Performance

Financial & Operating Highlights

Year Ended December 31
Cdn$ millions, except per share and boe amounts

 

 

 

 

2012

2011

2010(8)

FINANCIAL

 

 

 

Funds from operations (1)

719.8

844.3

667.0

Per share (2)

2.42

2.95

2.52

Net income (loss)

139.2

287.0

212.2

Per share (2)

0.47

1.00

0.80

Operating income (3)

163.2

293.5

235.6

Per share (2)

0.55

1.02

0.88

Dividends

357.4

344.0

313.5

Per share (2)

1.20

1.20

1.20

Capital expenditures

608.0

726.0

590.9

Net debt outstanding (4)

745.6

909.7

871.0

Shares outstanding, weighted average diluted

297.2

286.6

264.2

Shares outstanding, end of period

308.9

288.9

284.4

OPERATING

 

 

 

Production

 

 

 

Crude oil (bbl/d)

31,454

27,158

27,341

Condensate (bbl/d)

2,217

2,052

1,617

Natural gas (mmcf/d)

342.9

310.6

254.2

Natural gas liquids (bbl/d)

2,728

2,444

2,628

Total (boe/d) (5)

93,546

 83,416

 73,954

Average prices

 

 

 

Crude oil ($/bbl)

82.03

89.51

73.85

Condensate ($/bbl)

92.63

96.07

77.40

Natural gas ($/mcf)

2.62

3.83

4.21

Natural gas liquids ($/bbl)

38.11

47.53

39.57

Oil equivalent ($/boe)

40.50

47.15

44.88

Operating netback ($/boe)

 

 

 

Commodity and other sales

40.58

47.24

44.96

Transportation costs

(1.29)

(1.18)

(1.10)

Royalties

(5.72)

(7.20)

(7.14)

Operating costs

(9.40)

(9.70)

(9.70)

Netback before hedging

24.17

29.16

27.02

Realized Hedging gain (loss)

1.87

2.39

2.20

Netback after hedging

26.04

31.55

29.22

RESERVES

(company gross)(6)

 

 

 

Proved plus probable reserves

 

 

 

Crude oil and NGL (mbbl)

185,548

170,153

165,963

Natural gas (bcf)

2,529

2,413

1,915

Total (mboe)

606,982

572,374

485,121

TRADING STATISTICS (7)

 

 

 

High price

26.25

28.67

26.05

Low price

18.36

19.40

18.77

Close price

24.44

25.10

25.41

Average daily volume (thousands)

1,356

1,251

1,197

  1. Funds from operations is an additional GAAP measure which may not be comparable with similar additional GAAP measures used by other entities. See “Non-GAAP Measures” section in the MD&A for the years ended December 31, 2012 and 2011.
  2. Per share amounts (with the exception of dividends) are based on weighted average shares.
  3. Operating income is a non-GAAP measure.  See “Operating Income” section in the February 6, 2013 news release titled “ARC Resources Ltd. Reports Fourth Quarter and Full Year 2012 Results.”
  4. Net debt is an additional GAAP measure and therefore it may not be comparable with the calculation of similar entities. Net debt is defined as long-term debt plus working capital deficit (surplus). Working capital deficit (surplus) is calculated as current liabilities less the current assets as they appear on the Audited Consolidated Balance Sheets, and excludes current unrealized amounts pertaining to risk management contracts, and assets held for sale.
  5. In accordance with NI 51-101, a boe conversion ratio of 6 Mcf: 1 bbl has been used, which is based on an energy equivalency conversion method primarily applicable at the burner tip.  Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of the conversion ratio, utilizing the 6:1 conversion ratio may be misleading as an indication of value.
  6. Company gross reserves are the gross interest reserves prior to the deduction of royalty burdens.
  7. Trading prices are stated in Canadian dollars and based on intra-day trading.
  8. Beginning January 1, 2011, all Canadian publically traded accountable enterprises are required to prepare financial statements using International Financial Reporting standards ("IFRS"). Amounts have been restated to comply with IFRS. See Note 23, "Explanation of Transition to International Reporting Standards" in the audited and Consolidated Financial Statements for the year ended December 31, 2011 and 2010 for information on ARC’s transition to IFRS.


 Click to download pdfs