Q4 2023 ARC Resources Ltd Earnings Call

February 9, 2024

Twenty-three earnings conference call.

Lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you'd like to ask a question. During this time simply press Star then the number one on your telephone keypad, if you'd like to withdraw your question. Please press Star then the number two thank you Mr. Luca you may begin your conference.

<unk>.

Thank you operator, good morning, everyone and thank you for joining us for our fourth quarter and year end results Conference call. Joining me on the call today are Terry Anderson, President and Chief Executive Officer, Chris <unk>, Chief Financial Officer arm, and Jay and Gary Chief Operating Officer, and Ryan Berrett Senior Vice President marketing before I turn.

And it over to our executive team to take you through our operational and financial highlights I'll remind everyone that this conference call includes forward looking statements and non-GAAP and other financial measures with the associated risks outlined in the earnings release and our MD&A.

All dollar amounts discussed today are in Canadian dollars, unless otherwise stated the press release financial statements and the MD&A are also available on our website as well as SEDAR. Following our prepared remarks, we'll open the line to questions with that I'll turn it over to our President and CEO Terry Anderson Terry. Please go ahead.

Thanks, Dale and good morning, everyone.

Before I get into some of them that are achievements and milestones from the quarter I'd like to start by acknowledging our people for their continued commitment to safety and operational excellence over the past month, we saw temperatures dipped below minus 40 degrees, causing interruptions and threatening blackouts here in Alberta and across the continent.

These extreme temperatures introduced challenging operating conditions, which our team handled safely with very little impact on our business a testament to the dedication and preparedness.

I am proud that we were able to execute a record $1 8 billion capital program and delivered our best safety performance ever.

Thank you to the team for ensuring safety remains our number one priority there is nothing more important.

About a year ago I told you that 2023 would go down as a major step forward for our organization today I am pleased to say this is certainly the case.

Over the course of the year, we resumed full operations in BC and Alberta, we leaned into our world class asset at <unk> with confidence.

The outcome was a record year in terms of production reserves and safety performance.

In addition, we sanction our major growth project in Hitachi and executed another LNG supply agreement.

In short we overcame some obstacles made excellent progress on our strategic initiatives and we are now in a position to execute and deliver tremendous value in the future.

We also introduced a five year outlook that outlines what we are planning to achieve and provides the associated financial outcomes from successful execution.

Our approach is simple in concept balance investment in our assets with a meaningful return of capital to shareholders guided by our principles of discipline and financial strength.

Underpinning this is stage development of our Montney asset complemented by our owned and operated infrastructure and our diversified portfolio transportation portfolio that enables access to both north American gas and global LNG markets.

Yes.

Now turning over to the quarter itself production was a 28 year record both in the fourth quarter and on a full year basis.

Fourth quarter production of 365000 BOE per day represented 6% growth on a per share basis compared to fourth quarter of 2022 and was 10000 Boe per day above fourth quarter guidance to.

To increase above guidance was mainly due to strong performance across our asset base.

Once again, our competitive strengths played an important role this quarter.

Our infrastructure contributed to high margins and a low cost structure.

Operating and transportation costs combined were below $9 per Boe the lowest in two years.

We were able to leverage our transportation portfolio are put in place years ago to deliver our natural gas to key markets at a low cost and for the 11th straight year, we realized natural gas price that was greater than a 20% premium to <unk>.

And we executed another LNG supply agreement in the fourth quarter, our second agreement with Cheniere disagreement will utilize our existing U S. Gulf coast capacity to physically deliver our natural gas to Cheniere for a period of 15 years, beginning around 2029 with the stage five.

<unk> of its Sabine pass facility and exchange arc will receive exposure to TTM pricing.

With our two executed cheniere agreements, approximately 300 million cubic feet per day or two.

23% of our current natural gas production will be delivered to global markets in exchange for international pricing at.

At Sunrise, specifically fast that has now direct connected to coastal gas link we expect it will begin supplying gas to shell for LNG, Canada around the first half of 2025.

Continuous improvement has always been core to arc, one of the benefits of having a 25 year history with a large and contiguous asset base is the tremendous amount of data in our possession.

This helps inform how we test and evaluate new technologies capture learnings and adapt to drive better performance.

We expect it will begin supplying gas to shell for LNG, Canada around the first half of 2025.

We continue to do so in our operations, we are drilling longer wells testing various completion designs and applying technology to drive environmental improvements.

Continuous improvement has always been core to arc, one of the benefits of having a 25 year history with a large and contiguous asset base is the tremendous amount of data in our possession.

Switching gears to reserves here are some of the more notable takeaways from this year's report.

First it was a record year in terms of reserve adds this resulted in 12% to 13% growth in reserves per share on a PDP <unk> and <unk> basis.

This helps inform how we test and evaluate new technologies capture learnings and adapt to drive better performance.

We continue to do so in our operations, we are drilling longer wells testing various completion designs and applying technology to drive environmental improvements.

The record reserve adds of 310 million Boe was.

It was driven by a combination of new bookings at attaching phase, one and positive revisions across the asset base.

Switching gears to reserves here are some of the more notable takeaways from this year's report.

Second our before tax NPV 10 of <unk> reserves increased 13% to $38 per share based on <unk> price deck for perspective that number at strip is $29 per share it.

First it was a record year in terms of reserve adds this resulted in 12% to 13% growth in reserves per share on a PDP <unk> and <unk> basis.

The record reserve adds of 310 million Boe was.

It is important to highlight that these values are based on the development of just 20% of Arps internally identified inventory and includes only partial development of the first phase of Hitachi, meaning we have a long runway of future reserves growth.

It was driven by a combination of new bookings at attaching phase, one and positive revisions across the asset base.

Second our before tax NPV 10 of <unk> reserves increased 13% to $38 per share based on <unk> price deck for perspective that number at strip is $29 per share it.

Third reserves increased across the board at Capa PDP reserves increased 5%, primarily due to positive technical revisions and as a result, the ROI at cap rate increased in all categories. We.

We have spent a lot of time and effort and continue to learn how to maximize value from this asset so to see it come through in the reserves is notable.

Finally, I'll speak briefly to the contingent resource study. This is the first time, we updated this report since 2018 and it has both quantified and validated our inventory depth and asset quality.

Third reserves increased across the board at Capa PDP reserves increased 5%, primarily due to positive technical revisions and as a result, the ROI at cap rate increased in all categories.

The resource study estimates of total unrestrained Tinnient resource a 15 tcf of natural gas and 920 million barrels of liquids.

We have spent a lot of time and effort and continue to learn how to maximize value from this asset so to see it come through in the reserves is notable.

In addition to our <unk> reserves of eight Tcf and 670 million barrels of liquids.

Finally, I'll speak briefly to the contingent resource study. This is the first time, we updated this report since 2018 and it has both quantified and validated our inventory depth and asset quality.

The study estimates roughly 5000 wells of Montney inventory over and above the thousand well inventory that forms our <unk> reserves and the two P NPV of $38 per share.

The resource study estimates of total unrestrained Tinnient resource a 15 Tcf of natural gas and 920 million barrels of liquids. That's in addition to ARX <unk> reserves of eight Tcf and 670 million barrels of liquids.

For perspective. This compares to the 165 wells that arc will need to drill to sustain production at roughly 390000 Boe per day once phase one of Hitachi is complete.

The study estimates roughly 5000 wells of Montney inventory over and above the thousand well inventory that forms our <unk> reserves and the two P NPV of $38 per share.

A few takeaways from the report it aligns with our internal view of the resource providing confidence and credibility to our long term strategy to create value.

We believe this will serve to only strengthen our relationship with existing and future counterparties as it relates to LNG supply.

For perspective. This compares to the 165 wells that arc will need to drill to sustained production at roughly 390000 Boe per day once phase one of Hitachi is complete.

And it reaffirms our corporate A&D strategy with conviction in our resource we can be patient and counter cyclical as it relates to future opportunities to consolidate assets.

A few takeaways from the report it aligns with our internal view of the resource providing confidence and credibility to our long term strategy to create value.

Finally, I'll provide an update on attach as.

As many of you know in May we announced that we are moving ahead with Hitachi a flagship development opportunity for arc.

We believe this will serve to only strengthen our relationship with existing and future counterparties as it relates to LNG supply.

We are now nearly halfway through the 18 month construction schedule and approximately 50% complete and I could not be more pleased with the progress achieved to date.

And it reaffirms our corporate A&D strategy with conviction in our resource we can be patient and counter cyclical as it relates to future opportunities to consolidate assets.

Drilling commenced in November with one rig and a second one arrived in January our first pad has finished completion operations and the next pads are scheduled for Frac in Q2.

Finally, I'll provide an update on attach.

As many of you know in May we announced that we are moving ahead with Hitachi a flagship development opportunity for arc.

Construction of the transmission and distribution lines is set to begin this quarter. So we will be fully electrified upon startup.

We are now nearly halfway through the 18 month construction schedule and approximately 50% complete and I could not be more pleased with the progress achieved to date.

This will make attach you one of the lowest emissions liquids rich montney development to date and puts us on track to achieve our 2025 emissions intensity targets.

Drilling commenced in November with one rig and a second one arrived in January our first pad has finished completion operations and the next pads are scheduled for Frac in Q2.

All aspects of the project are tracking to schedule and budget and we look forward to commissioning and first volumes late this year.

Construction of the transmission and distribution lines is set to begin this quarter. So we will be fully electrified upon startup. This will make attach you one of the lowest emissions liquids rich montney developments to date and puts us on track to achieve our 2025 emissions intensity targets.

Catchy phase one is our eighth major development project in the Montney and is set to be one of our most efficient and profitable projects executed to date.

Capital costs of $740 million will drove 40 wells and produced 40000 Boe per day, which is expected to generate $500 million of funds flow annually under our 70, <unk> and $3 50 acre oil price environment.

All aspects of the project are tracking to schedule and budget and we look forward to commissioning and first volumes late this year.

A catchy phase one is our eighth major development project in the Montney and is set to be one of our most efficient and profitable projects executed to date.

I look forward to providing more updates as we progress towards commissioning, maybe even a site to at some point, if they'll let me and with that I'll turn it over to Chris to go through some of our financial highlights.

At a capital cost of $740 million will drove 40 wells and produced 40000 Boe per day, which is expected to generate $500 million of funds flow annually under our 70, <unk> and $3 50 acre oil price environment.

Thanks, Terry and good morning, everyone.

I'll provide a few comments on the financial results before turning it back to Terry for some closing remarks after that we'll open it up for Q&A.

First we closed the 2023 year with positive Fundable fundable fundamental momentum that has carried into the first quarter.

I look forward to providing more updates as we progress towards commissioning, maybe even a site to at some point if the let me and with that I'll turn it over to Chris to go through some of our financial highlights.

Fourth quarter production registered a 365000 boe's per day for the second straight year. This was a record and we plan to continue that trend in 2024, and 2025 as we invest in and drive efficiencies across our asset base, while continuing to retire shares enhanced per share numbers.

Thanks, Terry and good morning, everyone.

I'll provide a few comments on the financial results before turning it back to Terry for some closing remarks after that we'll open it up for Q&A.

Our generated cash flow of $700 million in the quarter, while operating margins.

First we closed the 2023 year with positive Fundable fundable fundamental momentum that has carried into the first quarter.

Registering between $63, 73%, that's a fairly narrow range, which directly reflects the quality and competitiveness across the asset base.

The combination of our low cost structure balanced commodity mix and takeaway Optionality all contributed to these strong margins.

Switching over to the capital side, we invested $1 $85 billion in 2023, which included $250 million at Apache.

Our generated cash flow of $700 million in the quarter, while operating margins.

In the fourth quarter, specifically, we invested $545 million, putting us directly in line with guidance.

Registering between $63, 73%, that's a fairly narrow range, which directly reflects the quality and competitiveness across the asset base.

This resulted in a $155 million of free cash flow in the quarter all of which was returned to shareholders.

Combination of our low cost structure balanced commodity mix and takeaway Optionality all contributed to these strong margins.

In 2023 are committed to returning all free cash flow to shareholders, which we achieved and this is something we expect to repeat in 2024 and beyond.

Switching over to the capital side, we invested $1 $85 billion in 2023, which included $250 million at Apache.

Including on the annual results, we under 23% return on capital in 2023.

In the fourth quarter, specifically, we invested $545 million.

This is one of the primary measures of profitability for <unk> and for the past three years. This number is a range between 18 and 35%.

Putting us directly in line with guidance.

This resulted in a $155 million of free cash flow in the quarter all of which was returned to shareholders.

We anticipate these strong levels will continue as we focus on free cash flow generation from our base assets, while we continued to invest and profitably grow our business in the future.

In 2023 are committed to returning all free cash flow to shareholders, which we achieved and this is something we expect to repeat in 2024 and beyond.

Looking ahead to 2020 for our guidance and outlook remain unchanged from our budget announced in November of 2023.

Including on the annual results, we earned a 23% return on capital in 2023.

Our top priority is to execute this will be measured by completing Apache phase one on time and on budget, reducing capital intensity and increasing the free cash flow generation from our base assets.

This is one of the primary measures of profitability for <unk> and for the past three years. This number is range between 18 and 35%.

We anticipate these strong levels will continue as we focus on free cash flow generation from our base assets, while we continue to invest and profitably grow our business in the future.

In 2024, we plan to invest approximately $1 8 billion.

Including $500 million to complete attaching.

Looking ahead to 2020 for our guidance and outlook remain unchanged from our budget announced in November of 2023.

This is expected to generate average production for the year of about 355000, Boe's a day relatively flat to 2023.

First quarter production is anticipated in the 340 to 350 day 50000 Boe per day range with gross growth anticipated in the second half that includes attaching volumes by year end, which happens to align with expected startup of LNG, Canada.

In 2024, we plan to invest approximately $1 8 billion include.

Including $500 million to complete attaching.

In 2025.

This is expected to generate average production for the year of about 355000, Boe's a day relatively flat to 2023.

We will see the tangible benefits of our five year plan.

We will get a full year of production uplift from Apache and a simultaneous reduction in capital as the upfront investment for Apache Phase one is complete as clean year as I describe it accomplishes a few goals.

First which even material increase in profits, which will flow directly to our shareholders in the form of dividend growth and additional share repurchases.

Second it allows us to observe attaching and apply these learnings to future phases of attaching it across our asset base.

In 2025.

We will see the tangible benefits of our five year plan, we will get a full year of production uplift from Apache and a simultaneous reduction in capital as the upfront investment for Apache Phase one is complete as clean year as I describe it accomplishes a few goals.

And finally, our year sustaining the business will allow decline rates to moderate, thereby reducing capital intensity and increasing the free cash flow of the business.

Return on capital over the five year plan is approximately 20% on our estimates based on $70 USW Ti and $3 50, Canadian April which is not that far off of where the forward curve would be today.

First which even material increase in profits, which will flow directly to our shareholders in the form of dividend growth and additional share repurchases.

Second it allows us to observe attaching and apply these learnings to future phases of attaching and across our asset base.

Bose I am very pleased with our 2023 performance, we delivered a record year establish a clear strategy to deliver value over the next number of years and while it is early we've demonstrated we are on track to achieve that with that I'll hand, it back to Terry for closing remarks.

And finally, our year sustaining the business will allow decline rates to moderate, thereby reducing capital intensity and increasing the free cash flow of the business.

Return on capital over the five year plan is approximately 20% on our estimates based on $70 USW Ti and $3 50, Canadian April which is not that far off of where the forward curve would be today.

In 2023, we accomplished what we said we would we executed to plan on budget and delivered record results.

As I look ahead, our strategic priorities are clear and unchanged, we put forth a strategy that results in tripling of free cash flow per share over the next five years achieved by balancing investing in our best assets like Hitachi to generate moderate growth with a substantial return of cash.

Bose I am very pleased with our 2023 performance, we delivered a record year establish a clear strategy to deliver value over the next number of years and while it is early we have demonstrated we are on track to achieve that with that I'll hand, it back to Terry for closing remarks.

In 2023, we accomplished what we said we would we executed to plan on budget and delivered record results.

<unk> that includes share repurchases and a growing dividend.

Today, we are in the early stages of execution of this plan everything is progressing as expected and I am confident in our ability to deliver.

Once again I want to sincerely, thank our staff for their contributions and for their role in safely providing low cost low emission and reliable energy to our customers across North America.

With that I'll turn the call back over to the operator for questions.

<unk> that includes share repurchases and a growing dividend.

Today, we are in the early stages of execution of this plan everything is progressing as expected and I am confident in our ability to deliver.

Thank you ladies and gentlemen should you have a question. Please press the star followed by the one on your Touchtone phone. If you would like to withdraw your question. Please press the star followed by the two.

Once again I want to sincerely, thank our staff for their contributions and for their role in safely providing low cost low emission and reliable energy to our customers across North America.

You're using a speaker phone please lift the handset before pressing any keys.

Please for your first question.

Your first question comes from Michael Harvey from RBC Capital markets. Please go ahead.

With that I'll turn the call back over to the operator for questions.

Yes, hi, good morning, guys. Just a couple a couple of things first one is water.

Water use through what might be.

Pending drove later this year NBC.

How do you see arc managing through that type of situation or maybe just help us understand if that's a risk to <unk>.

You're using a speaker phone please lift the handset before pressing any keys.

Arc and or the industry and then <unk>.

Please for your first question.

One is your condensate you mentioned in the MD&A, the Newcastle wells were a little gas here than than the prior ones.

Your first question comes from Michael Harvey from RBC Capital markets. Please go ahead.

Condensate guidance up a little bit in 2024, and just wondering if any of that is from Apache late year commissioning or just primarily from the cargo property. That's it for me.

Yeah sure. Good morning, guys. Just a couple a couple of things first one is water use through what might be.

Pending drove later this year in BC.

How do you see are managing through that type of situation or maybe just help us understand if that's a risk to <unk>.

Hey, Michael This is Arlen I answered a water question.

Arc and or the industry and then <unk>.

So I guess that as you know we've already invested a significant amount of money developing infrastructure related to water. So we have access to water storage ponds in CAC line in northeast BC.

Second one is your condensate you mentioned in the MD&A, the new Cockwell wells were a little gas here than than the prior ones.

Your condensate guide is up a little bit in 2024% just wondering if any of that is from Apache late year commissioning or just primarily from the cargo property. That's it for me.

Water recycling facility in northeast BC.

So we think we also have the necessary licenses in place to be able to access to water that we need for our program. So as far as water risk is concerned I don't think thats, a huge risk to arc for what is in front of us.

Hey, Michael This is Arlen I answered a water question.

So I guess as you know we've already invested a significant amount of money developing infrastructure related to water. So we have access to water storage.

And Mike I'll, it's Chris here I'll tackle the second question.

So your comment on condensate year over year. So if you recall in 'twenty three.

In CAC line in northeast BC.

Water recycling facility in northeast BC.

The areas, we were drilling specifically in character, we knew had some lower CJR ratio. So that was kind of driving what happened in 'twenty three as we get into 'twenty. Four there is there is two things happening one we're moving back into some higher CJR areas in the <unk> field and then Youre correct.

And Mike It's Chris here I'll tackle the second question.

Very late in the year, we will get a small contribution from <unk>.

So your comment on condensate year over year. So if you recall in 'twenty three.

Attach when it comes on stream late Q4 this year.

The areas, we were drilling specifically in <unk>, we knew had some lower CJR ratio. So that was kind of driving what happened in 'twenty three as we get into 'twenty. Four there is there is two things happening one we're moving back into some higher ctr areas in the <unk> field and then Youre correct.

Great. Thanks, guys for that.

Ladies and gentlemen.

Should you have a question. Please press the star followed by the one.

Your next question comes from Travis Wood from National Bank Financial. Please go ahead.

Yes, good morning, I wanted to ask a question around the return of capital.

Very late in the year, we will get a small contribution from from attach when it comes Onstream late Q4 this year.

With the cadence in spending and the kind of growth at the back end and volatility here in pricing how should we think about.

Great. Thanks, guys for that.

Ladies and gentlemen, as a reminder, should you have a question. Please press the star followed by the one.

The cadence of returns I know, you've kind of guided to most of free cash to returns, but should we think of that is back end weighted one.

Your next question comes from Travis Wood from National Bank Financial. Please go ahead.

More transparency and comfort around timing of Apache is set up rather than.

Yes, good morning, I wanted to ask a question around the return of capital.

Use the balance sheet or in another way should we think of kind of more asset sales potentially helping to fund some of that return as well.

With the cadence in spending and the kind of growth at the backend and volatility here in pricing how should we think about.

The short term.

You bet, it's Chris here I'll take a stab at this one as well.

The cadence of returns I know, you've kind of guided to most of free cash to returns, but should we think of that is backend weighted one.

So you are correct in the sense that a lot of the growth in the production side comes quite late this year and first half.

More transparency and comfort around timing of Apache is setup rather than.

This is a normal cadence is a bit lower than second half on the production side for us.

Use the balance sheet or in another way should we think of kind of more asset sales potentially helping to fund some of that return as well.

As well as capital spending generally speaking is roughly weighted 60% in the first half and closer to 40% for the back.

The short term.

That meaning that free cash flow was lower in the first half than it is in the second half.

Yeah.

You bet, it's Chris here I'll take a stab at this one as well.

You saw us dip into into the balance sheet and use a little bit of balance sheet over Q4 of 2023, but that was really as a result of in Q3, we were lower on our distributions relative to free cash flow. So again, we're targeting full year distributions approximating.

So you are correct in the sense that a lot of the growth in the production side comes quite late this year and first half as this is a normal cadence is a bit lower than second half on a production side for us.

As well as capital spending generally speaking is roughly weighted 60% in the first half and closer to 40% for the back.

100% of our free cash flow the timing during the year will be skewed to the back half a little bit, but we would anticipate distributing throughout the year and also theres certainly no asset sales planned in this year and we don't budget for that either.

All of that meaning that free cash flow was lower in the first half than it is in the second half.

Okay, perfect. So fair to say, Chris you'll you'll be kind of building up an accrual of the free cash and use that to guide kind of the future tail and return profile of that return of capital, which rather than.

100% of our free cash flow the timing during the year will be skewed to the back half a little bit, but we would anticipate distributing throughout the year and also.

Forecasted potential free cash on assumptions of commodity pricing ultra.

No asset sales planned in this year and we don't budget for that either.

Yeah, that's fair I mean, we.

We're trying to make sure that we have a stable distribution profile, but we don't want to use the balance sheet to permanently retire shares is the other way you can think about it.

Okay, perfect. So fair to say, Chris you will.

You'll be kind of building up.

Yeah, Okay perfect. Thanks for all the color.

Accrual of the free cash and use that to guide kind of the future tail and return profile of that return of capital.

Your next question comes from Jamie Kubik from CIBC. Please go ahead.

Rather than.

Forecasted potential free cash.

Yes, good morning, and thanks for taking my question.

Function with commodity price of culture.

I've got two here so first off could you just.

Yeah, that's fair I mean, we're trying to make sure that we have a stable distribution profile, but we don't want to use the balance sheet to permanently retire shares is the other way you can think about it.

Outline a little bit the production drop in Q1 expected from Q4 given.

Q4 was so strong just maybe provide a little bit of additional color around what's happening there.

Okay perfect. Thanks for all that color.

And then you outlined in your press release.

Your next question comes from Jamie Kubik from CIBC. Please go ahead.

Permitting process is progressing well NBC.

Can you just outline if there is much left to be permitted for phase one at Hitachi and how that's going thanks.

Yes, good morning, and thanks for taking my question.

I've got two here. So first off could you just outline a little bit the production drop in Q1 expected from Q4 given.

Sure Jamie.

It's Chris here I can tackle the first one so the drop into into Q1 really you saw Q4 'twenty three.

Q4 was so strong just maybe provide a little bit of additional color around what's happening there.

Fairly significant production beat those largely result of a couple of major things one our sunrise expansion, we had quite full in the fourth quarter and those wells are scheduled to kind of a decline into Q1, bringing down the boe's a decent amount until we get it full for the second half.

And then you outlined in your press release.

Permitting process is progressing well NBC can can you just outline if there is much left to be permitted for phase one at Hitachi and how that's going thanks.

Sure Jamie.

It's Chris here.

We will keep it at capacity from the second half growing all of them is the plan.

The first one so the drop into into Q1 really you saw Q4 'twenty three with a fairly significant production beat those largely result of a couple of major things one our sunrise expansion, we had quite full in the fourth quarter and those wells are scheduled to kind of decline.

And then the other thing is we brought on some fairly significant pads late in the year in the <unk> asset and again. These are high rate wells that do decline relatively quickly. So those kind of rollover in Q1 until we bring on some pads to stabilize production basically for the second half of the year.

Into Q1, bringing down the boe's, a decent amount until we get it full for the second half from them, we will keep it at capacity from the second half growing all of them into the plant.

And Jamie Army here on the permitting front things are progressing really well we have all the necessary permits to start up our facility as per the schedule and as you know that permitting is a continuous process that we continue to to get permits that is needed to sustain and maintain our production and attach.

So I don't see that being a risk to us at all.

Okay. Thank you that's it for me.

And Jamie Army here on the permitting front things are progressing really well we have all the necessary permits to start up our facility as per the schedule and as you know the permitting is a continuous process that we continue to to get permits that is needed to sustain and maintain our production and attach.

And there are no further questions at this time I will turn the call back over to Mr. Luca for closing remarks.

Great. Thanks that concludes the call thanks, everyone for joining and have a good day.

Ladies and gentlemen, this concludes your conference call for today, we thank you for joining and you may now disconnect your lines. Thank you.

So I don't see that being a risk to us at all.

Okay. Thank you that's it for me.

And there are no further questions at this time I will turn the call back over to Mr. Luca for closing remarks.

Great. Thanks that concludes the call thanks, everyone for joining and have a good day.

Ladies and gentlemen, this concludes your conference call for today, we thank you for joining and you may now disconnect your lines. Thank you.

Q4 2023 ARC Resources Ltd Earnings Call

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