Investor Presentation - May 2021 - ARC Resources Ltd.
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Investor Presentation May 2021
The Largest Pure-play Montney Producer
Shares outstanding 724 million
Market capitalization(1) $6.0 billion
Net debt(2) $2.4 billion
Enterprise value(1)(2) $8.4 billion
Quarterly dividend $0.06/share
Dividends paid since inception $6.7 billion
Montney production by operator(3)(4)
Mboe/day
~340
(1) Market capitalization as of May 5, 2021.
(2) Combined pro forma net debt excluding lease obligations as of March 31, 2021. Refer to the “Capital Management” note
in ARC’s financial statements and to the section entitled “Combined Pro Forma Reconciliations” within the Advisory
ARC
Peer
Peer
Peer
Peer
Peer
Peer
Statements to this presentation for the calculation of Seven Generations’ net debt excluding lease obligations as of
1
2
3
4
5
6
March 31, 2021.
(3) Source: Company reports, estimated operated Montney volumes used in the absence of public disclosure.
(4) Includes ARC’s non-core Pembina production.
Leading energy producer focused on its disciplined, returns-focused value proposition 2
Positioned for Success
Size and Capital Allocation Strong Financial Cost Savings ESG
Scale Optionality Position and Synergies Leadership
+ Largest pure-play + Significant free funds + Investment-grade entity + Annual cost savings of + Commitment to
Montney producer flow(1) generation provides cost of capital approximately $160 million responsible development
+ Sixth-largest energy + Ability to increase return of advantage resulting from acquisition + Lowest GHG emissions
company in Canada capital to shareholders and + Strong deleveraging profile of Seven Generations(3) intensity producer
+ Commodity and fund development of and ample liquidity + Near-term focus will be to + Established platform for
geographic diversity Attachie + Net debt(2) expected to be integrate Kakwa asset into commercializing
+ Optionality through all + Dividend remains a key reduced to low end of target ARC’s portfolio to realize responsibly developed
price cycles component of shareholder range of 1.0 to 1.5 times operating, drilling, and resource
+ Low cost of capital returns annualized funds from completions efficiencies
+ Returns-focused value operations by year-end 2021
proposition
(1) Free Funds Flow is a non-GAAP measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Refer to the Advisory Statements to this presentation.
(2) Excluding lease obligations. Refer to the “Capital Management” note in ARC’s financial statements.
(3) Includes finance costs that are expected to be approximately $50 million lower for the combined entity than they would have been if the Seven Generations senior notes remained outstanding.
ARC is uniquely positioned to create significant shareholder value following the acquisition of Seven Generations 3
05/05/2021 1
Guiding Principles
Sustainable business Risk management Superior capital discipline
around all aspects of the and allocation with strong free
model with best-in-class business including maintaining funds flow(1) generation to
assets and focus on a strong financial position at ensure optimal returns to
long-term profitability all commodity price levels shareholders
Owned-and-operated
Operational excellence
and top-tier ESG performance infrastructure to support
through efficient and operational control, low cost
disciplined execution structure, and optimized
revenue streams
(1) Free Funds Flow is a non-GAAP measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Refer to the Advisory Statements to this presentation.
Guiding principles have created a strong foundation for excellent business performance 4
2021 Business Priorities
1. Protect strong financial 2. Demonstrate capital 3. Deliver meaningful
position and maintain discipline and profitability returns to
flexibility of investments shareholders
+ Strengthen balance sheet with + Integrate Kakwa asset into ARC’s + Generate funds from operations to:
free funds flow(1) portfolio and focus on realizing + Pay dividend
synergies
+ Reduce net debt(2) to annualized + Sustain production
funds from operations to low end + Execute capital program to + Substantially reduce net
of target range of 1.0 to 1.5 times sustain production at core debt(2)
Montney areas
+ Execute additional commodity + Declare dividends of $0.24/share
hedges to de-risk pricing volatility + Majority of program made up
of profitable half-cycle + Once net debt(2) to annualized
investments funds from operations is at the low
+ Two small-scale end of target range, consider:
infrastructure optimization + Increasing returns to
projects at Sunrise and shareholders
Parkland/Tower + Investing in profitable
growth at Attachie
(1) Free Funds Flow is a non-GAAP measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Refer to the Advisory Statements to this presentation.
(2) Excluding lease obligations. Refer to the “Capital Management” note in ARC’s financial statements.
Protect the balance sheet, support the dividend, prioritize capital investments that drive long-term value and profitability 5
05/05/2021 2
Q1 2021 in Review
Production Capital expenditures
boe/day $ millions
ARC 170,430 ARC 125.7
Seven Generations 180,774 Seven Generations 148.3
Combined pro forma(1) 351,204 Combined pro forma(1) 274.0
Funds from operations Free funds flow(2) Net debt(3)
$ millions $ millions $ millions
ARC 273.9 ARC 148.2 ARC 568.0
Seven Generations 300.6 Seven Generations 152.3 Seven Generations 1,786.9
Combined pro forma(1) 574.5 Combined pro forma(1) 300.5 Combined pro forma(1) 2,354.9
(1) Combined pro forma production, capital expenditures, funds from operations, and free funds flow represent the results of ARC plus Seven Generations for the three months ended March 31, 2021. Combined pro forma net debt excluding lease
obligations represents net debt excluding lease obligations of ARC plus Seven Generations as of March 31, 2021. Refer to the section entitled “Combined Pro Forma Reconciliations” within the Advisory Statements to this presentation for the
calculation of Seven Generations’ funds from operations and free funds flow for the three months ended March 31, 2021, and Seven Generations’ net debt excluding lease obligations as of March 31, 2021.
(2) Free Funds Flow is a non-GAAP measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Refer to the Advisory Statements to this presentation.
(3) Excluding lease obligations. Refer to the “Capital Management” note in ARC’s financial statements.
ARC is well-positioned to deliver on its 2021 business priorities following excellent performance in Q1 2021 6
2021 Guidance – Production
Q1 2021 Q2 to Q4 2021 2021
Actuals Guidance(1)(2) Guidance(1)(2)
Production
Crude oil (bbl/day) 13,647 12,000 - 13,500 12,000 - 13,500
Condensate (bbl/day) 13,812 69,000 - 75,000 55,000 - 60,000
Crude oil and condensate (bbl/day) 27,459 81,000 - 88,500 67,000 - 73,500
Natural gas (MMcf/day) 794 1,200 - 1,255 1,100 - 1,140
NGLs (bbl/day) 10,620 49,000 - 52,000 40,000 - 42,000
Total production (boe/day) 170,430 330,000 - 350,000 290,000 - 305,000
• Q2 2021 production is expected to be ~7% lower than Q1 2021 combined pro forma production of
351,204 boe/day due to significant turnaround activity and spring break-up impacts
• Q3 2021 and Q4 2021 production is expected to average ~340,000 boe/day
(1) The Business Combination closed on April 6, 2021 and as such, 2021 guidance includes ARC's financial and operational results for the three months ended March 31, 2021 plus the Company's expectations for the combined financial and operational
results of ARC's and Seven Generations' operations for the remaining nine months of 2021.
(2) COVID-19 impacts on demand and market volatility may impact ARC’s future financial and operational results. ARC will continuously monitor its guidance and provide updates as deemed appropriate.
7
05/05/2021 3
2021 Guidance – Expenses and Capital Expenditures
2021
Guidance(1)(2)
Expenses ($/boe)
Operating 4.10 - 4.60
Transportation 4.50 - 5.00
G&A expense before share-based compensation expense(3) 0.90 - 1.00
G&A - share-based compensation expense(4) 0.30 - 0.45
Transaction costs 0.20 - 0.30
Interest and financing 0.70 - 0.80
Current income tax expense as a per cent of funds from operations 1-5
Capital expenditures before land and net property acquisitions (dispositions) ($ millions) 950 - 1,000
(1) The Business Combination closed on April 6, 2021 and as such, 2021 guidance includes ARC's financial and operational results for the three months ended March 31, 2021 plus the Company's expectations for the combined financial and operational
results of ARC's and Seven Generations' operations for the remaining nine months of 2021.
(2) COVID-19 impacts on demand and market volatility may impact ARC’s future financial and operational results. ARC will continuously monitor its guidance and provide updates as deemed appropriate.
(3) Excludes transaction costs associated with the Business Combination.
(4) Comprises expense recognized under all share-based compensations plans, with the exception of the Deferred Share Unit Plans.
8
$160 Million in Annual Synergies from Acquisition of 7G
Synergies expected by 2022
$160 million
180
Synergies
$25 million
150
$25 million
$15 million
120
$50 million(1)
90
60
$45 million
30
Realized Cost Savings:
+ Finance Costs
0
Corporate Costs Finance Costs Operating Efficiencies Market Optimization Drilling & Completions Efficiencies Annual Synergies
(1) Finance costs are expected to be approximately $50 million lower for the combined entity than they would have been if the Seven Generations senior notes remained outstanding.
Longer-term opportunities include capital allocation synergies and improved market access 9
05/05/2021 4
Capital Allocation Principles Remain Unchanged
Principles Priorities
Manage net debt(1) to funds from operations
•Debt Reduction
ratio within 1.0 and 1.5 times
•Incremental
Shareholder
Committed
Returns
Capital
Pay sustainable dividend •Organic
Development
Opportunities
•M&A
Funds from
Profitably sustain production through efficient Operations
execution and controlled decline rate
Maintenance
Capital
Dividend
Focused on: ~$1 billion
Discretionary
per year
• Protecting strong financial position $174 million or
Capital
and maintaining flexibility $0.24 per share
• Prioritizing profitability and value per year
over volumes
• Returning capital to shareholders
1
Inflows 2 3
Outflows 4
(1) Excluding lease obligations. Refer to the “Capital Management” note in ARC’s financial statements.
ARC’s capital allocation continues to focus on delivering strong returns to shareholders 10
Investment-grade Entity
Bank credit facility Long-term notes repayment schedule(1)
Cdn$ millions
+ $2.0 billion unsecured extendible revolving credit facility
600
+ ~$1.2 billion of available liquidity
+ Credit facility matures in 2024
450
3.72% US$ Note
8.21% US$ Note
Long-term debt refinancing 5.36% US$ Note
300 3.31% US$ Note
3.81% US$ Note
+ Issued two tranches of private unsecured notes of $1 billion
4.49% Cdn$ Note
aggregate principal amount in Q1 2021
150 2.354% Cdn$ Note
+ DBRS credit rating of BBB with a stable trend
3.465% Cdn$ Note
+ Weighted average interest rate of 2.965%
+ Average term of 7.75 years 0
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
+ Proceeds were used to retire and/or defease Seven
Generations’ senior notes, which had a weighted average
interest rate of 5.955%, and to repay Seven Generations’ credit
facility
(1) Assumes Cdn$/US$ exchange rate of 1.2572 at March 31, 2021.
Investment-grade status provides cost of capital advantage 11
05/05/2021 5
Asset Overview
Attachie
~$5MM
~3,500 boe/day
Complete detailed engineering
work for development
Ante Creek
Greater Dawson ~$60MM Ɣ 16 wells
~17,000 boe/day
~$240MM Ɣ 44 wells Deliver profitable light oil
~93,000 boe/day production by leveraging 2020
Sustain production and facility expansion
complete small-scale facility
sour conversion and optimization
n
project at Parkland/Tower Kakwa Kakwa
~$525MM Ɣ 55 wells
Sunrise ~180,000 boe/day
Integrate asset and focus on
~$80MM Ɣ 9 wells maximizing free funds flow(1)
~40,000 boe/day generation
Mcf/day
Expand existing facility by 40 MMcf/day
italize on
and maximize throughput to capitalize
anticipated strength in natural gass pricing
Note: Well counts denote wells drilled in calendar year; number of wells with completions activities in calendar year may vary.
(1) Free Funds Flow is a non-GAAP measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Refer to the Advisory Statements to this presentation.
2021 priorities focused on asset integration, sustaining production, and maximizing free funds flow(1) generation 12
Commitment to ESG Leadership
Environmental Social Governance
+ Maintain standing as lowest + Be an industry leader in + Manage risks around all aspects
GHG emissions intensity health and safety practices of the business
producer amongst Canadian and performance
E&P peer group + Ensure appropriate oversight of
+ Form strong relationships with ESG strategies and practices
+ Awarded CDP score of “A-” on stakeholders and Indigenous
Climate Change and “B” on communities + Align executive compensation
Water Security with performance, including
+ Maintain a diverse and incorporating ESG metrics into
+ Provide low-carbon energy for inclusive workforce determination of compensation
the future through technology + Member of 30% Club and levels
and innovation Bloomberg Gender-Equality
Index
+ Responsibly manage water use
in operations + Create shared value for society
+ Proactively restore land
ARC is committed to delivering strong ESG performance and leading reporting transparency 13
05/05/2021 6
ESG Excellence
Oil and gas companies’ relative ESG rankings(1) 2019 GHG emissions intensity(2)
tCO2e/boe
70 Africa 0.12
Asia
Canada
Social and Governance Score
Europe
64
Latin America 0.09
Middle East
Russia ARC
58 United States
0.06
52
0.03
46
0.00
7G
ARC 2019
ARC 2018
40
40 46 52 58 64 70
Environmental Score
(1) Source: BMO Capital Markets; Yale Environmental Performance Index (EPI); Social Progress Imperative; Worldbank Worldwide Governance Indicators, BMO Capital Markets; Bloomberg; CSRHub. For presentation, an equal weight (1/3) of each
index is represented.
(2) Performance data for 2019 GHG emissions intensities comes from 2019 CDP submissions and other publicly available data sources. Peer group includes: BNP, BTE, CNQ, CPG, CVE, ERF, MEG, NVA, OVV, PEY, SU, TOU, VET, WCP.
ARC is the lowest GHG emissions intensity producer amongst Canadian E&P group 14
Network of Owned-and-operated Infrastructure
Combined network of owned-and-operated infrastructure
+ Natural gas processing and sales capacity of 1.5 Bcf/day
+ Ability to optimize larger portfolio, which has access to
downstream markets across North America
Benefits of owned-and-operated infrastructure
+ Lowers cost structure and increases funds from
operations
+ Provides ability to manage production based upon
prevailing commodity prices to optimize revenues
+ Retains economics of facility optimization projects
Owned-and-operated infrastructure affords greater optionality and control over cost structure 15
05/05/2021 7
Natural Gas Financial and Physical Price Management
WCSB demand and export capacity growth(1) Natural gas realizations(2)(3) and diversification(4)(5)
5.00 $4.39
4.00 $1.41
5.4 Bcf/day Demand & Export Capacity $2.82
Cdn$/Mcf
3.00 Realized Gain (Loss) on
Growth Expected by 2025 $2.14 $2.03 $2.18 Risk Management Contracts
2.00 $0.11 $0.02 Diversification Activities
$0.09
$2.94 $3.19 Average Price before
1.00 $2.13 $2.07 $2.26 Diversification Activities
LNG Canada Phase 1 ($0.06)
0.00 ($0.08) ($0.15) ($0.10)
+2.1 Bcf/day by 2025 ($0.06) ($0.21)
(1.00)
Intra-Alberta Demand Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
+1.5 Bcf/day by 2025
100%
Enbridge T-South Capacity 8% 9% 9% 9%
+0.2 Bcf/day by 2021 NGTL East Gate Capacity 7% 9% 9% 12%
1% Dawn Floating
+1.3 Bcf/day by 2022 75%
6%
17%
% of Total Production
28% 15% Malin Floating
24%
NGTL West Gate Capacity 15% 16%
Henry Hub Floating
+0.3 Bcf/day by 2023 50% 13% Midwest US Floating
21% WCSB Floating
39% Hedged
25% 41%
43%
31%
11%
7%
0%
Bal 2021 2022 2023 2024
(1) Source: ARC Risk Research, TC Energy, Enbridge, company reports.
(2) Natural gas realizations are for ARC as a stand-alone entity.
(3) R li d gain
Realized i (loss)
(l ) on risk
i k managementt contracts
t t isi nott included
i l d d in
i ARC’s
ARC’ realized
li d natural
t l gas price.
i
(4) Diversification based on internal volume and marketing assumptions for the combined pro forma entity, adjusted for ARC’s heat content.
(5) “Hedged” includes all physical and financial fixed price swaps, collars, and 3-ways.
Well-diversified North American natural gas exposure increases optionality 16
Canadian Condensate Market
Crude oil and condensate pricing(1) WCSB condensate supply and demand(2)(3)
US$/bbl Mbbl/day
80 800
60 600
40 400
20 200
0 0
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021F 2022F 2023F 2024F
WTI Condensate WCS WCSB Condensate Supply Imports Required WCSB Condensate Demand
• Heavy reliance on imported volumes from the US results in • WCSB condensate demand is expected to stay well in excess of
Canadian condensate trading within a very tight range to WTI local supply for the foreseeable future
(1) Source: Bloomberg.
(2) Source: ARC Risk Research, AER, BCOGC, COLC.
(3) Forecast includes the impact of GEI/USD Diluent Recovery Unit assuming 2021 on-stream date.
Continued reliance on imported condensate volumes is constructive for Canadian condensate pricing 17
05/05/2021 8
Significant Cash Flow Protection
Crude oil and condensate production hedged(1) Natural gas production hedged(1)
Mbbl/day, % MMBtu/day, %
48 60% 720,000 60%
36 45% 540,000 45%
24 30% 360,000 30%
12 15% 180,000 15%
0 0% 0 0%
Q2 2021 Q3 2021 Q4 2021 2022 Q2 2021 Q3 2021 Q4 2021 2022
Production Hedged % Hedged Production Hedged % Hedged
(1) Positions as of May 5, 2021.
ARC is well-hedged with a long-term focus on reducing downside risk in 18
funds from operations and creating certainty in cash flows
Greater Dawson Overview
Snapshot Development plan
Q1 2021 Production Total: 99,003 boe/day • Maximize throughput to capitalize on strength in natural gas pricing
Natural gas: 469 MMcf/day
Crude oil & liquids: 20,885 bbl/day • Improve Parkland/Tower’s deliverability and profitability with facility
optimization and sour conversion project
Tower Infrastructure build-out(1)
Phase I & II
Gas Plants
Montney Natural Gas Processing Capacity
Phase III & IV Montney Crude Oil & Liquids Processing Capacity Parkland/
Gas Plants Dawson Tower Total
Parkland Phase IV Optimization Capacity
Dawson
Phase I & II Dawson Phase I & II
Gas Plants Phase III Upgrade
Parkland/
Tower
Dawson Parkland/
Tower
Battery
Upgrade
Phase I
Dawson
Phase II
Pembina & Enbridge Dawson
Phase I
TCPL
Parkland-Dawson Interconnect Pipeline
2010 2011 2013 2015 2017 2019 Q2 2020 Q3 2021
(1) Represents owned-and-operated infrastructure.
Large integrated network of owned-and-operated infrastructure with low cost structure 19
05/05/2021 9Sunrise Overview
Snapshot Development plan
Q1 2021 Production Total: 40,913 boe/day • Complete infrastructure optimization project to add 40 MMcf/day of
Natural gas: 245 MMcf/day processing and sales capacity
Crude oil & liquids: 41 bbl/day
• Maximize throughput to capitalize on strength in natural gas pricing
Phase I & II
Infrastructure build-out(1)
Gas Plants
Montney Natural Gas Processing Capacity
Sunrise
Phase I & II Total
Sunrise Expansion Capacity
Phase II
Sunrise
Phase I
2015 2018 - 2019 Q2 2021
(1) Represents owned-and-operated infrastructure.
Low-cost natural gas development with excellent deliverability and profitability 20
Kakwa Overview
Snapshot Asset overview
Q1 2021 Production Total: 180,774 boe/day Nest 1: Ultra-rich condensate region
Crude oil & liquids: 101,300 bbl/day
Natural gas: 477 MMcf/day Nest 2: Primary liquids-rich region
Nest 3: High-deliverability natural gas-weighted region
Gold
Creek
Cutbank Development plan
• Integrate Kakwa asset into ARC’s portfolio and focus on realizing
synergies
C
Cutbank
Wapiti • Leverage Seven Generations’ recent innovations on well and pad
designs to optimize inter-well spacing for future pad development
Karr
Nest 1 • Sustain production at ~180,000 boe/day
Nest 2
Pembina Lator
Infrastructure
Kakwa River
Natural gas processing and sales
• 760 MMcf/day of owned-and-operated capacity
Nest 3
• Cutbank, Lator, and Gold Creek
Rich Gas Condensate stabilization
Deep Southwest • >60 Mbbl/day of owned-and-operated capacity
Development of condensate-rich asset focused on efficient execution and capital efficiency improvements 21
05/05/2021 10Ante Creek Overview
Snapshot Development plan
Q1 2021 Production Total: 17,099 boe/day • Deliver profitable light oil production by leveraging 2020 facility
Crude oil & liquids: 8,534 bbl/day expansion
Natural gas: 51 MMcf/day
2-26
Gas Plant Infrastructure build-out(1)
Montney Natural Gas Processing Capacity
10-7 Montney Crude Oil & Liquids Processing Capacity
Gas Plant
Ante Creek
10-36 10-36 Total
Gas Plant Ante Creek Expansion Capacity
Phase I
Existing Infrastructure 2012 Q2 2020
(1) Represents owned-and-operated infrastructure.
Stable, low-risk light oil development 22
Attachie Overview
Snapshot Development plan
Q1 2021 Production Total: 4,593 boe/day • Complete detailed engineering work for development
Crude oil & liquids: 2,619 bbl/day
Natural gas: 12 MMcf/day • Recommence drilling activities once development is undertaken to
ensure the most efficient and profitable execution possible
Infrastructure build-out(1)
Montney Natural Gas Processing Capacity
Montney Crude Oil & Liquids Processing Capacity
Phase I
Gas Plant Attachie West
Phase I
4-20
Battery
(3.5 Mbbl/day)
Pembina
North Montney Mainline
Existing Infrastructure
(1) Represents owned-and-operated infrastructure.
ARC expects to make sanctioning decision in H2 2021 for first phase of development of large condensate-rich resource 23
05/05/2021 11Additional Information
Asset Details
Greater Dawson Sunrise Kakwa Ante Creek Attachie
Net production – Q1 2021
Crude oil & liquids (bbl/day) 20,885 41 101,300 8,534 2,619
Natural gas (MMcf/day) 469 245 477 51 12
Total (boe/day) 99,003 40,913 180,774 17,099 4,593
Land(1)
Net sections 231 36 779 196 308
Net acres 149,800 23,100 498,500 125,500 202,000
Working interest ~97% ~93% ~99% ~100% ~99%
PDP Reserves (MMboe) 139 66 259 22 7
Liquids (MMbbl) 26.5 - 141.2 11.1 3.3
Gas (Bcf) 679 394 708 67 20
(1) Denote Montney sections and acreage only.
Commodity and geographic diversity across asset portfolio provides optionality 25
05/05/2021 12Historical Performance(1)
Production Net debt(2) to FFO Dividends(3)
Mboe/day $ billions, ratio $ billions, % of FFO
180 1.6 2.5 8 120%
2.0
135 1.2 6 90%
1.5
90 0.8 4 60%
1.0
45 0.4 2 30%
0.5
0 0.0 0.0 0 0%
2021 YTD
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 YTD
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 YTD
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Montney Natural Gas (boe/day)
Non-Montney Natural Gas (boe/day) Net Debt (LHS)
Montney Crude Oil & Liquids (bbl/day) Annualized Funds from Operations (LHS) Cumulative Dividend (LHS)
Non-Montney Crude Oil & Liquids (bbl/day) Net Debt to Annualized Funds from Operations (RHS) Dividends as a % of Funds from Operations (RHS)
(1) Historical performance is for ARC as a stand-alone entity and presents results up to and including March 31, 2021.
(2) Net debt presented for 2021 onwards excludes lease obligations. Refer to the “Capital Management” note in ARC’s financial statements.
(3) Dividends as a per cent of funds from operations calculated as dividends before Dividend Reinvestment Plan and Stock Dividend Program.
ARC has managed a profitable business through all commodity price cycles 26
with its efficient Montney assets, capital discipline, and strong balance sheet
Historical Performance(1)
Annual produced reserves replacement(2)
MMboe
150
Growth through Acquisition Organic Growth
100
50
0
(50)
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Reserves Replacement - Development Reserves Replacement - Net Acquisitions & Dispositions Reserves Replacement - Total Production
• ARC’s 2020 finding and development costs were $2.34/boe for 2P reserves and $2.60/boe for TP reserves(3)
(1) Historical performance is for ARC as a stand-alone entity and present results up to and included December 31, 2020.
(2) 1997 to 2002 reserves data is based on company interest established reserves (proved plus 50 per cent of probable reserves). 2003 to 2020 reserves data is based on gross interest proved plus probable reserves.
(3) Includes future development capital.
203% of produced reserves replaced in 2020 27
150% reserves replacement or greater for 13th consecutive year
05/05/2021 13Risk Management Contracts Positions at March 31, 2021(1)
Q2 2021 to Q4 2021 2022 2023 2024 2025
Crude Oil – WTI US$/bbl bbl/day US$/bbl bbl/day US$/bbl bbl/day US$/bbl bbl/day US$/bbl bbl/day
Ceiling 56.65 12,113 56.17 11,000 - - - - - -
Floor 48.63 12,113 47.05 11,000 - - - - - -
Sold Floor 40.01 8,662 37.81 8,000 - - - - - -
Swap 40.01 1,662 - - - - - - - -
Sold Swaption(2) 43.00 1,338 - - - - - - - -
Total Crude Oil Volumes (bbl/day) 13,775 11,000 - - -
Crude Oil – MSW (Differential to WTI)(3) US$/bbl bbl/day US$/bbl bbl/day US$/bbl bbl/day US$/bbl bbl/day US$/bbl bbl/day
Swap (6.11) 5,000 - - - - - - - -
Natural Gas – NYMEX Henry Hub(4) US$/MMBtu MMBtu/day US$/MMBtu MMBtu/day US$/MMBtu MMBtu/day US$/MMBtu MMBtu/day US$/MMBtu MMBtu/day
Ceiling 3.15 177,891 3.13 115,000 2.74 10,000 2.74 10,000 - -
Floor 2.61 177,891 2.60 115,000 2.50 10,000 2.50 10,000 - -
Sold Floor 2.12 136,727 2.19 85,000 2.10 10,000 2.10 10,000 - -
Natural Gas – AECO 7A Cdn$/GJ GJ/day Cdn$/GJ GJ/day Cdn$/GJ GJ/day Cdn$/GJ GJ/day Cdn$/GJ GJ/day
Ceiling 2.41 120,000 2.52 160,000 2.40 90,000 2.40 90,000 2.73 20,000
Floor 1.95 120,000 1.99 160,000 1.87 90,000 1.87 90,000 2.00 20,000
Sold Floor - - 1.75 20,000 - - - - - -
Swap 2.30 83,345 2.23 20,000 2.06 10,000 2.06 10,000 - -
Sold Swaption(2) - - 2.00 20,000 - - - - - -
Total Natural Gas Volumes (MMBtu/day) 370,625 285,607 104,782 104,782 18,956
Natural Gas – AECO Basis (Differential to NYMEX
Henry Hub) US$/MMBtu MMBtu/day US$/MMBtu MMBtu/day US$/MMBtu MMBtu/day US$/MMBtu MMBtu/day US$/MMBtu MMBtu/day
Sold Swap (0.93) 66,673 (0.88) 35,000 (0.91) 70,000 (0.91) 70,000 (0.66) 25,000
Total AECO Basis Volumes (MMBtu/day) 66,673 35,000 70,000 70,000 25,000
Natural Gas – Other Basis (Differential to NYMEX Henry
Hub)(5) MMBtu/day MMBtu/day MMBtu/day MMBtu/day MMBtu/day
Sold Swap 110,000 110,000 80,000 4,973 -
Foreign Exchange Contract Settlement Date Notional Amount ($ millions) Exchange Rate (Cdn$/US$)
Bought Forward April 1, 2021 360 1.2605
Bought Call April 13, 2021 25 1.2810
Variable Rate Collar(6) August 23, 2021 10 1.2549 - 1.3000
(1) The prices and volumes in this table represent averages for several contracts representing different periods. The average price for the portfolio of options listed above does not have the same payoff profile as the individual option contracts. Viewing the
average price of a group of options is purely for indicative purposes. All positions are financially settled against the benchmark prices.
(2) The sold swaption allows the counterparty, at a specific future date, to enter into a swap with ARC at the above-detailed terms. These volumes are not included in the total commodity volumes until such time that the option is exercised.
(3) MSW differential refers to the discount between WTI and the mixed sweet crude oil grade at Edmonton, calculated on a monthly weighted average basis in US dollars.
(4) Natural gas prices referenced to NYMEX Henry Hub Last Day Settlement.
(5) ARC has entered into basis swaps at locations other than AECO.
(6) Variable rate collar whereby if the Cdn$/US$ spot rate is below 1.2825 at expiry, the ceiling will re-adjust to 1.3000.
28
ESG Recognitions and Rankings
Member of MSCI Global Sustainability Index
MSCI ESG Rating: AAA Member of FTSE Russell’s FTSE4Good Index Series since 2018
Voluntary participant since 2007 Member of the 30% Club since 2018
2020 Climate Change Score: A-
2020 Water Security Score: B
Member of Sustainalytics’ Jantzi Social Index Member of Bloomberg’s Gender-Equality Index since 2021
View ARC’s 2020 ESG Report at www.arcresources.com/responsibility 29
05/05/2021 14Advisory Statements
Notes Regarding Forward-looking Information
This presentation 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 about 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 presentation 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 presentation contains
forward-looking information with respect to: the ability of ARC to generate free funds flow and the anticipated uses thereof; the anticipated impacts of turnaround activity and spring break-up on production and
field operations and the corresponding decrease to production; estimated production amounts and quantities thereof; the continued electrification of well sites across ARC's asset base; the potential impact of
COVID-19, its effect on demand and market volatility, and its possible effect on ARC's future financial and operational results; the anticipated synergies expected to be attained through corporate and finance
cost savings, operating efficiencies, market optimization opportunities, and drilling and completions efficiencies; the expected decrease in costs resulting from the satisfaction of Seven Generations' senior
notes; the expected reduction in ARC's ratio of net debt excluding lease obligations to annualized funds from operations; the expected increased optionality resulting from reaching ARC's debt reduction targets;
the estimated annual capital requirements to sustain ARC's production; the anticipated core areas of ARC's future production; the planned approach to developing the Kakwa asset including plans to continue
on the path of optimizing the inter-well spacing for future pad development in the area; ARC's continued commitment to upholding strong environmental performance by reducing its GHG emissions and a
continued focus on a strong safety culture; ARC's intention to monitor its guidance in respect of COVID-19 and provide updates as required; ARC's priorities for the remainder of 2021; the continued payment of
ARC's quarterly dividend and the value thereof; anticipated increases to production; the anticipated creation of a cohesive ESG strategy and the implementation thereof; impacts of and the timing of achieving
ARC's target range of net debt excluding lease obligations to annualized funds from operations; anticipated cost savings and synergies; and other statements.
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. Material factors or assumptions on which the forward-looking information in this presentation include: ARC's ability to
successfully integrate the business of Seven Generations; access to sufficient capital to pursue any development plans; ARC's ability to issue securities; the impacts the Business Combination may have on the
current credit ratings of ARC; forecast commodity prices and other pricing assumptions; forecast production volumes based on business and market conditions; the accuracy of outlooks and projections
contained herein; projected capital investment levels, the flexibility of capital spending plans, and associated sources of funding; achievement of further cost reductions and sustainability thereof; applicable
royalty regimes, including expected royalty rates; future improvements in availability of product transportation capacity; opportunity for ARC to pay dividends and the approval and declaration of such dividends
by the board of directors of ARC; cash flows, cash balances on hand, and access to ARC’s credit facility being sufficient to fund capital investments; foreign exchange rates; near-term pricing and continued
volatility of the market; the ability of ARC's existing pipeline commitments and financial hedge transactions to partially mitigate a portion of ARC's risks against wider price differentials; estimates of quantities of
crude oil, natural gas, and liquids from properties and other sources not currently classified as proved; accounting estimates and judgments; future use and development of technology and associated expected
future results; ARC's ability to obtain necessary regulatory approvals; 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; ARC's ability to obtain and retain qualified staff and equipment in a timely
and cost-efficient manner; ARC's ability to carry out transactions on the desired terms and within the expected timelines; forecast inflation and other assumptions inherent in the guidance of ARC; the retention
of key assets; the continuance of existing tax, royalty, and regulatory regimes; the accuracy of the estimates of each of ARC's and Seven Generations' reserve volumes; ARC's ability to access and implement
all technology necessary to efficiently and effectively operate its assets; the ongoing impact of COVID-19 on commodity prices and the global economy; and other risks and uncertainties described from time to
time in the filings made by ARC with securities regulatory authorities.
The forward-looking information in this presentation also includes financial outlooks and other related forward-looking information (including production and financial-related metrics) relating to ARC following
the completion of the Business Combination, including: the expectations of ARC regarding the impact of the Business Combination on free funds flow, net debt excluding lease obligations, production, and net
debt excluding lease obligations to annualized funds from operations. Any financial outlook and forward-looking information implied by such forward-looking statements are described in the joint management
information circular of ARC and Seven Generations dated March 1, 2021, and the documents incorporated by reference therein, the 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.sedar.com and are incorporated by reference herein.
30
Advisory Statements
Basis of Preparation
All financial figures and information have been prepared in Canadian dollars (which includes references to "dollars" and "$"), except where another currency has been indicated, and in accordance with International Financial
Reporting Standards ("IFRS" or "GAAP") as issued by the International Accounting Standards Board. Production volumes are presented on a before royalties basis.
Non-GAAP Measures
Certain financial measures in this presentation do not have a standardized meaning as prescribed by IFRS, such as free funds flow (including on a per share basis), and therefore are considered non-GAAP measures. See the
“Capital Management” note of ARC’s unaudited condensed interim consolidated financial statements as at and for the three months ended March 31, 2021 for further information on other measures contained in this presentation
including funds from operations and net debt. These measures may not be comparable to similar measures presented by other issuers. These measures have been described and presented in order to provide shareholders,
potential investors, and analysts with additional measures for analyzing the transaction. This additional information should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.
Free Funds Flow
Management uses free funds flow as a measure of the efficiency and liquidity of its business, measuring its funds available for capital investment to manage debt levels, pay dividends, and return capital to shareholders. The
Company computes free funds flow as funds from operations generated during the period less capital expenditures before undeveloped land purchases and property acquisitions and dispositions. By removing the impact of current
period capital expenditures from funds from operations, Management believes this measure provides an indication to investors and shareholders of the funds the Company has available for future capital allocation decisions.
Barrels of Oil Equivalent
Natural gas volumes have been converted to barrels of oil equivalent (“boe") on the basis of six thousand cubic feet ("Mcf") to one barrel ("bbl"). Boe may be misleading, particularly if used in isolation. A 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 value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared
with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.
Throughout this presentation, crude oil refers to tight, 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”). Natural gas refers to
shale gas and conventional natural gas product types as defined by NI 51-101. ARC’s production of conventional natural gas is considered to be immaterial. ARC’s core producing properties that are considered to be shale gas
include Attachie, Dawson, Parkland (including parts of Tower), and Sunrise, and as such, natural gas, condensate, and natural gas liquids (“NGLs”) are disclosed. ARC’s core producing properties that are considered to be tight oil
include Ante Creek and parts of Tower, and as such, crude oil, natural gas, and NGLs are disclosed. ARC’s core producing property that is considered to be light crude oil is Pembina, and as such, crude oil, natural gas, and NGLs
are disclosed. NGLs for Kakwa refer to natural gas liquids, except for condensate, which is reported separately. Natural gas for Kakwa refers to conventional natural gas and shale gas combined.
Throughout this presentation, when condensate is disclosed, it is done so as it is the product type that is measured at the first point of sale. As per the Canadian Oil and Gas Evaluation (“COGE”) Handbook, condensate is a by-
product of the NGLs product type. NGLs by-products include ethane, butane, propane, and pentanes-plus (condensate).
Advisory – Credit Ratings
Credit ratings are intended to provide investors with an independent measure of credit quality of an issue of securities. Credit ratings are not recommendations to purchase, hold, or sell securities and do not address the market price
or suitability of a specific security for a particular investor. There is no assurance that any rating will remain in effect for any given period of time or that any rating will not be revised or withdrawn entirely by the rating agency in the
future if, in its judgment, circumstances so warrant.
31
05/05/2021 15Advisory Statements
Combined Pro Forma Reconciliations
This presentation includes certain financial and operational results of Seven Generations for the three months ended March 31, 2021, which are derived from the unaudited condensed interim consolidated financial statements of
Seven Generations as at and for the three months ended March 31, 2021 (the "Seven Generations Financial Statements"). The Seven Generations Financial Statements have been prepared in accordance with IFRS following the
same accounting policies as the annual audited consolidated financial statements of Seven Generations as at and for the years ended December 31, 2020 and 2019. Copies of the annual audited consolidated financial statements
of Seven Generations as at and for the years ended December 31, 2020 and 2019 are available under Seven Generations' SEDAR profile at www.sedar.com. The Seven Generations Financial Statements were reviewed and
approved by the Board of Directors of Seven Generations, consisting of ARC management, on April 29, 2021, and were reviewed by the Audit Committee of ARC on May 5, 2021. These results are included to provide the reader with
an understanding of how ARC established its expectations of the financial and operational results of the Company for the balance of 2021 and beyond following the completion of the Business Combination. In this presentation,
when these financial and operational results are added to the results of ARC for the three months ended March 31, 2021, they are referred to as "combined pro forma" results and assume the completion of the Business
Combination as of such date. The combined pro forma results stated herein do not have any standardized meanings under IFRS and therefore may not be comparable to similar measures presented by other entities.
Combined Pro Forma Funds from Operations Combined Pro Forma Net Debt excluding Lease Obligations
$ millions For the three months ended March 31, 2021 $ millions As at March 31, 2021
Seven Generations Seven Generations
Cash provided by operating activities 327.5 Senior notes 1,536.8
Change in non-cash working capital (53.1) Credit facility draws 180.0
Change in other long-term liabilities related to operating activities 26.2 Long-term portion of lease liabilities 50.1
Seven Generations funds from operations 300.6 Long-term portion of share-based compensation liability 7.1
ARC funds from operations(1) 273.9 Current assets (411.8)
Combined pro forma funds from operations 574.5 Current liabilities 567.9
Combined Pro Forma Free Funds Flow 1,930.1
$ millions For the three months ended March 31, 2021 Current portion of risk management assets 22.5
Seven Generations Current portion of risk management liabilities (115.6)
Cash provided by operating activities 327.5 Net debt 1,837.0
Change in non-cash working capital (53.1) Long-term lease liabilities (50.1)
Change in other long-term liabilities related to operating activities 26.2 Seven Generations net debt excluding lease obligations 1,786.9
Funds from operations 300.6 ARC net debt excluding lease obligations(1) 568.0
Investments in oil and natural gas assets (148.3) Combined pro forma net debt excluding lease obligations 2,354.9
Seven Generations free funds flow 152.3 (1) Refer to Note 9 “Capital Management” in ARC’s financial statements as at and for the three months ended March 31,
2021 and to the sections entitled “Funds from Operations” and “Capitalization, Financial Resources and Liquidity” in
ARC free funds flow(2) 148.2 ARC’s MD&A.
Combined pro forma free funds flows 300.5 (2) Non-GAAP measure that does not have any standardized meaning under IFRS and therefore may not be comparable
to similar measures presented by other entities. Refer to the section entitled “Non-GAAP Measures” in ARC’s MD&A.
32
Advisory Statements
Reserves Disclosures
All reserves in this presentation are, unless indicated otherwise, as at December 31, 2020 as evaluated by GLJ Ltd. in accordance with the definitions, standards, and procedures contained in the COGE Handbook and NI 51-101.
Kakwa reserves are as at December 31, 2020 as evaluated by McDaniel & Associates Consultants Ltd.
All reserves and resources volumes for the Montney and elsewhere in this presentation are company gross.
Gas volumes are “sales” for reserves.
The amount of natural gas and liquids ultimately recovered from ARC’s the Montney resource will be primarily a function of the future price of both commodities.
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:
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 recovered will 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 quantities recovered will be greater or less than the sum of the estimated
proved plus probable reserves.
33
05/05/2021 16Investor Relations Contacts
Kris Bibby General Investor Relations Enquiries
Senior Vice President and Chief Financial Officer 403.503.8600
403.503.8675 1.888.272.4900
KBibby@arcresources.com IR@arcresources.com
Martha Wilmot
Investor Relations Analyst
403.509.7280
MWilmot@arcresources.com
Visit ARC’s website at www.arcresources.com and ARC’s SEDAR profile at www.sedar.com 34
05/05/2021 17FINANCIAL AND
OPERATIONAL HIGHLIGHTS
2021 2020 2019
($ millions, except per share amounts) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2
FINANCIAL RESULTS
Commodity sales from production 525.3 363.1 285.0 217.9 269.5 325.1 253.7 282.9
Per share, basic 1.49 1.03 0.81 0.62 0.76 0.92 0.72 0.80
Per share, diluted 1.48 1.02 0.81 0.62 0.76 0.92 0.72 0.80
Net income (loss) 178.0 120.8 (66.1) (43.5) (558.4) (10.2) (57.2) 94.4
Per share, basic 0.50 0.34 (0.19) (0.12) (1.58) (0.03) (0.16) 0.27
Per share, diluted 0.50 0.34 (0.19) (0.12) (1.58) (0.03) (0.16) 0.27
Funds from operations(1) 273.9 212.0 144.6 150.2 160.8 172.8 145.4 193.0
Per share, basic 0.78 0.60 0.41 0.42 0.46 0.49 0.41 0.54
Per share, diluted 0.77 0.60 0.41 0.42 0.46 0.49 0.41 0.54
Free funds flow(2) 148.2 135.3 92.0 106.1 (9.0) 31.1 (16.5) 18.8
Per share, basic 0.42 0.38 0.26 0.30 (0.03) 0.09 (0.05) 0.05
Per share, diluted 0.42 0.38 0.26 0.30 (0.03) 0.09 (0.05) 0.05
Dividends declared 21.3 21.3 21.2 21.3 42.5 53.1 53.1 53.1
Per share(3) 0.06 0.06 0.06 0.06 0.12 0.15 0.15 0.15
Total assets 6,011.1 4,954.2 4,982.9 5,136.8 5,172.6 5,778.3 5,819.2 5,878.9
Total liabilities 3,062.8 2,163.6 2,292.7 2,360.3 2,332.4 2,338.4 2,317.1 2,267.7
Net debt(1) 613.6 742.7 867.8 961.1 1,079.7 940.2 945.5 829.2
Net debt excluding lease obligations(1) 568.0 693.5 834.2 923.0 1,037.3 894.0 897.4 779.3
Weighted average shares, basic 353.4 353.4 353.4 353.4 353.4 353.4 353.4 353.4
Weighted average shares, diluted 354.4 354.3 353.4 353.4 353.4 353.4 353.4 353.9
Shares outstanding, end of period 353.4 353.4 353.4 353.4 353.4 353.4 353.4 353.4
CAPITAL EXPENDITURES
Geological and geophysical 2.0 2.5 2.4 3.4 6.5 0.9 1.1 0.3
Drilling and completions 90.3 68.1 40.8 31.8 131.3 86.7 101.0 110.1
Plant and facilities 21.8 3.1 5.9 8.3 25.8 47.5 51.1 56.2
Maintenance and optimization 4.4 1.5 2.1 1.4 4.4 3.0 6.2 5.8
Corporate 7.2 1.5 1.4 (0.8) 1.8 3.6 2.5 1.8
Total capital expenditures 125.7 76.7 52.6 44.1 169.8 141.7 161.9 174.2
Undeveloped land — — — — — — 0.7 —
Total capital expenditures, including undeveloped
land purchases 125.7 76.7 52.6 44.1 169.8 141.7 162.6 174.2
Acquisitions — 61.6 — 0.5 2.5 — — —
Dispositions (0.1) (63.2) — (0.6) (2.4) (1.1) (2.8) (0.9)
Total capital expenditures, undeveloped land
purchases, and net acquisitions and dispositions 125.6 75.1 52.6 44.0 169.9 140.6 159.8 173.3
OPERATIONAL RESULTS
Production
Crude oil (bbl/day) 13,647 15,554 15,373 14,987 16,997 17,083 16,782 18,272
Condensate (bbl/day) 13,812 14,715 14,831 13,239 11,262 10,937 10,846 10,230
Crude oil and condensate (bbl/day) 27,459 30,269 30,204 28,226 28,259 28,020 27,628 28,502
Natural gas (MMcf/day) 794.1 783.1 708.2 773.3 692.2 669.0 595.4 596.4
NGLs (bbl/day) 10,620 8,678 10,208 9,405 8,152 8,123 7,952 7,041
Total (boe/day) 170,430 169,468 158,444 166,510 151,783 147,650 134,813 134,938
Average realized prices, prior to risk management
contracts
Crude oil ($/bbl) 64.46 48.14 45.45 25.88 49.69 65.11 64.79 70.26
Condensate ($/bbl) 71.59 53.55 48.49 31.54 57.52 68.08 65.70 71.38
Natural gas ($/Mcf) 4.60 2.88 2.16 1.92 2.05 2.36 1.54 1.74
NGLs ($/bbl) 29.45 18.03 14.85 10.84 6.36 11.69 5.25 7.71
Oil equivalent ($/boe) 34.25 23.29 19.55 14.38 19.52 23.93 20.46 23.04
TRADING STATISTICS(4)
($, based on intra-day trading)
High 8.67 7.20 6.94 6.12 8.39 8.26 7.85 9.61
Low 5.88 5.66 4.54 3.64 2.42 5.40 5.37 6.37
Close 7.72 6.00 5.95 4.56 4.05 8.18 6.31 6.41
Average daily volume (thousands) 3,125 1,582 1,363 2,177 3,207 2,583 1,838 2,255
(1) Refer to the "Capital Management" note in ARC’s financial statements and to the sections entitled "Funds from Operations" and “Capitalization,
Financial Resources and Liquidity” contained within ARC’s MD&A.
(2) Non-GAAP measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by
other issuers. Refer to the section entitled “Non-GAAP Measures” contained within ARC’s MD&A.
(3) Dividends per share are based on the number of shares outstanding at each dividend record date.
(4) Trading statistics denote trading activity on the Toronto Stock Exchange only.DIRECTORS EXECUTIVE OFFICE CORPORATE CALENDAR
Harold N. Kvisle ARC Resources Ltd. June 22, 2021
Board Chair 1200, 308 – 4th Avenue S.W. Annual Meeting of Shareholders
Marty L. Proctor(1)(2) Calgary, Alberta T2P 0H7
July 29, 2021
Board Vice-Chair T 403.503.8600 Q2 2021 Results
Farhad Ahrabi(1)(3) TOLL FREE 1.888.272.4900
November 4, 2021
F 403.503.8609
David R. Collyer(4)(5) Q3 2021 Results
www.arcresources.com
Susan C. Jones(2)(4)
William J. McAdam(1)(2) STOCK EXCHANGE
Michael G. McAllister(2)(4) TRANSFER AGENT LISTING
Kathleen M. O’Neill(1)(5) Computershare Trust
Toronto Stock Exchange
Company of Canada
M. Jacqueline Sheppard(4)(5) 600, 530 – 8th Avenue S.W.
Leontine van Leeuwen-Atkins(1)(3) Calgary, Alberta T2P 3S8
Terry M. Anderson T 403.267.6800
(1) Member of Risk Committee
(2) Member of Safety, Reserves and Operational Excellence Committee
(3) Member of Audit Committee
(4) Member of Human Resources and Compensation Committee
(5) Member of Policy and Board Governance Committee
AUDITORS
PricewaterhouseCoopers LLP
SENIOR MANAGEMENT Calgary, Alberta
Terry M. Anderson
President and CEO
Kris J. Bibby
ENGINEERING
Senior Vice President and CFO CONSULTANTS
David B. Holt GLJ Ltd.
Senior Vice President and COO Calgary, Alberta
Lara M. Conrad
Senior Vice President, Development
Armin Jahangiri LEGAL COUNSEL
Senior Vice President, Capital Projects
Burnet, Duckworth &
Palmer LLP
Calgary, AlbertaYou can also read
