Operations Review
First Quarter 2013 Operations Review
- ARC achieved first quarter production of 95,472 boe per day, a one per cent increase relative to the first quarter of 2012
- First quarter crude oil and liquids production of 37,368 barrels per day increased three per cent relative to the first quarter of 2012
- Crude oil and liquids production contributed approximately 72 per cent of first quarter sales revenue, due to the strength of crude prices relative to natural gas prices
- Funds from operations for the first quarter were $202.4 million ($0.65 per share), a 12 per cent increase from the first quarter of 2012 due to higher production, higher natural gas prices and lower royalty revenues
- First quarter capital expenditures, prior to net property and undeveloped land acquisitions, totaled $232.4 million and focused primarily on oil and liquids rich opportunities at Tower, Ante Creek, Pembina, Goodlands and southeast Saskatchewan.
- ARC drilled 60 gross operated wells in the first quarter of 2013, comprised of 53 oil wells, two liquids-rich natural gas wells and five natural gas wells.
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Construction commenced on the first 60 mmcf per day phase of the Parkland/Tower gas processing and liquids handling facility
|
2013 Production (Three Months ended March 31, 2013) |
2013 | 2012 |
| Crude Oil (bbl/d) | 32,505 | 31,305 |
| Condensate (bbl/d) | 2,032 | 2,399 |
| Natural gas (mmcf/d) | 348.6 | 353.0 |
| Natural Gas Liquids (bbl/d) | 2,831 | 2,432 |
| Total Production (boe/d) | 95,472 | 94,970 |
Property Summary
The following table summarizes the companies production by core area for three months ended March 31, 2013:
| Core Area (1) | Total (boe/d) | Oil (bbl/d) | Condensate (bbl/d) | Gas (mmcf/d) | NGL (bbl/d) |
| Northeast BC | 41,570 | 793 | 1,007 | 234.0 | 764 |
| Northern AB | 16,754 | 6,139 | 597 | 53.5 | 1,098 |
| Pembina | 12,521 | 8,559 | 319 | 18.0 | 635 |
| South Central AB | 12,551 | 5,222 | 96 | 41.8 | 238 |
| Southeast SK & MB | 12,076 | 11,792 | 13 | 1.3 | 51 |
| Total | 95,472 | 32,505 | 2,032 | 348.6 | 2,831 |
(1) Provincial and directional references: AB is Alberta, BC is British Columbia, SK is Saskatchewan, MB is Manitoba, NE is northeast, NW is northwest, SE is southeast and SW is southwest.
