Mr. Terry Anderson reports

ARC RESOURCES ANNOUNCES SECOND LONG-TERM NATURAL GAS SUPPLY AGREEMENT WITH CHENIERE

ARC Resources Ltd., through its subsidiary ARC Resources U.S. Corp., has entered into a long-term natural gas supply agreement with Sabine Pass Liquefaction Stage V LLC, a subsidiary of Cheniere Energy Inc.

Under the agreement, ARC will supply 140,000 million British thermal units (MMBtu) per day of natural gas for a term of 15 years commencing with commercial operations of the first train of the Sabine Pass stage 5 expansion project (SPL expansion project), anticipated by 2029.

ARC will utilize its existing contracted pipeline capacity to the U.S. Gulf Coast to supply the natural gas volumes to Cheniere. Under the agreement, ARC will receive a liquefied natural gas (LNG) price based on the Dutch title transfer facility (TTF) price, after fixed deductions for liquefaction, shipping and regasification fees.

"With today's announcement, we are advancing the export of low-cost, low-emission Canadian natural gas to consuming markets in Europe," said Terry Anderson, ARC's president and chief executive officer. "We are pleased to further our long-term partnership with Cheniere and demonstrate the critical role Canadian energy has to play on the world stage. This marks ARC's second long-term LNG agreement linked to foreign indices and is an important milestone in the execution of our market diversification strategy."

"This is the second long-term agreement between Cheniere and ARC Resources, and further progresses the commercialization of the SPL expansion project. This agreement will enable Cheniere to deliver increased quantities of Canadian natural gas to Europe, where energy security has never been more important," said Jack Fusco, Cheniere's president and CEO. "We are pleased to build upon our existing long-term relationship with ARC Resources, and further demonstrate Cheniere's ability to construct innovative solutions that help meet the needs of customers and counterparties along the LNG value chain while delivering value to our stakeholders."

Over the past three years, ARC has steadily executed its LNG strategy, announcing a long-term agreement to supply 140,000 MMBtu/day to Cheniere's Corpus Christi stage 3 expansion, and a non-binding memorandum of understanding to supply and liquefy 200 million cubic feet/day of natural gas to Cedar LNG on Canada's West Coast.

ARC's first agreement with Cheniere, announced in 2022, provides exposure to LNG-pricing based on Platts JKM (Japan Korea Marker). With today's announcement to supply 140,000 MMBtu/day to Cheniere's SPL expansion project and link to TTF pricing, ARC will supply approximately 20 per cent of its current natural gas production to global markets and receive overseas pricing upon commencement of these contracts.

About ARC Resources Ltd.

ARC Resources is a pure-play Montney producer and one of Canada's largest dividend-paying energy companies, featuring low-cost operations and leading ESG (environmental, social, governance) 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.

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