ARX:

Our History

A Consistent Vision

ARC was founded in 1996 with the vision of being a premier conventional oil and gas company. Its founding principles were strong, smart leadership, high-quality assets, and long-term shareholder returns. Today, those founding principles remain in place and shape how the business is run. The timeline below highlights key events and decisions in ARC’s history.

  1. 1996

    ARC Energy Trust is formed with the acquisition of 21 properties from Mobil Oil Canada. An initial IPO of 18 million units priced at $10 per share raises $180 million. ARC begins trading on the TSX July 11, 1996, under the symbol AET.UN.

    1996
  2. 1997

    ARC completes its first full year as a trust and closes seven transactions totalling $94 million of net acquisitions. Year-end reserves and total production increase by 40 percent.

    1997
  3. 1998

    With oil prices averaging just $14.40 U.S per barrel, ARC weathers the storm and maintains distributions at $0.10 per unit per month.

    1998
  4. 1999

    ARC has a year of growth and success. ARC acquires Starcor Energy Royalty Fund and Orion Energy Trust in March, resulting in increased production. Market capitalization increases 200 per cent. Units outstanding rise 109 per cent. All of the growth coupled with rising oil prices resulted in a 42 percent increase in the unit price.

    1999
  5. 2000

    ARC’s consistent growth and outstanding results place it as one of Canada’s largest oil and gas royalty trusts. In addition, ARC acquires strategic producing assets in Ante Creek.

    2000
  6. 2001

    ARC reaches the $1 billion market capitalization milestone – becoming just the third trust in the energy sector to do so. ARC completes the acquisition of Startech Energy Inc., boosting production by approximately 16,000 boe/day and adding 30 new employees. 

    2001
  7. 2002

    ARC becomes the first conventional oil and gas trust to eliminate an external management contract and all related future fees. John Dielwart becomes the first executive of a trust to be appointed to the role of Chairman of the Canadian Association of Petroleum Producers (CAPP).

    2002
  8. 2003

    ARC completes the largest acquisition in its history, acquiring Star Oil and Gas Ltd., including the key asset, the Dawson gas field. Production increases 16,000 boe/day. 

    2003
  9. 2004

    ARC focuses on the development of its asset base with a then-record capital expenditure of $194 million, and maintains production at approximately 57,000 boe/day.

    2004
  10. 2005

    ARC announces a $462 million strategic acquisition of properties in the Pembina and Redwater fields. ARC pioneers the use of an innovative completion technology for horizontal wells that proves to be a key technology for unlocking value from tight gas reservoirs.

    2005
  11. 2006

    ARC celebrates its 10-year anniversary in a year that saw record highs in production, cash flow and record total earnings. Cumulative distributions increase to over $2 billion.

    2006
  12. 2007

    ARC significantly expands its land holdings in the greater Dawson area to approximately 90,000 net acres and drills the Sunrise discovery well, setting the stage for future growth in the area.

    2007
  13. 2008

    Total Cumulative distributions paid to investors surpass $3 billion. ARC completes the CO2-enhanced oil recovery pilot facilities at Redwater and successful injection begins. An independent evaluation of the lands in the greater Dawson area identifies over 8 Tcf of original gas in place. Plans are announced to more than triple production at the Dawson gas field with the construction of two 60 mmcf/day gas plants.

    2008
  14. 2009

    ARC successfully applies horizontal completion techniques, already in use at Dawson, to the Ante Creek Montney field in northern Alberta, and completes a $180 million property acquisition to expand its holdings in the area by 70 per cent. 

    2009
  15. 2010

    ARC achieves a 16 per cent year-over-year growth in production, accompanied by an increase in revenues, cash flow and net income. The first phase of the Dawson gas plant comes on-stream in May. ARC completes the acquisition of Storm Exploration Inc., adding the Parkland Montney field.

    2010
  16. 2011

    ARC completes its conversion from a royalty trust to a corporation, while maintaining its proven strategy. In July, ARC celebrates its 15-year anniversary. Operational successes include the completion of the second phase of the Dawson gas plant.

    2011
  17. 2012

    Founder and long-time Chief Executive Officer, John Dielwart, announces his retirement from ARC with Myron Stadnyk appointed as President and Chief Executive Officer effective January 1, 2013. ARC achieved record production levels in 2012, with crude oil and liquids up 15 per cent relative to 2011.

    2012
  18. 2013

    ARC executes a record capital program of $860 million, setting the stage for a significant increase in production in 2014. The development of ARC's Montney assets continue with the construction and commissioning of the Parkland Gas Plant. ARC reaches the milestone of 100,000 boe/day in the fourth quarter of 2013.

    2013
  19. 2014

    ARC achieves record production exceeding 110,000 boe/day. Investment in strategic infrastructure remains a core part of ARC’s business strategy as construction begins on a new 60 mmcf/day gas plant in Sunrise. ARC surpasses the $5 billion mark of dividends paid to shareholders.

    2014
  20. 2015

    ARC successfully completes construction of the Sunrise gas plant ahead of schedule and under budget. Despite a challenging year for the industry, ARC continues to manage the business for the long term. Hal Kvisle announced as new Board Chair following Mac Van Wielingen’s retirement.

    2015
  21. 2016

    ARC safely operates its 2016 capital program with no lost-time incidents for employees and contractors. The sale of Saskatchewan assets continues ARC’s transformation towards a more focused asset base. ARC exited the year with a strong balance sheet poised for success despite challenging industry conditions.

    2016
  22. 2017

    ARC delivered record production of over 120,000 boe per day, achieved our largest development reserves additions in corporate history, and grew cash flow per share by 15 per cent relative to 2016. We safely completed the construction of a gas processing and liquids-handling facility at Dawson and advanced our understanding of the liquids-rich Lower Montney.

    2017