An anonymous director reports

ARC RESOURCES LTD. RECEIVES TSX APPROVAL FOR RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted the notice filed by ARC Resources Ltd. to commence a normal course issuer bid (NCIB). The NCIB allows ARC to purchase up to 60,744,912 of its outstanding common shares ("Common Shares"), representing 10 per cent of its public float, over a 12-month period, commencing September 1, 2023.

The NCIB complements ARC's sustainable and growing dividend in the Company's strategy to return capital to shareholders. ARC believes when dislocations exist between the share price and the intrinsic value of the business, like today, an NCIB can increase shareholder value and per share growth.

Under the NCIB, Common Shares may be purchased in open market transactions on the TSX and other alternative trading platforms in Canada and in accordance with the TSX rules for NCIBs. The NCIB will commence on September 1, 2023 and expire no later than August 31, 2024. Subject to exceptions for block purchases, ARC will limit daily purchases of Common Shares on the TSX to no more than 713,141 Common Shares or 25 per cent of the average daily trading volume of the Common Shares on the TSX of 2,852,567 Common Shares during any trading day. ARC previously purchased an aggregate of 47,825,000 Common Shares at a weighted average price of $17.71 under a normal course issuer bid between September 1, 2022 and August 23, 2023.

The Company has, in connection with the NCIB, entered into an automatic share purchase plan with a broker to enable ARC to provide standard instructions and purchase Common Shares on the open market during self-imposed blackout periods. Outside of these blackout periods, Common Shares may be purchased under the NCIB in accordance with Management's discretion.

A copy of the Form 12 Notice of Intention to Make a Normal Course Issuer Bid filed by ARC with the TSX can be obtained from the Company upon request without charge.

As of the close of business on August 23, 2023, the Company had 609,218,079 Common Shares issued and outstanding and 607,449,122 Common Shares issued and outstanding in its public float. All common shares acquired under the NCIB will be cancelled.

About ARC

ARC Resources Ltd. is the largest pure-play Montney producer and one of Canada's largest dividend-paying energy companies, featuring low-cost operations and leading ESG performance. ARC's investment-grade credit profile is supported by commodity and geographic diversity and robust risk management practices around all aspects of the business. ARC's Common Shares trade on the Toronto Stock Exchange under the symbol ARX.

We seek Safe Harbor.