CALGARY, AB, Sept. 4, 2024 /CNW/ - (ARX: TSX) ARC Resources Ltd. ("ARC" or the "Company") today provided an operations update alongside a non-core asset disposition and the renewal of its normal course issuer bid ("NCIB").

Non-Core Asset Disposition – ARC recently closed the disposition of certain non-core, non-Montney assets for total cash proceeds of $80 million. The proceeds will be allocated to share repurchases as ARC's view of its intrinsic value exceeds the current share price.Attachie Update – Phase I of Attachie remains on track, with initial commissioning volumes anticipated in the fourth quarter of 2024. Plant construction is greater than 90 per cent complete and drilling and completion operations are progressing on schedule. ARC has drilled 37 of the initial 40 start-up wells, while 28 wells have been fracture stimulated.Sunrise Update – Natural gas production at Sunrise remains curtailed by approximately 250 MMcf per day (approximately 42,000 boe per day) due to persistently low natural gas prices. As a result, ARC expects third quarter production to average between 315,000 boe per day and 330,000 boe per day, with a higher percentage of liquids relative to the first six months of 2024 reflecting curtailed natural gas volumes and growth from its condensate-rich assets. Natural gas production curtailments and strong well productivity is expected to result in lower capital spending than originally planned at Sunrise in 2025, leading to higher free funds flow as natural gas prices recover.NCIB Renewal – ARC received approval from the Toronto Stock Exchange ("TSX") to commence an NCIB. The NCIB allows ARC to purchase up to 59,404,376 of its outstanding common shares ("Common Shares"), representing 10 per cent of its public float, over a 12-month period commencing September 6, 2024.Under the NCIB, Common Shares may be purchased by ARC in open market transactions on the TSX and other alternative trading platforms in Canada and in accordance with the TSX rules for NCIBs. The NCIB will commence on September 6, 2024 and expire no later than September 5, 2025. Subject to exceptions for block purchases, ARC will limit daily purchases of Common Shares on the TSX to no more than 482,732 Common Shares or 25 per cent of the average daily trading volume of the Common Shares on the TSX of 1,930,931 Common Shares during any trading day. ARC previously purchased an aggregate of 13,862,100 Common Shares at a weighted average price of $22.05 under a normal course issuer bid between the periods of September 1, 2023 and August 30, 2024.The NCIB complements ARC's sustainable and growing dividend in the Company's strategy to return capital to shareholders. ARC believes when dislocations exist between the share price of its shares and the intrinsic value of the business, an NCIB can increase shareholder value and per share growth.ARC plans to continue to return essentially all free funds flow to shareholders. Based on the forward curve(1), ARC estimates free funds flow in 2025 to approximate between $1.3 billion and $1.5 billion.The Company has, in connection with the NCIB, entered into an automatic share purchase plan with a broker to enable ARC to provide standard instructions and purchase Common Shares on the open market during self-imposed blackout periods. Outside of these blackout periods, Common Shares may be purchased under the NCIB in accordance with Management's discretion.As of the close of business on August 26, 2024, the Company had 596,221,125 Common Shares issued and outstanding and 594,043,760 Common Shares issued and outstanding in its public float. All Common Shares acquired under the NCIB will be cancelled.