ARC RESOURCES $25.67 (Toronto symbol ARX; Shares outstanding: 308.9 million; Market cap: $7.9 billion; TSINetwork Rating: Speculative; Dividend yield: 4.7%; www.arcresources.com) produces oil and gas in western Canada. Its average daily production of 95,725 barrels of oil equivalent is weighted 61% to gas and 39% to oil.
In the three months ended December 31, 2012, ARC’s cash flow per share fell 13.9%, to $0.68 from $0.79. Production rose 4.0%, but that was offset by a 3.2% decline in gas prices.
The company’s long-term debt is $747.7 million, or a low 9.5% of its market cap. ARC trades at 11.1 times its forecast 2012 cash flow of $2.32 a share.
ARC plans to spend $830 million on exploration and development this year, up 29.7% from $640 million in 2012. The company aims to end 2013 with production of 100,000 barrels per day.
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