Arc Resources Ltd.

Arc Resources — Investor Presentation (April 2026)

57 slides from Arc Resources's investor presentation, April 2026

  1. Slide 1: ARC Resources Ltd. Investor Presentation

    ARC Resources Ltd. Investor Presentation Photo Caption copy area Q2 2026

  2. Slide 2: Corporate Profile

    Corporate Profile Premium investment opportunity for Montney exposure, one of the most profitable assets in North America 1 450 BC & Alberta Montney Producers Shares outstanding 566 million 400 Market capitalization 2 $14.1 billion Natural Gas (MBOE/d) 350 Liquids (MB/d) 3 Net debt $2.9 billion 300

  3. Slide 3: Shell Acquisition

    Shell Acquisition A strong strategic fit built on shared values and complementary strengths Positions Shell as Canada’s largest condensate producer and 3rd largest natural gas producer  Adds decades of high-quality inventory to Shell’s Canadian upstream business Low-cost natural gas backstops Shel

  4. Slide 4: Transformation to the Largest Montney Producer

    Transformation to the Largest Montney Producer Large concentrated asset base drives efficiency, well positioned for the future 2014 2026E 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

  5. Slide 5: Guiding Principles in Action

    Guiding Principles in Action 30-Year Track Record of Execution • Safety #1 priority • Low cost and high margin producer • Operational excellence • History of strong ROIC and return of Culture of Focus on Discipline Profitability capital • Long-term focus • 100% working interest • Free funds flow per

  6. Slide 6: Investment Case for ARC

    Investment Case for ARC Free Funds Flow Per Share1 2 Growth World-class Assets 4.00 • Canada's largest Montney & condensate producer • Capability to grow >500 Mboe/d and sustain for greater than 10 years 3.00 Commitment to Shareholder Returns $ per share • Clear strategy to grow free funds flow per

  7. Slide 7: 2026 Capital Budget

    2026 Capital Budget

  8. Slide 8: 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&

  9. Slide 9: 2026 Guidance – Capital Expenditures & Production

    2026 Guidance – Capital Expenditures & Production Attachie Ante Creek ~$250MM ~$70MM ~18,000 boe/day Greater Dawson Kakwa ~$200MM ~90,000 boe/day ~$1,100MM ~205,000 boe/day Sunrise ~$100MM ~60,000 boe/day Total capital expenditures of $1.8 to $1.9 billion; ~ 65% allocated to Alberta and ~35% to BC1

  10. Slide 10: Long-term Plan

    Dawson III & IV, BC Long-term Plan

  11. Slide 11: Long-term Outlook Delivers Significant Value

    Long-term Outlook Delivers Significant Value Disciplined plan to grow free funds flow per share1 2 Boe/day Growth Optionality • Attachie 450,000 • Kakwa • Septimus 400,000 • Sundown ~80% Free Funds Flow3 Per Share Growth (~16% CAGR3) 350,000 300,000 $4.00 2025 2026 2027 2028 2029 $9,000 ~10% CAGR Fr

  12. Slide 12: 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 12 1) First LNG contract to receive international pricing expect

  13. Slide 13: Capital Allocation

    Kakwa, AB Capital Allocation

  14. Slide 14: 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% 14 1) Non-GAAP Financial Measure — see "Non-GAAP and Other Financial Measures" in the Advisory Statements of this pres

  15. Slide 15: Sustaining Outlook

    Sustaining Outlook Disciplined investment drives free funds flow per share growth $ millions Capital Expenditures1 2 $ millions Free Funds Flow2 2,000 3,000 WTI US$50/B; AECO C$2.50/GJ WTI US$70/B; AECO C$3.50/GJ 1,500 WTI US$80/B; AECO C$4.50/GJ 2,500 1,000 ~$11 billion Cumulative 500 2,000 Free Fu

  16. Slide 16: Return of Capital Strategy

    Return of Capital Strategy Balancing sustainable dividend growth with share repurchases Shares $1.40 (millions) 750 ~10% Dividend per share Outstanding shares Dividend payout ratio Dividend Per Share Growth CAGR22 3 4 700 $1.20 650 ~15% $1.00 Dividend Payout Ratio3 600 (% of FFO) $0.80 550 $0.60 500

  17. Slide 17: Asset Portfolio Overview

    Parkland, BC Asset Portfolio Overview

  18. Slide 18: Montney Overview

    Montney Overview ARC’s competitive advantage in a world-class asset >20 years High-quality inventory ~300 metres Thickness ~2.0 Bcf/d ~200 Mbbl/d Owned-and-operated infrastructure 18

  19. Slide 19: Montney Outcompetes North America Plays

    Montney Outcompetes North America Plays Low-cost and deep inventory relative to North American plays 2025 19 1) Turn-in line (TILs)

  20. Slide 20: 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

  21. Slide 21: 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

  22. Slide 22: Asset Level Inventory

    Asset Level Inventory ARC has substantial Montney drilling inventory at each of our producing and growth assets Years of Development Inventory 0 5 10 15 20 25 30 Ante Creek Greater Dawson Kakwa Sunrise Attachie Ph1 2 Attachie Growth 2 Septimus 2 Sundown Break-even gas supply cost(1) <$1.00 /mcf $1.0

  23. Slide 23: Montney – Track Record of Execution

    Montney – Track Record of Execution Boe per day 480,000 Montney Crude Oil & Liquids (bbl/d) 2025 Kakwa Montney Natural Gas (boe/d) Consolidation 2021 420,000 ARC acquires 2025 Seven Generations Energy Attachie Phase I 360,000 300,000 2020 Dawson Phase IV 240,000 2018 Sunrise Gas Plant 2015 Phase II

  24. Slide 24: 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 ~2.0 Bcf/d 25 Mbbl/day processing capacity Dawson 300 MMcf/day 20 Mbbl/day ~200 Mbbl/d Sunrise

  25. Slide 25: Asset Overview

    Attachie, BC — Asset Overview

  26. Slide 26: 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 Developed greater than 10 years Cutbank Plant Undeveloped July 2025 acquisition consolidates core area • $1.6 billion1

  27. Slide 27: Kakwa Well Performance

    Kakwa Well Performance Consistently among the top producing condensate wells in Canada Top Oil and Liquids Producing Wells in Canada (previous twelve months) 240 ARC Kakwa 230 Peers Cumulative Oil/Liquids Production (Mbbls) 220 210 200 190 180 170 160 150 Source: RBC Capital Markets (Top Wells Repor

  28. Slide 28: Attachie Overview

    Attachie Overview Condensate-rich Montney development Early Stages of Development UMA SCALE • 360 net sections in condensate-rich Montney • Over-pressured liquids-rich resource LMA • First Nations support Consolidated Land Drives Efficiencies EFFICIENCIES MD • Continuous learning to enhance efficien

  29. Slide 29: 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

  30. Slide 30: 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) 1,800 ARC Attachie ARC Greater Dawson 1,600 Peers 1,400 1,200 IP90 BBL/D 1,000 ARC Attachie ARC 800 Greater Dawson 600 400 200 0 1. ARC forecasts included for wel

  31. Slide 31: Greater Dawson Overview

    Greater Dawson Overview Flagship asset delivering superior free funds flow1 with a long inventory runway >1 Tcf Natural Gas Produced SCALE UMA 64% Undeveloped Developed (36%) Undeveloped (64%) ~90,000 boe/d (80% natural gas; 20% condensate & NGLs) Parkland Stable free funds flow 03-09 ECONOMICS • Gr

  32. Slide 32: Sunrise Overview

    Sunrise Overview Scale and low-cost – the key ingredients to supply West Coast LNG EFFICIENT Highly efficient Developed (44%) dry natural gas play due to stacked Undeveloped (56%) UMA development layers Interconnected to Coastal GasLink to move gas volumes to West Coast LNG LOW-COST Sunrise Lower Su

  33. Slide 33: LNG & Marketing Strategy

    Sunrise, BC LNG & Marketing Strategy

  34. Slide 34: Condensate Market Overview and Outlook

    Condensate Market Overview and Outlook WCSB condensate remains a structurally short market, reliant on imports to satisfy demand 2025 Canadian Oil 2025 WCSB Sands Production Blending Demand 510 Mbbl/d 780 Mbbl/d WCSB Condensate Balances Forecast ~250 Mbbl/d of imports 1,000 required to meet projecte

  35. Slide 35: 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 3% 14% 12% 15% 23% 28% 12% 18% 13% 8% 10% 1% 10% 14% 13% 13% 110% 11% 20% 20% 10% 10% 10% 23% 17% 17% 18% 22% 26%

  36. Slide 36: 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 2025 2026E AECO ARX ARC has realized an average premium to AECO o

  37. Slide 37: LNG Supply Agreements and Economics

    LNG Supply Agreements and Economics Long-term supply agreements to diversify and access global natural gas pricing $1,200 Incremental Free Funds Flow1 from LNG Agreements Shell Cheniere Cheniere (40% Corpus Sabine Pass Cedar LNG/ $1,000 interest in Christi Liquefaction Exxon LNG Stage III Stage V Ca

  38. Slide 38: Appendix

    Ante Creek, AB Appendix

  39. Slide 39: 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 1.5x 600 3.0 2.5 450 1.0x 2.0 300 1.5 1.0 0.5x 150 0.5 0 0.0 0.0x 2027 2028 2029 2030 2031 2032 2033 US

  40. Slide 40: 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

  41. Slide 41: 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 41 1) Benchmarking

  42. Slide 42: 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

  43. Slide 43: 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

  44. Slide 44: 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 Operational 5 4 Bcf/d 4 Bcf/d 3 3 2 2 1 1 0

  45. Slide 45: ARC Cash Flow Sensitivities & Hedging Summary

    ARC Cash Flow Sensitivities & Hedging Summary Long-term strategy to manage risk across all aspects of the business Cash Flow Sensitivities (including hedges) 2026 2027 Henry Hub AECO Henry Hub AECO Cash Flow Sensitivity Oil (US$10/B WTI) (US$0.25/mcf) (C$0.25/mcf) Oil (US$10/B WTI) (US$0.25/mcf) (C$

  46. Slide 46: 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 March 31, 2026 2026 (Remainder) 2027 2028 2029 Crude Oil – WTI US$/bbl bbl/day US$/bbl bbl/day US$/bbl bbl/day US$/bbl bbl/day Ceiling 82.18 27,227 73.13 10,000 – – – – Flo

  47. Slide 47: ESG Ratings and Rankings

    ESG Ratings and Rankings Member of MSCI Global Sustainability Index Score: 48.2 – (52th Percentile) MSCI ESG Rating: AAA Environment Score: 8 Social Score: 7 Member of the 30% Club since 2018 Governance Score: 1 47

  48. Slide 48: Advisory Statements

    Advisory Statements 48

  49. Slide 49: 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

  50. Slide 50: 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. ARC undertakes no obligation to update or revise any forward- looking inform

  51. Slide 51: 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,

  52. Slide 52: 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

  53. Slide 53: 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

  54. Slide 54: 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

  55. Slide 55: 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

  56. Slide 56: 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

  57. Slide 57: 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 57

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