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February 2015 Investor Presentation – Arc Resources Ltd.

Arc Resources Ltd. · Feb 12, 2015 · 83 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. February 2015 Investor Presentation – Arc Resources Ltd. – slide 1
    February 2015
  2. February 2015 Investor Presentation – Arc Resources Ltd. – slide 2
    Value Proposition Clear Line of Sight to Long-term Value Creation
  3. February 2015 Investor Presentation – Arc Resources Ltd. – slide 3
    Value Creation Culture Culture Focused on Organizational Learning Drives Ongoing Success Technology Efficiency Opportunity Applying New Focus on Operational Building for the Technology: Efficiency: Long-Term: Longer Laterals…
  4. February 2015 Investor Presentation – Arc Resources Ltd. – slide 4
    Unique Strategy Risk Managed Value Creation is Central to ARCs Strategy Targeting net debt to funds 210% Reserve Replacement from operations between through the drill bit for the 1.0 1.5x past 7 consecutive years Highly…
  5. February 2015 Investor Presentation – Arc Resources Ltd. – slide 5
    Corporate Profile Corporate Summary Production (Q4 2014) 117,986 boe/d Reserves (2P Gross YE 2014) (1) 673 mmboe Reserve Life Index (2P) (1) 15.0 years (2) Annualized Dividend / Dividend Yield 1.20 per share / 5.1% (3) Annualized…
  6. February 2015 Investor Presentation – Arc Resources Ltd. – slide 6
    Q4/YE 2014 Operational and Financial Performance Record Production, Strong Financial Results Three Months Ended Twelve Months Ended December 31 December 31 (CDN millions, except per share and per boe amounts) 2014 2013 2014 2013…
  7. February 2015 Investor Presentation – Arc Resources Ltd. – slide 7
    High Quality Long Life Assets 200% or Greater Reserve Replacement Over the Past Seven Years Annual Produced Reserves Replacement 700% Development 600% Acquisitions 500% 400% 300% 200% 100% 0%
  8. February 2015 Investor Presentation – Arc Resources Ltd. – slide 8
    Key Reserve Information Consistent Year-Over-Year Reserves Growth Reserves at year end, December 31, 2014 YE 2014 2P Reserves - Proved Producing 210 mmboe - Total Proved 382 mmboe - Proved Plus Probable 673 mmboe PDP - 2P Reserve…
  9. February 2015 Investor Presentation – Arc Resources Ltd. – slide 9
    Capital Efficiency Strong F&D Performance Growing our Low Cost Montney Business at Low F&D Costs FD&A Costs and Recycle Ratio (1) (2) 25.00 6.0 FD&A F&D 5.0 20.00 Recycle Ratio Recycle Ratio 4.0 15.00 3.0 10.00 2.0…
  10. February 2015 Investor Presentation – Arc Resources Ltd. – slide 10
    Operational Excellence Capital Efficiencies Managing Declines and Driving Down Costs ARC All In Capital Efficiencies /boe/d(1) 3 Year Avg. Capital Efficiencies /boe/d(2) (2011-2013) 40,000 40,000 ARC Competitors 30,000…
  11. February 2015 Investor Presentation – Arc Resources Ltd. – slide 11
    Operational Excellence Cost Management Low Cost Producers Deliver Superior Returns Over Time Focused assets, characterized by high working interest, operatorship and ARC owned/operated facilities, provides control over costs and…
  12. February 2015 Investor Presentation – Arc Resources Ltd. – slide 12
    Financial Flexibility Balance Sheet Strength Targeting Net Debt to Funds from Operations Between 1.0 1.5x Net Debt to FFO 1,400 2.0 1.8 1,200 1.6 1,000 1.4 millions 1.2 800 Ratio % 1.0 600 0.8 400 0.6 0.4…
  13. February 2015 Investor Presentation – Arc Resources Ltd. – slide 13
    Financial Flexibility Balance Sheet Strength Strong Balance Sheet Provides Stability Through Cycles Net Debt to Cash Flow 2015F(1) Net Debt to Enterprise Value 2014F(1) 9.0 80% 8.0 70% 7.0 60% 6.0 50% 5.0 40% 4.0 Group…
  14. February 2015 Investor Presentation – Arc Resources Ltd. – slide 14
    Sustainable Dividend Committed to the Dividend While Delivering Profitable Growth 16% annualized total return since inception, 5.3 billion of dividends (31.18/share) 6,000 Cumulative Dividends and Historic Payout Ratio 120% 5,500…
  15. February 2015 Investor Presentation – Arc Resources Ltd. – slide 15
    Risk Managed Value Creation Montney Assets Delivering Profitable Growth and Value 140,000 120,000 100,000 80,000 boe/d 60,000 40,000 20,000 0 Non-Montney Liquids Montney Liquids Non-Montney Gas…
  16. February 2015 Investor Presentation – Arc Resources Ltd. – slide 16
    Growth in Per Share Production and Cash Flow Delivering Value with Profitable Growth and Income 41% increase in production per share and 32% increase in Funds from Operations per share over five year period Production per Share(1)…
  17. February 2015 Investor Presentation – Arc Resources Ltd. – slide 17
    Asset Overview
  18. February 2015 Investor Presentation – Arc Resources Ltd. – slide 18
    Operations Overview Western Canadian Producer Strategic Optionality BRITISH COLUMBIA ALBERTA SASKATCHEWAN MANITOBA NE British Columbia Northern Alberta Redwater Pembina Southern Alberta SE Sask and Manitoba
  19. February 2015 Investor Presentation – Arc Resources Ltd. – slide 19
    Focused Production and Reserves Montney Comprises 70% of Production and 77% 2P Reserves Production (boe/d) Q4 2014 2P Reserves (Mmboe) YE 2014(1) 40,000 180 160 Montney Montney 30,000 81,000 boe/d (70%) 140 516 mmboe (77%)…
  20. February 2015 Investor Presentation – Arc Resources Ltd. – slide 20
    Complimentary Asset Base Montney Growth Assets Underpinned by Free Cash Flow Generating Base Assets Invested 2.3 billion of capital in Montney growth assets during 2009 2014 Base assets generated 1.7 billion of free cash flow during…
  21. February 2015 Investor Presentation – Arc Resources Ltd. – slide 21
    Early Stages of Property Development* Large Identified Opportunity for Future Value Creation Gross Drilling Locations 1600 Montney 4,000 Future Gross Drilling Locations 1400 1200 1000 800 600 400 200 0 Dawson…
  22. February 2015 Investor Presentation – Arc Resources Ltd. – slide 22
    ARCs Proven Development Model Inventory of Opportunities at all Stages
  23. February 2015 Investor Presentation – Arc Resources Ltd. – slide 23
    2015 Priorities Focused on Long-Term Value Creation Value Creation Cost Management & Capital Efficiencies Value creation prioritized over Opportunities to reduce costs and volume improve efficiencies without compromising safety…
  24. February 2015 Investor Presentation – Arc Resources Ltd. – slide 24
    Montney Assets
  25. February 2015 Investor Presentation – Arc Resources Ltd. – slide 25
    Why the Montney Total Recoverable Resource Ranks High Amongst North American Resource Plays Massive thickness Large areal extent (500km) Superior lithology and fracability High permeability Over pressured Montney Higher…
  26. February 2015 Investor Presentation – Arc Resources Ltd. – slide 26
    Significant Montney Land Position 3rd Largest Montney Landholder With Over 620,000 Net Acres 1,400 Top Montney Acreage Holder(1) 000 acres 1,200 1,000 Montney Acres (000's) 70% of ARCs Montney land is 800 undeveloped,…
  27. February 2015 Investor Presentation – Arc Resources Ltd. – slide 27
    Multiple Layers to Develop Attachie Septimus Sunrise Tower Parkland Dawson Pouce Coupe Montney A Upper Montney Montney B Montney C Lower Montney Montney D Montney E Existing Horizontal Wells,…
  28. February 2015 Investor Presentation – Arc Resources Ltd. – slide 28
    ARC in the Montney 40% Annual Montney Profitable Growth over 5 Year Period (2009 2014) 40% CAGR 2009 2014 90,000 32% CAGR 2000 - 2014 2014 80,000 Parkland Gas Plant: Phase 1 2013 Construction 70,000 begins on 2012 Parkland…
  29. February 2015 Investor Presentation – Arc Resources Ltd. – slide 29
    NE BC Montney Reserves & Resources NE BC Montney TPIIP 67.4 Tcf of Gas and 2.3 Billion Barrels of Oil 2014 Resource evaluation conducted by GLJ saw significant growth in Gas TPIIP, which is mainly attributed to newly-acquired land in…
  30. February 2015 Investor Presentation – Arc Resources Ltd. – slide 30
    Montney Development Economics Strong Rates of Return Across the Montney Portfolio Parkland Tower Dawson Sunrise Ante Creek Half Cycle Economics C55/bbl 55% IRR 35% IRR 95% IRR 65% IRR 35% IRR MSW 4.3x Recycle 3.5x Recycle 5.0x…
  31. February 2015 Investor Presentation – Arc Resources Ltd. – slide 31
    Montney Infrastructure Optionality Well Positioned For Market Access Area is currently well served with three major pipelines providing access to North American Markets: TransCanada Canada & US ARC Lands Alliance Chicago…
  32. February 2015 Investor Presentation – Arc Resources Ltd. – slide 32
    Dawson Gas World Class Resource, Unlimited Potential (1) Breakeven pricing assumes 20% cost savings as compared to late 2014 estimates. Cdn per bbl or mcf price as indicated defined as price at which NPV10 is equal to zero. * IRR…
  33. February 2015 Investor Presentation – Arc Resources Ltd. – slide 33
    Dawson Asset Details Excellent Free Cash Flow Net production (boe/d) Q4 2014 29,000 Liquids (bbls/d) 900 Gas (mmcf/d) 169 Production split % (liquids/gas) 97% gas Land (Montney net sections) 133 Working Interest 96%…
  34. February 2015 Investor Presentation – Arc Resources Ltd. – slide 34
    Dawson Development Potential Additional Development Layer Below Core Acreage Dawson Dawson core development has been Upper Montney focused on Upper Upper Montney A Montney A; 65% of Booked Reserves* lands have reserves booked…
  35. February 2015 Investor Presentation – Arc Resources Ltd. – slide 35
    Operational Excellence Dawson Continual Learning in Frac Design = Lower Costs + Improved Economics Lower Cost per Frac, Increasing Frac Intensity Longer Laterals, Tighter Frac Spacing 300,000 30 2,100 200 180 250,000 25 2,050…
  36. February 2015 Investor Presentation – Arc Resources Ltd. – slide 36
    Dawson Gas Type Curve Growth Frac Technology Advancements = Improvements in Well Performance Completions 2009- 2012 2013- 2015 2015 Type curve growth over time due to 2011 2014 revised* improvements in well design, focused on Frac…
  37. February 2015 Investor Presentation – Arc Resources Ltd. – slide 37
    Dawson Development Economics 95% Rate of Return Flat at 3/GJ AECO and C55/bbl C85/bbl & C55/bbl & 7,000 Key Metrics C3/GJ C3/GJ(1) DCET Capex per well (MM) 5.5 4.4(1) 6,000 Reserve estimate (Bcf) 7.4 7.4 IP (1 mo) (MMcf/d) 6.2…
  38. February 2015 Investor Presentation – Arc Resources Ltd. – slide 38
    Dawson A Cash Flow Machine Low Reinvestment Ratio to Maintain Significant Free Cash Flow Grown production from 50 MMcfe/d in 2009 to 165 MMcfe/d by mid 2012 At Cdn3 gas 30% Reinvestment Ratio to sustain cash flow and generate 100…
  39. February 2015 Investor Presentation – Arc Resources Ltd. – slide 39
    Dawson Infrastructure New Facility Planned For 2017 On-Stream New Dawson Phase III Gas Plant Plan to apply for regulatory approval in Q2 2015 90 MMscfd with 7,500 bbls/day of liquids handling New site ideally situated in the Lower…
  40. February 2015 Investor Presentation – Arc Resources Ltd. – slide 40
    Parkland/Tower Reaping Acquisition Benefits (1) Breakeven pricing assumes 20% cost savings as compared to late 2014 estimates. * IRR Half cycle after tax rate of return based on C55/bbl Edmonton Sweet (MSW) and C3/GJ AECO * Free…
  41. February 2015 Investor Presentation – Arc Resources Ltd. – slide 41
    Parkland/Tower Asset Details Material Value Creation in 2014 Parkland Tower Net production (boe/d) 17,900 7,920 Q4 2014 Liquids (bbls/d) 3,200 5,190 Gas (mmcf/d) 88 16.4 Land (net sections) 23 57 Working Interest 84% 92% Reserves…
  42. February 2015 Investor Presentation – Arc Resources Ltd. – slide 42
    Parkland/Tower Development Potential Incremental Reserves Potential with Multilayer Development Upper Montney Upper Montney A Booked Reserves* supports two layers of development at Upper Montney Parkland and Tower At year end…
  43. February 2015 Investor Presentation – Arc Resources Ltd. – slide 43
    Operational Excellence Tower Optimal Frac Design and Significant Efficiency Gains in Tight Oil Play 60% Decrease in Cost/Frac, 2X Increase in Applying Learnings in Well Length and Frac Intensity Frac Spacing 2,500 90 160,000 70…
  44. February 2015 Investor Presentation – Arc Resources Ltd. – slide 44
    Tower Completions Advancement Advanced Completion Design = Improved Performance Completions 2014 2015 2015 Revised* 1,200 Frac spacing (m) 40 25 25 2014 Type Curve Fracs per well 44 60 60 1,000 Avg. tonnage 2015 Type Curve 50…
  45. February 2015 Investor Presentation – Arc Resources Ltd. – slide 45
    Tower Development Economics 35% Rate of Return Flat at 3/GJ AECO and C55/bbl 1400 Cdn85bbl Cdn55/bbl Key Metrics & C3/GJ & C3/GJ(1) 1200 DCET Capex per well (MM) 6.5 5.2(1) 2P Reserve Estimate (Mboe) 600 600 1000 IP (1 mo)…
  46. February 2015 Investor Presentation – Arc Resources Ltd. – slide 46
    Tower 2014 Wells New Completion Design Delivers Breakthrough Performance Total Production (BOE) Oil Production (bbl) Old completion 12-16 Pad design 5-14 Pad (2014) New completion 8-15 Pad (2014) design 2015 Type Curve 2015…
  47. February 2015 Investor Presentation – Arc Resources Ltd. – slide 47
    Tower Cumulative Production New Wells are Exceeding Type Curve Total Production (BOE) Oil Production (bbl) 2015 Type Curve 2015 Type Curve 2014 Type Curve 2014 Type Curve Old completion 12-16 Pad design 5-14 Pad (2014)…
  48. February 2015 Investor Presentation – Arc Resources Ltd. – slide 48
    Operational Excellence Parkland Learnings from Dawson = Advanced Frac Design and Improved Results at Parkland Optimizing Fracs, Lowering Costs Optimizing Well Length and Frac Spacing 300,000 35 2,050 110 250,000 30 2,000…
  49. February 2015 Investor Presentation – Arc Resources Ltd. – slide 49
    Parkland Development Economics Targeting Liquids With Step Out From Core Completions 2012 2013 2014 2015 2015 Revised* Frac spacing (m) 180 100 80 70 70 1,200 Fracs per well 10 15 22 30 30 2012 Type Curve (Dry Gas) Avg. tonnage…
  50. February 2015 Investor Presentation – Arc Resources Ltd. – slide 50
    Parkland Development Economics 55% Rate of Return at Flat 3/GJ AECO and C55/bbl 1200 C85/bbl & C55/bbl & Key Metrics 3/GJ C3/GJ(1) 1000 DCET Capex per well (MM) 5.7 4.6(1) 2P Reserve Estimate (Bcfe) 5.8 5.8 800 IP (1 mo) (boe/d)…
  51. February 2015 Investor Presentation – Arc Resources Ltd. – slide 51
    Sunrise Long-term Growth Opportunity (1) Breakeven price assumes 20% cost savings as compared to late 2014 estimates. *Breakeven Cdn per bbl or mcf price as indicated defined as price at which NPV10 is equal to zero. * IRR Half…
  52. February 2015 Investor Presentation – Arc Resources Ltd. – slide 52
    Sunrise/Sunset Asset Details Sunrise/Sunset Moving Forward with Full Scale Development Sunrise has progressed from pilot to full scale development Net production (boe/d) Q4 2014 7,770 Liquids (bbls/d) 6 Gas (mmcf/d) 46.6 Land…
  53. February 2015 Investor Presentation – Arc Resources Ltd. – slide 53
    Sunrise Development Potential Proven Productivity from Four Layered Development Known reserves exist in Upper Montney A. Upper Montney A Booked Reserves* 2014 drilling program has proved Upper Upper Montney Montney A+…
  54. February 2015 Investor Presentation – Arc Resources Ltd. – slide 54
    Operational Excellence Sunrise Incorporating Learnings into Early Development = Excellent Initial Results Doubling Fracs/well over 3 years Efficient Lateral Lengths 250,000 35 2,500 140 30 120 2,000 Lateral Length (metres)…
  55. February 2015 Investor Presentation – Arc Resources Ltd. – slide 55
    Sunrise Outperforming Expectations 2014 Drilling Results Prove Four Layer Development Model 10,000 2015 Type Curve (11.3 Bcf) 2013/14 Type Curve (11 Bcf) 9,000 2012 Type Curve (9.7 Bcf) 8,000 2011 Type Curve (7 Bcf) 7,000…
  56. February 2015 Investor Presentation – Arc Resources Ltd. – slide 56
    Sunrise Continuous Improvements Enhanced Well Design = Type Curve Improvement 2015 Completions 2009-2011 2013-2014 2015 7,000 Revised* 2015 Type Curve (11.5 Bcf) Frac spacing (m) 120 80 80 80 6,000 Fracs per well 16 25 25 29…
  57. February 2015 Investor Presentation – Arc Resources Ltd. – slide 57
    Sunrise Development Economics 65% Rate of Return Flat at 3/GJ AECO and C55/bbl 7,000 C85/bbl & C55/bbl & Key Metrics C3/GJ C3/GJ(1) DCET Capex per well (MM) 6.0 4.8(1) 6,000 2P Reserve Estimate (Bcf) 11.5 11.5 IP (1 mo)…
  58. February 2015 Investor Presentation – Arc Resources Ltd. – slide 58
    Montney Pilot Projects Significant Future Potential
  59. February 2015 Investor Presentation – Arc Resources Ltd. – slide 59
    Montney Pilots Proving Future Value Before Full Scale Development West Attachie: Red Creek Pilot Production on-stream since Parkland: Attachie Q2 2014 Lower Montney well on-stream Q3 2014 Tower Pouce Coupe Parkland East…
  60. February 2015 Investor Presentation – Arc Resources Ltd. – slide 60
    Ante Creek A Montney Success Story (1) Breakeven pricing assumes 20% cost savings as compared to late 2014 estimates. *Breakeven Cdn per bbl or mcf price as indicated defined as price at which NPV10 is equal to zero. * IRR Half…
  61. February 2015 Investor Presentation – Arc Resources Ltd. – slide 61
    Ante Creek Asset Details Significant Cash Flow with Substantial Growth Opportunity Net production (boe/d) Q4 2014 17,300 Liquids (bbls/d) 8,800 Gas (mmcf/d) 51 Production split % (liquids/gas) 51/49 Land (Montney net sections)…
  62. February 2015 Investor Presentation – Arc Resources Ltd. – slide 62
    Ante Creek Significant Drilling Inventory Large Land Base and Down-spacing = Significant Drilling Inventory Booked reserves exist on 30% of ARC held mineral rights Significant opportunity to prove up this large land base with…
  63. February 2015 Investor Presentation – Arc Resources Ltd. – slide 63
    Operational Excellence Ante Creek Reducing Business Cycle Times with Optimized Frac Design Drilling Longer Laterals in Fewer Days Lower Cost/Frac, Optimizing Frac Intensity 2,500 20 180,000 180 19 160,000 160 Lateral Length…
  64. February 2015 Investor Presentation – Arc Resources Ltd. – slide 64
    Ante Creek Delivering Results Type Curve Consistency Moving Out of the Core 2015 Completions 2012 2013 2014 2015 Ante Creek Normalized Type Curves for Revised* Montney Horizontal Wells Frac spacing (m) 120 100 100 80 80 500…
  65. February 2015 Investor Presentation – Arc Resources Ltd. – slide 65
    Ante Creek Development Economics 35% Rate of Return at Flat 3/GJ AECO and C55/bbl 400 C85bbl & C55/bbl & Key Metrics C3/GJ C3/GJ(1) 350 DCET Capex per well (MM) 4.2 3.3(1) 2P Reserve Estimate (Mboe) 290 290 300 IP (1 mo) (boe/d)…
  66. February 2015 Investor Presentation – Arc Resources Ltd. – slide 66
    Pembina Revitalizing a Mature Oil Field (1) Breakeven pricing assumes 20% cost savings as compared to late 2014 estimates. *Breakeven Cdn per bbl or mcf price as indicated defined as price at which NPV10 is equal to zero. * IRR…
  67. February 2015 Investor Presentation – Arc Resources Ltd. – slide 67
    SE Saskatchewan/Manitoba Solid Long Life Assets (1) Breakeven pricing assumes 20% cost savings as compared to late 2014 esimates. Breakeven Cdn per bbl or mcf price as indicated defined as price at which NPV10 is equal to zero. *…
  68. February 2015 Investor Presentation – Arc Resources Ltd. – slide 68
    Financial Strategy
  69. February 2015 Investor Presentation – Arc Resources Ltd. – slide 69
    Financial Strategy Financial Flexibility Provides Optionality
  70. February 2015 Investor Presentation – Arc Resources Ltd. – slide 70
    Sustainability Balancing Inflows and Outflows for Long-Term Sustainability Objective to fully fund ARC's Dividend and Sustaining Capital from Funds from Operations (FFO) over the long-term Profitable Growth Capital will be funded…
  71. February 2015 Investor Presentation – Arc Resources Ltd. – slide 71
    Significant Available Cash and Credit Capacity Year End Net-Debt and January Equity Issuance Proceeds (pro-forma) 2.5 Billion Total Cash + Credit Capacity (1.5 Billion Available) Bank Credit Facility 2.5 Cash 1 Billion credit…
  72. February 2015 Investor Presentation – Arc Resources Ltd. – slide 72
    Summary
  73. February 2015 Investor Presentation – Arc Resources Ltd. – slide 73
    Value Proposition Clear Line of Sight to Long-term Value Creation
  74. February 2015 Investor Presentation – Arc Resources Ltd. – slide 74
    Long-Term Value Creation Significant Accomplishments, Considerable Future Opportunities 2014 2015 2016 2017+ 110,000-114,000 boe/d - Parkland/Tower/Ante Creek/Sunrise Growing 120,000-125,000 boe/d - Tower, Sunrise Profitable…
  75. February 2015 Investor Presentation – Arc Resources Ltd. – slide 75
    Looking Beyond 2016 Diverse Portfolio Provides Strategic Optionality ARC has a well balanced inventory of value creating opportunities which may be pursued beyond 2016 Project Options 2016 - 2020+ Dawson Phase 3 140,000 Pouce…
  76. February 2015 Investor Presentation – Arc Resources Ltd. – slide 76
    APPENDIX
  77. February 2015 Investor Presentation – Arc Resources Ltd. – slide 77
    Crude Oil Marketing 96% Condensate, Light and Medium Crude Oil Maintain control into liquid market hubs to ensure flexibility and optimize price Secured firm transportation pipeline agreements to support future development…
  78. February 2015 Investor Presentation – Arc Resources Ltd. – slide 78
    Natural Gas Commodity Marketing Diversified Sales Point and Purchasers of ARCs Natural Gas Sales are typically sold at 70%/30% monthly/daily index dependent upon operational and market conditions Secured adequate take-away to support…
  79. February 2015 Investor Presentation – Arc Resources Ltd. – slide 79
    NGL Commodity Marketing NGL Pipeline & Fractionation Capacity Secured ARCs NGL Exposure NGL revenue (5,000 bbl/d) makes up approximately 4% of ARCs revenue Ensuring NGL production moves to market protects ARCs oil & gas production…
  80. February 2015 Investor Presentation – Arc Resources Ltd. – slide 80
    2014 and 2015 Guidance Focused on Value Creation 2014 YTD 2014 Guidance Actuals 2015 Guidance (4) Oil (bbls/d) 35,000 - 37,000 36,525 37,000 - 39,000 Condensate (bbls/d) 3,500 - 3,800 3,667 3,800 - 4,300 Gas (mmcf/d) 405 - 415 406.1…
  81. February 2015 Investor Presentation – Arc Resources Ltd. – slide 81
    Hedge Positions February 11, 2015 Active Hedging Program Supports Business Plan Summary of Hedge Positions as at February 11, 2015 (1) 2015 2016 2017 2018 2019 Crude Oil WTI: (2) US/bbl bbl/d US/bbl bbl/d US/bbl bbl/d US/bbl bbl/d…
  82. February 2015 Investor Presentation – Arc Resources Ltd. – slide 82
    Reserves and Resources Disclosure All reserves and resources volumes for the BC Montney and elsewhere in this presentation are, unless indicated otherwise, as at December 31, 2013 as evaluated by GLJ Petroleum Consultants Ltd. in…
  83. February 2015 Investor Presentation – Arc Resources Ltd. – slide 83
    Definitions of Oil and Gas Reserves and Resources Economic Contingent Resources (ECR are those contingent resources which are currently economically recoverable. Undiscovered Petroleum Initially-In-Place (UPIIP) is that quantity of…

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