November 2, 2011 / 10:35 PM / in 6 years

UPDATE 1-ARC Resources Q3 profit rises

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Nov 2 (Reuters) - Canadian oil and gas company ARC Resources Ltd posted higher quarterly profit, helped by higher oil production and forecast a strong fourth quarter.

For the third quarter, the company earned C$120.8 million, or 42 Canadian cents a share, compared with C$90.3 million, or 34 Canadian cents a share, in the year-ago period.

Funds from operations rose 27 percent to C$213.5 million.

The company also raised its capital expenditure for 2012 by 4 percent to C$760 million.

For the fourth quarter, ARC expects exit production volumes for 2011 to be greater than 90,000 barrels of oil equivalent per day(boepd).

The company also expects full-year 2011 production volumes to average 82,000 - 83,000 boepd.

Shares of the company closed at C$24.89 on Wednesday on the Toronto Stock Exchange. (Reporting by Arnav Das Sharma in Bangalore;Editing by Supriya Kurane)

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