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ARC Resources Ltd (ARX.TO) joins other Canadian petroleum producers in cutting capital spending budget to survive the 50% fall in oil prices since June. The company cut their budget by nearly 15%.
ARC originally announced in November that they would spend C$875 million in 2015, but it now reduced to C$750 million ($634 million).
Even with budget cut, ARC said it expects to produce around 122,500 barrels of oil equivalent per day this year, up from 115,530 boepd over the third quarter of last year.
ARC shares fell 21 Canadian cents to C$23.34 on Wednesday on the Toronto Stock Exchange,($1=$1.18 Canadian)
