05:27 PM EDT, 08/01/2024 (MT Newswires) -- ARC Resources ( AETUF ) said its second quarter profit fell 14% on weaker natural-gas prices.

The Western Canadian natural-gas producer said it earned C$239.5 million, or $0.40 per share, in the period. down from $278.9 million, or $0.46, in the year prior quarter.

Revenue was not disclosed.

The company oil and gas production rose 2.5% to 352,328 barrels of oil equivalent in the quarter, while its average price per barrel equivalent fell 7.3% to $33.35.

The company said it expects fourth-quarter production of natural gas to average between 380,000 and 385,000 boe per day, including restored volumes at Sunrise, increased condensate-rich production from Kakwa and Greater Dawson relative to the first half of 2024, and initial production contribution from Attachie.

The company's shares closed down $0.50 to $23.39 on the Toronto Stock Exchange.