Western Canadian operator ARC Resources disclosed that the company has divested non-core assets for total cash proceeds of CA$80 million (US$59.2 million), the latest in a number of dispositions by the Montney pure player.
ARC Resources said the non-core assets were not Montney Shale but did not provide additional details. The company said proceeds from the sale will be allocated to share repurchases.
In February, the company reported selling CA$44 million (US$32.6 million) of assets in the fourth quarter, bringing its 2023 total to CA$73.8 million (US$54.8 million), as it high-graded its portfolio. Proceeds from the fourth-quarter divestments were also used in stock buybacks.