ARC Resources Ltd. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported funds from operations of CAD 191.5 million or CAD 0.57 per share compared to CAD 292.3 million or CAD 0.93 per share for the same period a year ago. Net loss was CAD 1.7 million or CAD 0.01 per share compared to net income of CAD 29.4 million or CAD 0.09 per share for the same period a year ago. Total capital expenditures, including land and net property acquisitions were CAD 119.9 million compared to CAD 278.5 million last year. Net debt outstanding was CAD 950.5 million compared to CAD 1,096.0 million last year. Revenue for the first quarter ended March 31, 2015 was CAD 276.2 million, compared to CAD 471.4 million for the same quarter ended March 31, 2014.

For the quarter, the company reported production of 120,354 boe per day, 14% higher than 105,699 boe per day in the first quarter of 2014. Increased first quarter 2015 total production, relative to the first quarter of 2014, was due to new wells brought on production at Sunrise through a third party facility and significantly higher production at Parkland/Tower attributed to filling of the new processing facility, offset in part by approximately 2,400 boe per day of production from shallow gas assets divested in the second quarter of 2014. 

The company revises full year 2015 production and capital expenditure guidance. The company expects total production to be in the range of 120,000 boe - 125,000 boe per day from 113,000 boe - 116,000 boe per day. The company has reduced its planned 2015 capital program to approximately CAD 550 million from CAD 750 million to preserve its strong financial position while remaining focused on the long-term and advancing key strategic projects.

The company announced that Mr. David Carey, Senior Vice President Capital Markets, will be retiring in the second half of 2016.