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ARC Resources posts Q2 net income, reversing prior-year loss

ARC Resources Ltd. on July 31 reported second-quarter net income of C$94.4 million, or 27 Canadian cents per share, up from a net loss of C$45.9 million, or a loss of 13 cents per share, in the second quarter of 2018.

Total revenue for the quarter came in at C$303.1 million, increasing from the C$253.4 million posted a year ago. Total expenses were pegged at C$272.6 million, down from the C$309.6 million recorded during the same period in 2018.

Total production came in at 134,938 barrels of oil equivalent per day in the second quarter, increasing from the 127,879 boe/d noted for the corresponding period a year prior.

Average realized prices came in at C$23.04/boe, compared to C$29.59/boe a year ago.

Capital expenditures for the quarter, including land and net property acquisitions, totaled C$173.3 million, compared to the C$164.1 million posted a year ago.