Arc Resources — Investor Presentation (December 2025)
55 slides from Arc Resources's investor presentation, December 2025
Slide 1: ARC Resources Ltd. Investor Presentation
ARC Resources Ltd. Investor Presentation Photo Caption copy area Q4 2025
Slide 2: Corporate Profile
Corporate Profile Premium investment opportunity for Montney exposure, one of the most profitable assets in North America BC & Alberta Montney Producers 1 Shares outstanding 576 million 450 2 400 Liquids (MB/d) Market capitalization $15.0 billion 350 3 Natural Gas (Mboe/d) Net debt $3.1 billion 300
Slide 3: Transformation to the Largest Montney Producer
Transformation to the Largest Montney Producer Large concentrated asset base drives efficiency, well positioned for the future 2014 2025E NEBC Pouce Prestville Valhalla Chinchaga NEBC >1 million Hotchkiss NEBC Montney acres Hawk Hills >1.1 million Montney acres Swan Hills Ante Creek Ante Redwater Cr
Slide 4: Investment Case for ARC
Investment Case for ARC Free Funds Flow Per Share1 2 Growth World-class Assets 5.00 • Canada's largest Montney & condensate producer • Capability to grow >500 Mboe/d and sustain for 4.00 greater than 10 years 3.00 Commitment to Shareholder Returns $ per share • Clear strategy to grow free funds flow
Slide 5: 2026 Capital Budget
2026 Capital Budget
Slide 6: 2026 Guidance – Production & Expenses
2026 Guidance – Production & Expenses 2026 Production Guidance Crude oil and condensate (bbl/day) 105,000 - 115,000 Natural gas (MMcf/day) 1,500 – 1,520 NGLs (bbl/day) 48,000 – 52,000 Total production (boe/day) 405,000 - 420,000 Expenses ($/boe)(1) Operating 5.40 – 5.90 Transportation 5.25 - 5.75 G&
Slide 7: 2026 Guidance – Capital Expenditures & Production
2026 Guidance – Capital Expenditures & Production Attachie1 Ante Creek $250MM - $300MM ~14 wells ~$70MM ~30,000 – 35,000 boe/day ~12 wells ~18,000 – 20,000 boe/day Greater Dawson Kakwa ~$190MM ~16 wells $1,100MM – $1,150MM ~90,000 – 95,000 boe/day ~83 wells ~205,000 boe/day Sunrise ~$105MM ~13 wells
Slide 8: Long-term Plan
Dawson III & IV, BC Long-term Plan
Slide 9: Long-term Outlook Delivers Significant Value
Long-term Outlook Delivers Significant Value Disciplined plan to grow free funds flow per share1 2 Boe/day Base Production 500,000 Attachie II 450,000 ~90% Free Funds Flow3 Per Share Growth 400,000 (~20% CAGR3) 350,000 300,000 $4.50 2025 2026 2027 2028 Attachie Phase II 2029 $8,000 ~10% CAGR Free Fu
Slide 10: Global Leader in Low-cost Energy Development
Global Leader in Low-cost Energy Development Providing reliable and affordable low-cost energy to global demand markets ~50% Natural gas production delivered to the US ~25% Future natural gas production linked to international pricing1 10 1) First LNG contract to receive international pricing expect
Slide 11: Capital Allocation
Kakwa, AB Capital Allocation
Slide 12: Track Record of Capital Discipline
Track Record of Capital Discipline A disciplined investment framework fundamental to profitable growth Return on Average Capital Employed1 2 40% 30% Average 12% 20% 10% 0% -10% -20% 12 1) Non-GAAP Financial Measure — see "Non-GAAP and Other Financial Measures" in the Advisory Statements of this pres
Slide 13: Long-term Outlook
Long-term Outlook Disciplined investment drives free funds flow per share growth $ millions Capital Expenditures1 2 $ millions Free Funds Flow2 3,000 2,500 WTI US$80/B; AECO C$4.50/GJ; LNG US$11.00/Mcf WTI US$70/B; AECO C$3.50/GJ; LNG US$11.00/Mcf 2,000 WTI US$50/B; AECO C$2.50/GJ; LNG US$11.00/Mcf
Slide 14: Return of Capital Strategy
Return of Capital Strategy Balancing sustainable dividend growth with share repurchases Shares (millions) >10% $1.20 800 Dividend Per Share Growth CAGR22 3 4 Dividend per share Dividend payout ratio Outstanding shares 750 $1.00 700 ~15% 650 Dividend Payout Ratio3 $0.80 (% of FFO) 600 $0.60 550 Susta
Slide 15: Asset Portfolio Overview
Parkland, BC Asset Portfolio Overview
Slide 16: Montney Overview
Montney Overview ARC’s competitive advantage in a world-class asset 1 >4,800 Drilling locations >20 years High-quality inventory ~300 metres Thickness ~1.9 Bcf/d ~200 Mbbl/d Owned-and-operated infrastructure 16 1) Excludes TDZE inventory
Slide 17: Montney Outcompetes North America Plays
Montney Outcompetes North America Plays Low-cost and deep inventory relative to North American shale plays 17 1) Turn-in line (TILs)
Slide 18: North American Oil Inventory
North American Oil Inventory Large inventory runway relative to North American oil-weighted shale plays Inventory Life by Breakeven 27.50 NA Onshore Inventory Life at NTM Activity Cadence (Years) 25.00 22.50 20.00 17.50 15.00 12.50 10.00 7.50 5.00 2.50 - PR SM CIVI BTE ARX NVA DVN HPK COP FANG INR N
Slide 19: Montney Inventory
Montney Inventory ARC has a deep Montney inventory at the low end of the cost curve C$/Mcf Supply Cost of Inventory by Property1 2 3.50 3.00 ~50% Gas AT NPV10 Supply Cost (CAD$/Mcf) of total inventory has a supply cost 2.50 below C$0/Mcf 2.00 1.50 1.00 0.50 0.00 0 500 1,000 1,500 2,000 2,500 3,000 3
Slide 20: Asset Level Inventory
Asset Level Inventory ARC has substantial Montney drilling inventory at each of our producing and growth assets Years of Development Inventory Production Run Rate at Full Capacity 0 5 10 15 20 25 30 (Mboe/d) Ante Creek Ante Creek 15 – 20 Greater Dawson Greater Dawson 90 – 100 Kakwa Kakwa 200 – 210 S
Slide 21: Montney – Track Record of Execution
Montney – Track Record of Execution Early movers to consolidate asset base at a low cost and deliver sustained profitable growth Boe per day 2029 2025 Attachie 480,000 Montney Crude Oil & Liquids (bbl/d) Kakwa Acquisition Phase II Montney Natural Gas (boe/d) 2021 420,000 ARC acquires 2025 Seven Gene
Slide 22: Large Network of Owned-and-operated Infrastructure
Large Network of Owned-and-operated Infrastructure Owned infrastructure results in approximately $300 million of cost avoidance annually Parkland 03-09 100 MMcf/day Attachie Phase I 90 MMcf/day 10 Mbbl/day ~1.9 Bcf/d 25 Mbbl/day processing capacity Dawson 300 MMcf/day 20 Mbbl/day ~200 Mbbl/d Sunrise
Slide 23: Asset Overview
Attachie, BC — Asset Overview
Slide 24: Kakwa Overview
Kakwa Overview Liquids-rich asset offering a long runway of development Largest condensate asset in Canada Gold Creek Plant Resource to sustain production at 205,000 boe/d for SCALE greater than 10 years Kakwa lands Acquired lands Recent acquisition consolidates core area Cutbank Plant • $1.6 billio
Slide 25: Attachie Overview
Attachie Overview Scalable condensate-rich Montney development Multi-phase Development • 360 net sections in condensate-rich Montney UMA SCALE • Over-pressured liquids-rich resource • First Nations support LMA • Development agreement with TDZE can increase land position by >10% • 100% working intere
Slide 26: TDZE Agreement Lands
TDZE Agreement Lands Development agreement to increase ARC’s Attachie land position by >10% to 360 sections • Land is located directly adjacent to ARC’s Attachie development in the condensate-rich region of the Montney • Resource quality is comparable to existing Attachie development • Extends conde
Slide 27: Attachie Economics
Attachie Economics Attachie break-evens rank among the lowest in North America Source | Enverus Intelligence Research Note | L48 Plays include the Delaware, Permian (Delaware, Midland), Scoop|Stack, Eagle Ford, DJ, Williston Basin, Powder River, Uinta 27
Slide 28: NEBC Top Oil/Condensate Wells
NEBC Top Oil/Condensate Wells Attachie among the top oil and condensate wells in NEBC 2,000 Oil and Condensate Production per Well (IP90, last 12 months) ARC Attachie 1,800 ARC Greater Dawson 1,600 Peers 1,400 1,200 IP90 BBL/D ARC 1,000 Attachie ARC 800 Greater Dawson 600 400 200 0 1. ARC forecasts
Slide 29: Greater Dawson Overview
Greater Dawson Overview Flagship asset delivering superior free funds flow1 with a long inventory runway >1 Tcf Natural Gas Produced Developed (39%) Undeveloped (61%) SCALE UMA 61% Undeveloped ~90,000 boe/d (80% natural gas; 20% condensate & NGLs) Dawson Phase III & IV Stable free funds flow ECONOMI
Slide 30: Sunrise Overview
Sunrise Overview Scale and low-cost – the key ingredients to supply West Coast LNG EFFICIENT Highly efficient Developed (43%) dry natural gas play due to stacked Undeveloped (57%) UMA development layers Interconnected to Coastal GasLink to move gas volumes to West Coast LNG LOW-COST Sunrise Lower Su
Slide 31: LNG & Marketing Strategy
Sunrise, BC LNG & Marketing Strategy
Slide 32: Condensate Market Overview and Outlook
Condensate Market Overview and Outlook WCSB condensate remains a structurally short market, reliant on imports to satisfy demand 2024 Canadian Oil 2024 WCSB Sands Production Blending Demand 520 Mbbl/d 785 Mbbl/d WCSB Condensate Balances Forecast ~250 Mbbl/d of imports 1,000 required to meet projecte
Slide 33: Natural Gas Marketing Strategy
Natural Gas Marketing Strategy Portfolio with well-diversified global price exposure is driving strong realizations 12 Natural Gas Financial Exposure ARC’s Current Natural Gas Portfolio 12% 12% 8% 10% 25% 15% 14% 12% 11% 10% 2% 11% 13% 12% 12% 10% 9% 111% 24% 12% 23% 9% 24% 18% 16% 15% 17% 24% 28% 3
Slide 34: Natural Gas Price Realization – Benchmarking
Natural Gas Price Realization – Benchmarking Physical diversification to end markets is a competitive advantage Realized Natural Gas Price1 $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 2018 2019 2020 2021 2022 2023 2024 2025E AECO ARX ARC has realized an average premium to AECO of 35%
Slide 35: LNG Economics and Agreements
LNG Economics and Agreements Long-term supply agreements to diversify and access global natural gas pricing LNG Revenue Enhancement Sensitivity Long-term Agreements $10 JKM/TTF 1 Shell Cheniere Cheniere $1,200 1 600 (40% $12 JKM/TTF Corpus Sabine Pass Cedar LNG/ interest in Christi Stage Liquefactio
Slide 36: Appendix
Ante Creek, AB Appendix
Slide 37: Financial Strength
Financial Strength Strong financial position has been a foundation of ARC for 29 years 2026 forecasted net debt sensitivities1 2 Long-term notes repayment schedule1 $ billions, ratio Cdn$ millions 3.0 1.5x 600 2.5 450 2.0 1.0x 1.5 300 1.0 0.5x 150 0.5 0.0 0.0x 0 2025 2026 2027 2028 2029 2030 2031 20
Slide 38: Attachie Montney Operational Excellence
Attachie Montney Operational Excellence Best-in-class drilling and completions efficiencies Drilling Efficiency (m/day)1 Tonnes/day Completions Efficiency ARC 3,500 Proppant Pumped/Day1 ARC m/day Peer Peers 600 3,000 500 2,500 400 2,000 300 1,500 200 1,000 100 500 0 0 ARC 38 1) Benchmarking data fro
Slide 39: Greater Kakwa Montney Operational Excellence
Greater Kakwa Montney Operational Excellence ARC continues to deliver top-quartile completions and drilling efficiencies in Kakwa Drilling Efficiency (m/day)1 Completions Efficiency Tonnes/day m/day Proppant Pumped/Day1 2,800 300 ARC ARC Peer Peer 2,400 250 2,000 200 1,600 150 1,200 100 800 50 400 0
Slide 40: Greater Dawson Montney Operational Excellence
Greater Dawson Montney Operational Excellence Best-in-class drilling and completions efficiencies in the Greater Dawson area Drilling Efficiency (m/day) 1 2 Completions Efficiency Tonnes/day Proppant Pumped/Day1 m/day 2,500 700 600 2,000 500 1,500 400 1,000 300 200 500 100 0 0 ARC 40 1) Benchmarking
Slide 41: BC Landscape
BC Landscape • 100% of ARC’s assets are outside of the Blueberry River First Nations high value areas • Latest agreement removes the disturbance caps in ‘PNG Area A’ that includes Attachie • ARC is the sole oil and gas producer exempt from disturbance caps in ‘PNG Area A’ at this time • ARC’s produc
Slide 42: U.S. Natural Gas Market Outlook
U.S. Natural Gas Market Outlook Rising export demand requires ~17 Bcf/d of supply growth through 2030, a significant amount must be supplied by dry gas basins U.S. Natural Gas Outlook: Full-Year 2030 vs. Full-Year 2025 25 20 15 Call-on Dry Gas Bcf/d 10 5 Associated Gas Growth Forecast 0 LNG Exports
Slide 43: WCSB Natural Gas Market Outlook
WCSB Natural Gas Market Outlook WCSB demand projections suggest >3.5 Bcf/d of incremental production is required by 2030 WCSB Natural Gas Outlook WCSB LNG Export Capacity Buildout 8 7 Ksi Lisims LNG Canada Ph. 2 7 6 Cedar LNG Woodfibre 6 5 LNG Canada Ph. 1 5 Operational 4 Bcf/d 4 Bcf/d 3 3 2 2 1 1 0
Slide 44: Risk Management Contracts Positions
Risk Management Contracts Positions ARC’s long-term focus is to reduce downside risk and create certainty in cash flows 1 As at September 30, 2025 2025 (remainder) 2026 2027 2028 2029 Crude Oil – WTI US$/bbl bbl/day US$/bbl bbl/day US$/bbl bbl/day US$/bbl bbl/day US$/bbl bbl/day Ceiling 82.99 25,000
Slide 45: ESG Ratings and Rankings
ESG Ratings and Rankings Member of MSCI Global Sustainability Index Score: 48.3 – (54th Percentile) MSCI ESG Rating: AAA Environment Score: 9 Social Score: 8 Member of the 30% Club since 2018 Governance Score: 1
Slide 46: Advisory Statements
Advisory Statements 46
Slide 47: Advisory Statements
Advisory Statements Notes Regarding Forward-looking Information This presentation contains certain forward-looking information within the meaning of applicable Canadian securities laws regarding ARC's current expectations of possible events, conditions or financial performance that are based on cert
Slide 48: Advisory Statements
Advisory Statements Notes Regarding Forward-looking Information Readers are cautioned not to place undue reliance on forward-looking information as ARC's actual results may differ materially from those expressed or implied. Developing forward-looking information involves reliance on a number of assu
Slide 49: Advisory Statements
Advisory Statements Notes Regarding Forward-looking Information ARC's future shareholder distributions, including but not limited to the payment of dividends, if any, and the level thereof is uncertain. Any decision to pay dividends on ARC's shares (including the actual amount, the declaration date,
Slide 50: Advisory Statements
Advisory Statements Basis of Preparation All financial figures and information have been prepared in Canadian dollars (which includes references to "dollars" and "$"), except where another currency has been indicated, and in accordance with International Financial Reporting Standards ("IFRS" or "GAA
Slide 51: Advisory Statements
Advisory Statements Non-GAAP Financial Measures Capital Expenditures ARC uses capital expenditures to measure its capital investment level compared to the Company's annual budgeted capital expenditures. ARC's budgeted capital expenditures exclude any acquisition or disposition activities as well as
Slide 52: Advisory Statements
Advisory Statements Non-GAAP Ratios Netback per boe ARC calculates netback per boe as netback divided by weighted average daily production. Netback is a non-GAAP financial measure component of netback per boe. Management believes that netback per boe is a key industry performance measure of operatio
Slide 53: Advisory Statements
Advisory Statements Supplementary Financial Measures "Average realized natural gas price" is comprised of natural gas commodity sales from production, as determined in accordance with IFRS, divided by the Company's natural gas production. “Break-even” is comprised as funds from operation less capita
Slide 54: Advisory Statements
Advisory Statements Information Regarding Disclosure on Crude Oil and Natural Gas Reserves and Operational Information In accordance with Canadian practice, production volumes and revenues are reported on a company gross basis, before deduction of Crown and other royalties, and without including any
Slide 55: Investor Relations Contacts
Investor Relations Contacts Dale Lewko General Investor Relations Enquiries Manager, Capital Markets 403.503.8600 403.503.8696 1.888.272.4900 DLewko@arcresources.com IR@arcresources.com 55
ARC Resources — Investor Presentation (December 2025) on 6ix