07:38 AM EDT, 09/04/2024 (MT Newswires) -- ARC Resources Ltd. ( AETUF ) provided Wednesday an operations update alongside a non-core asset disposition and the renewal of its normal course issuer bid.

Among highlights, ARC said it recently closed the disposition of certain non-core, non-Montney assets for total cash proceeds of $80 million. It added proceeds will be allocated to share repurchases as ARC's view of its intrinsic value exceeds the current share price.

In an Attachie update, ARC said Phase I "remains on track", with initial commissioning volumes anticipated in Q4 2024. It added plant construction is greater than 90% complete and drilling and completion operations are "progressing on schedule". ARC noted it has drilled 37 of the initial 40 start-up wells, while 28 wells have been fracture stimulated.

In its Sunrise update, ARC said natural gas production at Sunrise remains curtailed by approximately 250 MMcf per day (approximately 42,000 boe per day) due to persistently low natural gas prices. As a result, ARC expects Q3 production to average between 315,000 boe per day and 330,000 boe per day, with a higher percentage of liquids relative to the first six months of 2024 reflecting curtailed natural gas volumes and growth from its condensate-rich assets.

It added natural gas production curtailments and strong well productivity is expected to result in lower capital spending than originally planned at Sunrise in 2025, leading to higher free funds flow as natural gas prices recover.

ARC also said it received approval from Toronto Stock Exchange to commence an NCIB that allows it to buy up to 59,404,376 of its outstanding common shares, representing 10% of its public float, over a 12-month period commencing September 6, 2024.