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ARC Resources (ARX) investor relations material
ARC Resources Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 production averaged 357,000–357,228 BOE/day, up 8% year-over-year and 11% per share, with 39–40% liquids and 60–61% natural gas; Kakwa acquisition added 40,000 BOE/day and Attachie averaged 26,833 BOE/day.
Kakwa acquisition completed for $1.6B in July 2025, expanding core assets, extending inventory by 3 years, and funded with debt.
100% of free funds flow ($186–$188M in Q2) returned to shareholders via dividends and buybacks.
Attachie and Kakwa multi-phase developments support long-term growth, with Attachie H2 2025 forecast at 35,000–40,000 BOE/day.
Strategic focus on margin expansion, LNG-linked pricing, and disciplined capital allocation to drive free funds flow per share growth through 2028.
Financial highlights
Q2 2025 net income: $396M, up 65% year-over-year; funds from operations: $682M ($1.17/share); free funds flow: $186M ($0.32/share).
Quarterly dividend of $0.19/share, yielding 2.8% as of July 2025; dividend payout ratio targeted at ~15% of cash flow.
Net debt at June 30, 2025: $1.3B (0.4x FFO); post-Kakwa, net debt at $2.8B; enterprise value at $18.4B.
Realized natural gas price: $3.19/Mcf, $1.12 above AECO; operating expense: $5.17/BOE, down 6% year-over-year.
Free funds flow per share targeted to triple by 2028, with cumulative FFF of $7–10B (2024–2028) depending on commodity prices.
Outlook and guidance
2025 production guidance raised to 385,000–395,000 BOE/day, with H2 2025 expected above 410,000 BOE/day; crude oil and condensate at 107,000–120,000 bbl/d.
2025 capital expenditures revised to $1.85–$1.95B, up from prior guidance, mainly for Kakwa and Attachie; 55% allocated to Alberta, 45% to BC.
Free funds flow for 2025 projected at $1.3–$1.5B, with nearly all to be returned to shareholders.
Operating expense guidance increased to $5.00–$5.50/BOE due to Kakwa, Sunrise curtailments, and water handling.
Attachie Phase II investment decision expected with 2026 budget in November.
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