CALGARY, Sept. 16, 2016 /CNW/ - (ARX - TSX) ARC Resources Ltd. ("ARC") confirms that an eligible dividend of $0.05 per share will be paid on October 17, 2016 to shareholders of record on September 30, 2016.
Arc Resources Ltd. (TSX:ARX), one of the largest conventional oil and gas companies in Canada, has been one of the market's most disappointing stocks in 2015, but it has the potential to be one of the top performers from this point forward.
Canadian energy producer ARC Resources Ltd. is working with Royal Bank of Canada to sell a package of oil and natural gas properties that could fetch more than C$500 million ($380 million), according to people familiar with the matter.
Once it paid for its capital expenditures, Arc only generated about $70 million in free cash flow. After paying out more than $220 million in dividends, that leaves a shortfall of $150 million, or about $0.40 per share.
ARC Resources Ltd. ("ARC") (TSX:ARX) announced today that it has entered into an agreement to sell approximately 15.5 million common shares at $22.55 per share to raise gross proceeds of approximately $350 million on a bought deal basis.
Arc Resources Ltd. (TSX:ARX), one of the largest conventional oil and gas companies in Canada, released first-quarter earnings after the market closed on April 29, and its stock has responded by falling over 2.5%.