ARC ENERGY TRUST $28.25 (Toronto symbol AET.UN; SI Rating: Speculative) produces oil and gas in western Canada. Like most oil and gas trusts, ARC holds mature, low-risk properties, with a focus on short-term cash flow for payout.
In the three months ended March 31, 2006, ARC’s revenue rose 34%, to $318.9 million from $238.1 million. Cash flow per unit rose 25.3%, to $0.94 from $0.75.
ARC’s average daily production of 64,600 barrels of oil per day equivalent is weighted 52% toward crude oil and liquids and 48% natural gas. In the quarter, the company’s average realized price for oil was $59.53 U.S. and $8.40 U.S. for gas.
ARC’s debt remains low, at approximately 30% of unitholders’ equity or just over 72% of annual cash flow. The company is spending $340 million this year on capital expenditures.
ARC pays a monthly distribution of $0.20, for a current yield of 8.5%. The trust distributed 63% of its cash flow as distributions in the latest quarter.
ARC Energy Trust is still a buy.
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