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.
Construction commenced on the first 60 mmcf per day phase of the Parkland/Tower gas processing and liquids handling facility
(Three Months ended March 31, 2013)
|Crude Oil (bbl/d)||32,505||31,305|
|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|
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)|
|South Central AB||12,551||5,222||96||41.8||238|
|Southeast SK & MB||12,076||11,792||13||1.3||51|
(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.