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ARC Resources (ARX) investor relations material
ARC Resources Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved record Q3 2025 production of 359,236–360,000 boe/day, up 10% year-over-year and 13% per share, with record condensate output driven by Attachie and Kakwa acquisitions.
Largest Montney producer in Canada with over 1.1 million Montney acres, producing ~410,000 boe/day in 2025E and targeting >500,000 boe/day sustainable for 10+ years.
Funds from operations reached $779 million ($1.34/share), up 31% year-over-year, and free cash flow of CAD 283 million was fully returned to shareholders via dividends and buybacks.
Integration of Capco and Kakwa assets exceeded expectations, with optimization opportunities identified.
2026 budget targets record production of 405,000–420,000 boe/day, lower capital, and increased free cash flow, aligned with long-term strategy.
Financial highlights
Generated CAD 283 million in free cash flow in Q3, 80% above analyst expectations, and funds from operations were 10% above estimates.
Q3 2025 net income was $214 million ($0.37/share), down 35% from Q3 2024 due to unrealized losses and prior year asset disposal gains.
Quarterly dividend increased by 11% to $0.21/share, yielding 3.3%, with significant share repurchases.
Free funds flow per share projected to grow at ~20% CAGR from 2025 to 2029, with cumulative FFF of $8–11 billion over the period.
Net debt at September 30, 2025, was $3.1 billion, or 1.0x funds from operations.
Outlook and guidance
2026 production guidance: 405,000–420,000 boe/day, including 105,000–115,000 bbl/day crude oil and condensate, and 1,500–1,520 MMcf/d natural gas.
2026 capital expenditures of $1.8–$1.9 billion, down CAD 100 million from 2025, with ~65% allocated to Alberta and ~35% to BC.
Expected 2026 free cash flow of approximately CAD 1.5 billion at current strip pricing.
All free cash flow to be returned to shareholders through dividends and buybacks.
Operating expenses guided at $5.40–$5.90/boe, transportation $5.25–$5.75/boe, and G&A $1.00–$1.10/boe.
Attachie Phase I well productivity issues
Sunrise curtailment impact on unit costs
2026 free funds flow shareholder distribution
What is Attachie Phase 2 breakeven WTI?
What caused Attachie's Q3 underperformance?
How to balance growth capital vs. buybacks?
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Next ARC Resources earnings date
Q4 20255 Feb, 2026
Next ARC Resources earnings date
Q4 20255 Feb, 2026
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Frequently asked questions
ARC Resources Ltd. explores, develops, and produces crude oil, natural gas, and natural gas liquids in Canada. The company holds interests in approximately 3.2 million acres of land primarily located in western Canada; and approximately 1,300 net producing conventional natural gas wells. It also operates a gas gathering and processing system. The company was formerly known as Alberta Energy Company Ltd. and changed its name to ARC Resources Ltd. in December 2000. ARC Resources Ltd. was founded in 1996 and is headquartered in Calgary, Canada
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