Prominent Canadian producer Arc Resources Ltd. said it grew natural gas output during the first quarter and capitalized on deliveries of the fuel to the United States to realize improved pricing and stronger profitability.
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Calgary-based Arc said its first quarter oil and natural gas output averaged 372,265 boe/d, with the output 63% gas weighted. The total was up 6% from a year earlier.
The company maintained its guidance for ongoing growth this year. Arc plans to invest between $1.6 billion and $1.7 billion to generate annual average production of between 380,000 boe/d and 395,000 boe/d, with natural gas accounting for more than 60% of that supply.