ARC Resources Ltd. announced that its Board of Directors has approved a $915 million capital program for 2014 directed at high value oil and liquids-rich gas plays and investment in its low cost Montney gas assets. ARC expects annual average production growth of approximately 17 per cent in 2014.
Myron Stadnyk, ARC's President and Chief Executive Officer, said, "With a clear line of sight toward future value creation, we are building a long-term sustainable business on the back of our world class assets while continuing to pay a meaningful dividend to our shareholders. With outstanding opportunities in our portfolio and a $915 millioncapital program for 2014, we will continue to create value by investing in high rate of return projects including oil, liquids-rich gas and natural gas development. We expect to deliver year-over-year production growth of approximately 17 per cent in 2014 comprised of a 14 per cent increase in our high value crude oil and liquids production and a 20 per cent increase in our low cost, high rate of return Montney natural gas production. In addition this capital budget invests in key pilot projects that should set the stage for future commercial developments."