ARC RESOURCES $26.76 (Toronto symbol ARX; Shares outstanding: 317.4 million; Market cap: $8.1 billion; TSINetwork Rating: Speculative; Dividend yield: 4.5%; www.arcresources.com) produces oil and natural gas in Western Canada. Its average daily output of 110,165 barrels of oil equivalent is 60% gas and 40% oil.
In the three months ended June 30, 2014, ARC’s cash flow per share jumped 43.1%, to $0.93 from $0.65 a year earlier.
Production gained 17.9%, even though maintenance on existing wells cost the company an estimated 2,400 barrels a day in the latest quarter. ARC’s realized gas price rose 28.3%. Oil prices increased 14.5%.
ARC’s long-term debt is $857.7 million, or a low 10.6% of its market cap. It trades at 7.8 times its forecast 2015 cash flow of $3.42 a share, based on today’s lower oil and gas prices (down from a previous forecast of $4.23 a share).
The company plans to spend $975 million on exploration and development this year. That’s up from its original forecast of $915 million and 13.4% above the record $860 million it spent in 2013. ARC aims to produce an average of 110,000 to 114,000 barrels a day in 2014, up about 17% from 2013.
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