05:25 PM EDT, 05/09/2024 (MT Newswires) -- ARC Resources ( AETUF ) Thursday said its first-quarter profit fell 68% on lower natural-gas prices.

The Western Canadian oil and gas producer said it earned C$185.4 million, or C$0.31 per share, down from C$574.9 million, or C$0.93, in the year-prior quarter.

Revenue was not disclosed .

The company said its first quarter production rose 4.1% to 352,328 barrels of oil equivalent per day in the quarter, made up of 63 per cent natural gas and 37 per cent crude oil and liquids, while its average price per barrel equivalent fell 25% to $37.49.

ARC generated funds from operations of $607 million, or $1.01, down from $717.4 million, or $1.16..

The company's shares closed up C$0.13 to C$25.85 on the Toronto Stock Exchange.