Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 8 Key Information 8 Company Overview 8 ARC Resources Ltd., Valuation and Financial Data 9 ARC Resources Ltd., Share Price Performance 9 Share Price Performance, Q1, 2015-Q1, 2016 9 ARC Resources Ltd., Key Valuation Metrics 10 Key Valuation Metrics, Q1, 2015-Q1, 2016 10 ARC Resources Ltd., Quarterly Results of Oil & Gas Operations Per boe Produced 11 Results of Oil & Gas Operations Per boe Produced, Q1, 2015-Q1, 2016 11 Results of Oil & Gas Operations Per boe Growth Rates, Q1, 2015-Q1, 2016 12 ARC Resources Ltd., Quarterly E&P Costs Trends 13 Upstream Capital Expenditure, Q1, 2015-Q1, 2016 13 ARC Resources Ltd., Quarterly Production Trends 14 ARC Resources Ltd., Total Oil and Gas Production 14 Total Crude Oil and Natural Gas Production Trend, Q1, 2015-Q1, 2016 14 Total Crude Oil & Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 15 ARC Resources Ltd., Crude Oil Production 16 Total Crude Oil Production Trend, Q1, 2015-Q1, 2016 16 Crude Oil Production, By Country/Region, Q1, 2015-Q1, 2016 17 ARC Resources Ltd., Natural Gas Production 18 Total Natural Gas Production Trend, Q1, 2015-Q1, 2016 18 Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 19 ARC Resources Ltd., Valuation and Financial Data, 2011-2015 20 ARC Resources Ltd., Share Price Performance, 2011-2015 20 Share Price Performance, 2011-2015 20 Key Valuation Metrics, 2011-2015 21 ARC Resources Ltd., Production and Reserves Trends 22 Total Oil and Gas, Reserves and Production 22 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 22 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 24 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 26 Crude Oil/Liquids Production and Reserve 27 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 27 Crude Oil Production and Reserves By Country/Region, 2011-2015 28 Crude Oil/Liquids Reserve Changes, 2011-2015 30 Natural Gas Production and Reserve 31 Natural Gas Production and Reserve Trend, 2011-2015 31 Natural Gas Production and Reserves, By Country/Region, 2011-2015 32 Natural Gas Reserve Changes, 2011-2015 34 Total Crude Oil and Natural Gas Reserves Life Index 35 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 35 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 36 ARC Resources Ltd., E&P Costs Trends 38 Allocation of the Upstream Capital Expenditure 38 Upstream Capital Expenditure, 2011-2015 38 Acquisition Costs By Country/Region, 2011-2015 39 Exploration and Development Costs, By Country/Region, 2011-2015 41 Oil and Gas Cost Per boe, US$/boe 43 Oil and Gas Cost Per boe, US$/boe, 2011-2015 43 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 45 ARC Resources Ltd., Reserve Replacement Ratio 47 Oil and Gas Production Replacement Ratio 47 Oil and Gas Production Replacement Ratio, 2011-2015 47 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 49 ARC Resources Ltd., Results of Oil & Gas Operations Trend 53 Oil and Gas Revenue and Expenses 53 Oil and Gas Revenue and Expenses, 2011-2015 53 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 54 Oil and Gas Revenue and Expenses, Per boe 59 Oil and Gas Revenue and Expenses, By boe, 2011-2015 59 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 60 Oil and Gas Performance Metrics 64 ARC Resources Ltd., Land Holdings and Well Data 65 Developed and Undeveloped Acreage 65 Gross and Net Developed and Undeveloped Acreage, 2011-2015 65 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 66 Well Statistics 68 Producible Oil and Gas Well, 2011-2015 68 Producible Oil and Gas Well, By Country/Region, 2011-2015 69 Exploration and Development Wells Drilled, 2011-2015 73 Recent Developments 74 ARC Resources Ltd. - Recent Developments 74 Apr 28, 2016: ARC Resources Announces Strong First Quarter Results With Record Production 74 Feb 10, 2016: ARC Resources Announces Strong Fourth Quarter, Record Annual Production And A Significant Increase In Montney Resource Estimates In 2015 82 Feb 10, 2016: ARC Resources Announces Strong Fourth Quarter, Record Annual Production And A Significant Increase In Montney Resource Estimates In 2015 93 Nov 04, 2015: ARC Resources Announces Board Chair Succession 104 Nov 04, 2015: ARC Resources Announces Strong Third Quarter Results Featuring Sunrise Gas Plant Commissioning 105 Nov 04, 2015: ARC Resources Announces A $550 Million Capital Program For 2016 Focused On Continued Long-Term Value Creation And Balance Sheet Strength 112 Jul 29, 2015: ARC Resources Reports Strong Second Quarter Results 118 Apr 29, 2015: ARC Resources Reports Record First Quarter Production 127 Feb 17, 2015: ARC Resources Confirms March 16, 2015 Dividend Amount 135 Feb 11, 2015: ARC Resources Announces 210 Per Cent Produced Reserves Replacement In 2014 135 Appendix 138 Methodology 138 Coverage 138 Secondary Research 138 Primary Research 138 Data Information Sources 139 Company Source 139 SEC/Other Regulatory Filings 139 Other Sources 139 Expert Panel Validation 139 Data Definition 139 Oil and Gas Reserves 139 Units of Measure 140 About GlobalData 140 Disclosure 140 Disclaimer 140

List of Tables Table 1: ARC Resources Ltd., Key Facts 8 Table 2: ARC Resources Ltd., Share Price Performance, Q1, 2015-Q1, 2016 9 Table 3: ARC Resources Ltd., Key Valuation Metrics, Q1, 2015-Q1, 2016 10 Table 4: ARC Resources Ltd., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 11 Table 5: ARC Resources Ltd., Results of Oil & Gas Operations Per boe Growth Rates, %, Q1, 2015-Q1, 2016 12 Table 6: ARC Resources Ltd., Upstream Capital Expenditure, Q1, 2015-Q1, 2016 13 Table 7: ARC Resources Ltd., Total Crude Oil and Natural Gas, Production, Q1, 2015-Q1, 2016 14 Table 8: ARC Resources Ltd., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 15 Table 9: ARC Resources Ltd., Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 16 Table 10: ARC Resources Ltd., Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 17 Table 11: ARC Resources Ltd., Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 18 Table 12: ARC Resources Ltd., Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 19 Table 13: ARC Resources Ltd., Share Price Performance, 2011-2015 20 Table 14: ARC Resources Ltd., Key Valuation Metrics, 2011-2015 21 Table 15: ARC Resources Ltd., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 23 Table 16: ARC Resources Ltd., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 25 Table 17: ARC Resources Ltd., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 26 Table 18: ARC Resources Ltd., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Table 19: ARC Resources Ltd., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 29 Table 20: ARC Resources Ltd., Crude Oil Reserve Changes, mmbbl, 2011-2015 30 Table 21: ARC Resources Ltd., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Table 22: ARC Resources Ltd., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 33 Table 23: ARC Resources Ltd., Natural Gas Reserve Changes, bcf, 2011-2015 34 Table 24: ARC Resources Ltd., Oil and Gas Reserves Life Index, Years, 2011-2015 35 Table 25: ARC Resources Ltd., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 37 Table 26: ARC Resources Ltd., Upstream Capital Expenditure, US$ mil, 2011-2015 38 Table 27: ARC Resources Ltd., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 40 Table 28: ARC Resources Ltd., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 42 Table 29: ARC Resources Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 44 Table 30: ARC Resources Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 46 Table 31: ARC Resources Ltd., Oil and Gas Production Replacement Ratio, %, 2011-2015 48 Table 32: ARC Resources Ltd., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 52 Table 33: ARC Resources Ltd., Revenue and Expenses, US$ mil, 2011-2015 53 Table 34: ARC Resources Ltd., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 58 Table 35: ARC Resources Ltd., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Table 36: ARC Resources Ltd., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 63 Table 37: ARC Resources Ltd., Oil and Gas Performance Metrics, 2011-2015 64 Table 38: ARC Resources Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Table 39: ARC Resources Ltd., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 67 Table 40: ARC Resources Ltd., Producible Oil and Gas Wells, 2011-2015 68 Table 41: ARC Resources Ltd., Producible Oil and Gas Wells, By Country/Region, 2011-2015 72 Table 42: ARC Resources Ltd., Exploratory and Developed Wells, 2011-2015 73 List of Figures Figure 1: ARC Resources Ltd., Share Price Performance, CAD/Share, Q1, 2015-Q1, 2016 9 Figure 2: ARC Resources Ltd., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2015-Q1, 2016 10 Figure 3: ARC Resources Ltd., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 11 Figure 4: ARC Resources Ltd., Upstream Capital Expenditure, US$ mil, Q1, 2015-Q1, 2016 13 Figure 5: ARC Resources Ltd., Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2015-Q1, 2016 14 Figure 6: ARC Resources Ltd., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 15 Figure 7: ARC Resources Ltd., Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 16 Figure 8: ARC Resources Ltd., Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 17 Figure 9: ARC Resources Ltd., Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 18 Figure 10: ARC Resources Ltd., Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 19 Figure 11: ARC Resources Ltd., Share Price Performance, CAD/Share, 2011-2015 20 Figure 12: ARC Resources Ltd., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 21 Figure 13: ARC Resources Ltd., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22 Figure 14: ARC Resources Ltd., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 24 Figure 15: ARC Resources Ltd., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 24 Figure 16: ARC Resources Ltd., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 26 Figure 17: ARC Resources Ltd., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Figure 18: ARC Resources Ltd., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 28 Figure 19: ARC Resources Ltd., Oil Production, By Country/Region, mmbbl, 2011-2015 29 Figure 20: ARC Resources Ltd., Crude Oil Reserve Changes, mmbbl, 2015 30 Figure 21: ARC Resources Ltd., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Figure 22: ARC Resources Ltd., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 32 Figure 23: ARC Resources Ltd., Gas Production, By Country/Region, bcf, 2011-2015 32 Figure 24: ARC Resources Ltd., Natural Gas Reserve Changes, bcf, 2015 34 Figure 25: ARC Resources Ltd., Oil and Gas Reserves Life Index, Years, 2011-2015 35 Figure 26: ARC Resources Ltd., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 27: ARC Resources Ltd., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 28: ARC Resources Ltd., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 37 Figure 29: ARC Resources Ltd., Upstream Capital Expenditure, US$ mil, 2011-2015 38 Figure 30: ARC Resources Ltd., Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 31: ARC Resources Ltd., Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 32: ARC Resources Ltd., Development Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 33: ARC Resources Ltd., Exploration Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 34: ARC Resources Ltd., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43 Figure 35: ARC Resources Ltd., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 36: ARC Resources Ltd., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 37: ARC Resources Ltd., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 46 Figure 38: ARC Resources Ltd., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 47 Figure 39: ARC Resources Ltd., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 49 Figure 40: ARC Resources Ltd., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 49 Figure 41: ARC Resources Ltd., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 50 Figure 42: ARC Resources Ltd., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 50 Figure 43: ARC Resources Ltd., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 51 Figure 44: ARC Resources Ltd., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 51 Figure 45: ARC Resources Ltd., Revenue and Expenses, US$ mil, 2011-2015 53 Figure 46: ARC Resources Ltd., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54 Figure 47: ARC Resources Ltd., Exploration Expenses, By Country/Region, US$ mil, 2011-2015 54 Figure 48: ARC Resources Ltd., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55 Figure 49: ARC Resources Ltd., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55 Figure 50: ARC Resources Ltd., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 56 Figure 51: ARC Resources Ltd., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 56 Figure 52: ARC Resources Ltd., Production Costs, By Country/Region, US$ mil, 2011-2015 57 Figure 53: ARC Resources Ltd., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 57 Figure 54: ARC Resources Ltd., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Figure 55: ARC Resources Ltd., Exploration Expenses per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 56: ARC Resources Ltd., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 57: ARC Resources Ltd., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 58: ARC Resources Ltd., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 59: ARC Resources Ltd., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 60: ARC Resources Ltd., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 61: ARC Resources Ltd., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 63 Figure 62: ARC Resources Ltd., Oil and Gas Performance Metrics, 2011-2015 64 Figure 63: ARC Resources Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Figure 64: ARC Resources Ltd., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 65: ARC Resources Ltd., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 66: ARC Resources Ltd., Producible Oil and Gas Wells, 2011-2015 68 Figure 67: ARC Resources Ltd., Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 69 Figure 68: ARC Resources Ltd., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 69 Figure 69: ARC Resources Ltd., Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 70 Figure 70: ARC Resources Ltd., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 70 Figure 71: ARC Resources Ltd., Net Productive Gas Wells, By Country/Region, Number, 2011-2015 71 Figure 72: ARC Resources Ltd., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 71 Figure 73: ARC Resources Ltd., Net Productive Oil Wells, By Country/Region, Number, 2011-2015 72 Figure 74: ARC Resources Ltd., Exploratory and Developed Wells, 2011-2015 73