CALGARY, Oct. 17, 2016 /CNW/ - (ARX - TSX) ARC Resources Ltd. ("ARC") confirms that an eligible dividend of $0.05 per share will be paid on November 15, 2016 to shareholders of record on October 31, 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.
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.
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.