The following is a summary of the ARC Resources Ltd. (AETUF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• ARC Resources reported a record $1.8 billion capital program and 6% growth on a per share basis.

• Q4 production was 365,000 BOE per day, exceeding the forecast by 10,000 BOE per day.

• The company maintained operating costs at a two-year low and achieved a natural gas price that was over a 20% premium to AECO for 11 consecutive years.

• Cash flow of CAD 700 million was generated in Q4 with operating margins between 63% and 73%.

• The company invested CAD 1.85 billion in 2023, leading to free cash flow of CAD 155 million in Q4, all of which was returned to shareholders.

• 2023 saw a return on capital of 23%.

Business Progress:

• Despite challenging weather, the company stayed committed to safety and operational excellence.

• Significant progress was made on strategic initiatives, including resuming full operations in B.C. and Alberta and leveraging the world-class asset at Kakwa.

• The sanctioning of a major growth project in Attachie and execution of another LNG supply agreement was announced.

• The company aims to triple free cash flow per share over the next five years, plans to invest CAD 1.8 billion in 2024, and expects to maintain production levels similar to 2023.

• ARC Resources aims for growth in the second half of 2024 and intends to retire shares and enhance per share numbers in 2024 and 2025.

• The company has commenced supplying gas to LNG Canada and expects a start to operations in the first half of 2025.

More details: ARC RESOURCES LTD IR

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