity focused mainly at Kakwa and Greater Dawson.   ARC distributed $256 million ($0.45 per share) to shareholders during the first quarter through the base dividend and share repurchases. The remainder was allocated towards debt reduction following the previously announced asset acquisition at Kakwa, which closed during the first quarter.ARC declared dividends of $119 million ($0.21 per share(4)) and repurchased 5.3 million common shares for $137 million under its normal course issuer bid ("NCIB").On March 31, 2026, ARC's net debt(4) balance was $2.9 billion or 0.9 times funds from operations(4).On February 18, 2026, ARC completed the previously announced acquisition of assets in the Kakwa area of Alberta for approximately $164 million. This further strengthens ARC's position at its largest condensate asset by expanding its drilling inventory and adding a 50 MMcf per day gas plant, enabling greater operational efficiencies for future development.The 2026 capital budget and production guidance remain unchanged. ARC plans to invest between $1.8 billion and $1.9 billion(5), with full-year production expected to average between 405,000 and 420,000 boe per day (61 per cent natural gas and 39 per cent crude oil and liquids).ARC's unaudited condensed interim consolidated financial statements and notes thereto (the "financial statements") and Management's Discussion and Analysis ("MD&A") as at and for the three months ended March 31, 2026, are available on ARC's website at www.arcresources.com and under ARC's SEDAR+ profile at www.sedarplus.ca. The disclosure under the section entitled "Non-GAAP and Other Financial Measures" in ARC's MD&A as at and for the three months March 31, 2026 (the "Q1 2026 MD&A") is incorporated by reference into this news release.____________________________________________________________________________________(1)ARC has adopted the standard six thousand cubic feet ("Mcf") of natural gas to one barrel ("bbl") of crude oil ratio when converting natural gas to barrels of oil equivalent ("boe"). Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of the 6:1 conversion ratio, utilizing the 6:1 conversion ratio may be misleading as an indication of value.(2)Throughout this news release, crude oil ("crude oil") refers to light, medium, and heavy crude oil product types as defined by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Condensate is a natural gas liquid as defined by NI 51-101. Throughout this news release, natural gas liquids ("NGLs") comprise all natural gas liquids as defined by NI 51-101 other than condensate, which is disclosed separately. Throughout this news release, crude oil and liquids ("crude oil and liquids") refers to crude oil, condensate, and NGLs.(3)Represents average daily production divided by the diluted weighted average common shares outstanding for the three months ended March 31.(4)This is a specified financial measure. See "Non-GAAP and Other Financial Measures" of this news release and in the Q1 2026  MD&A for additional disclosure, which is incorporated by reference.(5)Refer to the section entitled "About ARC Resources Ltd." contained within the Q1 2026 MD&A for historical capital expenditures, which information is incorporated by reference into this news release.FINANCIAL AND OPERATIONAL RESULTS(Cdn$ millions, except per share amounts(1), boe amounts,Three Months Endedand common shares outstanding)December 31, 2025March 31, 2026March 31, 2025FINANCIAL RESULTS


Net income259.9584.3404.7Per share0.451.030.69Cash flow from operating activities668.11,050.81,013.0Per share1.161.851.72Funds from operations874.3967.4857.0Per share1.521.701.45Free funds flow415.4459.3399.9Per share0.720.810.68Dividends declared120.0118.9111.3Per share0.210.210.19Cash flow used in investing activities475.5632.3429.3Capital expenditures(2)458.9508.1457.1Long-term debt2,878.12,744.71,072.0Net debt2,866.12,863.21,260.5Common shares outstanding, weighted average diluted (millions)574.1569.4589.7Common shares outstanding, end of period (millions)570.6565.5585.0OPERATIONAL RESULTS


Production


Crude oil and condensate (bbl/day)118,898110,95494,334Natural gas (MMcf/day)1,4101,5331,411NGLs (bbl/day)54,50052,08342,821Total (boe/day)408,382418,522372,265Average realized price


Crude oil ($/bbl)(3)73.6391.6687.90Condensate ($/bbl)(3)78.4595.1799.28Natural gas ($/Mcf)(3)3.774.514.19NGLs ($/bbl)(3)18.9718.9631.98Average realized price ($/boe)(3)38.3044.0544.48Netback per boe


Commodity sales from production ($/boe)(3)38.3044.0544.48Royalties ($/boe)(3)(3.07)(4.34)(4.86)Operating expense ($/boe)(3)(5.18)(5.57)(4.85)Transportation expense ($/boe)(3)(4.83)(5.00)(5.55)Netback per boe ($/boe)(3)25.2229.1429.22TRADING STATISTICS(4)


High price27.2029.8429.05Low price23.5421.1423.85Close price25.7528.9528.93Average daily volume (thousands of shares)5,4318,0443,674(1)Per share amounts, with the exception of dividends, are based on weighted average diluted common shares.(2)Refer to the section entitled "About ARC Resources Ltd." contained within the Q1 2026 MD&A for historical capital expenditures, which information is incorporated by reference into this news release.(3)This is a specified financial measure. See "Non-GAAP and Other Financial Measures" of this news release and in the Q1 2026 MD&A for additional disclosure, which information is incorporated by reference.(4)Trading prices are stated in Canadian dollars on a per share basis and are based on intra-day trading on the Toronto Stock Exchange.GUIDANCEARC's 2026 corporate guidance is based on various commodity price scenarios and economic conditions. Production guidance does not include any assumption for possible natural gas production curtailments due to low natural gas prices. Certain guidance estimates may fluctuate with commodity price changes and regulatory changes. ARC's guidance provides readers with the information relevant to Management's expectations for financial and operational results for 2026. ARC's 2026 annual guidance and a review of 2026 year-to-date results are outlined below:
2026 Guidance 2026 YTD Actual% Variance from2026 Guidance Production


Crude oil and condensate (bbl/day)105,000 - 115,000110,954—Natural gas (MMcf/day)1,500 - 1,5201,5331NGLs (bbl/day)48,000 - 52,00052,083—Total (boe/day)405,000 - 420,000418,522—Expenses ($/boe)(1)


Operating5.40 - 5.905.57—Transportation5.25 - 5.755.00(5)General and administrative ("G&A") expense before share-based compensation expense1.00 - 1.101.05—G&A - share-based compensation expense0.25 - 0.350.31—Interest and financing(2)1.10 - 1.201.13—Current income tax expense as a per cent of funds from operations(1)5 - 109—Capital expenditures ($ billions)1.8 - 1.90.5n/a(1)This is a specified financial measure. See "Non-GAAP and Other Financial Measures" of this news release and in the Q1 2026 MD&A for additional disclosure, which information is incorporated by reference.(2)Excludes accretion expense.FINANCIAL AND OPERATIONAL RESULTSProductionFirst quarter production averaged 418,522 boe per day (61 per cent natural gas and 39 per cent crude oil and liquids), an increase of 12 per cent year-over-year, and 16 per cent on a per share basis. Crude oil and condensate production averaged 110,954 barrels per day in the first quarter.Production at Kakwa averaged 208,125 boe per day (44 per cent natural gas and 56 per cent crude oil and liquids), a 28 per cent increase year-over-year, and included 115,135 barrels per day of condensate and natural gas liquids.Production at Greater Dawson averaged 95,812 boe per day during the first quarter (78 per cent natural gas and 22 per cent crude oil and liquids).Attachie production averaged 28,774 boe per day during the first quarter (42 per cent natural gas and 58 per cent crude oil and liquids), and included 13,014 barrels per day of condensate.Consistent with previous years, second quarter production will incorporate planned turnaround activity at Kakwa and Greater Dawson. Funds from Operations, Cash Flow from Operating Activities, and Free Funds FlowFirst quarter funds from operations was $967 million ($1.70 per share), representing a 12 per cent increase on a per share basis compared to the prior quarter and a 17 per cent increase on a per share basis compared to the first quarter of 2025. This increase was primarily driven by higher condensate production at Kakwa. ARC generated cash flow from operating activities of  $1.1 billion ($1.85 per share).ARC generated high margins across its asset portfolio, characterized by low-cost operations, condensate-rich production, and its natural gas transportation to key demand markets in the US. ARC generated free funds flow of $459 million ($0.81 per share) during the first quarter of 2026, a 15 per cent increase year-over-year, and 19 per cent on a per share basis.    The following table details the change in funds from operations for the first quarter of 2026 relative to the fourth quarter of 2025.Funds from Operations Reconciliation$ millions$/share(1)Funds from operations for the three months ended December 31, 2025874.31.52Production volumes

Crude oil and liquids(80.9)(0.14)Natural gas31.10.05Commodity prices

Crude oil and liquids167.90.29Natural gas102.20.18Sales of third-party purchases135.10.24Interest and other income(2.0)—Realized gain on risk management contracts(53.1)(0.09)Royalties(48.0)(0.08)Expenses

Operating(15.0)(0.03)Transportation(6.7)(0.01)Third-party purchases(110.5)(0.19)G&A(3.9)(0.01)Interest and financing0.6—Realized loss on foreign exchange0.2—Current income tax(24.0)(0.04)Other0.1—Weighted average shares, diluted—0.01Funds from operations for the three months ended March 31, 2026967.41.70(1)Per share amounts are based on weighted average diluted common shares.The following table details the change in funds from operations for the first quarter of 2026 relative to the first quarter of 2025.Funds from Operations Reconciliation$ millions$/share(1)Funds from operations for the three months ended March 31, 2025857.01.45Production volumes

Crude oil and liquids175.40.29Natural gas45.90.08Commodity prices

Crude oil and liquids(96.5)(0.16)Natural gas44.10.07Sales of third-party purchases152.20.26Interest and other income(8.6)(0.01)Realized gain on risk management contracts(31.6)(0.05)Royalties(0.5)—Expenses

Operating(47.3)(0.08)Transportation(2.3)—Third-party purchases(128.3)(0.22)G&A6.00.01Interest and financing(17.4)(0.03)Realized loss on foreign exchange(1.4)—Current income tax20.00.03Other0.7—Weighted average shares, diluted—0.06Funds from operations for the three months ended March 31, 2026967.41.70(1)Per share amounts are based on weighted average diluted common shares.Shareholder ReturnsDuring the first quarter of 2026, ARC distributed 56 per cent of free funds flow or $256 million ($0.45 per share) to shareholders through a combination of dividends and share repurchases under its NCIB.During the first quarter, ARC declared dividends of $119 million ($0.21 per share) and repurchased 5.3 million common shares under its NCIB at a weighted average price of $25.94 per share.Operating, Transportation, and General and Administrative ExpenseOperating ExpenseARC's first quarter 2026 operating expense of $5.57 per boe was 15 per cent or $0.72 per boe higher than the first quarter of 2025. Approximately half of the increase is due to water-handling costs in the Attachie and Kakwa areas, and the remainder as a result of the asset acquisition in the Kakwa area in July 2025.Transportation ExpenseARC's first quarter 2026 transportation expense per boe of $5.00 decreased 10 per cent or $0.55 per boe compared to the same period in the prior year.Transportation expense per boe for the quarter was below ARC's guidance range of $5.25 to $5.75 per boe.General and Administrative ExpenseARC's first quarter 2026 general and administrative expense per boe of $1.36 decreased 20 per cent from the same period of the prior year, primarily due to the revaluation of the liability associated with ARC's share-based compensation plans.Capital Expenditures and Cash Flow Used in Investing ActivitiesCapital expenditures totalled $508 million in the first quarter. ARC drilled 36 wells and completed 43 wells, primarily at Kakwa and Greater Dawson. In addition, ARC invested in water infrastructure at Kakwa to lower its reliance on third-party water handling and disposal costs.Cash flow used in investing activities was $632 million during the first quarter of 2026, which includes the $164 million asset acquisition in the Kakwa area.The following table details ARC's first quarter 2026 drilling and completions activities by area.
Three months ended March 31, 2026AreaWells DrilledWells CompletedKakwa2025Greater Dawson78Sunrise6—Attachie 34Ante Creek—6Total3643Physical Natural Gas MarketingARC's infrastructure ownership and committed takeaway capacity to Eastern Canadian and U.S. markets played a critical role in capturing higher realized natural gas prices relative to local benchmarks in the first quarter.ARC's average realized natural gas price during the first quarter was $4.51 per Mcf, which was $2.02 per Mcf, or 81 per cent, greater than the average AECO 7A Monthly Index price.Net DebtAs at March 31, 2026, ARC's long-term debt balance was $2.7 billion, and its net debt balance was $2.9 billion, or 0.9 times funds from operations.Long-term debt is comprised of $2.5 billion of senior notes outstanding and $258 million of syndicated credit facilities.ARC holds an investment-grade credit rating, which allows the Company to access capital and manage a low-cost capital structure. ARC is committed to maintaining its strong financial position.Net IncomeARC recognized net income of $584 million ($1.03 per share) during the first quarter of 2026, a 44 per cent, or $180 million increase compared to the same quarter in the prior year. The increase in net income compared to the prior year was primarily due to a gain on risk management contracts of $149 million and an increase in commodity sales from production.CONFERENCE CALLARC's senior leadership team will be hosting a conference call to discuss the Company's first quarter 2026 results on Wednesday, April 29, 2026, at 8:00 a.m. Mountain Time ("MT").DateWednesday, April 29, 2026Time8:00 a.m. MTDial-in Numbers
Calgary403-910-0389Toronto437-900-0527Toll-free1-888-510-2154Conference ID03806Webcast URLhttps://app.webinar.net/7LPG5GXyENDCallers are encouraged to dial in 15 minutes before the start time to register for the event. A replay will be available on ARC's website at www.arcresources.com following the conference call.NON-GAAP AND OTHER FINANCIAL MEASURESThroughout this news release and in other materials disclosed by the Company, ARC employs certain measures to analyze its financial performance, financial position, and cash flow. These non-GAAP and other financial measures are not standardized financial measures under IFRS Accounting Standards and may not be comparable to similar financial measures disclosed by other issuers. The non-GAAP and other financial measures should not be considered to be more meaningful than generally accepted accounting principles ("GAAP") measures which are determined in accordance with IFRS Accounting Standards, such as net income, cash flow from operating activities, and cash flow used in investing activities, as indicators of ARC's performance.Non-GAAP Financial MeasuresCapital ExpendituresARC uses capital expenditures to monitor its capital investments relative to those budgeted by the Company on an annual basis. ARC's capital budget excludes acquisition or disposition activities as well as the accounting impact of any accrual changes and payments under certain lease arrangements. The most directly comparable GAAP measure to capital expenditures is cash flow used in investing activities. The following table details the composition of capital expenditures and its reconciliation to cash flow used in investing activities.Capital Expenditures($ millions)Three Months EndedDecember 31, 2025March 31, 2026March 31, 2025Cash flow used in investing activities475.5632.3429.3Business combination(1)—(164.1)—Acquisition of assets(2.4)—(4.0)Long-term investments(1.5)(1.1)(0.3)Change in non-cash investing working capital(21.8)31.323.6Capitalized right-of-use asset depreciation9.19.78.5Capital expenditures458.9508.1457.1(1)Refer to  Note 4 "Business Combination" in the Q1 2026 financial statements.Free Funds FlowARC uses free funds flow as an indicator of the efficiency and liquidity of ARC's business, measuring its funds after capital investment available to manage debt levels, and return capital to shareholders through dividends and share repurchases. ARC computes free funds flow as funds from operations generated during the period less capital expenditures. Capital expenditures is a non-GAAP financial measure. By removing the impact of current period capital expenditures from funds from operations, Management monitors its free funds flow to inform its capital allocation decisions. The most directly comparable GAAP measure to free funds flow is cash flow from operating activities. The following table details the calculation of free funds flow and its reconciliation to cash flow from operating activities.Free Funds Flow($ millions)Three Months EndedDecember 31, 2025March 31, 2026March 31, 2025Cash flow from operating activities668.11,050.81,013.0Net change in other liabilities7.822.147.4Change in non-cash operating working capital198.4(105.5)(203.4)Funds from operations874.3967.4857.0Capital expenditures(458.9)(508.1)(457.1)Free funds flow415.4459.3399.9Non-GAAP RatiosFree Funds Flow per ShareARC presents free funds flow per share by dividing free funds flow by the Company's diluted or basic weighted average common shares outstanding. Free funds flow is a non-GAAP financial measure. Management believes that free funds flow per share provides investors an indicator of funds generated from the business that could be allocated to each shareholder's equity position.Capital Management MeasuresFunds from operations, net debt, and net debt to funds from operations are capital management measures. See Note 10 "Capital Management" in the financial statements and "Non-GAAP and Other Financial Measures" in the Q1 2026 MD&A for information additional disclosures, which information is incorporated by reference into this news release.FORWARD-LOOKING INFORMATION AND STATEMENTSThis news release contains certain forward-looking statements and forward-looking information (collectively referred to as "forward-looking information") within the meaning of applicable securities legislation about current expectations regarding the future based on certain assumptions made by ARC. Although ARC believes that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward-looking information in this news release is identified by words such as "anticipate", "believe", "ongoing", "may", "expect", "estimate", "plan", "will", "project", "continue", "target", "strategy", "upholding", or similar expressions, and includes suggestions of future outcomes. In particular, but without limiting the foregoing, this news release contains forward-looking information with respect to: the anticipated value and closing date of the Transaction;  ARC's 2026 guidance including, among others, planned capital expenditures, anticipated average annual production in 2026 and the components thereof, operating expenses, transportation expenses, G&A expenses before share-based compensation expense, G&A expenses – share-based compensation expense, interest and financing expenses and current income tax expense as a per cent of funds from operations; ARC's commitment to maintaining its strong financial position; and other similar statements. Further, statements relating to reserves and resources are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the resources and reserves described can be profitably produced in the future. In addition, forward-looking information may include statements attributable to third-party industry sources. There can be no assurance that the plans, intentions, or expectations upon which these forward-looking statements are based will occur.Readers are cautioned not to place undue reliance on forward-looking information as ARC's actual results may differ materially from those expressed or implied. ARC undertakes no obligation to update or revise any forward-looking information except as required by law. Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to ARC and others that apply to the industry generally. The material assumptions on which the forward-looking information in this news release are based, and the material risks and uncertainties underlying such forward-looking information, include: the satisfaction of the conditions the Transaction is subject to; the approval of the Transaction at the special meeting of ARC shareholders to be held to consider the Transaction; Shell's ability to finance the Transaction; regulatory and government approvals for the Transaction; the risk that the Transaction may be varied, accelerated or terminated in certain circumstances; risks relating to the outcome of the Transaction; the risk that the conditions to the Transaction may not be satisfied, or to the extent permitted, waived, including the risk that required regulatory approvals may not be received in a timely manner or at all; the ability to shift capital allocation among ARC's assets; forward pricing assumptions; risks and assumptions related to potential natural gas curtailments due to low natural gas prices; volatility of commodity prices; adverse economic conditions; political uncertainty; lack of capacity in, and/or regulatory constraints and uncertainty regarding, gathering and processing facilities, pipeline systems, and railway lines; indigenous land and rights claims; compliance with environmental regulations; risks relating to climate change, including transition and physical risks; ARC's ability to recruit and retain a skilled workforce and key personnel; development and production risks; project risks; risks relating to failure to obtain regulatory approvals; reputational risks; risks relating to a changing investor sentiment; asset concentration; risks relating to information technology systems and cyber security; risks related to hydraulic fracturing (including risks with respect to water production and disposal); liquidity; inflation, cost management and interest rates; third-party credit risks; variations in foreign exchange rates; risks relating to royalty regimes; the impact of competitors; risks related to potential or ongoing litigation; lack of adequate insurance coverage; inaccurate estimation of ARC's reserve volumes; risks related to derivative risk management contracts; limited, unfavorable or a lack of access to capital markets; market access constraints or transportation interruptions, unanticipated operating results or production declines; increased debt levels or debt service requirements; increased costs; potential regulatory and industry changes stemming from the results of court actions affecting regions in which ARC holds assets; ARC's ability to successfully close, integrate and realize the anticipated benefits of completed, contemplated, or future acquisitions and divestitures; access to sufficient capital to pursue any development plans; the risk that (i) the tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of tariffs are increased, or new tariffs are imposed, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed or threatened to be imposed by the U.S. on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S., will trigger a broader global trade war which could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Company, including by decreasing demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets, and limiting access to financing; the impacts of the ongoing Middle-East conflicts, Russia-Ukraine war and geopolitical developments in Venezuela (and any associated sanctions) on the global economy and commodity prices; forecast commodity prices and other pricing assumptions with respect to ARC's 2026 capital expenditure budget; that the previously announced LNG agreements will commence on the timelines anticipated and maintain volumes and pricing as expected; that counterparties to ARC's various agreements will comply with their contractual obligations; expectations and projections made in light of ARC's historical experience; data contained in key modeling statistics; forecast production volumes based on business and market conditions; the accuracy of outlooks and projections contained herein; that future business, regulatory, and industry conditions will be within the parameters expected by ARC, including with respect to prices, margins, demand, supply, product availability, supplier agreements, availability, and cost of labour and interest, exchange, and effective tax rates; projected capital investment levels, the flexibility of capital spending plans, and associated sources of funding; the ability of ARC to complete capital programs and the flexibility of ARC's capital structure; opportunity for ARC to pay dividends and the approval and declaration of such dividends by the board of directors (the "Board"); the existence of alternative uses for ARC's cash resources which may be superior to payment of dividends or effecting repurchases of outstanding common shares; cash flows, cash balances on hand, and access to ARC's credit facility and other long-term debt being sufficient to fund capital investments; the ability of ARC's existing pipeline commitments and financial risk management transactions to partially mitigate a portion of ARC's risks against wider price differentials; business interruption, property and casualty losses, or unexpected technical difficulties; estimates of quantities of crude oil, natural gas, and liquids from properties and other sources not currently classified as proved; future use and development of technology and associated expected future results; the successful and timely implementation of capital projects or stages thereof; the ability to generate sufficient cash flow to meet current and future obligations; estimated abandonment and reclamation costs, including associated levies and regulations applicable thereto; the retention of key assets; the continuance of existing tax, royalty, and regulatory regimes; estimates with respect to commodity pricing; and other assumptions, risks, and uncertainties described from time to time in the filings made by ARC with securities regulatory authorities, including those risks contained under the heading "Risk Factors" in the Q1 2026 MD&A.ARC's future shareholder distributions, including but not limited to the payment of dividends, if any, and the level thereof is uncertain. Any decision to pay dividends on ARC's shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith and any special dividends) will be subject to the discretion of the Board and may depend on a variety of factors, including, without limitation, ARC's business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on ARC under applicable corporate law. Further, the actual amount, the declaration date, the record date and the payment date of any dividend are subject to the discretion of the Board. There can be no assurance that ARC will pay dividends in the future.The forward-looking information in this news release also includes financial outlooks and other related forward-looking information (including production and financial-related metrics) relating to ARC, including, but not limited to: production, capital expenditures, operating expenses, transportation expenses, G&A expenses before share-based compensation expense, G&A expenses – share based compensation expense, interest and financing expenses, current income tax as a per cent of funds from operations and free funds flow. The internal projections, expectations, or beliefs are based on the 2026 capital budget, which is subject to change in light of ongoing results, prevailing economic conditions, commodity prices, and industry conditions and regulations. The financial outlook and other related forward-looking statements are also subject to the same assumptions, risk factors, limitations, and qualifications as set forth above. Any financial outlook and forward-looking information implied by such forward-looking statements are described in the Q1 2026 MD&A, and ARC's most recent annual information form,  which are available on ARC's website at www.arcresources.com and under ARC's SEDAR+ profile at www.sedarplus.ca and are incorporated by reference herein.The forward-looking information contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking information included in this news release are made as of the date of this news release and, except as required by applicable securities laws, ARC undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise.About ARCARC Resources Ltd. is a pure-play Montney producer and one of Canada's largest dividend-paying energy companies, featuring low-cost operations. ARC's investment-grade credit profile is supported by commodity and geographic diversity and robust risk management practices around all aspects of the business. ARC's common shares trade on the Toronto Stock Exchange under the symbol ARX.ARC RESOURCES LTD.Please visit ARC's website at www.arcresources.com or contact Investor Relations:
E-mail: IR @FearLES
Fax: (403) 509-642
Toll Free: 1-888-272-4900
ARC Resources Ltd.
Suite 1500, 308 - 4 Avenue SW
Calgary, AB  T2P 0H7SOURCE ARC Resources Ltd.

Original: ARC RESOURCES LTD. REPORTS FIRST QUARTER 2026 RESULTS

Canadian Investment Regulatory Organization Trade Resumption - ARXApril 27, 2026 8:17 AM
PR Newswire (Canada)

TORONTO, April 27, 2026 /CNW/ - Trading resumes in:Company: ARC Resources Ltd.TSX Symbol: ARXAll Issues: YesResumption (ET): 8:30 AMCIRO can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. CIRO is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada..SOURCE Canadian Investment Regulatory Organization (CIRO) – Halts/Resumptions

Original: Canadian Investment Regulatory Organization Trade Resumption - ARX

L'Organisme canadien de réglementation des investissements permet la reprise de la négociation - ARXApril 27, 2026 8:18 AM
PR Newswire (Canada)

TORONTO, le 27 avril 2026 /CNW/ - Reprise des négociations pour :Société : ARC Resources Ltd.Symbole TSX : ARXLes titres : OuiReprise : 08 h 30L'OCRI peut prendre la décision de suspendre (ou d'arrêter) temporairement les opérations à l'égard d'un titre d'une société cotée en bourse. Les arrêts des opérations sont mis en oeuvre afin d'assurer le bon fonctionnement d'un marché équitable. L'OCRI est l'organisme d'autoréglementation national qui surveille l'ensemble des courtiers en placement et l'ensemble des opérations effectuées sur les marchés des titres de capitaux propres et les marchés des titres de créance au Canada.SOURCE L’Organisme canadien de règlementation des investissements (OCRI) - Arrêts/Reprises

Original: L'Organisme canadien de réglementation des investissements permet la reprise de la négociation - ARX

ARC RESOURCES LTD. ANNOUNCES AGREEMENT TO BE ACQUIRED BY SHELL PLCApril 27, 2026 8:00 AM
PR Newswire (Canada)

CALGARY, AB, April 27, 2026 /CNW/ - (ARX - TSX) ARC Resources Ltd. ("ARC" or the "Company") announced that it has entered into a definitive arrangement agreement (the "Arrangement Agreement") with Shell plc ("Shell") and Shell Canada Limited ("Shell Canada"), a wholly owned subsidiary of Shell, whereby Shell has agreed to acquire all of the issued and outstanding common shares of ARC ("ARC Shares") in a cash and share transaction valued at approximately $22 billion, including assumed net debt (the "Transaction").







All amounts in this press release are stated in Canadian (CAD$) unless otherwise specified.HIGHLIGHTSThe $32.80 per share purchase price – payable 75 per cent in ordinary shares of Shell ("Shell Shares") and 25 per cent in cash – represents a 27 per cent premium to ARC's April 24, 2026, closing price on the Toronto Stock Exchange ("TSX").Near-term liquidity to ARC Shareholders in the form of cash with highly liquid Shell Shares provides upside exposure to an integrated global energy platform.The Agreement strengthens Shell's integrated gas business and creates a new platform for growth in Canada by adding long-duration, high-quality Montney resource.Addition of ARC employees adds deep Montney expertise with a track record of operational excellence to complement Shell's strong culture and world-class organization.  Significant opportunities to unlock and accelerate LNG-related value through Shell's integrated natural gas value chain – scale, infrastructure footprint and global reach underpin enhanced long-term profitability.The Transaction has received unanimous approval by ARC's Board of Directors (the "ARC Board") which recommends ARC Shareholders vote FOR the Transaction at a special meeting expected to be held in July 2026.Under the terms of the Arrangement Agreement, holders of ARC shares ("ARC Shareholders") will receive 0.40247 of a Shell Share and $8.20 in cash consideration in exchange for each ARC Share, representing total consideration of $32.80 per ARC Share, based upon the closing price of Shell Shares on the London Stock Exchange ("LSE") and the daily GBP/CAD exchange rate published by the Bank of Canada as of April 24, 2026.The proposed Transaction is to be completed by way of a plan of arrangement (the "Arrangement") under the Business Corporations Act (Alberta) (the "ABCA") and, subject to satisfaction of conditions typical for a transaction of this nature, is expected to close in the second half of 2026."Over our 30-year history, we have built a strong and resilient Canadian energy company defined by the depth of our world-class Montney assets, low-cost operations, leadership in responsible development, and high-performance people and culture," said Terry Anderson, President and Chief Executive Officer, ARC Resources Ltd. "On behalf of our leadership team, I would like to thank our people for their dedication and commitment to excellence in all facets of our business. Through this transaction, we will realize this tremendous value and become part of a dynamic global energy leader capable of realizing the full potential of our business and delivering on Canada's exciting energy future.""The ARC Board unanimously recommends this strategic transaction to our shareholders," said Hal Kvisle, Chair of the ARC Board. "This agreement delivers compelling value for our shareholders and brings together two companies with shared commitments to safety, operational excellence and care for communities and people – strengthening our ability to deliver resilient, long-term value creation for many years to come.""ARC is a high-quality, low-cost and top-quartile low carbon intensity producer that complements our existing footprint in Canada and strengthens our resource base for decades to come. ARC has demonstrated a strong track record of operational excellence and responsible development which aligns closely to how we do business. We look forward to welcoming our new colleagues into the organization and together, furthering our strategy of delivering more value with less emissions," said Wael Sawan, Chief Executive Officer, Shell.STRATEGIC RATIONALE AND SHAREHOLDER BENEFITS Attractive Premium and Value The consideration represents a 27 per cent premium to ARC's April 24, 2026, closing price on the TSX.The premium accelerates the realization of value for ARC's undeveloped inventory and inherent value in the Company's underlying Montney resources.Near-term Liquidity with Global Energy Platform ExposureThe consideration mix offers near-term liquidity in the form of cash and continued equity exposure through highly liquid Shell Shares.ARC Shareholders receiving Shell Shares will gain exposure to one of the world's largest integrated energy companies, with a robust balance sheet and a track record of consistent shareholder returns.Enhanced Shareholder Returns ARC Shareholders will benefit from continued shareholder returns with a Shell quarterly dividend of US$0.372 per Shell Share.TRANSACTION DETAILSUnder the terms of the Arrangement Agreement, ARC Shareholders will receive 0.40247 of a Shell Share and $8.20 in cash consideration in exchange for each ARC Share, representing total consideration of $32.80 per ARC Share, based upon the closing price of Shell Shares on the LSE and the daily GBP/CAD exchange rate published by the Bank of Canada as of April 24, 2026.The proposed Transaction will be effectuated pursuant to a plan of arrangement under the ABCA, which is required to be approved by the Court of King's Bench of Alberta. The Transaction will require approval by 66 2/3 per cent of the votes cast by the ARC Shareholders present in person or represented by proxy at a special meeting of ARC Shareholders to be called to consider the Transaction (the "ARC Shareholder Meeting"), expected to be held in July 2026.In addition to shareholder and court approvals, the Transaction is subject to applicable regulatory approvals, including approvals under the Competition Act (Canada), the Investment Canada Act, the Canada Transportation Act, and the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Subject to the satisfaction of such conditions, the Transaction is expected to close in the second half of 2026.The Arrangement includes representations and warranties, conditions and covenants of the parties typical for transactions of this nature including a non-solicitation covenant on the part of ARC, a right of Shell to match any superior proposal subject to customary fiduciary-out provisions, and a fee payable by ARC in the amount of $600 million if the Arrangement Agreement is terminated in certain circumstances.Subject to ARC Board approval, ARC is expected to continue paying its regular quarterly eligible dividend amount of $0.21 per ARC Share until closing of the Transaction, with the next quarterly eligible dividend expected to be paid on July 15, 2026 to shareholders of record on June 30, 2026.Further details with respect to the Arrangement will be included in the ARC management information circular (the "Circular") which, when finalized, will be filed under ARC's profile on SEDAR+ at www.sedarplus.ca and available on ARC's website at www.arcresources.com/ShellAcquisition. BOARD OF DIRECTORS RECOMMENDATION In March 2026, ARC formed a special committee of independent directors (the "Special Committee") to oversee and lead the negotiation of the proposed Transaction with Shell.The ARC Board, after considering the recommendation by the Special Committee, and after consultation with its financial and legal advisors, has determined that the Transaction is in the best interests of ARC and is fair to ARC Shareholders and has unanimously recommended that the ARC Shareholders vote in favour of the special resolution approving the Transaction at the ARC Shareholder Meeting.FINANCIAL ADVISORS AND FAIRNESS OPINIONRBC Capital Markets is acting as exclusive financial advisor to ARC.RBC Capital Markets has provided a verbal opinion to the ARC Board, to the effect that, as of the date of such opinion and based upon and subject to the assumptions, limitations and qualifications set forth therein, the consideration to be received by ARC Shareholders pursuant to the Arrangement is fair, from a financial point of view, to ARC Shareholders.A copy of RBC Capital Markets' written fairness opinion, as well as additional details regarding the terms and conditions of the Arrangement and the Transaction and the rationale for the recommendation by ARC's Board, will be included in the Circular and other materials to be mailed to ARC Shareholders in connection with the ARC Shareholder Meeting to approve the Transaction.Burnet, Duckworth & Palmer LLP is acting as lead legal counsel to ARC.Freshfields LLP is acting as U.K. counsel and U.S. corporate, securities and tax counsel, and Baker Botts LLP is acting as U.S. regulatory counsel to ARC.UPCOMING SHAREHOLDER ENGAGEMENTQ1 2026 Results Conference CallARC's senior leadership team will be hosting a conference call to discuss the Company's first quarter 2026 results on Wednesday, April 29, 2026, at 8:00 a.m. Mountain Time ("MT").DateWednesday, April 29, 2026
Time8:00 a.m. MT
Dial-in Numbers

Calgary403-910-0389
Toronto437-900-0527
Toll-free1-888-510-2154
Conference ID03806
Webcast URLhttps://app.webinar.net/7LPG5GXyEND

Callers are encouraged to dial in 15 minutes before the start time to register for the event. A replay will be available on ARC's website at www.arcresources.com following the conference call.FORWARD-LOOKING INFORMATION & STATEMENTSThis news release contains forward-looking statements and forward-looking information (collectively referred to as "forward-looking statements") within the meaning of applicable securities legislation that involve substantial known and unknown risks and uncertainties. The use of any of the words "plan", "expect", "intend", "believe", "should", "anticipate", or other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking statements. These statements are only predictions and actual events or results may differ materially. Many factors could cause ARC's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, ARC. In particular, this news release contains forward-looking statements with respect to, among other things: the expected closing date of the Transaction; the purchase price per ARC Share to be received pursuant to the Transaction; Shell's ability to finance the Transaction; the anticipated benefits of the Arrangement upon receipt of Shell Shares by ARC's shareholders including that it provides near-term liquidity to ARC shareholders, upside exposure to an integrated global energy platform, and significant opportunities to unlock and accelerate LNG-related value through Shell's integrated natural gas value chain and accelerates the realization of value for ARC's undeveloped inventory and inherent value in the Company's underlying Montney resources; that ARC shareholders will benefit from continued shareholder returns with a Shell quarterly dividend and the amount thereof; the anticipated timing of the ARC Shareholder Meeting; that subject to ARC Board approval, ARC is expected to continue paying its regular quarterly eligible dividend until closing of the Transaction and expected timing of ARC's next quarterly eligible dividend; that further details with respect to the Arrangement will be included in the Circular and the anticipated contents thereof; timing of the conference call to discuss the Company's first quarter 2026 results; and similar statements. There can be no assurance that the plans, intentions, or expectations upon which these forward-looking statements are based will occur.Developing forward-looking statements involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to ARC and others that apply to the industry generally. The material assumptions on which the forward-looking statements in this news release are based, and the material risks and uncertainties underlying such forward-looking statements, include: the satisfaction of the conditions the Transaction is subject to; the approval of the Transaction at the ARC Special Meeting; Shell's ability to finance the Transaction; regulatory and government approvals for the Transaction; the risk that the Transaction may be varied, accelerated or terminated in certain circumstances; risks relating to the outcome of the Transaction, including the risks associated with approval at the ARC Special Meeting; the risk that the conditions to the Transaction may not be satisfied, or to the extent permitted, waived, including the risk that required regulatory approvals may not be received in a timely manner or at all; volatility of commodity prices; adverse economic conditions; political uncertainty; lack of capacity in, and/or regulatory constraints and uncertainty regarding, gathering and processing facilities, pipeline systems, and railway lines; indigenous land and rights claims; compliance with environmental regulations; risks relating to climate change, including transition and physical risks; ARC's ability to recruit and retain a skilled workforce and key personnel; development and production risks; project risks; risks relating to failure to obtain regulatory approvals; reputational risks; risks relating to a changing investor sentiment; asset concentration; risks relating to information technology systems and cyber security; risks related to hydraulic fracturing; liquidity; inflation, cost management and interest rates; third-party credit risks; variations in foreign exchange rates; risks relating to royalty regimes; the impact of competitors; lack of adequate insurance coverage; inaccurate estimation of ARC's reserve volumes; limited, unfavorable or a lack of access to capital markets; market access constraints or transportation interruptions, unanticipated operating results or production declines; increased debt levels or debt service requirements; increased costs; potential regulatory and industry changes stemming from the results of court actions affecting regions in which ARC holds assets; ARC's ability to successfully integrate and realize the anticipated benefits of completed or future acquisitions and divestitures; access to sufficient capital to pursue any development plans; the risk that (i) the tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of tariffs are increased, or new tariffs are imposed, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed or threatened to be imposed by the U.S. on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S., will trigger a broader global trade war which could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Company, including by decreasing demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets, and limiting access to financing; forecast commodity prices and other pricing assumptions; expectations and projections made in light of ARC's historical experience; data contained in key modeling statistics; assumptions with respect to global economic conditions and the accuracy of market outlook; the impacts of the ongoing Middle-East conflicts, Russia-Ukraine war and geopolitical developments in Venezuela (and any associated sanctions) on the global economy and commodity prices; the continuance of existing tax, royalty, and regulatory regimes; forecast production volumes based on business and market conditions; opportunity for ARC to pay dividends and the approval and declaration of such dividends by the ARC Board; the existence of alternative uses for ARC's cash resources which may be superior to payment of dividends or effecting repurchases of outstanding common shares; cash flows, cash balances on hand, and access to ARC's credit facility and other long-term debt being sufficient to fund capital investments; the ability of ARC's existing pipeline commitments and financial risk management transactions to partially mitigate a portion of ARC's risks against wider price differentials; business interruption, property and casualty losses, or unexpected technical difficulties; estimates of quantities of crude oil, natural gas, and liquids from properties and other sources not currently classified as proved; future use and development of technology and associated expected future results; the successful and timely implementation of capital projects or stages thereof; the ability to generate sufficient cash flow to meet current and future obligations.ARC's future shareholder distributions, including but not limited to the payment of dividends, if any, and the level thereof is uncertain. Any decision to pay dividends on ARC's Shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith and any special dividends) will be subject to the discretion of the ARC Board and may depend on a variety of factors, including, without limitation, ARC's business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on ARC under applicable corporate law. Further, the actual amount, the declaration date, the record date and the payment date of any dividend are subject to the discretion of the ARC Board. There can be no assurance that ARC will pay dividends in the future.Although ARC believes that the assumptions used in such forward-looking statements and information are reasonable, there can be no assurance that such assumptions will be correct. Accordingly, readers are cautioned that the actual results achieved may vary from the forward-looking information provided herein and that the variations may be material. Readers are also cautioned that the foregoing list of assumptions, risks and factors is not exhaustive.Further information regarding the assumptions and risks inherent in the making of forward-looking statements and in respect of the Transaction will be found in the Circular, along with ARC's other public disclosure documents which are available through the Company's website at www.arcresources.com and through the SEDAR+ website at www.sedarplus.ca.The forward-looking information included in this news release is expressly qualified in its entirety by the foregoing cautionary statements. These forward-looking statements are made as of the date of this news release and ARC disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results, or otherwise, other than as required by applicable securities laws.DisclaimersThis announcement is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.This announcement is an announcement and not a circular or equivalent document and prospective investors should not make any investment decision on the basis of its contents. This document is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or a recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in ARC, Shell or any other securities by ARC, Shell or any other party.Additional Information for U.S. InvestorsThe Transaction is being made to acquire the securities of a Canadian company by means of a plan of arrangement provided for under Canadian law. The Shell Shares to be issued pursuant to the Transaction have not been registered under the US Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. The Transaction is being made pursuant to the exemptionfrom registration set forth in Section 3(a)(10) of the Securities Act. A transaction effected by means of a plan of arrangement and pursuant to Section 3(a)(10) of the Securities Act is also not subject to the tender offer rules or the proxy solicitation rules under the US Securities Exchange Act of 1934, as amended (the "Exchange Act"). Accordingly, the Transaction will be subject to disclosure requirements and practices applicable to schemes of arrangement involving a target company incorporated in Canada and admitted to trading on the TSX, which are different from the disclosure requirements of the US tender offer rules and the US proxy solicitation rules.About ARC
ARC Resources Ltd. is a pure-play Montney producer and one of Canada's largest dividend-paying energy companies, featuring low-cost operations. ARC's investment-grade credit profile is supported by commodity and geographic diversity and robust risk management practices around all aspects of the business. ARC's common shares trade on the Toronto Stock Exchange under the symbol ARX.About Shell Canada
Shell Canada is one of the few truly integrated energy companies in Canada with all of Shell's global businesses represented. Shell Canada activities include exploration, gas production, refining and manufacturing, and providing fuels and developing energy solutions for customers.Shell's businesses in Canada amongst others include a 40% interest in the LNG Canada Joint Venture, which exports Canadian natural gas to Asian markets; shale gas and liquids assets in Alberta and British Columbia; a network of ~1,500 Shell retail stations across Canada; the Scotford Complex in Alberta, which includes an upgrader, chemicals plant and is home to the Quest Carbon Capture and Storage facility and the Sarnia Manufacturing Centre refinery in Ontario.About Shell plc
Shell is a global group of energy and petrochemical companies, employing around 85,000 people across more than 70 countries. Shell's activities include oil and gas exploration and production, and the marketing of fuels, lubricants and chemical products. Shell also offer low-carbon energy products and solutions. Shell's purpose is to power progress together by working with each other, our customers and our partners to provide the energy products people need to power their lives and businesses and Shell's strategy is to deliver more value with less emissions.Shell has one single class of ordinary shares, each having a nominal value of €0.07. All shares are listed and able to trade at Euronext Amsterdam and the London Stock Exchange. Furthermore, all shares are transferable between these two markets. This makes both these exchanges primary exchanges for the Shell Shares.Ordinary shares are traded in registered form. The Company's American Depositary Shares (ADSs) are listed on the New York Stock Exchange. A depositary receipt is a certificate that evidences ADSs. Depositary receipts are issued, cancelled and exchanged at the office of JPMorgan Chase Bank, N.A., 270 Park Avenue, Floor 8, New York, NY 10017, USA, as depositary (the Depositary), under Second Amended and Restated Deposit Agreement and Amendment No. 1 thereto (Deposit Agreement) between the Company, the Depositary and the holders of ADSs. Each ADS is equivalent to two ordinary shares of Shell plc deposited under the Deposit Agreement. All ordinary shares are capable of being deposited with the Depository in exchange for the corresponding amount of ADSs which may be traded at the New York Stock Exchange. This makes the New York Stock Exchange the primary exchange for the Company's American Depositary Receipts (ADRs).For additional information on this announcement, please visit ARC's website at www.arcresources.com/ShellAcquisition or contact:Investor & Analyst Inquiries:
IR @captainmlw-8600Media Inquiries:
media @captainmlw-8677SOURCE ARC Resources Ltd.

Original: ARC RESOURCES LTD. ANNOUNCES AGREEMENT TO BE ACQUIRED BY SHELL PLC

Canadian Investment Regulatory Organization Trading Halt - ARXApril 27, 2026 7:54 AM
PR Newswire (Canada)

TORONTO, April 27, 2026 /CNW/ - The following issues have been halted by CIRO:Company: ARC Resources Ltd.TSX Symbol: ARXAll Issues: YesReason: Pending NewsHalt Time (ET): 8:00 AMCIRO can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. CIRO is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.SOURCE Canadian Investment Regulatory Organization (CIRO) – Halts/Resumptions

Original: Canadian Investment Regulatory Organization Trading Halt - ARX

Suspension de la négociation par l'Organisme canadien de réglementation des investissements - ARXApril 27, 2026 7:56 AM
PR Newswire (Canada)

TORONTO, le 27 avril 2026 /CNW/ - L'OCRI a suspendu la négociation des titres suivants :Société : ARC Resources Ltd.Symbole TSX : ARX Les titres : OuiMotif : Nouvelle en attenteHeure de la suspension (HE) : 08 h 00L'OCRI peut prendre la décision de suspendre (ou d'arrêter) temporairement les opérations à l'égard d'un titre d'une société cotée en bourse. Les arrêts des opérations sont mis en oeuvre afin d'assurer le bon fonctionnement d'un marché équitable. L'OCRI est l'organisme d'autoréglementation national qui surveille l'ensemble des courtiers en placement et l'ensemble des opérations effectuées sur les marchés des titres de capitaux propres et les marchés des titres de créance au Canada.SOURCE L’Organisme canadien de règlementation des investissements (OCRI) - Arrêts/Reprises

Original: Suspension de la négociation par l'Organisme canadien de réglementation des investissements - ARX

ARC RESOURCES LTD. CONFIRMS QUARTERLY DIVIDEND OF $0.21 PER SHARE FOR APRIL 15, 2026March 16, 2026 5:00 PM
PR Newswire (Canada)

CALGARY, AB, March 16, 2026 /CNW/ - (TSX: ARX) ARC Resources Ltd. ("ARC") confirms a quarterly eligible dividend amount of $0.21 per share for April 15, 2026 to shareholders of record on March 31, 2026. At March 16, 2026, the trailing 12-month payments to shareholders total $0.78 per share.







About ARCARC Resources Ltd. is the largest pure-play Montney producer and one of Canada's largest dividend-paying energy companies, featuring low-cost operations. ARC's investment-grade credit profile is supported by commodity and geographic diversity and robust risk management practices around all aspects of the business. ARC's common shares trade on the Toronto Stock Exchange under the symbol ARX.Please visit ARC's website at www.arcresources.com or contact Investor Relations:E-mail: IR @FearLES
Fax: (403) 509-6427
Toll Free: 1-888-272-4900
ARC Resources Ltd.
Suite 1500, 308 - 4 Avenue SW
Calgary, AB T2P 0H7SOURCE ARC Resources Ltd.

Original: ARC RESOURCES LTD. CONFIRMS QUARTERLY DIVIDEND OF $0.21 PER SHARE FOR APRIL 15, 2026

ARC RESOURCES LTD. ANNOUNCES OFFERING OF SENIOR UNSECURED NOTESFebruary 10, 2026 5:30 PM
PR Newswire (Canada)

CALGARY, AB, Feb. 10, 2026 /CNW/ - (TSX: ARX) ARC Resources Ltd. ("ARC" or the "Company") announced today an offering of C$950 million aggregate principal amount of senior unsecured notes (the "Offering"), consisting of C$400 million aggregate principal amount of 3.349% Senior Unsecured Notes, Series 5 due 2029 (the "Series 5 Notes") and C$550 million aggregate principal amount of 4.104% Senior Unsecured Notes, Series 6 due 2033 (the "Series 6 Notes", together with the Series 5 Notes, the "Notes"). The closing of the Offering is expected to occur on or about February 25, 2026. Morningstar DBRS has assigned a provisional rating of BBB with a Stable trend to the Notes.







ARC intends to use the net proceeds of the Offering to fund the redemption of its $450 million aggregate principal amount of 2.354% Series 1 Notes as well as repay the outstanding amounts under ARC's current $500 million term loan.The Notes will be direct, senior unsecured obligations of ARC and will rank equally and pari passu with all other existing and future unsecured and unsubordinated indebtedness of the Company.The Notes are being offered through a syndicate of agents co-led by CIBC Capital Markets, RBC Capital Markets, and TD Securities.The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and will not be offered or sold in the United States. The Notes are being offered only to persons outside the United States in compliance with Regulation S under the U.S. Securities Act. In Canada, the Notes are to be offered and sold on a private placement basis in each of the provinces of Canada. This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation, or sale in the United States or any jurisdiction in which such an offer, solicitation, or sale would be unlawful. Resale of the Notes will be subject to restrictions under applicable securities legislation which vary depending on the relevant jurisdictions. This news release does not constitute an offer to purchase the Notes.Forward-looking Information and StatementsThis news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect," "anticipate," "continue," "estimate," "objective," "ongoing," "may," "will," "project," "should," "believe," "plans," "intends," "strategy," and similar expressions are intended to identify forward-looking information or statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. In particular, but without limiting the foregoing, this news release contains forward-looking information pertaining to the following: the proposed Offering and the terms thereof, the expected credit rating of the Notes, the intended use of proceeds from the Offering and the anticipated closing date of the Offering.The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements, including, but not limited to that the Offering may not be completed on a timely basis, if at all; the conditions of the Offering may not be satisfied; the terms of the Notes may change from that disclosed herein; the use of proceeds from the Offering may change from that disclosed herein; changes to credit ratings from the provisional rating disclosed herein; general business and economic conditions; and those risks detailed in ARC's most recently filed Management's Discussion and Analysis and Annual Information Form.These forward-looking statements and information are based on certain key expectations and assumptions made by ARC, including, but not limited to, the provisional credit rating for the Notes; anticipated market conditions; completion of the Offering; and the anticipated terms of the Notes and the use of proceeds therefrom. Although ARC believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information as ARC cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties.Readers are cautioned that events or circumstances could cause results to differ materially from those predicted. The forward-looking information and statements contained in this news release speak only as of the date of this news release, and ARC assumes no obligation to publicly update or revise such information or statements to reflect new events or circumstances, except as may be required pursuant to applicable laws.Credit RatingsCredit ratings are intended to provide investors with an independent measure of credit quality of an issue of securities. Credit ratings are not recommendations to purchase, hold, or sell securities and do not address the market price or suitability of a specific security for a particular investor. There is no assurance that any rating will remain in effect for any given period of time or that any rating will not be revised or withdrawn entirely by a rating agency in the future if, in its judgment, circumstances so warrant.About ARCARC Resources Ltd. is a pure-play Montney producer and one of Canada's largest dividend-paying energy companies, featuring low-cost operations. ARC's investment-grade credit profile is supported by commodity and geographic diversity and robust risk management practices around all aspects of the business. ARC's common shares trade on the Toronto Stock Exchange under the symbol ARX.ARC RESOURCES LTD.Please visit ARC's website at www.arcresources.com or contact Investor Relations:
E-mail: IR @FearLES
Fax: (403) 509-6427
Toll Free: 1-888-272-4900
ARC Resources Ltd.
Suite 1500, 308 - 4 Avenue SW
Calgary, AB  T2P 0H7SOURCE ARC Resources Ltd.

Original: ARC RESOURCES LTD. ANNOUNCES OFFERING OF SENIOR UNSECURED NOTES

ARC RESOURCES LTD. REPORTS YEAR-END 2025 RESULTS AND RESERVESFebruary 5, 2026 4:59 PM
PR Newswire (Canada)

CALGARY, AB, Feb. 5, 2026 /CNW/ - (TSX: ARX) ARC Resources Ltd. ("ARC" or the "Company") today reported its fourth quarter and year-end 2025 financial and operational results as well as its year-end 2025 reserves.







CORPORATE HIGHLIGHTSFourth Quarter ResultsFourth quarter production averaged a record 408,382 boe(1) per day (58 per cent natural gas and 42 per cent crude oil and liquids(2)), which included 118,898 barrels per day of crude oil and condensate production, the highest in ARC's 30-year history. Production per share(3) increased 10 per cent compared to the fourth quarter of 2024.ARC generated funds from operations of $874 million(4) ($1.52 per share(4)) and cash flow from operating activities of $668 million ($1.16 per share(4)).ARC realized an average natural gas price of $3.77 per Mcf(4), which is $1.43 greater than the average AECO 7A Monthly Index price.Free funds flow was $415 million(4) ($0.72 per share(4)), and net income was $260 million or $0.45 per share. ARC distributed $257 million ($0.45 per share) to shareholders through the base dividend and share repurchases, and allocated the remainder to debt reduction.ARC declared dividends of $120 million ($0.21 per share(4)) and repurchased 5.1 million common shares for $137 million under its normal course issuer bid ("NCIB").ARC invested $459 million in capital expenditures(4) during the fourth quarter, which contributed to total capital expenditures of $1.9 billion in 2025, which was within Company guidance.Subsequent to December 31, 2025, ARC executed an agreement to purchase assets in the Kakwa area of Alberta for approximately $160 million. The transaction is expected to close in February 2026.Net debt(4) decreased by $191 million compared to the third quarter of 2025. As at December 31, 2025, net debt was $2.9 billion or 0.9 times funds from operations(4).Year-end 2025 HighlightARC generated record annual average production of 374,336 boe per day (59 per cent natural gas and 41 per cent crude oil and liquids), an increase of 10 per cent per share compared to 2024.ARC recognized funds from operations of $3.2 billion ($5.48 per share), and generated free funds flow of $1.3 billion ($2.20 per share) in 2025.ARC distributed 75 per cent of free funds flow to shareholders through its base dividend and share repurchases. The remainder was allocated to debt reduction, allowing ARC to further strengthen its balance sheet.ARC increased its base dividend for the fifth consecutive year. ARC's Board of Directors (the "Board") approved an 11 per cent increase to the quarterly dividend, from $0.19 to $0.21 per share ($0.84 per share, per annum).ARC's annual average realized natural gas price of $3.51 per Mcf was 89 per cent or $1.65 per Mcf greater than the average AECO 7A Monthly Index price. This marks the 13th consecutive year that ARC's market diversification strategy resulted in a realized natural gas price that exceeded AECO by 20 per cent or greater.Natural gas curtailments at Sunrise due to low natural gas prices during the third and fourth quarters of 2025 reduced full-year average production by approximately 12,000 boe per day (approximately 70 MMcf per day). The curtailments preserved resource for periods when prices were higher, and allowed ARC to defer approximately $50 million of capital.In July 2025, ARC completed the acquisition of condensate-rich Montney assets in the Kakwa area of Alberta from Strathcona Resources Ltd. in an all-cash transaction valued at approximately $1.6 billion(5) (the "Kakwa Acquisition").ARC executed an agreement for the earning and development of up to 36 new contiguous sections in the Montney with the Tsaa Dunne Za Energy Limited Partnership – a limited partnership owned by Halfway River First Nation.In March 2025, ARC announced a long-term sale and purchase agreement with ExxonMobil LNG Asia Pacific ("EMLAP"), an ExxonMobil affiliate, for the supply of liquefied natural gas ("LNG"). Under the agreement, EMLAP will purchase ARC's LNG offtake from the Cedar LNG Project, approximately 1.5 million tonnes per annum at international pricing. The agreement commences with commercial operations at the Cedar LNG Facility, expected in late 2028.2025 Reserves(1)(6)ARC reported record reserves across all categories in 2025. Proved developed producing ("PDP") and total proved plus probable ("2P") reserves increased by 15 per cent and nine per cent, respectively, compared to 2024.For the 18th consecutive year, ARC replaced greater than 120 per cent of 2P reserves.For the 20th consecutive year, ARC reported positive technical revisions on a total proved ("1P") and 2P basis.ARC's before-tax net present value ("NPV") of 2P reserves, discounted at 10 per cent was $38.71 per share(4) at December 31, 2025. The 2P NPV considers the development of 23 per cent of ARC's internally identified inventory(7), providing a long runway for future development and reserve growth.ARC's reserve life index ("RLI") increased across all three categories. ARC's RLI increased to 4.8 years on a PDP basis, 9.6 years on a 1P, and 15.1 years on a 2P basis.ARC's consolidated financial statements and notes thereto (the "financial statements") and Management's Discussion and Analysis ("MD&A") as at and for the three months and year ended December 31, 2025, are available on ARC's website at www.arcresources.com and under ARC's SEDAR+ profile at www.sedarplus.ca. The disclosure under the section entitled "Non-GAAP and Other Financial Measures" in ARC's MD&A as at and for the three months and year ended December 31, 2025 (the "2025 Annual MD&A") is incorporated by reference into this news release.(1)ARC has adopted the standard six thousand cubic feet ("Mcf") of natural gas to one barrel ("bbl") of crude oil ratio when converting natural gas to barrels of oil equivalent ("boe"). Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of the 6:1 conversion ratio, utilizing the 6:1 conversion ratio may be misleading as an indication of value.(2)Throughout this news release, crude oil ("crude oil") refers to light, medium, and heavy crude oil product types as defined by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Condensate is a natural gas liquid as defined by NI 51-101. Throughout this news release, natural gas liquids ("NGLs") comprise all natural gas liquids as defined by NI 51-101 other than condensate, which is disclosed separately. Throughout this news release, crude oil and liquids ("crude oil and liquids") refers to crude oil, condensate, and NGLs.(3)Represents average daily production divided by the diluted weighted average common shares outstanding for the three months ended December 31.(4)This is a specified financial measure. See "Non-GAAP and Other Financial Measures" of this news release and in the 2025 Annual MD&A for additional disclosure, which is incorporated by reference.(5)The purchase price was approximately $1.6 billion for the assets acquired in the Kakwa Acquisition before purchase price adjustments and unrelated equipment and land.(6)GLJ Ltd. ("GLJ") conducted an Independent Qualified Reserves Evaluation ("Reserves Evaluation"), dated February 3, 2026 and effective December 31, 2025, which was prepared in accordance with definitions, standards, and procedures in the Canadian Oil and Gas Evaluation ("COGE") Handbook and NI 51-101. The Reserves Evaluation was based on the GLJ Ltd., Sproule ERCE, McDaniel & Associates Consultants Ltd. Three Consultant Average ("3CA") forecast pricing and foreign exchange rates at January 1, 2026.(7)Internally identified inventory refers to drilling locations identified by ARC based on its own internal evaluation and which were not independently verified by GLJ. Such inventory does not constitute reserves or resources as defined under NI 51-101.FINANCIAL AND OPERATIONAL RESULTS(Cdn$ millions, except per share amounts(1), boe amounts,Three Months EndedYear Endedand common shares outstanding)September 30,
2025December 31,
2025December 31,
2024December 31,
2025December 31,
2024FINANCIAL RESULTS




Net income214.4259.9370.31,275.11,124.1Per share0.370.450.632.191.88Cash flow from operating activities713.3668.1650.93,093.52,348.6Per share1.231.161.105.313.94Funds from operations779.0874.3770.43,192.42,472.5Per share1.341.521.305.484.15Free funds flow282.6415.4420.41,283.7627.0Per share0.490.720.712.201.05Dividends declared109.6120.0112.2451.8416.2Per share0.190.210.190.780.70Cash flow used in investing activities2,160.0475.5423.33,536.01,906.2Capital expenditures(2)496.4458.9350.01,908.71,845.5Long-term debt2,784.82,878.11,387.42,878.11,387.4Net debt3,056.62,866.11,335.62,866.11,335.6Common shares outstanding, weighted average diluted
(millions)581.5574.1592.3582.6596.4Common shares outstanding, end of period (millions)575.7570.6589.6570.6589.6OPERATIONAL RESULTS




Production




Crude oil and condensate (bbl/day)113,959118,898102,977106,98487,266Natural gas (MMcf/day)1,1721,4101,4181,3241,307NGLs (bbl/day)50,01454,50042,99846,62542,787Total (boe/day)359,236408,382382,341374,336347,908Average realized price




Crude oil ($/bbl)(3)82.7573.6391.4681.7591.46Condensate ($/bbl)(3)84.6678.4595.5286.2197.00Natural gas ($/Mcf)(3)2.753.772.583.512.37NGLs ($/bbl)(3)17.4718.9726.8321.8124.59Average realized price ($/boe)(3)38.2338.3038.2539.6836.15Netback per boe




Commodity sales from production ($/boe)(3)38.2338.3038.2539.6836.15Royalties ($/boe)(3)(4.18)(3.07)(4.07)(3.93)(4.12)Operating expense ($/boe)(3)(6.36)(5.18)(4.18)(5.39)(4.68)Transportation expense ($/boe)(3)(4.46)(4.83)(5.03)(5.04)(5.21)Netback per boe ($/boe)(3)23.2325.2224.9725.3222.14TRADING STATISTICS(4)




High price29.2727.2027.4031.5627.40Low price23.6723.5422.4822.6319.44Close price25.3825.7526.0725.7526.07Average daily volume (thousands of shares)5,0465,4313,7474,4313,610(1)Per share amounts, with the exception of dividends, are based on weighted average diluted common shares.(2)Refer to the section entitled "About ARC Resources Ltd." contained within the 2025 Annual MD&A for historical capital expenditures, which information is incorporated by reference into this news release.(3)This is a specified financial measure. See "Non-GAAP and Other Financial Measures" of this news release and in the 2025 Annual MD&A for additional disclosure, which information is incorporated by reference.(4)Trading prices are stated in Canadian dollars on a per share basis and are based on intra-day trading on the Toronto Stock Exchange.OUTLOOKARC remains committed to delivering on its strategy to deliver sustainable free funds flow per share growth to provide shareholders with a durable and attractive return. Consistent with previous years, the strategy is underpinned by its longstanding principles of safety, capital discipline, and preserving a strong balance sheet.Operations UpdateAttachieAt over 360 net sections, Attachie is a large condensate-rich asset and remains in the early stages of development. In 2025, its first year of operations, ARC focused on capturing and applying learnings to deliver repeatable well performance and improved capital efficiencies to ensure long-term profitability at the asset.The early production results from the most recent Upper Montney pads at Attachie, brought on stream in late 2025 and early 2026, have been variable and below expectations. In response, ARC has adjusted its development schedule to further evaluate well performance and determine an appropriate development plan for Attachie going forward. As a result, ARC is removing asset-level production guidance at Attachie for 2026.ARC remains confident in the long-term potential of the resource at Attachie. The Company will continue to advance the asset in a disciplined manner, allocating capital to further refine well design and apply operational learnings.2026 GuidanceCorporate guidance for 2026 remains unchanged. Asset-level production contribution and capital allocation may shift throughout the year as the development plan for Attachie evolves.Average annual production of between 405,000 and 420,000 boe per day (61 per cent natural gas and 39 per cent crude oil and liquids).Planned capital expenditures of between $1.8 to $1.9 billion(1).Based on the current forward curve and Company guidance, ARC estimates 2026 free funds flow of approximately $1.2 billion(2), essentially all of which is earmarked for shareholder returns via the base dividend and share repurchases.ARC's 2026 corporate guidance is based on various commodity price scenarios and economic conditions. Production guidance does not include any assumption for possible natural gas production curtailments due to low natural gas prices. Certain guidance estimates may fluctuate with commodity price changes and regulatory changes. ARC's guidance provides readers with the information relevant to Management's expectations for financial and operational results for 2026.ARC's 2025 and 2026 annual guidance and a review of 2025 actual results are outlined below:
2025 Guidance 2025 Actual% Variance from2025 Guidance 2026 GuidanceProduction



Crude oil and condensate (bbl/day)107,000 - 112,000106,984—105,000 - 115,000Natural gas (MMcf/day)1,290 - 1,3101,32411,500 - 1,520NGLs (bbl/day)43,000 - 45,00046,625448,000 - 52,000Total (boe/day)365,000 - 375,000374,336—405,000 - 420,000Expenses ($/boe)(3)



Operating5.00 - 5.505.39—5.40 - 5.90Transportation5.00 - 5.505.04—5.25 - 5.75General and administrative ("G&A") expense
  before share-based compensation expense1.00 - 1.101.10—1.00 - 1.10G&A - share-based compensation expense0.30 - 0.400.18(40)0.25 - 0.35Interest and financing(4)0.90 - 1.000.98—1.10 - 1.20Current income tax expense as a per cent of
    funds from operations(3)5 - 108—5 - 10Capital expenditures ($ billions)1.85 - 1.951.91—1.8 - 1.9(1)Refer to the section entitled "About ARC Resources Ltd." contained within the 2025 Annual MD&A for historical capital expenditures, which information is incorporated by reference into this news release.(2)Based on forward pricing as of January 22, 2026 of US$59 per barrel WTI; C$2.70 per Mcf AECO.(3)This is a specified financial measure. See "Non-GAAP and Other Financial Measures" of this news release and in the 2025 Annual MD&A for additional disclosure, which information is incorporated by reference.(4)Excludes accretion expense.FINANCIAL AND OPERATIONAL RESULTSProductionFourth Quarter 2025ARC generated record average production during the fourth quarter of 408,382 boe per day (58 per cent natural gas and 42 per cent crude oil and liquids). Production increased seven per cent compared to the fourth quarter of 2024 and 10 per cent on a per share basis.The increase year-over-year was driven primarily by the Kakwa Acquisition. During the fourth quarter, production at Kakwa averaged 215,073 boe per day (42 per cent natural gas and 58 per cent crude oil and liquids), which included 124,505 barrels per day of condensate and natural gas liquids.Attachie production averaged 28,286 boe per day during the fourth quarter (41 per cent natural gas and 59 per cent crude oil and liquids), and included 13,182 barrels per day of condensate.Natural gas production at Sunrise was restored in the fourth quarter when AECO natural gas prices recovered.Full-Year 2025Full-year production averaged 374,336 boe per day (59 per cent natural gas and 41 per cent crude oil and liquids), which was in line with Company guidance.This included record average crude oil and condensate production of 106,984 barrels per day, driven primarily by Attachie and the Kakwa Acquisition that closed on July 2, 2025.The natural gas production curtailments at Sunrise that occurred from July through October reduced full-year average production by approximately 12,000 boe per day. This allowed ARC to defer approximately $50 million of capital expenditures earmarked to sustain production at Sunrise.Funds from Operations, Cash Flow from Operating Activities, and Free Funds FlowFourth Quarter 2025ARC generated $874 million ($1.52 per share) of funds from operations in the fourth quarter. This represents a 13 per cent increase ($104 million or $0.22 per share) compared to the same quarter of the prior year, driven primarily by higher production at Kakwa and Attachie.ARC reported free funds flow of $415 million ($0.72 per share) in the fourth quarter.Full-Year 2025In 2025, ARC generated funds from operations of $3.2 billion ($5.48 per share) and cash from operating activities of $3.1 billion ($5.31 per share).Free funds flow totalled $1.3 billion ($2.20 per share) for the year.The following table details the change in funds from operations for the fourth quarter of 2025 relative to the third quarter of 2025.Funds from Operations Reconciliation$ millions$/share(1)Funds from operations for the three months ended September 30, 2025779.01.34Production volumes

Crude oil and liquids45.60.08Natural gas60.10.10Commodity prices

Crude oil and liquids(62.5)(0.11)Natural gas132.10.23Sales of third-party purchases66.20.11Interest and other income1.4—Realized gain on risk management contracts(11.1)(0.02)Royalties22.70.04Expenses

Operating15.60.03Transportation(34.2)(0.06)Third-party purchases(65.3)(0.11)G&A(23.0)(0.04)Interest and financing(1.4)—Realized loss on foreign exchange(3.8)(0.01)Current income tax(47.0)(0.08)Other(0.1)—Weighted average shares, diluted—0.02Funds from operations for the three months ended December 31, 2025874.31.52(1)Per share amounts are based on weighted average diluted common shares.The following table details the change in funds from operations for the fourth quarter of 2025 relative to the fourth quarter of 2024.Funds from Operations Reconciliation$ millions$/share(1)Funds from operations for the three months ended December 31, 2024770.41.30Production volumes

Crude oil and liquids167.90.28Natural gas(2.2)—Commodity prices

Crude oil and liquids(226.7)(0.39)Natural gas154.30.26Sales of third-party purchases100.40.17Interest and other income(1.5)—Realized gain on risk management contracts21.80.04Royalties27.80.05Expenses

Operating(47.9)(0.08)Transportation(4.6)(0.01)Third-party purchases(96.0)(0.16)G&A18.50.03Interest and financing(10.5)(0.02)Realized loss on foreign exchange(5.8)(0.01)Current income tax6.40.01Other2.0—Weighted average shares, diluted—0.05Funds from operations for the three months ended December 31, 2025874.31.52(1)Per share amounts are based on weighted average diluted common shares.Shareholder ReturnsIn 2025, ARC distributed 75 per cent of free funds flow or $966 million ($1.66 per share) to shareholders through a combination of dividends and share repurchases under its NCIB. The remainder was allocated to debt reduction to preserve ARC's financial strength.In the third quarter of 2025, the Board approved an increase of 11 per cent to the Company's quarterly dividend, from $0.19 per share to $0.21 per share ($0.76 per share to $0.84 per share, per annum).During the fourth quarter, ARC declared dividends of $120 million ($0.21 per share) and repurchased 5.1 million common shares under its NCIB at a weighted average price of $26.86 per share.In 2025, ARC repurchased 19.7 million common shares under its NCIB at a weighted average price of $26.09 per share throughout the year.Since commencing its initial NCIB in September 2021, ARC has repurchased approximately 22 per cent (159 million common shares) of its total outstanding shares at a weighted average price of $17.74 per share.ARC intends to distribute essentially all free funds flow to shareholders in 2026 through its growing base dividend and continued share repurchases.Operating, Transportation, and General and Administrative ExpenseOperating ExpenseARC's fourth quarter 2025 operating expense of $5.18 per boe was 19 per cent or $1.18 per boe lower than the previous quarter. The decrease in operating costs per boe is primarily due to Sunrise volumes being restored and the completion of planned maintenance activity.Full-year 2025 operating expense of $5.39 per boe was in line with Company guidance.Transportation ExpenseARC's fourth quarter 2025 transportation expense per boe of $4.83 decreased by four per cent or $0.20 per boe compared to the same period in the prior year.ARC's full-year 2025 transportation expense of $5.04 per boe was at the low end of ARC's guidance range of $5.00 to $5.50 per boe.General and Administrative ExpenseARC's fourth quarter 2025 general and administrative expense per boe of $1.26 decreased 33 per cent from the same period of the prior year, primarily due to the revaluation of the liability associated with ARC's share-based compensation plans.ARC's full-year 2025 general and administrative expense of $1.28 per boe decreased 34 per cent compared to the prior year and was slightly lower than the Company guidance range of $1.30 to $1.50 per boe.Cash Flow Used in Investing Activities and Capital ExpendituresCash flow used in investing activities was $476 million during the fourth quarter of 2025. ARC invested $459 million in capital expenditures to drill 39 wells and complete 32 wells. Drilling activity was focused primarily at Kakwa, Ante Creek, and Attachie.Cash flow from investing activities was $3.5 billion and capital expenditures were $1.9 billion. ARC drilled 144 wells and completed 157 wells across its asset base in 2025.The following table details ARC's 2025 drilling and completions activities by area.
Year ended December 31, 2025AreaWells DrilledWells CompletedKakwa8380Attachie2533Greater Dawson2225Ante Creek1312Sunrise17Total144157Physical Natural Gas MarketingARC's infrastructure ownership and committed takeaway capacity to U.S. markets played a critical role in capturing higher realized natural gas prices relative to local benchmarks throughout 2025.ARC's average realized natural gas price during the fourth quarter of 2025 was $3.77 per Mcf, which was $1.43 per Mcf, or 61 per cent, greater than the average AECO 7A Monthly Index price.Full-year 2025 market diversification activities resulted in an average realized natural gas price of $3.51 per Mcf, $1.65 per Mcf higher than the average AECO 7A Monthly Index price.Net DebtAs at December 31, 2025, ARC's long-term debt balance was $2.9 billion, and its net debt balance was $2.9 billion, or 0.9 times funds from operations.ARC targets its net debt to be less than 1.5 times funds from operations and manages its capital structure to achieve that target over the long-term.In conjunction with the Kakwa Acquisition, ARC issued $1.0 billion aggregate principal amount of senior unsecured notes, obtained a new $500 million two-year term loan and increased the borrowing capacity under its existing credit facility to $2.0 billion from $1.7 billion.ARC holds an investment-grade credit rating, which allows the Company to access capital and manage a low-cost capital structure. ARC is committed to maintaining its strong financial position.Net IncomeARC recognized net income of $260 million ($0.45 per share) during the fourth quarter of 2025, a 30 per cent, or $110 million decrease compared to the same quarter in the prior year. The decrease in net income compared to the prior year was primarily due to unrealized losses on risk management contracts in the fourth quarter of 2025. This was partially offset by an increase in commodity sales from production, driven by an increase in production volumes.In 2025, ARC recognized net income of $1.3 billion ($2.19 per share), compared to net income of $1.1 billion ($1.88 per share) in 2024. The increase in net income compared to the prior year was primarily due to an increase in production volumes partially offset by an increase in unrealized losses on risk management contracts.2025 RESERVESHighlightsARC reported record reserves in 2025 across all categories, including PDP, 1P, and 2P. PDP and 2P reserves increased by 15 per cent and nine per cent, respectively, compared to 2024.ARC's before-tax NPV for 2P reserves of $22.1 billion (discounted at 10 per cent) equates to $38.71 per share. ARC's 2P NPV includes the development of 23 per cent of ARC's internal estimate of drilling inventory.ARC's before-tax PDP NPV of $17.54 per share, discounted at 10 per cent, increased six per cent year-over-year.ARC's NPV was determined using 3CA forecast pricing and foreign exchange rates at January 1, 2026, with a 10-year average WTI price of US$73.01 per barrel and a 10-year average AECO price of $3.64 per MMBtu.In 2025, ARC replaced 121 per cent of its 2P reserves. For the 18th consecutive year, 2P reserve replacement from development has been 120 per cent of produced reserves or greater.2P reserves of 2,277 MMboe were a Company record, driven by the Kakwa Acquisition and organic reserve growth.ARC booked an additional 151 MMboe of 2P reserves as a result of the Kakwa Acquisition.PDP finding, development and acquisition ("FD&A") costs, including future development capital ("FDC") of $15.77 per boe(1) equated to a 1.6 times(1) PDP FD&A recycle ratio.FDC for 2P reserves totalled $11.3 billion at December 31, 2025 compared to $10.3 billion at December 31, 2024. Total FDC equates to 6.1 times ARC's 2025 capital expenditure guidance, or approximately 3.5 times ARC's estimated 2026 funds from operations based on current forward pricing.ARC's RLI is 4.8 years on a PDP basis and 15.1 years on a 2P basis.(1)This is a specified financial measure. See "Non-GAAP and Other Financial Measures" of this news release and in the 2025 Annual MD&A for additional disclosure, which information is incorporated by reference.Reserves ReconciliationReserves ReconciliationCompany Gross(1)Tight Oil(2)(Mbbl)NGLs(3)(Mbbl)Total Oiland NGLs(4)(Mbbl)NaturalGas(5)(MMcf)Oil Equivalent(Mboe)Proved Developed Producing




Opening Balance, December 31, 202410,790192,383203,1722,513,596622,105Extensions and Improved Recovery(6)3,03458,05161,084446,386135,482Technical Revisions84329,24730,090282,00877,091Acquisitions46728,13728,605172,65357,380Dispositions—————Economic Factors(748)(17,037)(17,785)(125,841)(38,758)Production(3,485)(52,578)(56,063)(483,389)(136,628)Ending Balance, December 31, 202510,900238,203249,1032,805,413716,672Total Proved




Opening Balance, December 31, 202419,695420,856440,5515,303,4001,324,451Extensions and Improved Recovery(6)1,20036,86438,064535,726127,352Technical Revisions2,90523,91826,824288,41674,893Acquisitions47152,91653,388277,45299,630Dispositions—————Economic Factors(773)(22,165)(22,937)(136,849)(45,746)Production(3,485)(52,578)(56,063)(483,389)(136,628)Ending Balance, December 31, 202520,014459,811479,8255,784,7571,443,951Proved plus Probable




Opening Balance, December 31, 202432,299672,051704,3508,363,0312,098,188Extensions and Improved Recovery(6)1,75767,56969,325621,094172,841Technical Revisions2,123(5,009)(2,886)99,47213,693Acquisitions57783,47984,056402,498151,139Dispositions—————Economic Factors(660)(13,280)(13,940)(46,958)(21,766)Production(3,485)(52,578)(56,063)(483,389)(136,628)Ending Balance, December 31, 202532,611752,231784,8428,955,7482,277,467(1)Amounts may not add due to rounding.(2)Tight Oil includes immaterial amounts of Light, Medium, and Heavy Crude Oil.(3)Condensate and pentanes plus represented 69 per cent of PDP NGLs reserves, 72 per cent of total TP NGLs reserves, and 72 per cent of 2P NGLs reserves for the respective opening balances at December 31, 2024. Condensate and pentanes plus represent 64 per cent of PDP NGLs reserves, 67 per cent of TP NGLs reserves, and 68 per cent of 2P NGLs reserves for the respective ending balances at December 31, 2025.(4)Total Oil and NGLs represents the summation of Light, Medium, Heavy Oil, and Tight Oil, and NGLs.(5)Natural Gas includes shale gas and conventional natural gas product types, as conventional natural gas makes up less than two per cent of total gas and is therefore considered to be immaterial.(6)Reserves additions for discoveries, infill drilling, improved recovery, and extensions are combined and reported as "Extensions and Improved Recovery".Net Present Value SummaryFor a summary of the 3CA forecast pricing and foreign exchange rates used to evaluate ARC's reserves, see "2025 Independent Qualified Reserves Evaluation" of this news release.($ millions)UndiscountedDiscounted at 10%Before-tax NPV(1)(2)

Proved Developed Producing13,26510,007Proved Developed Non-producing422299Proved Undeveloped10,3984,242Total Proved24,08514,548Probable19,3347,540Proved plus Probable43,41822,088After-tax NPV(1)(2)(3)(4)

Proved Developed Producing11,0618,600Proved Developed Non-producing322228Proved Undeveloped7,9163,008Total Proved19,29911,835Probable14,8515,705Proved plus Probable34,15017,540(1)Amounts may not add due to rounding.(2)Based on NI 51-101 company net interest reserves and 3CA forecast pricing and foreign exchange rates and costs at January 1, 2026.(3)Based on ARC's estimated tax pools at December 31, 2025.(4)The after-tax NPV of the future net revenue attributed to ARC's crude oil and natural gas properties reflects the tax burden on the properties on a standalone basis and does not necessarily reflect the business entity tax-level situation or tax planning. For information at the business entity level, see the section entitled Taxes in the 2025 Annual MD&A.Finding, Development and Acquisition CostsARC continues to demonstrate the profitability and durability of its Montney assets through low finding and development ("F&D") costs.ARC delivered a 2P F&D cost, including FDC, of $13.49 per boe(1) ($11.58 per boe excluding FDC), compared to 2024 2P F&D of $9.19 per boe ($7.98 per boe excluding FDC).Including net acquisitions and dispositions, ARC's 2P FD&A cost, including FDC, was $14.71 per boe(1) ($11.50 per boe excluding FDC), compared to 2024 2P FD&A of $8.90 per boe ($7.70 per boe excluding FDC).ARC delivered a F&D including FDC recycle ratio of 2.3 times on a PDP basis, and between 1.9 and 2.0 times on a 1P and 2P basis.(1)This is a specified financial measure. See "Non-GAAP and Other Financial Measures" of this news release and in the 2025 Annual MD&A for additional disclosure, which information is incorporated by reference.FD&A costs are provided including and excluding the change in FDC in the table below.Including FDCF&D Cost(1)($/boe)FD&A Cost(1)($/boe)F&D RecycleRatio(1)FD&A Recycle
Ratio(1)Proved Developed Producing(2)



202510.9515.772.31.6202411.8711.451.91.9202310.349.812.52.6Three-year Average(3)11.0312.732.21.9Total Proved(2)



202512.7115.922.01.6202413.4212.991.61.7202311.3311.042.32.3Three-year Average(3)12.3313.512.01.8Proved plus Probable(2)



202513.4914.711.91.720249.198.902.42.520239.179.032.82.9Three-year Average(3)10.1911.132.42.2 Excluding FDCF&D Cost(1)($/boe)FD&A Cost(1)($/boe)F&D RecycleRatio(1)FD&A Recycle
Ratio(1)Proved Developed Producing(2)



202510.9815.722.31.6202411.6911.271.92.0202310.6410.122.42.5Three-year Average(3)11.0912.752.21.9Total Proved(2)



202512.2014.192.11.8202412.0111.581.81.920238.197.973.13.2Three-year Average(3)10.4511.392.32.1Proved plus Probable(2)



202511.5811.502.22.220247.987.702.82.920235.985.894.34.4Three-year Average(3)7.948.493.12.9(1)F&D and FD&A costs and recycle ratios take into account reserves revisions during the year on a per boe basis, and include FDC.(2)The aggregate of the exploration and development costs incurred in the financial year and the changes during that year in estimated FDC may not reflect the total F&D and FD&A costs related to reserves additions for that year.(3)Three-year average F&D and FD&A costs are calculated as the total capital expenditures over the three prior years divided by the total reserves additions over the three prior years. The three-year average recycle ratio is calculated as the three-year F&D or FD&A costs divided by the three-year average netback per boe.BOARD OF DIRECTORS UPDATEARC is pleased to announce the appointment of Jonathan Wright to the Company's Board of Directors, effective immediately. Mr. Wright has more than 35 years of global oil and gas experience with expertise in strategy, operations, engineering, subsurface, marketing and business development. Most recently, Mr. Wright served as President and Chief Executive Officer of NuVista Energy Ltd. where he led the company's transformation to becoming a pure-play Montney producer. Mr. Wright continued to serve on the board of directors of NuVista after his retirement as CEO, until the company was successfully sold to a larger corporation in 2026. He also currently serves on the boards of two private oil and gas companies.CONFERENCE CALLARC's senior leadership team will be hosting a conference call to discuss the Company's fourth quarter and full-year 2025 results on Friday, February 6, 2026, at 8:00 a.m. Mountain Time ("MT").DateFriday, February 6, 2026Time8:00 a.m. MTDial-in Numbers
Calgary403-910-0389Toronto437-900-0527Toll-free1-888-510-2154Conference ID68346Webcast URLhttps://app.webinar.net/qB0xyKMDEKpCallers are encouraged to dial in 15 minutes before the start time to register for the event. A replay will be available on ARC's website at www.arcresources.com following the conference call.CONSOLIDATED BALANCE SHEETS (unaudited)
As atCdn$ millionsDecember 31, 2025December 31, 2024


ASSETS

Current assets

Cash and cash equivalents7.0—Inventory17.912.4Accounts receivable749.2691.0Prepaid expense136.6107.4Risk management contracts135.6190.1
1,046.31,000.9Risk management contracts 56.4154.1Long-term investments30.227.7Exploration and evaluation assets 442.4338.1Property, plant and equipment12,514.410,373.9Right-of-use and other long-term assets972.4956.8Goodwill248.2248.2Total assets15,310.313,099.7


LIABILITIES

Current liabilities

Accounts payable and accrued liabilities760.8634.4Current portion of lease obligations112.192.8Current portion of long-term debt450.0—Current portion of other deferred liabilities28.623.3Current portion of asset retirement obligation20.017.0Dividends payable120.0112.2Risk management contracts—1.0
1,491.5880.7


Risk management contracts138.937.1Long-term portion of lease obligations922.1908.5Long-term debt 2,428.11,387.4Long-term incentive compensation liability28.176.2Other deferred liabilities113.095.8Asset retirement obligation473.9414.4Deferred taxes1,450.71,351.4Total liabilities7,046.35,151.5


SHAREHOLDERS' EQUITY

Shareholders' capital5,990.66,194.3Contributed surplus28.431.6Retained earnings2,247.01,728.5Accumulated other comprehensive loss(2.0)(6.2)Total shareholders' equity8,264.07,948.2Total liabilities and shareholders' equity15,310.313,099.7Refer to the accompanying notes to ARC's audited consolidated financial statements as at and for the year ended December 31, 2025, which are available on ARC's website at www.arcresources.com and under ARC's SEDAR+ profile at www.sedarplus.ca.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
For the three months and years ended December 31
Three Months EndedYear Ended(Cdn$ millions, except per share amounts)2025202420252024




Commodity sales from production1,438.81,345.55,421.74,603.7Royalties(115.3)(143.1)(536.8)(524.9)Sales of third-party purchases 322.3221.91,190.81,020.2Total revenue1,645.81,424.36,075.75,099.0




Interest and other income4.35.820.420.2Gain (loss) on risk management contracts(72.5)59.211.0272.7Total revenue, interest and other income, and gain (loss) on risk
   management contracts1,577.61,489.36,107.15,391.9




Operating194.8146.9735.8596.4Transportation181.6177.0689.1662.9Third-party purchases313.5217.51,164.91,011.4General and administrative47.465.9175.6248.1Interest and financing48.336.2151.3133.8Impairment (reversal of impairment) of financial assets(1.5)0.6(2.8)2.3Depletion, depreciation and amortization and impairment of  property, plant and equipment447.1372.41,547.21,360.7Loss (gain) on foreign exchange2.3(6.2)16.11.3Gain on disposal of assets——(4.0)(80.0)Total expenses1,233.51,010.34,473.23,936.9Net income before income taxes344.1479.01,633.91,455.0




Provision for income taxes



Current66.072.4260.0200.4Deferred18.236.398.8130.5Total income taxes84.2108.7358.8330.9




Net income 259.9370.31,275.11,124.1




Other comprehensive income



Items that may be reclassified to net income in subsequent
  periods:



Net unrealized gain (loss) on foreign currency translation
  adjustment0.2(0.5)4.211.7Comprehensive income260.1369.81,279.31,135.8




Net income per share



Basic0.450.632.191.89Diluted0.450.632.191.88Refer to the accompanying notes to ARC's audited consolidated financial statements as at and for the year ended December 31, 2025, which are available on ARC's website at www.arcresources.com and under ARC's SEDAR+ profile at www.sedarplus.ca.CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)
For the years ended December 31(Cdn$ millions)Shareholders'
Capital
ContributedSurplus
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shareholders'
Equity









January 1, 20246,268.2
36.1
1,141.4
(17.9)
7,427.8Comprehensive income—
—
1,124.1
11.7
1,135.8Share-based compensation plans1.1
(0.2)
—
—
0.9Exercise of share options20.8
(4.3)
—
—
16.5Repurchase of shares for cancellation(93.2)
—
(113.9)
—
(207.1)Change in liability for share purchase
  commitment(2.6)
—
(6.9)
—
(9.5)Dividends declared—
—
(416.2)
—
(416.2)December 31, 20246,194.3
31.6
1,728.5
(6.2)
7,948.2Comprehensive income—
—
1,275.1
4.2
1,279.3Share-based compensation plans2.6
(1.9)
—
—
0.7Exercise of share options11.7
(1.3)
—
—
10.4Repurchase of shares for cancellation(216.8)
—
(306.1)
—
(522.9)Change in liability for share purchase
  commitment(1.2)
—
1.3
—
0.1Dividends declared—
—
(451.8)
—
(451.8)December 31, 20255,990.6
28.4
2,247.0
(2.0)
8,264.0Refer to the accompanying notes to ARC's audited consolidated financial statements as at and for the year ended December 31, 2025, which are available on ARC's website at www.arcresources.com and under ARC's SEDAR+ profile at www.sedarplus.ca.CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
For the three months and years ended December 31
Three Months EndedYear Ended(Cdn$ millions)2025202420252024




CASH FLOW FROM OPERATING ACTIVITIES



Net income259.9370.31,275.11,124.1Add items not involving cash:



Unrealized loss (gain) on risk management contracts144.0(9.5)253.0(82.4)Depletion, depreciation and amortization and impairment of                          property, plant and equipment  447.1372.41,547.21,360.7Unrealized loss (gain) on foreign exchange—(2.7)3.35.1Gain on disposal of assets——(4.0)(80.0)Deferred taxes18.236.398.8130.5Other5.13.619.014.5Net change in other liabilities(7.8)3.2(95.4)(19.9)Change in non-cash working capital(198.4)(122.7)(3.5)(104.0)Cash flow from operating activities668.1650.93,093.52,348.6




CASH FLOW FROM (USED IN) FINANCING ACTIVITIES



Draw of long-term debt under revolving credit facilities668.52,188.56,095.97,348.0Issuance of senior notes——1,000.0—Issuance of term loan——500.0—Repayment of long-term debt(575.9)(2,241.7)(6,099.9)(7,111.0)Proceeds from exercise of share options0.41.510.416.5Repurchase of shares(136.9)(52.2)(514.0)(202.4)Repayment of principal relating to lease obligations(28.8)(25.6)(103.8)(93.6)Cash dividends paid(109.6)(100.8)(444.0)(405.7)Change in non-cash working capital(6.3)2.74.94.7Cash flow from (used in) financing activities(188.6)(227.6)449.5(443.5)




CASH FLOW USED IN INVESTING ACTIVITIES


Business combination——(1,672.1)—Acquisition of assets(2.4)(8.8)(17.8)(13.9)Disposal of assets——4.080.0Property, plant and equipment development expenditures(438.8)(339.0)(1,819.1)(1,787.8)Exploration and evaluation asset expenditures(11.0)(2.5)(53.6)(31.2)Long-term investments(1.5)(2.1)(3.5)(6.8)Change in non-cash working capital(21.8)(70.9)26.1(146.5)Cash flow used in investing activities(475.5)(423.3)(3,536.0)(1,906.2)




INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS4.0—7.0(1.1)CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD3.0——1.1CASH AND CASH EQUIVALENTS, END OF PERIOD7.0—7.0—The following are included in cash flow from operating activities:



Income taxes paid in cash55.157.4183.3199.7Interest paid in cash44.524.8129.5117.4Refer to the accompanying notes to ARC's audited consolidated financial statements as at and for the year ended December 31, 2025, which are available on ARC's website at www.arcresources.com and under ARC's SEDAR+ profile at www.sedarplus.ca.NON-GAAP AND OTHER FINANCIAL MEASURESThroughout this news release and in other materials disclosed by the Company, ARC employs certain measures to analyze its financial performance, financial position, and cash flow. These non-GAAP and other financial measures are not standardized financial measures under IFRS Accounting Standards and may not be comparable to similar financial measures disclosed by other issuers. The non-GAAP and other financial measures should not be considered to be more meaningful than generally accepted accounting principles ("GAAP") measures which are determined in accordance with IFRS Accounting Standards, such as net income, cash flow from operating activities, and cash flow used in investing activities, as indicators of ARC's performance.Non-GAAP Financial MeasuresCapital ExpendituresARC uses capital expenditures to monitor its capital investments relative to those budgeted by the Company on an annual basis. ARC's capital budget excludes acquisition or disposition activities as well as the accounting impact of any accrual changes and payments under certain lease arrangements. The most directly comparable GAAP measure to capital expenditures is cash flow used in investing activities. The following table details the composition of capital expenditures and its reconciliation to cash flow used in investing activities.Capital Expenditures($ millions)Three Months EndedYear EndedSeptember
30, 2025December
31, 2025December
31, 2024December
31, 2025December
31, 2024Cash flow used in investing activities2,160.0475.5423.33,536.01,906.2Business combination(1,672.1)——(1,672.1)0Acquisition of assets(10.6)(2.4)(8.8)(17.8)(13.9)Disposal of assets———4.080.0Long-term investments(0.8)(1.5)(2.1)(3.5)(6.8)Change in non-cash investing working capital9.6(21.8)(70.9)26.1(146.5)Capitalized right-of-use asset depreciation10.39.18.536.026.5Capital expenditures496.4458.9350.01,908.71,845.5Free Funds FlowARC uses free funds flow as an indicator of the efficiency and liquidity of ARC's business, measuring its funds after capital investment available to manage debt levels, and return capital to shareholders through dividends and share repurchases. ARC computes free funds flow as funds from operations generated during the period less capital expenditures. Capital expenditures is a non-GAAP financial measure. By removing the impact of current period capital expenditures from funds from operations, Management monitors its free funds flow to inform its capital allocation decisions. The most directly comparable GAAP measure to free funds flow is cash flow from operating activities. The following table details the calculation of free funds flow and its reconciliation to cash flow from operating activities.Free Funds Flow($ millions)Three Months EndedYear EndedSeptember
30, 2025December
31, 2025December
31, 2024December
31, 2025December
31, 2024Cash flow from operating activities713.3668.1650.93,093.52,348.6Net change in other liabilities32.57.8(3.2)95.419.9Change in non-cash operating working capital33.2198.4122.73.5104.0Funds from operations779.0874.3770.43,192.42,472.5Capital expenditures(496.4)(458.9)(350.0)(1,908.7)(1,845.5)Free funds flow282.6415.4420.41,283.7627.0Adjusted Net Capital AcquisitionsAdjusted net capital acquisitions is a non-GAAP financial measure used in the determination of FD&A costs, which is a non-GAAP ratio. Adjusted net capital acquisitions is useful as it provides a measure of cash, debt, and share consideration used to acquire crude oil and natural gas assets during the period, net of cash provided by the disposal of any crude oil and natural gas assets during the period. The most directly comparable GAAP measure to adjusted net capital acquisitions is acquisition of crude oil and natural gas assets. The following table details the calculation of adjusted net capital acquisitions and its reconciliation to acquisition of crude oil and natural gas assets.Adjusted Net Capital AcquisitionsYear EndedYear Ended($ millions)December 31, 2025December 31, 2024Acquisition of assets(17.8)(13.9)Remove:

Disposal of assets4.080.0Adjusted net capital acquisitions(13.8)66.1Non-GAAP RatiosFree Funds Flow per ShareARC presents free funds flow per share by dividing free funds flow by the Company's diluted or basic weighted average common shares outstanding. Free funds flow is a non-GAAP financial measure. Management believes that free funds flow per share provides investors an indicator of funds generated from the business that could be allocated to each shareholder's equity position.Finding and Development CostsARC calculates F&D costs as capital expenditures divided by the change in reserves within the applicable reserves category. ARC calculates F&D costs, including FDC, as the sum of capital expenditures and the change in FDC required to bring the reserves on production, divided by the change in reserves within the applicable reserves category. Capital expenditures, a non-GAAP financial measure, is used as a component of F&D costs. Management uses F&D costs as a measure of capital efficiency for organic reserves development.Finding, Development and Acquisition CostsARC calculates FD&A costs as the sum of capital expenditures and adjusted net capital acquisitions divided by the change in reserves within the applicable reserves category, inclusive of changes due to acquisitions and dispositions. ARC calculates FD&A costs, including FDC, as the sum of capital expenditures, adjusted net capital acquisitions, and the change in FDC required to bring the reserves on production, divided by the change in reserves within the applicable reserves category, inclusive of changes due to acquisitions and dispositions. Capital expenditures and adjusted net capital acquisitions, both non-GAAP financial measures, are used as components of FD&A costs. Management uses FD&A costs as a measure of capital efficiency for organic and acquired reserves development.Recycle RatioARC calculates recycle ratio by dividing the netback per boe by F&D or FD&A costs. Netback per boe is a non-GAAP ratio that uses netback, a non-GAAP financial measure, as a component. Capital expenditures, a non-GAAP financial measure, is used as a component of F&D costs. Capital expenditures and adjusted net capital acquisitions, both non-GAAP financial measures, are used as components of FD&A costs. Management uses recycle ratio to relate the cost of adding reserves to the expected cash flows to be generated.Supplementary Financial MeasuresBefore-tax Proved plus Probable Net Present Value per ShareBefore-tax 2P NPV per share is comprised of the before-tax NPV for 2P reserves, discounted at 10 per cent, as determined in accordance with NI 51-101, divided by divided by common shares outstanding at the end of the period.Capital Management MeasuresFunds from operations, net debt, and net debt to funds from operations are capital management measures. See Note 16 "Capital Management" in the financial statements and "Non-GAAP and Other Financial Measures" in the 2025 Annual MD&A for information additional disclosures, which information is incorporated by reference into this news release.2025 INDEPENDENT QUALIFIED RESERVES EVALUATIONGLJ conducted a Reserves Evaluation, effective December 31, 2025, which was prepared in accordance with definitions, standards, and procedures in the COGE Handbook and NI 51-101. The Reserves Evaluation was based on the 3CA forecast pricing and foreign exchange rates at January 1, 2026, as outlined in the table below. These forecasts reflect current market conditions as defined by current forward commodity prices as at December 31, 2025. This aligns with the COGE Handbook, effective April 1, 2021, which states that major benchmark commodity price forecasts, up to and including the second full forecast year, should not deviate from current forward commodity prices by more than 20 per cent.Reserves included herein are stated on a company gross basis (working interest before deduction of royalties without the inclusion of any royalty interest) unless otherwise noted.ARC's crude oil and natural gas reserves statement for the year ended December 31, 2025, including complete disclosure of the Company's crude oil and natural gas reserves and other crude oil and natural gas information in accordance with NI 51-101, will be disclosed in ARC's Annual Information Form for the year ended December 31, 2025, which will be available on or before March 31, 2026 on ARC's website at www.arcresources.com and under ARC's SEDAR+ profile at www.sedarplus.ca.Summary of the 3CA January 1, 2026 Forecast Prices and Inflation Rate Assumptions3CA Price
Forecast(1)WTICrude Oil(US$/bbl)EdmontonLight Oil(Cdn$/bbl)NYMEX Henry
Hub Natural Gas(US$/MMBtu)AECONatural Gas(Cdn$/MMBtu)Foreign
Exchange(US$/Cdn$)20262025(2)20262025(2)20262025(2)20262025(2)20262025(2)202659.9274.4877.5497.043.743.733.003.330.730.73202765.1075.8183.6097.373.783.853.303.480.740.74202870.2877.6690.1899.803.853.933.493.690.740.74202971.9379.2292.32101.793.934.013.583.760.740.74203073.3780.8094.17103.834.014.093.653.830.740.74203174.8482.4296.06105.914.094.173.723.910.740.74203276.3484.0697.98108.024.174.263.803.990.740.74203377.8785.7599.93110.194.264.343.884.070.740.74203479.4287.46101.93112.394.344.433.954.150.740.74203581.01
103.97
4.43
4.03
0.74
Escalate
thereafter at(3) +2.0%per year +2.0%per year +2.0%per year +2.0%per year +2.0%per year +2.0%per year +2.0%per year +2.0%per year0.740.74(1)GLJ assigns a value to ARC's existing physical diversification contracts for natural gas to consuming markets across North America based upon 3CA forecast differential to NYMEX Henry Hub, contracted volumes, and transportation expense. No incremental value was assigned to potential future contracts that were not in place on December 31, 2025.(2)GLJ assigns a value to ARC's existing physical diversification contracts for natural gas to consuming markets across North America based upon GLJ's forecast differential to NYMEX Henry Hub, contracted volumes, and transportation expense. No incremental value was assigned to potential future contracts that were not in place on December 31, 2024.(3)Escalated at two per cent per year starting in 2036 in the January 1, 2026 3CA price forecast with the exception of foreign exchange, which remains flat.Definitions of Oil and Gas ReservesReserves are estimated remaining quantities of crude oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical, and engineering data; the use of established technology; and specified economic conditions, which are generally accepted as being reasonable. Reserves are classified according to the degree of certainty associated with the estimates as follows:Proved Reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.Probable Reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.Information Regarding Disclosure on Crude Oil and Natural Gas Reserves and Operational InformationIn accordance with Canadian practice, production volumes and revenues are reported on a company gross basis, before deduction of Crown and other royalties, and without including any royalty interests, unless otherwise stated. Unless otherwise specified, all reserves volumes in this news release (and all information derived therefrom) are based on company gross reserves using forecast prices and costs.This news release contains metrics commonly used in the crude oil and natural gas industry. These metrics do not have standardized meanings and may not be comparable to similar metrics disclosed by other issuers. See "Non-GAAP and Other Financial Measures" of this news release and the definitions of reserve replacement, reserves life index and finding and development costs below. Management uses these metrics for its own performance measurements and to provide shareholders with measures to compare ARC's performance over time; however, such measures are not reliable indicators of ARC's future performance and future performance may not compare to the performance in previous periods:Reserves replacement is calculated by dividing the annual reserves additions, in boe, by ARC's annual production, in boe. Management uses this measure to determine the relative change of its reserves base over a period of time.Reserves life index ("RLI") is calculated by dividing the reserves by the average annual production for that period. Management uses this measure to determine the relative change of its reserves base over a period of time. PDP RLI is calculated by dividing the proved developed producing reserves by the average annual production for that period. 2P RLI is calculated by dividing the proved plus probable reserves by the average annual production for that period. Management uses this measure to determine the relative change of its reserves base over a period of time.Finding and development costs are calculated as capital expenditures divided by the change in reserves within the applicable reserves category. See "Non-GAAP and Other Financial Measures" for additional information about this metric.This news release contains estimates of the NPV of the Company's future net revenue from reserves associated with ARC's assets. Such amounts do not represent the fair market value of such reserves. The recovery and reserve estimates provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. The NPV of the assets' base production is a snapshot in time and is based on the reserves evaluated using applicable pricing assumptions. It should not be assumed that the undiscounted or discounted NPV of future net revenue attributable to the assets represents the fair market value of those assets. The estimates for reserves for individual properties may not reflect the same confidence level as estimates of reserves for all properties due to the effects of aggregation. The recovery and reserve estimates of crude oil, natural gas liquids and natural gas reserves are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates relied upon for NPV calculations, herein.FORWARD-LOOKING INFORMATION AND STATEMENTSThis news release contains certain forward-looking statements and forward-looking information (collectively referred to as "forward-looking information") within the meaning of applicable securities legislation about current expectations regarding the future based on certain assumptions made by ARC. Although ARC believes that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward-looking information in this news release is identified by words such as "anticipate", "believe", "ongoing", "may", "expect", "estimate", "plan", "will", "project", "continue", "target", "strategy", "upholding", or similar expressions, and includes suggestions of future outcomes. In particular, but without limiting the foregoing, this news release contains forward-looking information with respect to: ARC's plans to distribute essentially all free funds flow to shareholders in 2026 through a combination of the base dividend and share repurchases; ARC's 2026 capital budget and guidance including, among others, planned capital expenditures, anticipated average annual production in 2026 and the components thereof, operating expenses, transportation expenses, G&A expenses before share-based compensation expense, G&A expenses – share-based compensation expense, interest and financing expenses and current income tax expense as a per cent of funds from operations; estimated 2026 free funds flow and that essentially all of it is earmarked for shareholder returns; the anticipated closing date of the agreement ARC entered into after December 31, 2025 to acquire certain assets in the Kakwa area of Alberta; the anticipated timing of commencement and duration of and volumes under the long-term LNG sale and purchase agreement with EMLAP and commencement of commercial operations at the Cedar LNG Project; ARC's strategy to deliver sustainable free funds flow per share growth to provide shareholders with a durable and attractive return; that ARC's strategy is underpinned by its longstanding principles of safety, capital discipline, and preserving a strong balance sheet; Attachie's stage of development; ARC's plans to evaluate well performance and determine an appropriate development plan for Attachie; ARC's expectations regarding the long-term potential of the resource at Attachie; ARC's goal to continue advancing Attachie in a disciplined manner, allocating capital prudently to further refine well design and apply operational learnings; the possibility that the asset-level production contribution and capital allocation estimates included in ARC's 2026 corporate guidance may shift throughout the year as the development plan for Attachie evolves; net debt targets; the anticipated runway for future reserve growth; and other similar statements. Further, statements relating to reserves and resources are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the resources and reserves described can be profitably produced in the future. In addition, forward-looking information may include statements attributable to third-party industry sources. There can be no assurance that the plans, intentions, or expectations upon which these forward-looking statements are based will occur.Readers are cautioned not to place undue reliance on forward-looking information as ARC's actual results may differ materially from those expressed or implied. ARC undertakes no obligation to update or revise any forward-looking information except as required by law. Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to ARC and others that apply to the industry generally. The material assumptions on which the forward-looking information in this news release are based, and the material risks and uncertainties underlying such forward-looking information, include: the ability to shift capital allocation among ARC's assets; forward pricing assumptions; risks and assumptions related to potential natural gas curtailments due to low natural gas prices; volatility of commodity prices; adverse economic conditions; political uncertainty; lack of capacity in, and/or regulatory constraints and uncertainty regarding, gathering and processing facilities, pipeline systems, and railway lines; indigenous land and rights claims; compliance with environmental regulations; risks relating to climate change, including transition and physical risks; ARC's ability to recruit and retain a skilled workforce and key personnel; development and production risks; project risks; risks relating to failure to obtain regulatory approvals; reputational risks; risks relating to a changing investor sentiment; asset concentration; risks relating to information technology systems and cyber security; risks related to hydraulic fracturing (including risks with respect to water production and disposal); liquidity; inflation, cost management and interest rates; third-party credit risks; variations in foreign exchange rates; risks relating to royalty regimes; the impact of competitors; risks related to potential or ongoing litigation; lack of adequate insurance coverage; inaccurate estimation of ARC's reserve volumes; risks related to derivative risk management contracts; limited, unfavorable or a lack of access to capital markets; market access constraints or transportation interruptions, unanticipated operating results or production declines; increased debt levels or debt service requirements; increased costs; potential regulatory and industry changes stemming from the results of court actions affecting regions in which ARC holds assets; ARC's ability to successfully close, integrate and realize the anticipated benefits of completed, contemplated, or future acquisitions and divestitures; access to sufficient capital to pursue any development plans; the risk that (i) the tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of tariffs are increased, or new tariffs are imposed, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed or threatened to be imposed by the U.S. on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S., will trigger a broader global trade war which could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Company, including by decreasing demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets, and limiting access to financing; the impacts of the ongoing Middle-East conflicts, Russia-Ukraine war and geopolitical developments in Venezuela (and any associated sanctions) on the global economy and commodity prices; forecast commodity prices and other pricing assumptions with respect to ARC's 2026 capital expenditure budget; ARC's ability to repurchase its securities under the NCIB; that the previously announced LNG agreements will commence on the timelines anticipated and maintain volumes and pricing as expected; that counterparties to ARC's various agreements will comply with their contractual obligations; expectations and projections made in light of ARC's historical experience; data contained in key modeling statistics; assumptions with respect to global economic conditions and the accuracy of ARC's market outlook expectations for 2026; suspension of or changes to or withdrawals of guidance, and the associated impact to production and capital expenditures; forecast production volumes based on business and market conditions; the accuracy of outlooks and projections contained herein; that future business, regulatory, and industry conditions will be within the parameters expected by ARC, including with respect to prices, margins, demand, supply, product availability, supplier agreements, availability, and cost of labour and interest, exchange, and effective tax rates; projected capital investment levels, the flexibility of capital spending plans, and associated sources of funding; the ability of ARC to complete capital programs and the flexibility of ARC's capital structure; opportunity for ARC to pay dividends and the approval and declaration of such dividends by the Board; the existence of alternative uses for ARC's cash resources which may be superior to payment of dividends or effecting repurchases of outstanding common shares; cash flows, cash balances on hand, and access to ARC's credit facility and other long-term debt being sufficient to fund capital investments; the ability of ARC's existing pipeline commitments and financial risk management transactions to partially mitigate a portion of ARC's risks against wider price differentials; business interruption, property and casualty losses, or unexpected technical difficulties; estimates of quantities of crude oil, natural gas, and liquids from properties and other sources not currently classified as proved; future use and development of technology and associated expected future results; the successful and timely implementation of capital projects or stages thereof; the ability to generate sufficient cash flow to meet current and future obligations; estimated abandonment and reclamation costs, including associated levies and regulations applicable thereto; the retention of key assets; the continuance of existing tax, royalty, and regulatory regimes; estimates with respect to commodity pricing; and other assumptions, risks, and uncertainties described from time to time in the filings made by ARC with securities regulatory authorities, including those risks contained under the heading "Risk Factors" in the 2025 Annual MD&A.The key assumption underlying ARC's asset-level guidance at Attachie that has been withdrawn in this news release is the anticipated well productivity of Upper Montney pads brought on stream by ARC, primarily in early 2026, and ARC's initial planned pace of development at Attachie in 2026. ARC's future shareholder distributions, including but not limited to the payment of dividends, if any, and the level thereof is uncertain. Any decision to pay dividends on ARC's shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith and any special dividends) will be subject to the discretion of the Board and may depend on a variety of factors, including, without limitation, ARC's business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on ARC under applicable corporate law. Further, the actual amount, the declaration date, the record date and the payment date of any dividend are subject to the discretion of the Board. There can be no assurance that ARC will pay dividends in the future.The forward-looking information in this news release also includes financial outlooks and other related forward-looking information (including production and financial-related metrics) relating to ARC, including, but not limited to: production, capital expenditures, operating expenses, transportation expenses, G&A expenses before share-based compensation expense, G&A expenses – share based compensation expense, interest and financing expenses, current income tax as a per cent of funds from operations and free funds flow. The internal projections, expectations, or beliefs are based on the 2026 capital budget, which is subject to change in light of ongoing results, prevailing economic conditions, commodity prices, and industry conditions and regulations. The financial outlook and other related forward-looking statements are also subject to the same assumptions, risk factors, limitations, and qualifications as set forth above. Any financial outlook and forward-looking information implied by such forward-looking statements are described in the 2025 Annual MD&A, and ARC's most recent annual information form, which are available on ARC's website at www.arcresources.com and under ARC's SEDAR+ profile at www.sedarplus.ca and are incorporated by reference herein.The forward-looking information contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking information included in this news release are made as of the date of this news release and, except as required by applicable securities laws, ARC undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise.About ARCARC Resources Ltd. is a pure-play Montney producer and one of Canada's largest dividend-paying energy companies, featuring low-cost operations. ARC's investment-grade credit profile is supported by commodity and geographic diversity and robust risk management practices around all aspects of the business. ARC's common shares trade on the Toronto Stock Exchange under the symbol ARX.ARC RESOURCES LTD.Please visit ARC's website at www.arcresources.com or contact Investor Relations:
E-mail: IR @FearLES
Fax: (403) 509-6427
Toll Free: 1-888-272-4900
ARC Resources Ltd.
Suite 1500, 308 - 4 Avenue SW
Calgary, AB  T2P 0H7SOURCE ARC Resources Ltd.

Original: ARC RESOURCES LTD. REPORTS YEAR-END 2025 RESULTS AND RESERVES

very predictable trading,plenty liquid,dividend increase 10% .066 now

7.846 https://www.arcresources.com/about-arc

Arc Resources (OTCPK:AETUF): Q3 EPS of C$0.46

Revenue of C$279.2M (+5.1% Y/Y)

Corporate & Shareholder Information
TRANSFER AGENT
Computershare Trust Company of Canada
600, 530 – 8th Avenue S.W.
Calgary, Alberta T2P 3S8
T: (403) 267-6800
AUDITORS
Deloitte LLP
Calgary, Alberta
ENGINEERING CONSULTANTS
GLJ Petroleum Consultants Ltd.
Calgary, Alberta
LEGAL COUNSEL
Burnet Duckworth & Palmer LLP
Calgary, Alberta
CORPORATE CALENDAR 2013
February 5, 2014 - 2013 Q4 Results
April 30, 2014 - 2014 Q1 Results
STOCK EXCHANGE LISTING
The Toronto Stock Exchange Trading Symbol: ARX
INVESTOR INFORMATION
Visit our website at www.arcresources.com
or contact:
Investor Relations
T: (403) 503-8600 or
Toll Free: 1-888-272-4900
PRIVACY OFFICER
Terry Gill
privacy@arcresources.com
T: (403) 509-7260
ARC is recognized on the Carbon Disclosure Project Leadership Index as being one of Canada’s Climate Change Disclosure Leaders.
ARC is listed on the Jantzi Social Index; a common stock index of 60 Canadian companies that pass a set of broadly based environmental, social and governance rating criteria.
ARC is a CAPP member. Members commit to continuous improvement in the responsible management, development and use of our natural resources; protection of our environment; and the health and safety of our workers and the general public.
DIRECTORS
Mac H. Van Wielingen (3) (4) (6)
Chairman
Myron M. Stadnyk
President and Chief Executive Officer
John P. Dielwart (5) (6)
Fred J. Dyment (1) (2) (6)
Timothy J. Hearn (3) (4) (5)
James C. Houck (1) (2) (5)
Hal Kvisle (4) (6)
Kathleen O’Neill (1) (3) (5)
Herb Pinder (2) (3) (4)
William G. Sembo (1) (5)
(1) Member of Audit Committee
(2) Member of Reserve Committee
(3) Member of Human Resources and Compensation Committee
(4) Member of Policy and Board Governance Committee
(5) Member of Health, Safety and Environment Committee
(6) Member of Risk Committee
Myron M. Stadnyk
President and Chief Executive Officer
Cameron S. Kramer
Senior Vice-President and Chief Operating Officer
Steven W. Sinclair
Senior Vice-President and Chief Financial Officer
Terry Anderson
Senior Vice-President, Engineering and Land
David P. Carey
Senior Vice-President, Capital Markets
P. Van R. Dafoe
Senior Vice-President, Finance
Terry Gill
Senior Vice-President, Corporate Services
Jay Billesberger
Vice-President, Information Technology
Sean Calder
Vice-President, Production
Neil Groeneveld
Vice-President, Geosciences and Exploration
Wayne Lentz
Vice-President, Strategy and Business Development
Karen Nielsen
Vice President, Operations
Allan R. Twa
Corporate Secretary
ARC Resources Ltd.
1200, 308 – 4th Avenue S.W.
Calgary, Alberta T2P 0H7
T: (403) 503-8600
Toll Free: 1-888-272-4900
F: (403) 503-8609
W: www.arcresources.com
E: ir@arcresources.com
OFFICERS
CALGARY OFFICE

ARC’s year-to-date production for 2013 is within the guidance range and reflects strong operating performance in many key areas.

While second quarter production volumes showed a moderate decrease from the first quarter due to the delay of the tie-in of new wells and wet spring weather, third quarter volumes increased as many areas returned to full production and new wells came on-stream, more than offsetting approximately 1,700 boe per day of production that was sold in August. Fourth quarter volumes are expected to continue to increase relative to the third quarter from new production associated with ARC's 2013 capital development program. ARC has amended its 2013 production guidance to increase the low end of the guidance range to 94,000 boe per day.

Operating expenses were just above the guidance range in the first nine months of 2013, due mainly to higher than budgeted electricity rates as well as additional maintenance activity throughout the second and third quarters. Transportation expense has also exceeded guidance year-to-date as ARC has incurred additional trucking and pipeline charges throughout the year. G&A expenses exceeded guidance for the first nine months of 2013 as the rise in ARC's share price resulted in increased costs under ARC's long-term incentive plans. G&A expenses before any impact of ARC's long-term incentive plans fell below the guidance range. Depending on ARC's share price during the fourth quarter of 2013, G&A associated with ARC's long-term incentive plans may continue to exceed the current guidance range.During the first nine months of 2013, ARC recorded current taxes of $22.7 million. This amount is less than what was initially anticipated, due in part to the recognition of certain investment tax credits in filing its 2012 income tax return and to be recognized in its 2013 income tax return.
Offsetting these reductions, in 2013, ARC has changed the year-end of its wholly-owned partnership to align with its corporate year-end and as a result will be recognizing income tax in 2013 for partnership income that had previously been deferred to the next year. 2013 current income tax is expected to range between $25 and $35 million.
ARC incurred $663 million of capital expenditures, including land purchases, during the first nine months of 2013, following its strategy of selecting and executing projects that provide the greatest expected return on investment. ARC plans to execute an $860 million capital program in 2013, focused primarily on oil and liquids-rich gas development and infrastructure spending to facilitate future growth.

ARC's original guidance for its 2013 capital spending was $830 million but this has been increased as a result of the acceleration of certain capital projects originally planned for 2014.The 2013 guidance provides shareholders with information on management’s expectations for results of operations. Readers are cautioned that the 2013 guidance may not be appropriate for other purposes.

Total Return to Shareholders
ARC's business plan has resulted in significant operational success and has contributed to a trailing five year annualized total return per share of 8.7 per cent.

(1) Daily production per share represents average daily production for the nine months ended September 30, 2013 and annual daily average production divided by the diluted weighted average common shares for the nine months ended September 30, 2013 and for the full years ending December 31, 2012, 2011, 2010 and 2009.

(2) As determined by ARC’s independent reserve evaluator solely at December 31 in millions of barrels of oil equivalent ("mmboe").

(3) ARC has also disclosed contingent resources associated with interests in certain of its properties located in northeastern British Columbia in ARC’s Annual Information Form as filed on SEDAR at www.sedar.com.

(4) Company gross reserves. For more information, see ARC’s Annual Information Form as filed on SEDAR at www.sedar.com and the news release entitled “ARC Resources Ltd. Announces Fifth Consecutive Year of Greater than 200 per cent Produced Reserves Replacement in 2012” dated February 6, 2013.

ABOUT ARC RESOURCES LTD.

ARC is a dividend-paying Canadian oil and gas company with near-term and long-term oil, natural gas, condensate and natural gas liquids ("NGLs") growth prospects headquartered in Calgary, Alberta.

ARC’s activities relate to the exploration, development and production of conventional oil and natural gas in Canada with an emphasis on the acquisition and development of properties with a large volume of hydrocarbons in place commonly referred to as “resource plays.”ARC’s vision is to be a leading energy producer, focused on delivery of results through its strategy of risk-managed value creation. ARC is committed to providing superior long-term financial returns for its shareholders, creating a culture where respect for the individual is paramount and action and passion is rewarded, and to running its business in a manner that protects the safety of employees, communities and the environment. ARC’s vision is realized through the four pillars of its strategy:

1. High quality, long-life assets – ARC’s unique suite of assets include both growth and base assets. ARC’s growth assets consist of world-class resource play properties, primarily concentrated in the Montney geological formation in northeast British Columbia and northern Alberta, and the Cardium formation in the Pembina area of Alberta. These assets provide substantial growth opportunities, which ARC will pursue with a clear line of sight towards long-term profitable development. ARC’s base assets consist of core properties located throughout Alberta, Saskatchewan and Manitoba. The base assets deliver stable production and contribute significant cash flow to fund future growth.

2. Operational excellence – ARC is focused on capital discipline and cost management to extract the maximum return on its investments while operating in a safe and environmentally responsible manner. Production from individual oil and natural gas wells naturally declines over time. In any one year, ARC approves a budget to drill new wells with the intent to first replace production declines and second to potentially increase production volumes. At times, ARC may also acquire strategic producing or undeveloped properties to enhance current production and reserves or to provide potential future drilling locations. Alternatively, it may strategically dispose of non-core assets that no longer meet its investment criteria.

3. Financial flexibility – ARC provides returns to shareholders through a combination of a monthly dividend, currently $0.10 per share per month, and a potential for capital appreciation. ARC’s goal is to fund capital expenditures necessary to replace production declines and dividend payments using funds from operations (1). ARC will finance growth activities through a combination of sources including funds from operations, proceeds from ARC’s Dividend Reinvestment Program (“DRIP”), reduced funding required under the Stock Dividend Program, proceeds from property dispositions, debt capacity, and if necessary, equity issuance. ARC chooses to maintain prudent debt levels, targeting its net debt to be one to 1.5 times annualized funds from operations and less than 20 per cent of total capitalization over the long-term (1).

4. Top talent and strong leadership culture – ARC is committed to the attraction, retention and development of the best and brightest people within its organization. ARC’s employees conduct business every day in a culture of trust, respect, integrity and accountability. Building leadership talent at all levels of the organization is a key focus. ARC is also committed to corporate leadership through community investment, environmental reporting practices and open communication with all stakeholders. As of the end of September 2013, ARC had approximately 556 employees with 332 professional, technical and support staff in the Calgary office, and 224 individuals located across ARC’s operating areas in western Canada.