ARC ENERGY TRUST $20.75 (Toronto symbol AET.UN; SI Rating: Speculative) produces oil and gas in western Canada.
In the three months ended June 30, 2007, ARC’s revenue fell slightly, to $305.6 million from $306.7 million. Cash flow per unit fell 16.7%, to $0.80 from $0.96. The decline in cash flow came largely from higher production costs.
ARC’s average daily production of 61,637 barrels of oil per day equivalent is weighted 52% toward crude oil and 48% natural gas. In the latest quarter, its average realized price for oil was $65.21 U.S., down 9.3% from $71.86 a year earlier. However, natural gas was $7.38 U.S., up 16.2% from $6.35.
ARC’s debt remains low, at approximately 33% of unitholders’ equity or under one year’s annual cash flow. ARC pays a monthly distribution of $0.20, for a current yield of 11.6%. It distributed 71% of its cash flow as distributions in the latest quarter.
ARC Energy Trust is still a buy.
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