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Condensate Price Drives Montney Producer to Increase Production Guidance for 2018
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Arc Resources released its Q3 results where it discussed highlights from the quarter and outlined its budget for 2018. Highlights include:
Total average daily production for Q3 was 129,526 boe/d, a 14.2% increase from Q2 production and a 12.4% increase YOY Q3 capex was $178.4 million Current Montney position: 1,200 net sections (768,000 net acres) Operational UpdateIn Q3, Arc Resources drilled 28 operated wells, which included 18 crude oil wells and 10 natural gas wells.
The following chart breaks down Arc's wells drilled and wells completed by sub-region.
2018 OverviewThe Board of Directors approved capital expenditures of $690 million for 2018. This capex will be a -16.9% decrease from 2017 where spending is expected to be ~$830 million by the end of the year.
Additionally, the…
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