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 HIGHLIGHTS
Fourth Quarter Results
Year-end 2025 Highlight
2025 Reserves(1)(6)
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 Ended Year Ended and common shares outstanding) September 30, December 31, December 31, December 31, December 31,
2025 2025 2024 2025 2024
FINANCIAL RESULTS Net income 214.4 259.9 370.3 1,275.1 1,124.1 Per share 0.37 0.45 0.63 2.19 1.88 Cash flow from operating activities 713.3 668.1 650.9 3,093.5 2,348.6 Per share 1.23 1.16 1.10 5.31 3.94 Funds from operations 779.0 874.3 770.4 3,192.4 2,472.5 Per share 1.34 1.52 1.30 5.48 4.15 Free funds flow 282.6 415.4 420.4 1,283.7 627.0 Per share 0.49 0.72 0.71 2.20 1.05 Dividends declared 109.6 120.0 112.2 451.8 416.2 Per share 0.19 0.21 0.19 0.78 0.70 Cash flow used in investing activities 2,160.0 475.5 423.3 3,536.0 1,906.2 Capital expenditures(2) 496.4 458.9 350.0 1,908.7 1,845.5 Long-term debt 2,784.8 2,878.1 1,387.4 2,878.1 1,387.4 Net debt 3,056.6 2,866.1 1,335.6 2,866.1 1,335.6 Common shares outstanding, weighted average diluted 581.5 574.1 592.3 582.6 596.4
(millions) Common shares outstanding, end of period (millions) 575.7 570.6 589.6 570.6 589.6
OPERATIONAL RESULTS Production Crude oil and condensate (bbl/day) 113,959 118,898 102,977 106,984 87,266 Natural gas (MMcf/day) 1,172 1,410 1,418 1,324 1,307 NGLs (bbl/day) 50,014 54,500 42,998 46,625 42,787 Total (boe/day) 359,236 408,382 382,341 374,336 347,908 Average realized price Crude oil ($/bbl)(3) 82.75 73.63 91.46 81.75 91.46 Condensate ($/bbl)(3) 84.66 78.45 95.52 86.21 97.00 Natural gas ($/Mcf)(3) 2.75 3.77 2.58 3.51 2.37 NGLs ($/bbl)(3) 17.47 18.97 26.83 21.81 24.59 Average realized price ($/boe)(3) 38.23 38.30 38.25 39.68 36.15 Netback per boe Commodity sales from production ($/boe)(3) 38.23 38.30 38.25 39.68 36.15 Royalties ($/boe)(3) (4.18) (3.07) (4.07) (3.93) (4.12) Operating expense ($/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) 23.23 25.22 24.97 25.32 22.14
TRADING STATISTICS
(4) High price 29.27 27.20 27.40 31.56 27.40 Low price 23.67 23.54 22.48 22.63 19.44 Close price 25.38 25.75 26.07 25.75 26.07 Average daily volume (thousands of shares) 5,046 5,431 3,747 4,431 3,610
(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.
OUTLOOK
ARC 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 Update
Attachie
At 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 Guidance
Corporate guidance for 2026 remains unchanged. Asset-level production contribution and capital allocation may shift throughout the year as the development plan for Attachie evolves.
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 from 2026 Guidance
2025 Guidance Production Crude oil and condensate (bbl/day) 107,000 - 106,984 105,000 -
112,000 115,000 Natural gas (MMcf/day) 1,290 -1,310 1,324 1 1,500 -1,520 NGLs (bbl/day) 43,000 -45,000 46,625 4 48,000 -52,000 Total (boe/day) 365,000 - 374,336 405,000 -
375,000 420,000 Expenses ($/boe)(3) Operating 5.00 -5.50 5.39 5.40 -5.90 Transportation 5.00 -5.50 5.04 5.25 -5.75 General and administrative ("G&A") expense 1.00 -1.10 1.10 1.00 -1.10
before share-based compensation expense G&A - share-based compensation expense 0.30 -0.40 0.18 (40) 0.25 -0.35 Interest and financing(4) 0.90 -1.00 0.98 1.10 -1.20 Current income tax expense as a per cent of 5 -10 8 5 -10
funds from operations(3) Capital expenditures ($ billions) 1.85 -1.95 1.91 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 RESULTS
Production
Fourth Quarter 2025
Full-Year 2025
Funds from Operations, Cash Flow from Operating Activities, and Free Funds Flow
Fourth Quarter 2025
Full-Year 2025
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, 2025 779.0 1.34 Production volumes Crude oil and liquids 45.6 0.08 Natural gas 60.1 0.10 Commodity prices Crude oil and liquids (62.5) (0.11) Natural gas 132.1 0.23 Sales of third-party purchases 66.2 0.11 Interest and other income 1.4 Realized gain on risk management contracts (11.1) (0.02) Royalties 22.7 0.04 Expenses Operating 15.6 0.03 Transportation (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 0.02 Funds from operations for the three months ended December 31, 2025 874.3 1.52
(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, 2024 770.4 1.30 Production volumes Crude oil and liquids 167.9 0.28 Natural gas (2.2) Commodity prices Crude oil and liquids (226.7) (0.39) Natural gas 154.3 0.26 Sales of third-party purchases 100.4 0.17 Interest and other income (1.5) Realized gain on risk management contracts 21.8 0.04 Royalties 27.8 0.05 Expenses Operating (47.9) (0.08) Transportation (4.6) (0.01) Third-party purchases (96.0) (0.16) G&A 18.5 0.03 Interest and financing (10.5) (0.02) Realized loss on foreign exchange (5.8) (0.01) Current income tax 6.4 0.01 Other 2.0 Weighted average shares, diluted 0.05 Funds from operations for the three months ended December 31, 2025 874.3 1.52
(1) Per share amounts are based on weighted average diluted
common shares.
Shareholder Returns
Operating, Transportation, and General and Administrative Expense
Operating Expense
Transportation Expense
General and Administrative Expense
Cash Flow Used in Investing Activities and Capital Expenditures
The following table details ARC's 2025 drilling and completions activities by area.
Year ended December 31,
2025
Area Wells
Drilled Wells Completed Kakwa 83 80 Attachie 25 33 Greater Dawson 22 25 Ante Creek 13 12 Sunrise 1 7
Total 144 157
Physical Natural Gas Marketing
Net Debt
Net Income
2025 RESERVES
Highlights
(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 Reconciliation
Reserves Reconciliation Tight Oil NGLs Oil
Equivalent
(2) (3) Total Oil Natural
Company Gross
(1) (Mbbl) (Mbbl) and NGLs Gas
(4) (5) (Mboe)
(Mbbl) (MMcf)
Proved Developed Producing Opening Balance, December 31, 2024 10,790 192,383 203,172 2,513,596 622,105 Extensions and Improved Recovery(6) 3,034 58,051 61,084 446,386 135,482 Technical Revisions 843 29,247 30,090 282,008 77,091 Acquisitions 467 28,137 28,605 172,653 57,380 Dispositions 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, 2025 10,900 238,203 249,103 2,805,413 716,672
Total Proved Opening Balance, December 31, 2024 19,695 420,856 440,551 5,303,400 1,324,451 Extensions and Improved Recovery(6) 1,200 36,864 38,064 535,726 127,352 Technical Revisions 2,905 23,918 26,824 288,416 74,893 Acquisitions 471 52,916 53,388 277,452 99,630 Dispositions 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, 2025 20,014 459,811 479,825 5,784,757 1,443,951
Proved plus Probable Opening Balance, December 31, 2024 32,299 672,051 704,350 8,363,031 2,098,188 Extensions and Improved Recovery(6) 1,757 67,569 69,325 621,094 172,841 Technical Revisions 2,123 (5,009) (2,886) 99,472 13,693 Acquisitions 577 83,479 84,056 402,498 151,139 Dispositions 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, 2025 32,611 752,231 784,842 8,955,748 2,277,467
(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 Summary
For 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) Undiscounted Discounted at 10%
Before-tax NPV
(1)(2) Proved Developed Producing 13,265 10,007 Proved Developed Non-producing 422 299 Proved Undeveloped 10,398 4,242 Total Proved 24,085 14,548 Probable 19,334 7,540 Proved plus Probable 43,418 22,088
After-tax NPV
(1)(2)(3)(4) Proved Developed Producing 11,061 8,600 Proved Developed Non-producing 322 228 Proved Undeveloped 7,916 3,008 Total Proved 19,299 11,835 Probable 14,851 5,705 Proved plus Probable 34,150 17,540
(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 Costs
(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 FDC F&D Cost FD&A Cost
(1) (1) F&D Recycle FD&A Recycle
Ratio
(1)
($/boe) ($/boe) Ratio
(1) Proved Developed Producing
(2) 2025 10.95 15.77 2.3 1.6 2024 11.87 11.45 1.9 1.9 2023 10.34 9.81 2.5 2.6 Three-year Average(3) 11.03 12.73 2.2 1.9 Total Proved
(2) 2025 12.71 15.92 2.0 1.6 2024 13.42 12.99 1.6 1.7 2023 11.33 11.04 2.3 2.3 Three-year Average(3) 12.33 13.51 2.0 1.8 Proved plus Probable
(2) 2025 13.49 14.71 1.9 1.7 2024 9.19 8.90 2.4 2.5 2023 9.17 9.03 2.8 2.9 Three-year Average(3) 10.19 11.13 2.4 2.2
Excluding FDC F&D Cost FD&A Cost
(1) (1) F&D Recycle FD&A Recycle
Ratio
(1)
($/boe) ($/boe) Ratio
(1) Proved Developed Producing
(2) 2025 10.98 15.72 2.3 1.6 2024 11.69 11.27 1.9 2.0 2023 10.64 10.12 2.4 2.5 Three-year Average(3) 11.09 12.75 2.2 1.9 Total Proved
(2) 2025 12.20 14.19 2.1 1.8 2024 12.01 11.58 1.8 1.9 2023 8.19 7.97 3.1 3.2 Three-year Average(3) 10.45 11.39 2.3 2.1 Proved plus Probable
(2) 2025 11.58 11.50 2.2 2.2 2024 7.98 7.70 2.8 2.9 2023 5.98 5.89 4.3 4.4 Three-year Average(3) 7.94 8.49 3.1 2.9
(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 UPDATE
ARC 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 CALL
ARC'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").
Date Friday, February 6, 2026 Time
8:00 a.m. MT Dial-in Numbers Calgary
403-910-0389 Toronto
437-900-0527 Toll-free
1-888-510-2154 Conference ID 68346 Webcast URL https://app.webinar.net/
qB0xyKMDEKp
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.
CONSOLIDATED BALANCE SHEETS (unaudited)
As at
Cdn$ millions December 31, 2025 December 31,
2024
ASSETS Current assets Cash and cash equivalents 7.0 Inventory 17.9 12.4 Accounts receivable 749.2 691.0 Prepaid expense 136.6 107.4 Risk management contracts 135.6 190.1 1,046.3 1,000.9 Risk management contracts 56.4 154.1 Long-term investments 30.2 27.7 Exploration and evaluation assets 442.4 338.1 Property, plant and equipment 12,514.4 10,373.9 Right-of-use and other long-term assets 972.4 956.8 Goodwill 248.2 248.2 Total assets 15,310.3 13,099.7
LIABILITIES Current liabilities Accounts payable and accrued liabilities 760.8 634.4 Current portion of lease obligations 112.1 92.8 Current portion of long-term debt 450.0 Current portion of other deferred liabilities 28.6 23.3 Current portion of asset retirement obligation 20.0 17.0 Dividends payable 120.0 112.2 Risk management contracts 1.0 1,491.5 880.7 Risk management contracts 138.9 37.1 Long-term portion of lease obligations 922.1 908.5 Long-term debt 2,428.1 1,387.4 Long-term incentive compensation liability 28.1 76.2 Other deferred liabilities 113.0 95.8 Asset retirement obligation 473.9 414.4 Deferred taxes 1,450.7 1,351.4 Total liabilities 7,046.3 5,151.5
SHAREHOLDERS' EQUITY Shareholders' capital 5,990.6 6,194.3 Contributed surplus 28.4 31.6 Retained earnings 2,247.0 1,728.5 Accumulated other comprehensive loss (2.0) (6.2) Total shareholders' equity 8,264.0 7,948.2 Total liabilities and shareholders' equity 15,310.3 13,099.7
Refer 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 Ended Year Ended (Cdn$ millions, except per share amounts) 2025 2024 2025 2024 Commodity sales from production 1,438.8 1,345.5 5,421.7 4,603.7 Royalties (115.3) (143.1) (536.8) (524.9) Sales of third-party purchases 322.3 221.9 1,190.8 1,020.2 Total revenue 1,645.8 1,424.3 6,075.7 5,099.0 Interest and other income 4.3 5.8 20.4 20.2 Gain (loss) on risk management contracts (72.5) 59.2 11.0 272.7 Total revenue, interest and other income, and gain (loss) on risk 1,577.6 1,489.3 6,107.1 5,391.9
management contracts Operating 194.8 146.9 735.8 596.4 Transportation 181.6 177.0 689.1 662.9 Third-party purchases 313.5 217.5 1,164.9 1,011.4 General and administrative 47.4 65.9 175.6 248.1 Interest and financing 48.3 36.2 151.3 133.8 Impairment (reversal of impairment) of financial assets (1.5) 0.6 (2.8) 2.3 Depletion, depreciation and amortization and impairment of 447.1 372.4 1,547.2 1,360.7 property, plant and equipment Loss (gain) on foreign exchange 2.3 (6.2) 16.1 1.3 Gain on disposal of assets (4.0) (80.0) Total expenses 1,233.5 1,010.3 4,473.2 3,936.9 Net income before income taxes 344.1 479.0 1,633.9 1,455.0 Provision for income taxes Current 66.0 72.4 260.0 200.4 Deferred 18.2 36.3 98.8 130.5 Total income taxes 84.2 108.7 358.8 330.9 Net income 259.9 370.3 1,275.1 1,124.1 Other comprehensive income Items that may be reclassified to net income in subsequent
periods: Net unrealized gain (loss) on foreign currency translation 0.2 (0.5) 4.2 11.7
adjustment Comprehensive income 260.1 369.8 1,279.3 1,135.8 Net income per share Basic 0.45 0.63 2.19 1.89 Diluted 0.45 0.63 2.19 1.88
Refer 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' Contributed Retained Accumulated Total
Capital Earnings Other Shareholders'
Surplus Comprehensive Equity
Loss January 1, 2024 6,268.2 36.1 1,141.4 (17.9) 7,427.8 Comprehensive income 1,124.1 11.7 1,135.8 Share-based compensation plans 1.1 (0.2) 0.9 Exercise of share options 20.8 (4.3) 16.5 Repurchase of shares for cancellation (93.2) (113.9) (207.1) Change in liability for share purchase (2.6) (6.9) (9.5)
commitment Dividends declared (416.2) (416.2) December 31, 2024 6,194.3 31.6 1,728.5 (6.2) 7,948.2 Comprehensive income 1,275.1 4.2 1,279.3 Share-based compensation plans 2.6 (1.9) 0.7 Exercise of share options 11.7 (1.3) 10.4 Repurchase of shares for cancellation (216.8) (306.1) (522.9) Change in liability for share purchase (1.2) 1.3 0.1
commitment Dividends declared (451.8) (451.8) December 31, 2025 5,990.6 28.4 2,247.0 (2.0) 8,264.0
Refer 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 Ended Year Ended (Cdn$ millions) 2025 2024 2025 2024
CASH FLOW FROM OPERATING ACTIVITIES Net income 259.9 370.3 1,275.1 1,124.1 Add items not involving cash: Unrealized loss (gain) on risk management contracts 144.0 (9.5) 253.0 (82.4) Depletion, depreciation and amortization and impairment of 447.1 372.4 1,547.2 1,360.7 property, plant and equipment Unrealized loss (gain) on foreign exchange - (2.7) 3.3 5.1 Gain on disposal of assets - (4.0) (80.0) Deferred taxes 18.2 36.3 98.8 130.5 Other 5.1 3.6 19.0 14.5 Net 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 activities 668.1 650.9 3,093.5 2,348.6
CASH FLOW FROM (USED IN) FINANCING ACTIVITIES Draw of long-term debt under revolving credit facilities 668.5 2,188.5 6,095.9 7,348.0 Issuance 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 options 0.4 1.5 10.4 16.5 Repurchase 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) 2.7 4.9 4.7 Cash 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 - 4.0 80.0 Property, 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 EQUIVALENTS 4.0 7.0 (1.1)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3.0 1.1
CASH AND CASH EQUIVALENTS, END OF PERIOD 7.0 7.0 The following are included in cash flow from operating activities: Income taxes paid in cash 55.1 57.4 183.3 199.7 Interest paid in cash 44.5 24.8 129.5 117.4
Refer 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 MEASURES
Throughout 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 Measures
Capital Expenditures
ARC 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 Three Months Ended Year Ended ($ millions) September December December December December
30, 2025 31, 2025 31, 2024 31, 2025 31, 2024 Cash flow used in investing activities 2,160.0 475.5 423.3 3,536.0 1,906.2 Business combination (1,672.1) (1,672.1) 0 Acquisition of assets (10.6) (2.4) (8.8) (17.8) (13.9) Disposal of assets 4.0 80.0 Long-term investments (0.8) (1.5) (2.1) (3.5) (6.8) Change in non-cash investing working capital 9.6 (21.8) (70.9) 26.1 (146.5) Capitalized right-of-use asset depreciation 10.3 9.1 8.5 36.0 26.5 Capital expenditures 496.4 458.9 350.0 1,908.7 1,845.5
Free Funds Flow
ARC 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 Three Months Ended Year Ended ($ millions) September December December December December
30, 2025 31, 2025 31, 2024 31, 2025 31, 2024 Cash flow from operating activities 713.3 668.1 650.9 3,093.5 2,348.6 Net change in other liabilities 32.5 7.8 (3.2) 95.4 19.9 Change in non-cash operating working capital 33.2 198.4 122.7 3.5 104.0 Funds from operations 779.0 874.3 770.4 3,192.4 2,472.5 Capital expenditures (496.4) (458.9) (350.0) (1,908.7) (1,845.5) Free funds flow 282.6 415.4 420.4 1,283.7 627.0
Adjusted Net Capital Acquisitions
Adjusted 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 Acquisitions Year Ended Year Ended ($ millions) December 31, 2025 December 31,
2024 Acquisition of assets (17.8) (13.9) Remove: Disposal of assets 4.0 80.0 Adjusted net capital acquisitions (13.8) 66.1
Non-GAAP Ratios
Free Funds Flow per Share
ARC 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 Costs
ARC 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 Costs
ARC 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 Ratio
ARC 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 Measures
Before-tax Proved plus Probable Net Present Value per Share
Before-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 Measures
Funds 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 EVALUATION
GLJ 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 Assumptions
3CA Price WTI Edmonton NYMEX Henry AECO Foreign
Forecast
(1) Hub Natural Gas Exchange
Crude Oil Light Oil Natural Gas
(US$/MMBtu) (US$/Cdn$)
(US$/bbl) (Cdn$/bbl) (Cdn$/MMBtu)
2026 2025(2) 2026 2025(2) 2026 2025(2) 2026 2025(2) 2026 2025(2) 2026 59.92 74.48 77.54 97.04 3.74 3.73 3.00 3.33 0.73 0.73 2027 65.10 75.81 83.60 97.37 3.78 3.85 3.30 3.48 0.74 0.74 2028 70.28 77.66 90.18 99.80 3.85 3.93 3.49 3.69 0.74 0.74 2029 71.93 79.22 92.32 101.79 3.93 4.01 3.58 3.76 0.74 0.74 2030 73.37 80.80 94.17 103.83 4.01 4.09 3.65 3.83 0.74 0.74 2031 74.84 82.42 96.06 105.91 4.09 4.17 3.72 3.91 0.74 0.74 2032 76.34 84.06 97.98 108.02 4.17 4.26 3.80 3.99 0.74 0.74 2033 77.87 85.75 99.93 110.19 4.26 4.34 3.88 4.07 0.74 0.74 2034 79.42 87.46 101.93 112.39 4.34 4.43 3.95 4.15 0.74 0.74 2035 81.01 103.97 4.43 4.03 0.74 Escalate +2.0% +2.0% +2.0% +2.0% +2.0% +2.0% +2.0% +2.0% 0.74 0.74
thereafter at(3)
per year per per year per per year per year per year per
year year year
(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 Reserves
Reserves 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:
Information Regarding Disclosure on Crude Oil and Natural Gas Reserves and Operational Information
In 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:
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 STATEMENTS
This 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 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.
ARC RESOURCES LTD.
Please visit ARC's website at www.arcresources.com or contact Investor Relations:
E-mail: IR@arcresources.com
Telephone: (403) 503-8600
Fax: (403) 509-6427
Toll Free: 1-888-272-4900
ARC Resources Ltd.
Suite 1500, 308 - 4 Avenue SW
Calgary, AB T2P 0H7
SOURCE ARC Resources Ltd.
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