Stocks in play: ARC Resources Ltd
Today provided an operations update alongside a non-core asset disposition and the renewal of its normal course issuer bid. 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. ARC Resources LtdT.ARX shares T.ARX are trading up $0.19 at $24.05.
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