Post on 27-Feb-2022
Agenda8:00 – 8:05 am Welcome
Bevin Wirzba, Senior Vice President, Business Development and Capital Markets
8:05 – 8:25 am Built to LastTerry Anderson, Senior Vice President and Chief Operating OfficerVan Dafoe, Senior Vice President and Chief Financial OfficerLisa Olsen, Vice President, Human ResourcesMyron Stadnyk, President and Chief Executive Officer
8:25 – 9:05 am Portfolio Strategy and Pace of DevelopmentLara Conrad, Vice President, Engineering and PlanningDavid Kehrig, Manager, FacilitiesSean Stuart, Manager, Completions
9:05 – 9:20 am Break
9:20 – 10:00 am How We Achieve Long-term ProfitabilityRyan Berrett, Vice President, MarketingKris Bibby, Vice President, FinanceSean Calder, Vice President, Production
10:00 – 10:40 am ARC’s Approach to Long-term Sustainable DevelopmentTerry Anderson, Senior Vice President and Chief Operating OfficerChris Baldwin, Vice President, GeosciencesArmin Jahangiri, Vice President, Operations
10:40 – 10:45 am SummaryMyron Stadnyk, President and Chief Executive Officer
10:45 – 11:00 am Questions
Our Plan
2017Reduced the dividend
Sold Saskatchewan assets
Eliminated DRIP and SDP plans
118,000 boe per day
2018Sustain Montney businesses
Progress SunrisePhase II
Advance Attachiepiloting activities
130,000 to 134,000boe per day
2019Maintain consistent investment levels
Bring on SunrisePhase II
Progress DawsonPhase IV to add ~17,500 boe per day
ARC’s Plan Is Fully Funded and Will Result in 10 Per Cent Production CAGR over a Three-year Period
2016Brought on DawsonPhase III
Rebuilt liquids production from divestments
Achieved success in Lower Montney and Attachie
120,000 to 124,000 boe per day
11/13/2017 1
BUILT TO LAST
RISK-MANAGED
VALUECREATION
Financial Flexibility
High-quality,Long-lifeAssets
Top Talentand Strong Leadership
Culture
HSE and Operational Excellence
ARC at a GlanceA Leading Montney Producer Focused on Risk-managed Value Creation and Strategic Decision-making
8th Largest Canadian Conventional Producer
130,000 boe/day
Q3 2017 Production
550 MMcf/dayNatural Gas
38,000 bbl/day
Crude Oil & Liquids
737 MMboe
2P Reserves
3.2Tcf
Natural Gas
196 MMbbl
Crude Oil & Liquids
11/13/2017 2
Long-term Value CreationStrategic Decisions Have Created a Resilient Business and Positioned ARC for Future Success
(400%)
300%
1000%
1700%
2400%
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
ARX Total Return Performance vs. Indices (1)
ARX SPTSX Comp SPTSX E&P
>$6 Billionof Distributions / Dividends & 13%
Annualized Total Return
Stayed withinTarget of 1.0 to 1.5x
Net Debt toFunds from Operations
10%Return on Average Capital Employed
TransitionedAsset Base to
World-class Montney
ARX: 13%
SPTSX E&P: 9%SPTSX Comp: 8%
(1) Returns to November 10, 2017.
2,400%
1,700%
1,000%
300%
(400%)
Tota
l Ret
urn
Ren
aiss
ance
Ene
rgy
Talis
man
Ene
rgy
Sunc
or In
c.
Albe
rta E
nerg
y (E
nCan
a &
Cen
ovus
)
Can
adia
n O
ccid
enta
l
Can
adia
n N
atur
al R
esou
rces
Ande
rson
Exp
lora
tion
Cre
star
Ene
rgy
Poco
Pet
role
ums
Nor
can
Ene
rgy
Was
cana
Ene
rgy
Ran
ger O
il
Gul
f Can
ada
Res
ourc
es
PanC
anad
ian
Petro
leum
(EnC
ana)
Rig
el E
nerg
y
Tarra
gon
Oil
& G
as
Elan
Ene
rgy
Nor
thst
ar E
nerg
y
Mor
rison
Pet
role
ums
Abac
an R
esou
rces
Penn
Wes
t Pet
role
um (O
bsid
ian
Ener
gy)
Pinn
acle
Res
ourc
es
Scep
tre R
esou
rces
Chi
efta
in In
tern
atio
nal
Tri L
ink
Res
ourc
es
Cha
uvco
Res
ourc
es
Rio
Alto
Exp
lora
tion
Num
ac E
nerg
y
Cab
re E
xplo
ratio
n
Stam
pede
r Exp
lora
tion
Blue
Ran
ge R
esou
rce
Gul
fstre
am R
esou
rces
CS
Res
ourc
es
Uls
ter P
etro
leum
s
Enca
l Ene
rgy
ARC
Res
ourc
es L
td.
Jord
an P
etro
leum
Nor
thro
ck R
esou
rces
Beau
Can
ada
Exp
lora
tion
Barri
ngto
n P
etro
leum
Mor
gan
Hyd
roca
rbon
s
Oce
lot E
nerg
y
Dor
set E
xplo
ratio
n
Inte
nstit
y R
esou
rces
Sum
mit
Res
ourc
es
Arch
er R
esou
rces
Petro
met
Res
ourc
es
TSX Oil & Gas Producers (1)
July 1996
Survivor Bias
• Only six of the companies from the TSX Oil & Gas Producers group in July 1996 still exist today
ARC Has Transformed Its Business to Be Competitive in Today’s Energy Sector
Still in Business
No Longer in Business
(1) Quoted market value of Oil & Gas Producers group on the Toronto Stock Exchange in July 1996.
11/13/2017 3
WTI
Cru
de O
il (U
S$/b
bl)
Banded Commodity Price EnvironmentARC’s Response Has Been to Focus on the Montney, Reduce Costs, Improve Efficiencies, and Maintain a Strong Balance Sheet
(1) Forecasted pricing based on November 10, 2017 forward price curve.
NYM
EX H
enry
Hub
Nat
ural
Gas
(US$
/MM
Btu
)
Crude Oil and Natural Gas Pricing (1)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F 2019F 2020F 2021F
WTI Crude Oil (LHS) NYMEX Henry Hub Natural Gas (RHS)
Building Sustainable Businesses in the MontneyBusinesses Sustain Production and Generate Free Cash Flow at Low Reinvestment Rates
0
30,000
60,000
90,000
120,000
150,000
2009 Non-coreDispositions
2010 2011 2012 2013 2015 2015 2017 2019
Sunrise Phase II
DawsonPhase III
Tower Battery
ExpansionSunrise Phase I
Parkland/TowerPhase II
Ante CreekPhase IDawson
Phase IIDawsonPhase I
Montney Production
Cardium & Non-core Production
Montney Businesses
11/13/2017 4
Ryan BerrettVice President
Marketing
Kris BibbyVice President
Finance
Sean CalderVice President
Production
Lara ConradVice President
Engineering & Planning
Terry AndersonSenior Vice President &Chief Operating Officer
Chris BaldwinVice PresidentGeosciences
Wayne LentzVice President
Business Analysis
Lisa OlsenVice President
Human Resources
Myron StadnykPresident & CEO
Van DafoeSenior Vice President &Chief Financial Officer
Armin JahangiriVice President
Operations
Our TeamOur Team Has the Proven Ability to Execute and Is Committed to Building an Enduring Company
Bevin WirzbaSenior Vice President
Business Development &Capital Markets
Consistent and Sustainable StrategyDelivering on Our Strategy of Risk-managed Value Creation
RISK-MANAGED
VALUECREATION
Financial Flexibility
High-quality,Long-lifeAssets
Top Talentand Strong Leadership
Culture
HSE and Operational Excellence
11/13/2017 5
Top Talent and Strong Leadership CultureHigh-performance Culture Creates an Environment Where Employees Are Committed to Achieving Superior Business Results
STRATEGIC DECISION-MAKING:• Building a functional organization with
multi-disciplinary teams• Focusing on long-term talent development
and succession• Aligning compensation programs with the
interests of shareholders
RISK-MANAGED
VALUECREATION
Financial Flexibility
High-quality,Long-lifeAssets
HSE and Operational Excellence
Top Talentand Strong Leadership
Culture
High-quality, Long-life AssetsPortfolio Strategy and Pace of Development Support Ongoing Value Creation
RISK-MANAGED
VALUECREATION
Financial Flexibility
Top Talentand Strong Leadership
Culture
HSE and Operational Excellence
STRATEGIC DECISION-MAKING:• Completing Montney transformation• Creating full-cycle businesses• Allocating strategic capital to liquids-rich
Attachie and Lower Montney• Implementing full-stack development
of Montney assets
High-quality,Long-lifeAssets
11/13/2017 6
HSE and Operational ExcellenceLeveraging Expertise to Develop ARC’s High-quality Assets and Continuing to Drive Efficiencies
RISK-MANAGED
VALUECREATION
Financial Flexibility
Top Talentand Strong Leadership
Culture
High-quality,Long-lifeAssets
STRATEGIC DECISION-MAKING:• Focusing on safety performance• Investing in owned-and-operated infrastructure• Creating and retaining capital and
operating efficiencies• Advancing ESG considerations across
the business• Managing pace of development as part
of managing risk
HSE and Operational Excellence
Financial FlexibilityManaging a Profitable Business within Banded Commodity Price Environment
RISK-MANAGED
VALUECREATION
Top Talentand Strong Leadership
Culture
High-quality,Long-lifeAssets
HSE and Operational Excellence
STRATEGIC DECISION-MAKING:• Preserving access to capital• Maintaining discipline around debt levels• Executing an integrated physical and financial
risk management diversification strategy• Continually assessing long-term profitability
of business plans
Financial Flexibility
11/13/2017 7
Building a Company for the Long TermExcelling in All Components of ARC’s Strategy Is Critical to the Organization's Long-term Success
STRATEGIC DECISION-MAKING:• Has created significant value for ARC’s
shareholders over the last 20+ years • Will lead to strong performance in the future
to continue to create value for shareholders
RISK-MANAGED
VALUECREATION
Financial Flexibility
High-quality,Long-lifeAssets
Top Talentand Strong Leadership
Culture
HSE and Operational Excellence
PORTFOLIO STRATEGY& PACE OFDEVELOPMENT
11/13/2017 8
Proven Development ModelInventory at All Stages Allows for Self-funding and Full-cycle Returns across Portfolio
Dawson Phase I & II
Sunrise Phase I
Attachie East
Parkland/Tower Phase I & II
Net Cash Flow +
Blueberry
Sundown
Attachie West (Pilot)
Redwater
Pembina
Growth for Future Phase• Exploration• Appraisal / Piloting• Geographic and Commodity
Diversity
Development Phase• Develop to Commercialize• Exploit
Free Cash Flow Phase• Optimization• Maintenance
Growth & Development Capital$275 million
Sustaining Capital$390 million
Ante Creek (Central)
Dawson Phase III
Pouce Coupe
Dawson Phase IVAnte Creek (South)
2018 Budget$690 million (1)
Sunrise Phase II
Parkland/Tower Phase III
Septimus
(1) Includes $25 million of non-core and corporate capital.
Attachie West Phase I
Dawson Phase V
Optionality in the MontneyARC’s Montney Assets Are Strategically Located
Geographic Optionality• Proximity of ARC Montney land base enables:
• Capital and operating efficiencies• Application of learnings across areas
• ~1,200 net Montney sections (>750,000 acres)• Majority of lands 100%-owned and operated, located
across two jurisdictions (Alberta and BC)
Egress Optionality• Dual-connected ARC facilities allow for takeaway
optionality in well-served area with three major pipelines providing access to North American markets
Commodity Optionality• ARC can target crude oil, liquids-rich natural gas or
natural gas, depending on commodity price levels
Multi-layer Optionality• Strategic capital invested in the Lower Montney is
increasing overall depth of portfolio
Oil and Liquids
Dry Gas
ABBC
Blueberry
Red CreekAttachie
SeptimusTowerParkland
SunsetSunrise
Sundown
Dawson
Pouce Coupe
Ante Creek
1,000m
2,000m
3,000m 1,000m
Montney Erosional Edge
2,000m
Lower Montney10 kPa/m Line
Condensate-rich Gas
11/13/2017 9
Demonstrating Optionalityat Ante Creek:A Case Study
Step Changes in Execution at Ante Creek2017 Operational Results Are Allowing Ante Creek to Now Compete with Our Other Montney Assets
2014 20182016
2015 2017
New well design applied:• Transverse orientation• Monobore• Slickwater fracturing
• 2016 drilling program deferred; optimization activities become
key focus• Modernized Royalty Framework• Technical learnings from NE BC integrated into exploitation strategy
• 2017 drilling program set
• Drilling program to sustain production
• FEED studies for next phase of development
• Regulatory application
Oil prices beginto deteriorate
• NDP government elected • Royalty review initiated
• 2016 drilling program set
11/13/2017 10
0
1,000
2,000
3,000
4,000
5,0000 2 4 6 8 10 12
Days
Drilling Times
Capital Efficiency Improvements at Ante CreekImprovements in Drilling Times and Costs Are Sustainable across ARC’s Asset Base
0
150
300
450
600
750
0
150
300
450
600
750
2014 Pacesetter 2015 Pacesetter Q3 2016 Q1 2017 Q2 2017
Drilling Costs
Cost per Meter
Meters Drilled per Day
2014
2017
35%Reduction in
Overall Drill Times
(1) Change is relative to 2015 Pacesetter well.
60%Increase in
Meters Drilled
25%Reduction in Costs (1)
Dep
th (m
)
Cos
t per
Met
er ($
/m)
Met
ers
Dril
led
per D
ay (m
/day
)
Development Potential and Optionality to ExpandNew Well Design Is Delivering Promising Upside and Has Extended Development Area
Ante Creek Development Plan
0
100
200
300
400
0 6 12 18 24 30 36
Prod
uctio
n R
ate
(boe
/day
)
Months on Production
2017 Type Curve2016 Type Curve
0
150
300
450
600
0 6 12 18 24 30 36
Prod
uctio
n R
ate
(boe
/day
)
Months on Production
2016 Type Curve
2017 Type Curve
2018 Type Curve
Ante Creek Type Curve Improvements (1)(2)(3)
(1) Type curves are internal estimates based on analog wells and reservoir modeling.(2) Assumed cycle time (from spud to on-production): three months.(3) Lateral length of 1,800 m for 2018 Type Curve.
2017 Wells Drilled ARC Gas PlantsWells Drilled Dual-layer PilotIdentified Drilling Locations Lower Montney Pilot
11/13/2017 11
0
20000000
40000000
60000000
80000000
100000000
120000000
140000000
160000000
180000000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
Faci
lity
Inve
stm
ent (
$)
Months
Creating Optionality through Facility DesignUpfront Investment and Templated Approach to Facility Design Creates Flexibility within ARC’s Long-term Plans
Build Asset Confidence
Initiate LowInvestment Up Front
InfrastructureOptionality Strategy
Facility Investment Profile
• Identify Plant Location • Process Design• Noise & Emission Modelling• FEED Engineering• Regulatory Applications• Long-lead Items (e.g., Turbines)• Water Infrastructure
Managing the Pace of Development at Attachie:A Case Study
11/13/2017 12
A Paced Approach to Development at AttachieARC’s Disciplined Approach Has Allowed for Learnings to be Applied from Other Fields and for Efficiencies to Be Captured
2010 20182016
2017
Tower completiondesign applied
to five wells(25 m IFS & 1.9 T/m)
• Piloted productionthrough third-party facility
• Second well drilled(liquids-rich)
88 net sections acquired through
land sales
First welldrilled
(wet gas)
2011 2014
2015 2019 2020
21 net sections acquired through
land sales
• First multi-well pad on production
• Lower Montneytest
Refined completion design applied
to two wells(18 m IFS & 1.9 T/m)
Targeted in-service date for
TCPL North Montney Mainline
307 net sections
97 net sections acquired through land transactions
0
25
50
75
100
125
0 100 200 300 400 500 600
Cum
ulat
ive
Oil
& C
onde
nsat
e Pr
oduc
tion
(Mbb
l)
Days on Production
Integrated Learnings at Attachie and TowerTransferring Exploitation Strategies between Assets Is Resulting in Meaningful Improvements to Type Curves and Well Inventory
Attachie – 2011
Attachie – 2017
13-14
13-26
B13-26
~60-well Inventory:Phase I (Upper Montney)
16-16
4-20
A13-26
Attachie West Wells DrilledAttachie West Demonstration Pad
11/13/2017 13
Progressing Attachie Towards CommercializationDe-risking and Piloting Attachie for Optimal Infrastructure Design
Manage Pace of Development
Takeaway Secured on TCPL North Montney Mainline for Phase I
Further Delineation of Upper and Lower Montney for Phase II+ Sanctioning TCPL North Montney Mainline
(Targeted In-service Date: H1 2019)
ARC 4-20 Demonstration
Battery(Phases I & II)
ProgressFarrell Creek
(180 MMcf/day)
Canbriam/PembinaLiquids
HOW WE ACHIEVELONG-TERMPROFITABILITY
11/13/2017 14
Why Invest in Sunrise?High Well Deliverability and Competitive Cost Structure Create Significant Value and Superior Full-cycle Economics
Low Cost Structure
Significant Resource
Competes Continentally
Strong Economics
Full-stack Development at SunriseSignificant Natural Gas Resource Base with Excellent Capital and Operating Efficiencies
Sunrise Full-stack Development (1)
Upp
er M
ontn
eyLo
wer
Mon
tney
Existing Horizontal Wells, Development
Existing Horizontal Wells, Pilots
Potential Horizontal Wells(1) Spacing and completions approach varies by project area.ARC Montney Lands with 2P
Reserves Booked as of YE 2016
11/13/2017 15
Sunrise Phase II ExpansionARC’s Next Growth Driver Is a High-rate-of-return Project
Sunrise Phase I60 MMcf/day sales capacity
Sunrise Phase II180 MMcf/day sales capacity
(1) After-tax rate of return run at US$50/bbl WTI and Cdn$2.50/GJ AECO flat pricing. (2) Economics have been normalized to a 10-year project life.
0
60
120
180
240
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Nat
ural
Gas
Pro
duct
ion
(MM
cf/d
ay)
Sunrise Production ProfileThird-party Processing Facility ARC Sunrise 13-36
>25%Full-cycle
Economics (1)(2)
85%Half-cycle
Economics (1)
80%Reduction in
Processing Costs forRepatriated Volumes
>99%Facility Run-time
Moving Our Sunrise Gas to MarketCompetitive Cost Structure and Long-term Approach to Takeaway Is Resulting in Favourable Netbacks
Operated Sunrise Costs $0.85
Transportation $1.05
ARC Cost to Chicago $1.90
Operated Sunrise Costs $0.85
Transportation $1.30
ARC Cost to Henry Hub $2.15 Henry Hub
Chicago
Market Access
Market Diversification
Price Optimization
Operated Sunrise Cost Structure(Cdn$/Mcfe)
AECOF&D Costs $0.45
Operating Expenses &Royalties $0.40
Operated Sunrise Costs $0.85
11/13/2017 16
Natural Gas Pricing ExposureARC Continues to Physically and Financially Diversify to Downstream Markets to Manage Risk and to Achieve Optimal Pricing
Hedged38%
Pac-NW US4%
Dawn8%
AECO11%
2018 Physical and FinancialDiversification Activities
2017 YTD Physical and FinancialDiversification Activities (Cdn$/Mcfe)
Average Price before Diversification Activities (1) $2.37
Diversification Activities (1) $0.30Realized Gains on Risk
Management Contracts $0.72Overall Corporate Price $3.39
Midwest30%
(1) ARC’s average realized natural gas price is a combination of average price before diversification activities and diversification activities.
(60)
0
60
120
180
240
2009
2010
2011
2012
2013
2014
2015
2016
2017
F
2018
F
2019
F
2020
F
$ m
illio
ns
Financial Risk ManagementRealized Gains (Losses)
Station 29%
-35-30-25-20-15-10-5,005,010,15,20,25,30,35,
($200,000,000)
($150,000,000)
($100,000,000)
($50,000,000)
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
2017
F
2018
F
2019
F
2020
F
2021
F
2022
F
2023
F
2024
F
2025
F
2026
F
2027
F
-35-30-25-20-15-10-5,05,010,15,20,25,30,35,
($200,000,000)
($150,000,000)
($100,000,000)
($50,000,000)
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
0
2,000
4,000
6,000
8,000
0 10 20 30 40 50 60
Delivering Full-cycle and Corporate ReturnsEfficiently Converting Resources into Corporate Earnings for Shareholders
Single-well Economics(Half-cycle)
Proportional Facility and Appropriate Timing Included:
Project Economics (Full-cycle)
Corporate Costs
ROACE of 10% since Inception
Afte
r-ta
x R
ate
of R
etur
n
Prod
uctio
n R
ate
(Mcf
/day
)
Months on Production
Field NetbackCapital Expenditures, excluding Facility Expenditures
Facility Expenditures ProductionNet Cash Flow
Sunrise Type Curves & Single-well Economics (Half-cycle)
Full-cycle and Corporate Returns
~$225 million of capital investment for facility start-up
~$400 million of capitalinvestment to sustain facility
Projected Sunrise Phase II Cash Flows
2017 Type Curve (Previous Well Design: 2,000 m)2018 Type Curve (New Well Design: 2,440 m)
11/13/2017 17
ARC Allocates Capital on the Basis of ProfitabilityLow Cost Structure Makes Sunrise ARC’s Most Profitable Asset
36%
19%17%
13% 13%
18%
0%
10%
20%
30%
40%
0
2
4
6
8
Sunrise Parkland/Tower Dawson Ante Creek Pembina Corporate
Ope
ratin
g M
argi
n (%
)
Ope
ratin
g N
etba
ck le
ss D
D&
A ($
/boe
)
2017 YTD Operating Netbacks less DD&A (1)
Operating Netback less DD&A Operating Margin
(1) Depletion, depreciation and amortization.
How We Choose to Fund Our Business
• ARC is currently funding its business through the use of cash and long-term debt
ARC’s Funding Choices Have the Lowest Cost of Capital
Cash
Debt
Equity
Asset Sale PDP
Midstream Joint Venture(Includes Operating Expense Dilution)
Upstream Joint Venture(Includes Asset Dilution)
Q4 2016 sale of Saskatchewan assets
Incr
easi
ng C
ost o
f Cap
ital
11/13/2017 18
Dividends
Sustaining Capital
Growth Capital
Funds from Operations
2016 DispositionProceeds
Dividends
Sustaining Capital
Growth Capital
Funds from Operations
DRIP/SDP
Equity Proceeds
Net A&D Proceeds
ARC’s Funding Model
• Objective is to fully fund ARC’s dividend and sustaining capital with funds from operations over the long term• ARC will continue to review non-core dispositions to bridge funding gap
Disposition Proceeds Give ARC the Ability to Outspend Cash Inflows over the Next Two Years
Inflows Outflows
(1) Sustaining and growth capital expenditures are before land and net property acquisitions and dispositions.(2) Based on October 19, 2017 forward price curve.
Total Inflows & Outflows (1)
2012 to 2016
Inflows Outflows
Total Forecasted Inflows & Outflows (1)(2)
2017 to 2019
Positioned for Continued Long-term ProfitabilityLow Sustaining Capital Requirements, Efficient Investment of Growth Capital and Low-cost Funding Decisions Lead to Profitability
(10%)
0%
10%
20%
30%
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017F
Return on Average Capital Employed (1)
(1) 2017F ROACE based on October 19, 2017 forward price curve.
ROACE of 10% since Inception ROACE
Trailing Three-year ROACE
11/13/2017 19
Benefits of Multi-layer DevelopmentSignificant Future Delineation Opportunities
Attachie Septimus Sunrise Tower Parkland Dawson Pouce Coupe
MontneyA
Montney B
Montney C
Montney D
Montney E
Existing Horizontal Wells, Development Existing Horizontal Wells, Pilots Potential Horizontal Wells
Upp
er M
ontn
eyLo
wer
Mon
tney
Increased Liquids Potential in the Lower MontneyStrategic Appraisal Program from 2017 Has Unlocked a Tremendous Resource (1)
(1) Only Lower Montney wells are displayed.
2017 Lower Montney Appraisal ProgramArea Drilling in 2017
Pouce Coupe 1
Dawson 12
Parkland/Tower 2
Sunrise 5
Attachie 1
Total 21
2018 Lower Montney Appraisal ProgramArea Drilling in 2018
Dawson 2
Parkland/Tower 2
Total 4
10-34
14-14
07-32
16-13
09-21
03-1803-15
11-04
01-31
02-25
2017 Lower Montney Wells2018 Planned Lower
Montney Wells
01-10
16-13
Average of first 80 daysof production:
~4.5 MMcf/day of natural gas~650 bbl/day of condensate
CGR of ~100 bbl/MMcf
Average for first 50 daysof production:
~7 MMcf/day of natural gas~280 bbl/day of condensate
CGR of ~40 bbl/MMcf
11/13/2017 21
Montney Exploitation Approach Improves EfficienciesARC Has Advanced Its Understanding of the Full-stack Development Potential for All Project Areas in Order to Execute Efficiently
Dawson Full-stack Development (1)
(1) Spacing and completions approach varies by project area.
ARC’s ESG Considerations for Infrastructure Development
11/13/2017 22
Protection and
Conservation
Water Strategy Limits Impact and Creates EfficienciesIntegrated Approach with Collaboration Between Technical Experts and Participation in Industry Discussions and Partnerships
ARC’s Guiding Principles of Water Stewardship
Transport, Store and Dispose
Responsibly
Measure, Monitor and Set Targets
Strategy in Action:
$80 million investment planned for water-related infrastructure over the next three years
Reduce fresh water usage by 80% in Dawson, Parkland and Tower
Reduce northeast BC frac water costs by 70 to 80% by 2019
Lead and Support Research,
Collaboration and Technology
Sustainableand EconomicWater Supply
Evaluate Opportunities for Reduction
Carbon and Emissions Management StrategyCommitted to Minimizing Emissions that Pose Potential Risks While Recognizing the Importance of Economic Viability
ARC’s Guiding Principles of Carbon and Emissions Management
Measure, Monitor and Set Targets
Participate in Carbon
Incentives
Participate in Emissions Dialogue
Reduced corporate emissions intensity by 30% since 2010
Strategy in Action:
~15% reduction in emissions intensity by 2019 through planned electrification of facilities
Planned solar pump conversion project will reduce methane emissions by 1,100 tonnes of CO2e per year
Dawson Phase III waste heat recovery project will reduce our corporate CO2 emissions by 2% per year
Lead and Support Research,
Collaboration and Technology
11/13/2017 23
Proven Expertise in NE BC Facility Development
Best-in-class Capital Efficiency
$550 million>500 MMcf/day natural gas
>17 Mbbl/day liquids-handling
Increased Reliability (ARC-owned and Operated)Low-cost Operator
Continuous ImprovementDesign for Future Flexibility
Investment in Strategic Infrastructure Has Resulted in Best-in-class Efficiencies
Dawson Phase I(2010)
Dawson Phase II(2011)
Parkland/TowerPhase II
(2013)
Sunrise Phase II(2019 Est.)
Dawson Phase III(2017)
Sunrise Phase I(2015)
ARC’s Approach toLong-term Planning
11/13/2017 24
Building Our Integrated Long-term PlanCollaborative Approach Facilitates Learnings, Leverages Technical Expertise and Creates Both Ownership and Optionality
Economic Screening
Scenario Analysis
Financials and Lookbacks
Test and Optimize
Data Collection and Review
Integrating Learnings
at All Stages of Development
Determine Well Designs
EvaluateResults
Optimize Exploitation
Strategy
Further OurUnderstanding
of the Asset
Establish Project
Sequencing
Rigour and
Expertise
Dialogue and
Ownership
Highest Quality Inputs
2018 Budget and Guidance
11/13/2017 25
2018 GuidanceFocused on Profitability and Long-term Value Creation
$690 millionInvest to drill
64 gross
Allowing ARC to:
While managing operating costs at $6.50 – $6.90/boe
Maintain Balance Sheet StrengthFacilitate an Orderly Pace of DevelopmentCreate Shareholder Value
Keeping gas plants in our core Montney areas at capacity
Ensuring the safe and responsibleexecution of the capital program
operated wells
37,500 – 40,500 bbl/dayof Liquids Production
555 – 565 MMcf/dayof Gas Production
To produce130,000 – 134,000boe/day
2018 Budget – Our Most Capitally Efficient YearCapital Budget of $690 Million Focuses on Overall Capital Efficiency and Profitability
ABBC
Blueberry
Red CreekAttachie
SeptimusTower
ParklandSunsetSunrise
Sundown
Dawson
Pouce Coupe
Ante Creek
Attachie$45MM • 2 wellsAdvance towards
commercialization with multi-well pad and long-term
infrastructure evaluation
Ante Creek$75MM • 8 wells
Focus on results from new wells and advance technical
learnings through optimization activities
Pembina$30MM
Manage production declines and maximize free cash
flow generation from light oil production
Parkland/Tower$175MM • 13 wells
Sustain production at current facility capacity
and interconnect Parkland and Dawson assets
Sunrise
$190MM • 23 wellsPhase II facility construction and pipeline infrastructure and drill wells to fill facility(on-stream mid-year 2019)
Pembina
Redwater
Dawson$150MM • 17 wells
Manage overall paceof development and continue to develop
Lower Montney
$390MM - Sustaining Capital$275MM - Growth and Development Capital$25MM - Non-core and Corporate Capital
11/13/2017 26
SUMMARY
Why Invest in ARC?Built to Last – A Differentiated Investment with Tremendous Opportunity
• Top-tier Assets• Owned Infrastructure• Operational Efficiencies• Market Access
• Balance Sheet Strength• Full-cycle Returning Projects• Disciplined Execution• Managed Pace and Decline• Technology Deployment
• Growth for Future• Development• Free Cash Flow
• Per Share Growth• Sustainable Dividend
Montney and Cardium Project Potential(boe/day)
2017
Competitive Cost Structure
Profitable Investment
Deep Project Inventory
Long-termValue Creation
Base Production• Montney• Cardium
Project Options – Next Five YearsSanctioned:• Dawson III• Sunrise II
Next Decade• Sunrise III• Septimus I & II• Attachie West II• Attachie Central I & II
• Attachie East I & II• Pouce Coupe• Sundown• Blueberry
Follow-on Options:• Dawson IV• Attachie West I• Ante Creek II
• Parkland/Tower III• Dawson V
11/13/2017 27
Our Plan
2017Reduced the dividend
Sold Saskatchewan assets
Eliminated DRIP and SDP plans
118,000 boe per day
2018Sustain Montney businesses
Progress SunrisePhase II
Advance Attachiepiloting activities
130,000 to 134,000boe per day
2019Maintain consistent investment levels
Bring on SunrisePhase II
Progress DawsonPhase IV to add ~17,500 boe per day
ARC’s Plan Is Fully Funded and Will Result in 10 Per Cent Production CAGR over a Three-year Period
2016Brought on DawsonPhase III
Rebuilt liquids production from divestments
Achieved success in Lower Montney and Attachie
120,000 to 124,000 boe per day
APPENDIX
11/13/2017 28
This presentation contains forward-looking information as to ARC’s internal projections, expectations or beliefs relating to future eventsor future performance and includes information as to our future well inventory in our core areas, our exploration and development drillingand other exploitation plans for 2017, 2018 and beyond, and related production expectations, costs and cash flow, expenses, our plansfor constructing and expanding facilities, the volume of ARC's oil and gas reserves and the volume of ARC's oil and gas resources in thenortheast British Columbia Montney (“NE BC Montney”), the recognition of additional reserves and the capital required to do so, the lifeof ARC's reserves, the volume and product mix of ARC's oil and gas production, future results from operations and operating metrics.These statements represent Management’s expectations or beliefs concerning, among other things, future operating results and variouscomponents thereof or the economic performance of ARC. The projections, estimates and beliefs contained in such forward-lookingstatements are based on Management's assumptions relating to the production performance of ARC’s oil and gas assets, the cost andcompetition for services, the continuation of ARC’s historical experience with expenses and production, changes in the capitalexpenditure budgets, future commodity prices, continuing access to capital and the continuation of the current regulatory and tax regimein Canada and necessarily involve known and unknown risks and uncertainties, such as changes in oil and gas prices, infrastructureconstraints in relation to the development of the Montney in British Columbia, risks associated with the degree of certainty in resourceassessments and including the business risks discussed in ARC’s annual and quarterly MD&A and other continuous disclosuredocuments, and related to Management’s assumptions, which may cause actual performance and financial results in future periods todiffer materially from any projections of future performance or results expressed or implied by such forward-looking statements.Accordingly, readers are cautioned that events or circumstances could cause actual results to differ materially from those predicted.Other than the 2017 and 2018 Guidance, which is discussed quarterly, ARC does not undertake to update any forward-lookinginformation in this document whether as to new information, future events or otherwise except as required by securities lawsand regulations.We have adopted the standard of 6 Mcf:1 barrel 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 barrel is based on an energy equivalency conversion method primarilyapplicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the currentprice of crude oil as compared to natural gas is significantly different than the energy equivalency of the 6:1 conversion ratio, utilizing the6:1 conversion ratio may be misleading as an indication of value.
Forward-looking Statements
Reserves and Resources Disclosure
All reserves and resources volumes for NE BC Montney and elsewhere in this presentation are, unless indicated otherwise, asat December 31, 2016 as evaluated by GLJ Petroleum Consultants Ltd. in accordance with the definitions, standards andprocedures contained in the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 – Standards forDisclosure for Oil and Gas Activities.
TPIIP, DPIIP and UPIIP have been estimated using a one per cent porosity cut-off for shale gas and tight oil.Reserves volumes for the NE BC Montney and elsewhere in this presentation are, unless indicated otherwise, Proved plus
Probable, while the resource categories for NE BC Montney in this presentation are “Best Estimates.” “NE BC Montney”includes lands in Pouce Coupe, Alberta.
All reserves and resources volumes for NE BC Montney and elsewhere in this presentation are company gross.Gas volumes are “sales” for reserves and resource and raw gas for DPIIP and TPIIP.The tight oil DPIIP is a stock tank barrel.All DPIIP and TPIIP other than cumulative production, reserves, Economic Contingent Resources and Prospective Resources
have been categorized as unrecoverable.The amount of natural gas and liquids ultimately recovered from ARC’s NE BC Montney resource will be primarily a function of
the future price of both commodities.This presentation contains metrics commonly used in the oil and natural gas industry, such as “recycle ratio,” “finding and
development costs,” “finding and development recycle ratio,” “finding, development and acquisition costs,” “operatingnetbacks,” and “reserve life index.” These terms do not have a standardized meaning and may not be comparable to similarmeasures presented by other companies, and therefore should not be used to make such comparisons.
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Definitions of Oil and Gas Reserves and Resources
Reserves are estimated remaining quantities of 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 generallyaccepted 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 recoveredwill 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 quantitiesrecovered will be greater or less than the sum of the estimated proved plus probable reserves.
Possible Reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantitiesrecovered will exceed the sum of the estimated proved plus probable plus possible reserves.
Resources encompasses all petroleum quantities that originally existed on or within the earth’s crust in naturally occurring accumulations, including Discovered andUndiscovered (recoverable and unrecoverable) plus quantities already produced. “Total Resources” is equivalent to “Total Petroleum Initially-in-Place”. Resources areclassified in the following categories:
Total Petroleum Initially-In-Place (“TPIIP”) is that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations. It includes thatquantity of petroleum that is estimated, as of a given date, to be contained in known accumulations, prior to production, plus those estimated quantities inaccumulations yet to be discovered.
Discovered Petroleum Initially-In-Place (“DPIIP”) is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior toproduction. The recoverable portion of discovered petroleum initially in place includes production, reserves, and contingent resources; the remainder is unrecoverable.
Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using establishedtechnology or technology under development but which are not currently considered to be commercially recoverable due to one or more contingencies.
Economic Contingent Resources (“ECR”) are those contingent resources which are currently economically recoverable.
Project Maturity Subclass Development Pending is defined as a contingent resource that has been assigned a high chance of development and the resolution offinal conditions for development are being actively pursued.
Forecast
Definitions of Oil and Gas Reserves and Resources
Project Maturity Subclass Development Unclarified as a contingent resources that requires further appraisal to clarify the potential for development and has beenassigned a lower chance of development until contingencies can be clearly defined.
Undiscovered Petroleum Initially-In-Place (“UPIIP”) is that quantity of petroleum that is estimated, on a given date, to be contained in accumulations yet to bediscovered. The recoverable portion of undiscovered petroleum initially in place is referred to as “prospective resources” and the remainder as “unrecoverable.”
Prospective Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by applicationof future development projects.
Unrecoverable is that portion of DPIIP and UPIIP quantities which is estimated, as of a given date, not to be recoverable by future development projects. A portion ofthese quantities may become recoverable in the future as commercial circumstances change or technological developments occur; the remaining portion may never berecovered due to the physical/chemical constraints represented by subsurface interaction of fluids and reservoir rocks.
Uncertainty Ranges are described by the Canadian Oil and Gas Evaluation Handbook as low, best, and high estimates for reserves and resources as follows:
Low Estimate: This is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recoveredwill exceed the low estimate. If probabilistic methods are used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal orexceed the low estimate.
Best Estimate: This is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantitiesrecovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantitiesactually recovered will equal or exceed the best estimate.
High Estimate: This is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recoveredwill exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equalor exceed the high estimate.
11/13/2017 30
Non-GAAP Measures
Throughout this presentation, ARC uses the terms operating netback (“netback”) to analyze financial and operatingperformance. This non-GAAP measure presented does not have any standardized meaning prescribed by GAAP and thereforemay not be comparable with the calculation of similar measures for other entities. ARC feels that this non-GAAP measure is akey industry benchmark of performance for ARC and provide investors with information that is commonly used by other oil andgas companies.
Netback
Netback is a common non-GAAP metric used in the oil and gas industry. This measurement assists Management and investorsin evaluating operating results on a per boe basis to better analyze performance on a comparable basis. A calculation ofnetback is disclosed within ARC’s MD&A.
This presentation contains forward-looking information and statements that may be identified by words like “outlook”,“estimates” and similar expressions. These forward-looking statements are based on certain assumptions that involve a numberof risks and uncertainties and are not guarantees of future performance. Reference is made to the section titled “Forward-looking Statements” at the beginning of the presentation and also to the February 8, 2017 news release entitled, “ARCResources Ltd. Announces Fourth Quarter and Year-end 2016 Results as It Increases Capital Investment in ARC’s Multi-year,Large-scale Development Projects at Dawson, Parkland/Tower, and Sunrise” which may be found on ARC’s website atwww.arcresources.com or on SEDAR at www.sedar.com and which are hereby incorporated by reference in this presentationand which outline a number of assumptions, risks and uncertainties associated with forward-looking statements. Actual resultscould differ materially as a result of changes to ARC’s plans, the impact of changes in commodity prices, general economic,market and business conditions as well as production, development and operating performance and other risks associated withoil and gas operations.
For further information about ARC Resources Ltd. please visit our website www.arcresources.com
Or contact:Investor RelationsE-mail: ir@arcresources.comT 403.503.8600Toll Free 1.888.272.4900F 403.509.6417ARC Resources Ltd.1200, 308 – 4th Avenue SWCalgary, AB T2P 0H7
11/13/2017 31
Notes
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(1) Refer to the "Capital Management" note in ARC’s financial statements and to the section entitled, "Funds from Operations" contained within ARC’s MD&A.(2) Dividends per share are based on the number of shares outstanding at each dividend record date.(3) Refer to the "Capital Management" note in ARC’s financial statements and to the section entitled, "Capitalization, Financial Resources and Liquidity" contained
within ARC’s MD&A.(4) Trading statistics denote trading activity on the Toronto Stock Exchange only.
FINANCIAL ANDOPERATING HIGHLIGHTS
($ millions, except per share amounts) 2017 2016 2015FINANCIAL Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4Sales of crude oil, natural gas, condensate,
NGLs and other income 279.2 297.0 309.2 331.8 265.6 234.9 231.2 285.9Per share, basic 0.79 0.84 0.87 0.94 0.76 0.67 0.66 0.83Per share, diluted 0.79 0.84 0.87 0.94 0.75 0.67 0.66 0.83
Net income (loss) 48.5 124.0 142.5 167.0 28.3 (58.1) 64.1 (55.0)Per share, basic 0.14 0.35 0.40 0.47 0.08 (0.17) 0.18 (0.16)Per share, diluted 0.14 0.35 0.40 0.47 0.08 (0.17) 0.18 (0.16)
Funds from operations (1) 163.8 169.8 177.2 188.5 153.0 141.7 150.1 200.7Per share, basic 0.46 0.48 0.50 0.53 0.44 0.40 0.43 0.58Per share, diluted 0.46 0.48 0.50 0.53 0.44 0.40 0.43 0.58
Dividends declared 53.0 53.1 53.1 52.9 52.9 52.5 69.9 103.8Per share (2) 0.15 0.15 0.15 0.15 0.15 0.15 0.20 0.30
Total assets 6,115.0 6,196.8 6,169.3 5,990.5 5,968.4 5,891.1 5,893.7 5,932.2Total liabilities 2,468.2 2,546.8 2,591.4 2,505.7 2,622.3 2,547.0 2,466.1 2,543.7Net debt outstanding (3) 645.1 527.4 501.4 356.5 1,009.4 969.3 868.4 985.1Weighted average shares, basic 353.5 353.4 353.4 352.8 351.7 350.5 348.7 345.6Weighted average shares, diluted 353.9 353.8 353.7 353.5 352.3 350.5 348.9 345.6Shares outstanding, end of period 353.5 353.4 353.4 353.3 352.2 351.1 349.8 347.1CAPITAL EXPENDITURESGeological and geophysical 1.8 2.0 3.2 1.8 3.5 4.3 2.8 2.5Drilling and completions 119.3 105.9 171.6 89.1 59.0 55.7 23.2 108.5Plant and facilities 55.5 41.6 78.4 65.9 59.8 52.2 32.7 37.3Administrative assets 1.8 1.5 2.0 2.4 0.2 0.4 0.4 1.2Total capital expenditures 178.4 151.0 255.2 159.2 122.5 112.6 59.1 149.5Undeveloped land 77.3 14.7 5.2 2.7 — — — 4.6Total capital expenditures, including
undeveloped land purchases 255.7 165.7 260.4 161.9 122.5 112.6 59.1 154.1Acquisitions — 0.1 0.2 14.6 31.6 111.6 15.1 0.3Dispositions — — — (702.1) (0.3) (3.0) — (42.2)Total capital expenditures, land purchases
and net acquisitions and dispositions 255.7 165.8 260.6 (525.6) 153.8 221.2 74.2 112.2OPERATINGProduction
Crude oil (bbl/d) 25,020 23,813 24,030 29,885 29,642 31,702 34,852 33,899Condensate (bbl/d) 6,815 4,253 4,504 3,767 3,562 3,733 3,442 3,631Natural gas (MMcf/d) 549.6 483.9 496.2 478.4 466.7 467.5 489.7 469.1NGLs (bbl/d) 6,091 4,691 3,893 4,220 4,221 4,336 4,319 3,523Total (boe/d) 129,526 113,410 115,129 117,611 115,205 117,695 124,224 119,243
Average realized prices, prior to risk management contractsCrude oil ($/bbl) 54.82 59.78 61.62 59.20 52.43 52.80 38.64 49.24Condensate ($/bbl) 54.28 60.08 64.44 58.97 50.81 51.20 42.07 49.80Natural gas ($/Mcf) 2.01 2.99 3.10 3.10 2.35 1.39 2.05 2.59NGLs ($/bbl) 28.37 26.27 25.91 20.77 12.67 13.60 8.42 10.73Oil equivalent ($/boe) 23.29 28.63 29.63 30.29 25.03 21.87 20.39 26.01
TRADING STATISTICS (4)
($, based on intra-day trading)High 18.31 19.55 23.70 24.94 24.08 23.35 20.15 22.49Low 15.61 16.23 18.26 21.55 20.88 17.43 14.43 15.39Close 17.19 16.96 19.00 23.11 23.73 22.11 18.89 16.70Average daily volume (thousands) 1,008 1,269 1,104 837 691 1,029 1,388 1,302
CORPORATE ANDSHAREHOLDER INFORMATIONDIRECTORSHarold N. Kvisle (1)
Chairman
Myron M. StadnykPresident and Chief Executive Officer
David R. Collyer (2) (3)
John P. Dielwart (2) (4)
Fred J. Dyment (1) (3)
Timothy J. Hearn (1) (5)
James C. Houck (4) (6)
Kathleen O’Neill (4) (6)
Herbert C. Pinder Jr. (1) (5)
William G. Sembo (2) (5)
Nancy L. Smith (3) (6)
(1) Member of Policy and Board Governance Committee(2) Member of Health, Safety and Environment Committee(3) Member of Risk Committee(4) Member of Reserves Committee(5) Member of Human Resources and Compensation Committee(6) Member of Audit Committee
OFFICERS
Myron M. StadnykPresident and Chief Executive Officer
Terry M. AndersonSenior Vice President and Chief Operating Officer
P. Van R. DafoeSenior Vice President and Chief Financial Officer
Bevin M. WirzbaSenior Vice President, Business Development and
Capital Markets
Chris D. BaldwinVice President, Geosciences
Ryan V. BerrettVice President, Marketing
Kris J. BibbyVice President, Finance
Sean R. A. CalderVice President, Production
Lara M. ConradVice President, Engineering and Planning
Armin JahangiriVice President, Operations
Wayne D. LentzVice President, Business Analysis
Lisa A. OlsenVice President, Human Resources
Grant A. ZawalskyCorporate Secretary
EXECUTIVE OFFICEARC Resources Ltd.1200, 308 – 4th Avenue SWCalgary, Alberta T2P 0H7T 403.503.8600TOLL FREE 1.888.272.4900F 403.503.8609W www.arcresources.com
TRANSFER AGENTComputershare Trust Company of Canada600, 530 – 8th Avenue SWCalgary, Alberta T2P 3S8T 403.267.6800
AUDITORSPricewaterhouseCoopers LLPCalgary, Alberta
ENGINEERING CONSULTANTSGLJ Petroleum Consultants Ltd.Calgary, Alberta
LEGAL COUNSELBurnet Duckworth & Palmer LLPCalgary, Alberta
CORPORATE CALENDAR 2018February 8, 20182017 Year-end Results
May 2, 2018Q1 2018 Results
May 3, 2018Annual General Meeting
August 2, 2018Q2 2018 Results
November 8, 2018Q3 2018 Results
November 12, 2018Investor Day
STOCK EXCHANGE LISTING
The Toronto Stock ExchangeTrading Symbol: ARX
INVESTOR INFORMATIONVisit our website atwww.arcresources.comor contact:Investor RelationsT 403.503.8600 orTOLL FREE 1.888.272.4900E ir@arcresources.com
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.