| (signed)                              | (signed)                                          |
|---------------------------------------|---------------------------------------------------|
|                                  |                                              |
| Myron M. Stadnyk                      | P. Van R. Dafoe                                   |
| President and Chief Executive Officer | Senior Vice-President and Chief Financial Officer |

| ARC Resources Ltd. | Page 1 |
|--------------------|--------|

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| ARC Resources Ltd. | Page 2 |
|--------------------|--------|

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| ARC Resources Ltd. | Page 3 |
|--------------------|--------|

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| ARC RESOURCES LTD.                                         |   |              |    |   |              |   |
|------------------------------------------------------------|--------|-------------------|---------|--------|-------------------|--------|
| CONSOLIDATED BALANCE SHEETS                                |   |              |    |   |              |   |
|                                                       |   |              |    |   |              |   |
| (Cdn$ millions)                                            |   | December 31, 2014 |    |   | December 31, 2013 |   |
|                                                       |   |              |    |   |              |   |
| ASSETS                                                     |   |              |    |   |              |   |
| Current assets                                             |   |              |    |   |              |   |
| Cash and cash equivalents (Note 6)                         |   |              | 7.1     |   |              |   | — |   |
| Short-term investment                                      |   |              | 3.6     |   |              |   | 3.6 |   |
| Accounts receivable                                        |   |              | 165.0   |   |              |   | 176.5 |   |
| Prepaid expenses                                           |   |              | 14.3    |   |              |   | 15.6 |   |
| Risk management contracts (Note 15)                        |   |              | 131.8   |   |              |   | 4.4 |   |
| Assets held for sale (Note 10)                             |   |              | 5.8     |   |              |   | — |   |
|                                                       |   |              | 327.6   |   |              |   | 200.1 |   |
| Reclamation fund (Note 8)                                  |   |              | 35.2    |   |              |   | 32.6 |   |
| Risk management contracts (Note 15)                        |   |              | 128.0   |   |              |   | 61.2 |   |
| Intangible exploration and evaluation assets (Note 9)      |   |              | 266.4   |   |              |   | 265.4 |   |
| Property, plant and equipment (Note 10)                    |   |              | 5,320.1 |   |              |   | 4,928.5 |   |
| Goodwill                                                   |   |              | 248.2   |   |              |   | 248.2 |   |
| Total assets                                               |   |              | 6,325.5 |   |              |   | 5,736.0 |   |
|                                                       |   |              |    |   |              |   |   |   |
| LIABILITIES                                                |   |              |    |   |              |   |   |   |
| Current liabilities                                        |   |              |    |   |              |   |   |   |
| Accounts payable and accrued liabilities                   |   |              | 339.1   |   |              |   | 274.5 |   |
| Current portion of long-term debt (Note 12)                |   |              | 49.5    |   |              |   | 42.1 |   |
| Current portion of asset retirement obligations (Note 13)  |   |              | 13.0    |   |              |   | 25.1 |   |
| Dividends payable                                          |   |              | 32.0    |   |              |   | 31.4 |   |
| Risk management contracts (Note 15)                        |   |              | 1.0     |   |              |   | 12.9 |   |
| Liabilities associated with assets held for sale (Note 13) |   |              | 5.5     |   |              |   | — |   |
|                                                       |   |              | 440.1   |   |              |   | 386.0 |   |
| Risk management contracts (Note 15)                        |   |              | 1.0     |   |              |   | 0.6 |   |
| Long-term debt (Note 12)                                   |   |              | 1,025.3 |   |              |   | 859.2 |   |
| Long-term incentive compensation liability (Note 18)       |   |              | 29.1    |   |              |   | 26.1 |   |
| Other deferred liabilities                                 |   |              | 15.8    |   |              |   | 17.5 |   |
| Asset retirement obligations (Note 13)                     |   |              | 603.1   |   |              |   | 450.3 |   |
| Deferred taxes (Note 16)                                   |   |              | 659.3   |   |              |   | 600.2 |   |
| Total liabilities                                          |   |              | 2,773.7 |   |              |   | 2,339.9 |   |
| Commitments and contingencies (Note 19)                    |   |              |    |   |              |   |   |   |
|                                                       |   |              |    |   |              |   |   |   |
| SHAREHOLDERS’ EQUITY                                 |   |              |    |   |              |   |   |   |
| Shareholders’ capital                                |   |              | 3,951.1 |   |              |   | 3,800.8 |   |
| Contributed surplus                                        |   |              | 8.6     |   |              |   | 3.8 |   |
| Deficit                                                    |   |              | (407.9  | )      |              |   | (408.5 | ) |
| Total shareholders’ equity                           |   |              | 3,551.8 |   |              |   | 3,396.1 |   |
| Total liabilities and shareholders’ equity           |   |              | 6,325.5 |   |              |   | 5,736.0 |   |

| (signed)                                        | (signed)                                  |
|-------------------------------------------------|-------------------------------------------|
| Mac H. Van Wielingen                            | Kathleen M. O’Neill                 |
| Chairman of the Board of Directors and Director | Chair of the Audit Committee and Director |

| ARC Resources Ltd. | Page 4 |
|--------------------|--------|

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| ARC RESOURCES LTD.                                                                |   |   |    |   |   |   |
|-----------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME                        |   |
| For the years ended December 31                                                   |   |
|                                                                              |   |   |    |
| (Cdn$ millions, except per share amounts)                                         |   | 2014   |    |   | 2013   |   |
|                                                                              |   |   |    |   |   |   |
| REVENUE                                                                           |   |   |    |   |   |   |
| Sales of crude oil, natural gas, condensate, natural gas liquids and other income |   |   | 2,107.7 |   |   |   | 1,624.3 |   |
| Royalties                                                                         |   |   | (298.0  | )      |   |   | (223.1 | ) |
|                                                                              |   |   | 1,809.7 |   |   |   | 1,401.2 |   |
|                                                                              |   |   |    |   |   |   |   |   |
| Gain on risk management contracts (Note 15)                                       |   |   | 176.2   |   |   |   | 46.3 |   |
|                                                                              |   |   | 1,985.9 |   |   |   | 1,447.5 |   |
|                                                                              |   |   |    |   |   |   |   |   |
| EXPENSES                                                                          |   |   |    |   |   |   |   |   |
| Transportation                                                                    |   |   | 91.6    |   |   |   | 60.2 |   |
| Operating                                                                         |   |   | 364.2   |   |   |   | 338.7 |   |
| Intangible exploration and evaluation expenses (Note 9)                           |   |   | 39.4    |   |   |   | 1.3 |   |
| General and administrative                                                        |   |   | 84.3    |   |   |   | 97.1 |   |
| Interest and financing charges                                                    |   |   | 47.3    |   |   |   | 42.5 |   |
| Accretion of asset retirement obligations (Note 13)                               |   |   | 14.9    |   |   |   | 12.5 |   |
| Depletion, depreciation, amortization and impairment (Note 10)                    |   |   | 758.5   |   |   |   | 551.9 |   |
| Loss on foreign exchange                                                          |   |   | 73.7    |   |   |   | 49.2 |   |
| Gain on short-term investment                                                     |   |   | — |   |   |   | (1.9 | ) |
| Loss (gain) on disposal of petroleum and natural gas properties                   |   |   | 1.8     |   |   |   | (38.9 | ) |
|                                                                              |   |   | 1,475.7 |   |   |   | 1,112.6 |   |
| Provision for income taxes (Note 16)                                              |   |   |    |   |   |   |   |   |
| Current                                                                           |   |   | 70.3    |   |   |   | 16.3 |   |
| Deferred                                                                          |   |   | 59.1    |   |   |   | 77.9 |   |
|                                                                              |   |   | 129.4   |   |   |   | 94.2 |   |
|                                                                              |   |   |    |   |   |   |   |   |
| Net income and comprehensive income                                               |   |   | 380.8   |   |   |   | 240.7 |   |
|                                                                              |   |   |    |   |   |   |   |   |
| Net income per share (Note 17)                                                    |   |   |    |   |   |   |   |   |
| Basic                                                                             |   |   | 1.20    |   |   |   | 0.77 |   |
| Diluted                                                                           |   |   | 1.20    |   |   |   | 0.77 |   |

| ARC Resources Ltd. | Page 5 |
|--------------------|--------|

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| ARC RESOURCES LTD.                                          |   |
|-------------------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY  |   |
| For the years ended December 31                             |   |
|                                                        |   |
| (Cdn$ millions)                                             |   | Shareholders’ Capital |   |   | ContributedSurplus |   |   | Deficit |   |   | Total Shareholders’ Equity |   |
| December 31, 2012                                           |   |   | 3,670.2 |   |   |   | 1.7 |   |   |   | (275.2 | ) |   |   | 3,396.7 |   |
| Shares issued for cash                                      |   |   | 0.5 |   |   |   | — |   |   |   | — |   |   |   | 0.5 |   |
| Shares issued pursuant to the dividend reinvestment program |   |   | 115.4 |   |   |   | — |   |   |   | — |   |   |   | 115.4 |   |
| Shares issued pursuant to the stock dividend program        |   |   | 14.7 |   |   |   | — |   |   |   | — |   |   |   | 14.7 |   |
| Share option expense (Note 18)                              |   |   | — |   |   |   | 2.1 |   |   |   | — |   |   |   | 2.1 |   |
| Comprehensive income                                        |   |   | — |   |   |   | — |   |   |   | 240.7 |   |   |   | 240.7 |   |
| Dividends declared                                          |   |   | — |   |   |   | — |   |   |   | (374.0 | ) |   |   | (374.0 | ) |
| December 31, 2013                                           |   |   | 3,800.8 |   |   |   | 3.8 |   |   |   | (408.5 | ) |   |   | 3,396.1 |   |
| Shares issued pursuant to the dividend reinvestment program |   |   | 115.9 |   |   |   | — |   |   |   | — |   |   |   | 115.9 |   |
| Shares issued pursuant to the stock dividend program        |   |   | 35.1 |   |   |   | — |   |   |   | — |   |   |   | 35.1 |   |
| Cancellation of shares and return of accrued dividends      |   |   | (0.7 | ) |   |   | 1.9 |   |   |   | — |   |   |   | 1.2 |   |
| Share option expense (Note 18)                              |   |   | — |   |   |   | 2.9 |   |   |   | — |   |   |   | 2.9 |   |
| Comprehensive income                                        |   |   | — |   |   |   | — |   |   |   | 380.8 |   |   |   | 380.8 |   |
| Dividends declared                                          |   |   | — |   |   |   | — |   |   |   | (380.2 | ) |   |   | (380.2 | ) |
| December 31, 2014                                           |   |   | 3,951.1 |   |   |   | 8.6 |   |   |   | (407.9 | ) |   |   | 3,551.8 |   |

| ARC Resources Ltd. | Page 6 |
|--------------------|--------|

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| ARC RESOURCES LTD.                                                            |   |
|-------------------------------------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                         |   |
| For the years ended December 31                                               |   |
|                                                                          |   |   |   |   |   |   |
| (Cdn$ millions)                                                               |   | 2014 |   |   | 2013 |   |
| CASH FLOW FROM OPERATING ACTIVITIES                                           |   |   |   |   |   |   |
| Net income and comprehensive income                                           |   |   | 380.8 |   |   |   | 240.7 |   |
| Add items not involving cash:                                                 |   |   |   |   |   |   |   |   |
| Unrealized gain on risk management contracts                                  |   |   | (205.3 | ) |   |   | (30.6 | ) |
| Accretion of asset retirement obligations                                     |   |   | 14.9 |   |   |   | 12.5 |   |
| Depletion, depreciation, amortization and impairment                          |   |   | 758.5 |   |   |   | 551.9 |   |
| Intangible exploration and evaluation expenses                                |   |   | 39.4 |   |   |   | 1.3 |   |
| Unrealized loss on foreign exchange                                           |   |   | 73.8 |   |   |   | 48.9 |   |
| Loss (gain) on disposal of petroleum and natural gas properties               |   |   | 1.8 |   |   |   | (38.9 | ) |
| Deferred tax expense                                                          |   |   | 59.1 |   |   |   | 77.9 |   |
| Other (Note 21)                                                               |   |   | 1.0 |   |   |   | (1.9 | ) |
| Net change in other liabilities (Note 21)                                     |   |   | (20.4 | ) |   |   | (16.6 | ) |
| Change in non-cash working capital (Note 21)                                  |   |   | 49.4 |   |   |   | (43.5 | ) |
|                                                                          |   |   | 1,153.0 |   |   |   | 801.7 |   |
| CASH FLOW FROM FINANCING ACTIVITIES                                           |   |   |   |   |   |   |   |   |
| Issuance (repayment) of long-term debt under revolving credit facilities, net |   |   | (22.1 | ) |   |   | 105.9 |   |
| Issue of senior notes                                                         |   |   | 166.6 |   |   |   | — |   |
| Repayment of senior notes                                                     |   |   | (43.9 | ) |   |   | (40.9 | ) |
| Issue of common shares                                                        |   |   | — |   |   |   | 0.5 |   |
| Cash dividends paid                                                           |   |   | (228.6 | ) |   |   | (243.4 | ) |
|                                                                          |   |   | (128.0 | ) |   |   | (177.9 | ) |
| CASH FLOW FROM INVESTING ACTIVITIES                                           |   |   |   |   |   |   |   |   |
| Acquisition of petroleum and natural gas properties (Note 10)                 |   |   | (71.7 | ) |   |   | (36.4 | ) |
| Disposal of petroleum and natural gas properties                              |   |   | 37.5 |   |   |   | 89.8 |   |
| Property, plant and equipment development expenditures (Note 10)              |   |   | (958.2 | ) |   |   | (859.2 | ) |
| Intangible exploration and evaluation asset expenditures (Note 9)             |   |   | (49.4 | ) |   |   | (15.0 | ) |
| Net reclamation fund contributions                                            |   |   | (2.6 | ) |   |   | (2.8 | ) |
| Change in non-cash working capital (Note 21)                                  |   |   | 26.5 |   |   |   | 5.2 |   |
|                                                                          |   |   | (1,017.9 | ) |   |   | (818.4 | ) |
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                              |   |   | 7.1 |   |   |   | (194.6 | ) |
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                                |   |   | — |   |   |   | 194.6 |   |
| CASH AND CASH EQUIVALENTS, END OF PERIOD                                      |   |   | 7.1 |   |   |   | — |   |
| The following are included in cash flow from operating activities:            |   |   |   |   |   |   |   |   |
| Income taxes paid in cash                                                     |   |   | 30.4 |   |   |   | 43.6 |   |
| Interest paid in cash                                                         |   |   | 46.3 |   |   |   | 42.5 |   |

| ARC Resources Ltd. | Page 7 |
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| 1. | STRUCTURE OF THE BUSINESS |
|----|---------------------------|

| 2. | BASIS OF PREPARATION |
|----|----------------------|

| 3. | SUMMARY OF ACCOUNTING POLICIES |
|----|--------------------------------|

|   | — | ARC has transferred the significant risks and rewards of ownership of the goods to the buyer; |
|--------|---------|-----------------------------------------------------------------------------------------------|

|   | — | ARC retains no continuing managerial involvement to the degree usually associated with ownership or effective control over the goods sold; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | — | the amount of revenue can be measured reliably; |
|--------|---------|-------------------------------------------------|

|   | — | it is probable that the economic benefits associated with the transaction will flow to ARC; and |
|--------|---------|-------------------------------------------------------------------------------------------------|

|   | — | the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
|--------|---------|----------------------------------------------------------------------------------------------|

| ARC Resources Ltd. | Page 8 |
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| ARC Resources Ltd. | Page 9 |
|--------------------|--------|

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|   | (a) | total estimated proved and probable reserves calculated in accordance with Ontario Securities Commission’s National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | total capitalized costs plus estimated future development costs of proved and probable reserves, including future estimated asset retirement costs; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | relative volumes of petroleum and natural gas reserves and production, before royalties, converted at the energy equivalent conversion ratio of six thousand cubic feet of natural gas to one barrel of oil. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ARC Resources Ltd. | Page 10 |
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| ARC Resources Ltd. | Page 11 |
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|   | — | Fair value through profit or loss |
|--------|---------|-----------------------------------|

|   | — | Held-to-maturity investments, loans and receivables and other financial liabilities |
|--------|---------|-------------------------------------------------------------------------------------|

|   | — | Available-for-sale financial assets |
|--------|---------|-------------------------------------|

| ARC Resources Ltd. | Page 12 |
|--------------------|---------|

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|   | — | Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions occur in sufficient frequency and volume to provide pricing information on an ongoing basis. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | — | Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1. Prices in Level 2 are either directly or indirectly observable as of the reporting date. Level 2 valuations are based on inputs, including quoted forward prices for commodities, time value and volatility factors, which can be substantially observed or corroborated in the marketplace. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | — | Level 3 – Valuations in this level are those with inputs for the asset or liability that are not based on observable market data. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------|

| ARC Resources Ltd. | Page 13 |
|--------------------|---------|

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| 4. | CHANGES IN ACCOUNTING POLICIES |
|----|--------------------------------|

|   | — | IAS 36 "Impairment of Assets" has been amended to reduce the circumstances in which the recoverable amount of cash generating units "CGUs" is required to be disclosed and clarify the disclosures required when an impairment loss has been recognized or reversed in the period. The retrospective adoption of these amendments impact ARC's disclosures in the notes to the financial statements in periods when an impairment loss or impairment reversal is recognized. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | — | IAS 39 "Financial Instruments: Recognition and Measurement" has been amended to clarify that there would be no requirement to discontinue hedge accounting if a hedging derivative was novated, provided certain criteria are met. The retrospective adoption of the amendments does not have any impact on ARC's financial statements. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | — | IFRIC 21 "Levies" was developed by the IFRS Interpretations Committee ("IFRIC") and is applicable to all levies imposed by governments under legislation, other than outflows that are within the scope of other standards (e.g., IAS 12 "Income Taxes") and fines or other penalties for breaches of legislation. The interpretation clarifies that an entity recognizes a liability for a levy when the activity that triggers payment, as identified by the relevant legislation, occurs. It also clarifies that a levy liability is accrued progressively only if the activity that triggers payment occurs over a period of time, in accordance with the relevant legislation. Lastly, the interpretation clarifies that a liability should not be recognized before the specified minimum threshold to trigger that levy is reached. The retrospective adoption of this interpretation does not have any impact on ARC's financial statements. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ARC Resources Ltd. | Page 14 |
|--------------------|---------|

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| 5. | MANAGEMENT JUDGMENTS AND ESTIMATION UNCERTAINTY |
|----|-------------------------------------------------|

|   | i) | the net present value of the after-tax cash flows from oil and gas reserves of each CGU based on reserves estimated by ARC’s independent reserve evaluator; and |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii) | the fair value of undeveloped land based on estimates provided by ARC’s independent land evaluator with consideration given to acquisition metrics of recent transactions completed on similar assets to those contained within the relevant CGU |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a) | Reserves – Assumptions that are valid at the time of reserve estimation may change significantly when new information becomes available. Changes in forward price estimates, production costs or recovery rates may change the economic status of reserves and may ultimately result in reserves being restated. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | Crude oil and natural gas prices – Forward price estimates of the crude oil and natural gas prices are used in the cash flow model. Commodity prices have fluctuated widely in recent years due to global and regional factors including supply and demand fundamentals, inventory levels, exchange rates, weather, economic and geopolitical factors. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | Discount rate – The discount rate used to calculate the net present value of cash flows is based on estimates of an approximate industry peer group weighted average cost of capital. Changes in the general economic environment could result in significant changes to this estimate. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ARC Resources Ltd. | Page 15 |
|--------------------|---------|

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|      |   | Edmonton LightCrude Oil |   |   | WTI Oil            |   |   | AECO Gas         |   |   | Cdn$/US$           |   |
|-----------|--------|-------------------------|--------|--------|--------------------|--------|--------|------------------|--------|--------|--------------------|--------|
| Year      |   | (Cdn$/bbl) (1)          |   |   | (US$/bbl) (1) |   |   | (Cdn$/mmbtu) (1) |   |   | Exchange Rates (1) |   |
| 2015      |   |                    | 64.71  |   |               |   | 62.50  |             |   |   | 3.31               |   |   |   | 0.85 |   |
| 2016      |   |                    | 80.00  |   |               |   | 75.00  |             |   |   | 3.77               |   |   |   | 0.88 |   |
| 2017      |   |                    | 85.71  |   |               |   | 80.00  |             |   |   | 4.02               |   |   |   | 0.88 |   |
| 2018      |   |                    | 91.43  |   |               |   | 85.00  |             |   |   | 4.27               |   |   |   | 0.88 |   |
| 2019      |   |                    | 97.14  |   |               |   | 90.00  |             |   |   | 4.53               |   |   |   | 0.88 |   |
| 2020      |   |                    | 102.86 |   |               |   | 95.00  |             |   |   | 4.78               |   |   |   | 0.88 |   |
| 2021      |   |                    | 106.18 |   |               |   | 98.54  |             |   |   | 5.03               |   |   |   | 0.88 |   |
| 2022      |   |                    | 108.31 |   |               |   | 100.51 |             |   |   | 5.28               |   |   |   | 0.88 |   |
| 2023      |   |                    | 110.47 |   |               |   | 102.52 |             |   |   | 5.53               |   |   |   | 0.88 |   |
| 2024      |   |                    | 112.67 |   |               |   | 104.57 |             |   |   | 5.71               |   |   |   | 0.88 |   |
| Remainder |   | +2.0% per year          |   |   | +2.0% per year     |   |   | +2.0% per year   |   |   |               | 0.88   |   |

|   | (1) | Source: GLJ Petroleum Consultants price forecast, effective December 31, 2014. |
|--------|-----|--------------------------------------------------------------------------------|

| ARC Resources Ltd. | Page 16 |
|--------------------|---------|

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| 6. | CASH AND CASH EQUIVALENTS |
|----|---------------------------|

| 7. | FINANCIAL ASSETS AND CREDIT RISK |
|----|----------------------------------|

|   | — | by entering into sales contracts with only established, creditworthy counterparties as verified by a third-party rating agency, through internal evaluation or by requiring security such as letters of credit or parental guarantees; |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | — | by limiting exposure to any one counterparty in accordance with ARC’s credit policy; and |
|--------|---------|------------------------------------------------------------------------------------------------|

|   | — | by restricting cash equivalent investments, reclamation fund investments, and risk management transactions to counterparties that are not less than investment grade. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ARC Resources Ltd. | Page 17 |
|--------------------|---------|

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| Accounts Receivable Aging    |   | December 31, 2014 |   |
|------------------------------|--------|-------------------|--------|
| Current (less than 30 days)  |   |              | 159.8  |   |
| 31 - 60 days                 |   |              | 1.8    |   |
| 61 - 90 days                 |   |              | 0.8    |   |
| Past due (more than 90 days) |   |              | 2.6    |   |
| Balance, December 31, 2014   |   |              | 165.0  |   |

| 8. | RECLAMATION FUND |
|----|------------------|

|                         |   | Year Ended December 31, 2014 |   |   | Year Ended December 31, 2013 |   |
|------------------------------|--------|------------------------------|--------|--------|------------------------------|--------|
| Balance, beginning of period |   |                         | 32.6   |   |                         |   | 29.8 |   |
| Contributions                |   |                         | 3.7    |   |                         |   | 3.9 |   |
| Reimbursed expenditures (1)  |   |                         | (1.8   | )      |                         |   | (1.5 | ) |
| Interest earned on funds     |   |                         | 0.7    |   |                         |   | 0.4 |   |
| Balance, end of period       |   |                         | 35.2   |   |                         |   | 32.6 |   |

| 9. | INTANGIBLE EXPLORATION AND EVALUATION ASSETS |
|----|----------------------------------------------|

| Carrying amount                                |   |
|------------------------------------------------|--------|
| Balance, January 1, 2013                       |   |   | 238.1 |   |
| Additions                                      |   |   | 15.0 |   |
| Acquisitions                                   |   |   | 13.6 |   |
| Intangible exploration and evaluation expenses |   |   | (1.3 | ) |
| Balance, December 31, 2013                     |   |   | 265.4 |   |
| Additions                                      |   |   | 49.4 |   |
| Transfers to property, plant and equipment     |   |   | (9.0 | ) |
| Intangible exploration and evaluation expenses |   |   | (39.4 | ) |
| Balance, December 31, 2014                     |   |   | 266.4 |   |

| ARC Resources Ltd. | Page 18 |
|--------------------|---------|

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| 10. | PROPERTY, PLANT AND EQUIPMENT |
|-----|-------------------------------|

| Cost                                                               |   | Development and Production Assets |     | Administrative Assets |   | Total  |
|--------------------------------------------------------------------|--------|-----------------------------------|----------|-----------------------|--------|--------|
| Balance, January 1, 2013                                           |   |                              | 6,129.3  |                  |   |   | 50.3 |   |   |   | 6,179.6 |   |
| Additions                                                          |   |                              | 862.8    |                  |   |   | 4.6 |   |   |   | 867.4 |   |
| Acquisitions                                                       |   |                              | 22.8     |                  |   |   | — |   |   |   | 22.8 |   |
| Change in asset retirement cost                                    |   |                              | (40.6    | )                     |   |   | — |   |   |   | (40.6 | ) |
| Assets reclassified as held for sale                               |   |                              | (115.8   | )                     |   |   | — |   |   |   | (115.8 | ) |
| Balance, December 31, 2013                                         |   |                              | 6,858.5  |                  |   |   | 54.9 |   |   |   | 6,913.4 |   |
| Additions                                                          |   |                              | 951.9    |                  |   |   | 6.5 |   |   |   | 958.4 |   |
| Acquisitions                                                       |   |                              | 71.7     |                  |   |   | — |   |   |   | 71.7 |   |
| Transfers from exploration and evaluation                          |   |                              | 9.0      |                  |   |   | — |   |   |   | 9.0 |   |
| Change in asset retirement cost                                    |   |                              | 182.8    |                  |   |   | — |   |   |   | 182.8 |   |
| Dispositions                                                       |   |                              | (140.9   | )                     |   |   | — |   |   |   | (140.9 | ) |
| Assets reclassified as held for sale                               |   |                              | (15.9    | )                     |   |   | — |   |   |   | (15.9 | ) |
| Balance, December 31, 2014                                         |   |                              | 7,917.1  |                  |   |   | 61.4 |   |   |   | 7,978.5 |   |
|                                                               |   |                              |     |                  |
| Accumulated depletion, depreciation, amortization and impairment   |
| Balance, January 1, 2013                                           |   |                              | (1,459.9 | )                     |   |   | (15.3 | ) |   |   | (1,475.2 | ) |
| Depletion, depreciation and amortization                           |   |                              | (545.4   | )                     |   |   | (6.5 | ) |   |   | (551.9 | ) |
| Accumulated depletion reclassified as held for sale                |   |                              | 42.2     |                  |   |   | — |   |   |   | 42.2 |   |
| Balance, December 31, 2013                                         |   |                              | (1,963.1 | )                     |   |   | (21.8 | ) |   |   | (1,984.9 | ) |
| Depletion, depreciation and amortization                           |   |                              | (649.2   | )                     |   |   | (6.3 | ) |   |   | (655.5 | ) |
| Impairment (Note 5)                                                |   |                              | (103.0   | )                     |   |   | — |   |   |   | (103.0 | ) |
| Accumulated depletion and impairment associated with dispositions  |   |                              | 74.9     |                  |   |   | — |   |   |   | 74.9 |   |
| Accumulated depletion and impairment reclassified as held for sale |   |                              | 10.1     |                  |   |   | — |   |   |   | 10.1 |   |
| Balance, December 31, 2014                                         |   |                              | (2,630.3 | )                     |   |   | (28.1 | ) |   |   | (2,658.4 | ) |
|                                                               |   |                              |     |                  |   |   |   |   |   |   |   |   |
| Carrying amounts                                                   |   |                              |     |                  |   |   |   |   |   |   |   |   |
| Balance, December 31, 2013                                         |   |                              | 4,895.4  |                  |   |   | 33.1 |   |   |   | 4,928.5 |   |
| Balance, December 31, 2014                                         |   |                              | 5,286.8  |                  |   |   | 33.3 |   |   |   | 5,320.1 |   |

| ARC Resources Ltd. | Page 19 |
|--------------------|---------|

----

| Assets held for sale       |   |
|----------------------------|--------|
| Balance, January 1, 2013   |   |   | 0.3 |   |
| Additions                  |   |   | 73.6 |   |
| Disposals                  |   |   | (73.9 | ) |
| Balance, December 31, 2013 |   |   | — |   |
| Additions                  |   |   | 66.0 |   |
| Disposals                  |   |   | (60.2 | ) |
| Balance, December 31, 2014 |   |   | 5.8 |   |

| 11. | FINANCIAL LIABILITIES AND LIQUIDITY RISK |
|-----|------------------------------------------|

|                                         |   | Carrying Amount |    |   | 1 Year |   |    | 2-3 Years |   |   | 4-5 Years |   |   | Beyond 5 Years |    |
|----------------------------------------------|--------|-----------------|---------|--------|--------|--------|---------|-----------|--------|--------|-----------|--------|--------|----------------|---------|
| Accounts payable and accrued liabilities (1) |   |            | 339.1   |   |   |   | 339.1   |      |   |   | —   |   |   |           | — |   |   |   | — |   |
| Dividends payable                            |   |            | 32.0    |   |   |   | 32.0    |      |   |   | —   |   |   |           | — |   |   |   | — |   |
| Risk management contracts (2)           |   |            | 2.0     |   |   |   | 1.0     |      |   |   | 1.0       |   |   |           | — |   |   |   | — |   |
| Long-term debt                               |   |            | 1,074.8 |   |   |   | 49.5    |      |   |   | 94.0      |   |   |           | 220.7   |   |   |   | 710.6 |   |
| Long-term incentive compensation liability   |   |            | 29.1    |   |   |   | — |      |   |   | 29.1      |   |   |           | — |   |   |   | — |   |
| Total financial liabilities                  |   |            | 1,477.0 |   |   |   | 421.6   |      |   |   | 124.1     |   |   |           | 220.7   |   |   |   | 710.6 |   |

|   | (1) | Includes the portion of the cash obligations associated with the RSU & PSU Plans that will be settled within one year. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Risk management contracts are derivatives. All other financial liabilities contained in this table are non-derivative liabilities. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

| ARC Resources Ltd. | Page 20 |
|--------------------|---------|

----

| 12. | LONG-TERM DEBT |
|-----|----------------|

|                               |   | December 31, 2014 |    |   | December 31, 2013 |   |
|------------------------------------|--------|-------------------|---------|--------|-------------------|--------|
| Syndicated credit facilities       |   |              |    |   |              |   |
| Cdn$ denominated                   |   |              | 83.8    |   |              |   | 99.8 |   |
| Working capital facility           |   |              | — |   |              |   | 6.1 |   |
| Senior notes                       |   |              |    |   |              |   |   |   |
| Master Shelf Agreement             |   |              |    |   |              |   |   |   |
| 5.42% US$ note                     |   |              | 32.6    |   |              |   | 39.9 |   |
| 4.98% US$ note                     |   |              | 58.0    |   |              |   | 53.2 |   |
| 3.72% US$ note                     |   |              | 174.0   |   |              |   | — |   |
| 2004 Note Issuance                 |   |              |    |   |              |   |   |   |
| 4.62% US$ note                     |   |              | — |   |              |   | 6.8 |   |
| 5.10% US$ note                     |   |              | 11.1    |   |              |   | 15.3 |   |
| 2009 note issuance                 |   |              |    |   |              |   |   |   |
| 7.19% US$ note                     |   |              | 31.3    |   |              |   | 43.1 |   |
| 8.21% US$ note                     |   |              | 40.6    |   |              |   | 37.2 |   |
| 6.50% Cdn$ note                    |   |              | 11.6    |   |              |   | 17.4 |   |
| 2010 note issuance                 |   |              |    |   |              |   |   |   |
| 5.36% US$ note                     |   |              | 174.0   |   |              |   | 159.5 |   |
| 2012 note issuance                 |   |              |    |   |              |   |   |   |
| 3.31% US$ note                     |   |              | 69.7    |   |              |   | 63.8 |   |
| 3.81% US$ note                     |   |              | 348.1   |   |              |   | 319.2 |   |
| 4.49% Cdn$ note                    |   |              | 40.0    |   |              |   | 40.0 |   |
| Total long-term debt outstanding   |   |              | 1,074.8 |   |              |   | 901.3 |   |
| Long-term debt due within one year |   |              | 49.5    |   |              |   | 42.1 |   |
| Long-term debt due beyond one year |   |              | 1,025.3 |   |              |   | 859.2 |   |

| ARC Resources Ltd. | Page 21 |
|--------------------|---------|

----

| Issue Date         | Remaining Principal | Coupon Rate | Maturity Date      | Principal Payment Terms                              |
|--------------------|---------------------|-------------|--------------------|------------------------------------------------------|
| December 15, 2005  | US$28.1 million     | 5.42%       | December 15, 2017  | Eight equal installments beginning December 15, 2010 |
| March 5, 2010      | US$50 million       | 4.98%       | March 5, 2019      | Five equal installments beginning March 5, 2015      |
| September 25, 2014 | US$150 million      | 3.72%       | September 25, 2026 | Five equal installments beginning September 25, 2022 |

| Issue Date      | Remaining Principal | Coupon Rate | Maturity Date   | Principal Payment Terms                           |
|-----------------|---------------------|-------------|-----------------|---------------------------------------------------|
| April 27, 2004  | US$9.6 million      | 5.10%       | April 27, 2016  | Five equal installments beginning April 27, 2012  |
| April 14, 2009  | US$27 million       | 7.19%       | April 14, 2016  | Five equal installments beginning April 14, 2012  |
| April 14, 2009  | US$35 million       | 8.21%       | April 14, 2021  | Five equal installments beginning April 14, 2017  |
| April 14, 2009  | Cdn$11.6 million    | 6.50%       | April 14, 2016  | Five equal installments beginning April 14, 2012  |
| May 27, 2010    | US$150 million      | 5.36%       | May 27, 2022    | Five equal installments beginning May 27, 2018    |
| August 23, 2012 | US$60 million       | 3.31%       | August 23, 2021 | Five equal installments beginning August 23, 2017 |
| August 23, 2012 | US$300 million      | 3.81%       | August 23, 2024 | Five equal installments beginning August 23, 2020 |
| August 23, 2012 | Cdn$40 million      | 4.49%       | August 23, 2024 | Five equal installments beginning August 23, 2020 |

|                                                 |   | Credit Capacity |    |   | Drawn  |   |    | Remaining |   |
|------------------------------------------------------|--------|-----------------|---------|--------|--------|--------|---------|-----------|--------|
| Syndicated credit facility                           |   |            | 1,000.0 |   |   |   | 83.8    |      |   |   | 916.2 |   |
| Working capital facility                             |   |            | 40.0    |   |   |   | — |      |   |   | 40.0 |   |
| Senior Notes subject to a Master Shelf Agreement (1) |   |            | 406.0   |   |   |   | 264.6   |      |   |   | 141.4 |   |
| Senior Notes not subject to a Master Shelf Agreement |   |            | 726.4   |   |   |   | 726.4   |      |   |   | — |   |
| Total                                                |   |            | 2,172.4 |   |   |   | 1,074.8 |      |   |   | 1,097.6 |   |

|   | (1) | Total credit capacity is US$350 million. |
|--------|-----|------------------------------------------|

|   | — | long-term debt and letters of credit not to exceed three and a quarter times trailing twelve month net income before non-cash items, income taxes and interest expense; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | — | long-term debt, letters of credit, and subordinated debt not to exceed four times trailing twelve month net income before non-cash items, income taxes and interest expense; and |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ARC Resources Ltd. | Page 22 |
|--------------------|---------|

----

|   | — | long-term debt and letters of credit not to exceed 50 per cent of the book value of shareholders’ equity and long-term debt, letters of credit, and subordinated debt. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | ASSET RETIREMENT OBLIGATIONS |
|-----|------------------------------|

|                                                                                |   | Year Ended December 31, 2014 |   |   | Year Ended December 31, 2013 |   |
|-------------------------------------------------------------------------------------|--------|------------------------------|--------|--------|------------------------------|--------|
| Balance, beginning of period                                                        |   |                         | 475.4  |   |                         |   | 532.9 |   |
| Increase in liabilities relating to development activities                          |   |                         | 12.6   |   |                         |   | 12.8 |   |
| Increase (decrease) in liabilities relating to change in estimate and discount rate |   |                         | 174.2  |   |                         |   | (53.4 | ) |
| Settlement of reclamation liabilities                                               |   |                         | (23.0  | )      |                         |   | (18.5 | ) |
| Accretion                                                                           |   |                         | 14.9   |   |                         |   | 12.5 |   |
| Dispositions                                                                        |   |                         | (32.5  | )      |                         |   | (10.9 | ) |
| Reclassified as liabilities associated with assets held for sale                    |   |                         | (5.5   | )      |                         |   | — |   |
| Balance, end of period                                                              |   |                         | 616.1  |   |                         |   | 475.4 |   |
| Expected to be incurred within one year                                             |   |                         | 13.0   |   |                         |   | 25.1 |   |
| Expected to be incurred beyond one year                                             |   |                         | 603.1  |   |                         |   | 450.3 |   |

| 14. | CAPITAL MANAGEMENT |
|-----|--------------------|

|   | — | fund its development and exploration program; |
|--------|---------|-----------------------------------------------|

|   | — | provide financial flexibility to execute on strategic opportunities; and |
|--------|---------|--------------------------------------------------------------------------|

| ARC Resources Ltd. | Page 23 |
|--------------------|---------|

----

|   | — | maintain a dividend policy that, in normal times, in the opinion of Management and the Board of Directors, is sustainable. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------|

|   | — | common shares and |
|--------|---------|-------------------|

|   | — | net debt, which includes long-term debt and working capital deficit (surplus), if any. Working capital deficit (surplus) is calculated as current liabilities less current assets, and excludes current unrealized amounts pertaining to risk management contracts, assets held for sale and ARO contained within liabilities associated with assets held for sale, as well as the current portion of long-term debt and current portion of ARO. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                         |   | Year Ended December 31, 2014 |    |   | Year Ended December 31, 2013 |   |
|----------------------------------------------|--------|------------------------------|---------|--------|------------------------------|--------|
| Cash flow from operating activities          |   |                         | 1,153.0 |   |                         |   | 801.7 |   |
| Net change in other liabilities (Note 21)    |   |                         | 20.4    |   |                         |   | 16.6 |   |
| Change in non-cash working capital (Note 21) |   |                         | (49.4   | )      |                         |   | 43.5 |   |
| Funds from operations                        |   |                         | 1,124.0 |   |                         |   | 861.8 |   |

|                                                                                       |   | December 31, 2014 |    |   | December 31, 2013 |   |
|--------------------------------------------------------------------------------------------|--------|-------------------|---------|--------|-------------------|--------|
| Long-term debt (1)                                                                         |   |              | 1,074.8 |   |              |   | 901.3 |   |
| Accounts payable and accrued liabilities                                                   |   |              | 339.1   |   |              |   | 274.5 |   |
| Dividends payable                                                                          |   |              | 32.0    |   |              |   | 31.4 |   |
| Cash and cash equivalents, accounts receivable, prepaid expenses and short-term investment |   |              | (190.0  | )      |              |   | (195.7 | ) |
| Net debt obligations                                                                       |   |              | 1,255.9 |   |              |   | 1,011.5 |   |
|                                                                                       |   |              |    |   |              |   |   |   |
| Shares outstanding (millions)                                                              |   |              | 319.4   |   |              |   | 314.1 |   |
| Share price ($) (2)                                                                        |   |              | 25.16   |   |              |   | 29.57 |   |
| Market capitalization                                                                      |   |              | 8,036.1 |   |              |   | 9,287.9 |   |
| Net debt obligations                                                                       |   |              | 1,255.9 |   |              |   | 1,011.5 |   |
| Total capitalization                                                                       |   |              | 9,292.0 |   |              |   | 10,299.4 |   |
|                                                                                       |   |              |    |   |              |   |   |   |
| Net debt as a percentage of total capitalization (%)                                       |   |              | 13.5    |   |              |   | 9.8 |   |
| Net debt to funds from operations (ratio)                                                  |   |              | 1.1     |   |              |   | 1.2 |   |

|   | (1) | Includes current portion of long-term debt at December 31, 2014 and 2013 of $49.5 million and $42.1 million, respectively. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (2) | TSX closing price as at December 31, 2014 and 2013, respectively. |
|--------|-----|-------------------------------------------------------------------|

| 15. | FINANCIAL INSTRUMENTS AND MARKET RISK MANAGEMENT |
|-----|--------------------------------------------------|

| ARC Resources Ltd. | Page 24 |
|--------------------|---------|

----

|                      |   | Gross Amounts of Recognized Financial Assets (Liabilities) |   |   | Gross Amounts of Recognized Financial Assets (Liabilities) Offset in Balance Sheet |   |    | Net Amounts of Financial Assets (Liabilities) Recognized in Balance Sheet Prior to Credit Risk Adjustment |   |   | Credit Risk Adjustment |   |   | Net Amounts of Financial Assets (Liabilities) Recognized in Balance Sheet |    |
|---------------------------|--------|------------------------------------------------------------|--------|--------|------------------------------------------------------------------------------------|--------|---------|-----------------------------------------------------------------------------------------------------------|--------|--------|------------------------|--------|--------|---------------------------------------------------------------------------|---------|
| As at December 31, 2014   |   |                                                       |   |   |                                                                               |   |    |                                                                                                      |   |   |                   |   |   |                                                                      |    |
| Risk management contracts |   |                                                       |   |   |                                                                               |   |    |                                                                                                      |   |   |                   |   |
| Current asset             |   |                                                       | 151.0  |   |                                                                               |   | (18.2   | )                                                                                                         |   |   | 132.8                  |   |   |                                                                      | (1.0    | ) |   |   | 131.8 |   |
| Long-term asset           |   |                                                       | 132.1  |   |                                                                               |   | (3.1    | )                                                                                                         |   |   | 129.0                  |   |   |                                                                      | (1.0    | ) |   |   | 128.0 |   |
| Current liability         |   |                                                       | (19.2  | )      |                                                                               |   | 18.2    |                                                                                                      |   |   | (1.0                   | )      |   |                                                                      | — |   |   |   | (1.0 | ) |
| Long-term liability       |   |                                                       | (4.1   | )      |                                                                               |   | 3.1     |                                                                                                      |   |   | (1.0                   | )      |   |                                                                      | — |   |   |   | (1.0 | ) |
| Net position              |   |                                                       | 259.8  |   |                                                                               |   | — |                                                                                                      |   |   | 259.8                  |   |   |                                                                      | (2.0    | ) |   |   | 257.8 |   |
|                      |   |                                                       |   |   |                                                                               |   |    |                                                                                                      |   |   |                   |   |   |                                                                      |    |   |   |   |   |   |
| As at December 31, 2013   |   |                                                       |   |   |                                                                               |   |    |                                                                                                      |   |   |                   |   |   |                                                                      |    |   |   |   |   |   |
| Risk management contracts |   |                                                       |   |   |                                                                               |   |    |                                                                                                      |   |   |                   |   |   |                                                                      |    |   |
| Current asset             |   |                                                       | 13.7   |   |                                                                               |   | (9.2    | )                                                                                                         |   |   | 4.5                    |   |   |                                                                      | (0.1    | ) |   |   | 4.4 |   |
| Long-term asset           |   |                                                       | 63.3   |   |                                                                               |   | (1.6    | )                                                                                                         |   |   | 61.7                   |   |   |                                                                      | (0.5    | ) |   |   | 61.2 |   |
| Current liability         |   |                                                       | (22.6  | )      |                                                                               |   | 9.2     |                                                                                                      |   |   | (13.4                  | )      |   |                                                                      | 0.5     |   |   |   | (12.9 | ) |
| Long-term liability       |   |                                                       | (2.3   | )      |                                                                               |   | 1.6     |                                                                                                      |   |   | (0.7                   | )      |   |                                                                      | 0.1     |   |   |   | (0.6 | ) |
| Net position              |   |                                                       | 52.1   |   |                                                                               |   | — |                                                                                                      |   |   | 52.1                   |   |   |                                                                      | — |   |   |   | 52.1 |   |

| ARC Resources Ltd. | Page 25 |
|--------------------|---------|

----

| Sensitivity of Commodity Price Risk Management Contracts |
|----------------------------------------------------------|
|                                                     |   | Increase in Commodity Price |   | Decrease in Commodity Price |
|                                                     |   |   | Crude Oil |   |   |   | Natural Gas |   |   |   | Electricity |   |   |   | Crude Oil |   |   |   | Natural Gas |   |   |   | Electricity |   |
| Net income increase (decrease)                           |   |   | (3.8 | ) |   |   | (104.8 | ) |   |   | 8.8 |   |   |   | 1.0 |   |   |   | 135.6 |   |   |   | (4.0 | ) |

| ARC Resources Ltd. | Page 26 |
|--------------------|---------|

----

| Sensitivity of Foreign Exchange Exposure |   | Increase in Cdn$/US$ rate |   |   | Decrease in Cdn$/US$ rate |   |
|------------------------------------------|--------|---------------------------|--------|--------|---------------------------|--------|
| Risk management contracts                |   |                      | 7.0    |   |                      |   | (8.3 | ) |
| US dollar denominated debt               |   |                      | (28.3  | )      |                      |   | 28.3 |   |
| Net income increase (decrease)           |   |                      | (21.3  | )      |                      |   | 20.0 |   |

| Financial WTI Crude Oil Contracts (1) |   |
|---------------------------------------|--------|
|                                  |   |   |   | Volume |   |   | Bought Put |   |   | Sold Put |   | Sold Call |   |
| Term                                  |   | Contract |   | bbl/d |   |   | US$/bbl |   |   | US$/bbl |   | US$/bbl |   |
| 1-Jan-15                              |   | 30-Jun-15 |   | 3-Way |   |   | 4,000 |   |   |   | 90.00 |   |   |   | 65.00 |   |   |   | 100.00 |   |
| 1-Jan-15                              |   | 30-Jun-15 |   | 3-Way |   |   | 2,000 |   |   |   | 90.00 |   |   |   | 65.00 |   |   |   | 102.50 |   |

|   | (1) | Settled on the monthly average price. |
|--------|-----|---------------------------------------|

| Financial NYMEX Natural Gas Contracts (2) |   |      |   |    |
|-------------------------------------------|--------|-----------|--------|---------|
|                                      |   |      |   |    |   | Volume |   |   | Bought Put |   |   | Sold Call |   |
| Term                                      |   | Contract  |   | mmbtu/d |   |   | US$/mmbtu |   |   | US$/mmbtu |   |
| 1-Jan-15                                  |   | 31-Mar-15 |   | Collar  |   |   | 75,000 |   |   |   | 4.00 |   |   |   | 4.50 |   |
| 1-Jan-15                                  |   | 31-Mar-15 |   | Collar  |   |   | 20,000 |   |   |   | 4.00 |   |   |   | 5.25 |   |
| 1-Jan-15                                  |   | 30-Apr-15 |   | Collar  |   |   | 30,000 |   |   |   | 3.75 |   |   |   | 4.25 |   |
| 1-Jan-15                                  |   | 31-Dec-15 |   | Collar  |   |   | 20,000 |   |   |   | 3.75 |   |   |   | 4.25 |   |
| 1-Jan-15                                  |   | 31-Dec-15 |   | Collar  |   |   | 30,000 |   |   |   | 4.00 |   |   |   | 4.75 |   |
| 1-Jan-15                                  |   | 31-Dec-15 |   | Collar  |   |   | 60,000 |   |   |   | 4.00 |   |   |   | 5.00 |   |
| 1-Apr-15                                  |   | 31-Dec-15 |   | Collar  |   |   | 65,000 |   |   |   | 4.00 |   |   |   | 4.25 |   |
| 1-May-15                                  |   | 31-Dec-15 |   | Collar  |   |   | 30,000 |   |   |   | 3.75 |   |   |   | 4.00 |   |
| 1-Apr-15                                  |   | 31-Dec-17 |   | Collar  |   |   | 10,000 |   |   |   | 4.00 |   |   |   | 4.50 |   |
| 1-Jan-16                                  |   | 31-Dec-17 |   | Collar  |   |   | 45,000 |   |   |   | 4.00 |   |   |   | 4.50 |   |
| 1-Jan-16                                  |   | 31-Dec-17 |   | Collar  |   |   | 90,000 |   |   |   | 4.00 |   |   |   | 5.00 |   |
| 1-Jan-18                                  |   | 31-Dec-18 |   | Collar  |   |   | 30,000 |   |   |   | 4.00 |   |   |   | 4.75 |   |
| 1-Jan-18                                  |   | 31-Dec-18 |   | Collar  |   |   | 60,000 |   |   |   | 4.00 |   |   |   | 5.00 |   |
| 1-Jan-19                                  |   | 31-Dec-19 |   | Collar  |   |   | 40,000 |   |   |   | 4.00 |   |   |   | 5.00 |   |

|   | (2) | NYMEX Henry Hub "Last Day" Settlement. |
|--------|-----|----------------------------------------|

| Financial AECO Basis Swap Contracts (3) |   |
|-----------------------------------------|--------|
|                                    |   |   |   | Volume |   |   | Ratio Sold Swap % |   |
| Term                                    |   | Contract |   | mmbtu/d |   |   | AECO/NYMEX |   |
| 1-Jan-15                                |   | 31-Dec-15 |   | Swap |   |   | 130,000 |   |   |   | 90.5 |   |
| 1-Jul-15                                |   | 31-Dec-15 |   | Swap |   |   | 30,000 |   |   |   | 85.2 |   |
| 1-Jan-16                                |   | 31-Dec-16 |   | Swap |   |   | 140,000 |   |   |   | 90.3 |   |
| 1-Jan-17                                |   | 31-Dec-17 |   | Swap |   |   | 140,000 |   |   |   | 90.2 |   |
| 1-Jan-18                                |   | 30-Jun-18 |   | Swap |   |   | 20,000 |   |   |   | 89.9 |   |
| 1-Jan-18                                |   | 31-Dec-18 |   | Swap |   |   | 35,000 |   |   |   | 88.5 |   |
| 1-Jul-18                                |   | 31-Dec-18 |   | Swap |   |   | 20,000 |   |   |   | 85.4 |   |
| 1-Jan-19                                |   | 30-Jun-19 |   | Swap |   |   | 20,000 |   |   |   | 90.8 |   |

|   | (3) | ARC receives NYMEX price based on Last Day settlement multiplied by AECO/NYMEX US$/mmbtu ratio; ARC pays AECO (7a) monthly index US$/mmbtu. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

| ARC Resources Ltd. | Page 27 |
|--------------------|---------|

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| Financial Electricity Heat Rate Contracts (4) |   |
|-----------------------------------------------|--------|
|                                          |   |   |   | Volume |   |   | Heat Rate |   |
| Term                                          |   | Contract |   | MWh |   |   | GJ/MWh |   |
| 1-Jan-15                                      |   | 31-Dec-17 |   | Heat Rate Swap |   |   | 20 |   |   |   | 13.71 |   |

|   | (4) | ARC pays AECO Monthly (5a) x Heat Rate; ARC receives floating AESO Power Price. |
|--------|-----|---------------------------------------------------------------------------------|

| Financial Electricity Contracts (5) |   |
|-------------------------------------|--------|
|                                |   |   |   | Volume |   |   | Bought Swap |   |
| Term                                |   | Contract |   | MWh |   |   | Cdn$/MWh |   |
| 1-Jan-15                            |   | 31-Dec-16 |   | Fixed Rate Swap |   |   | 5 |   |   |   | 51.00 |   |

|   | (5) | Alberta Power Pool (monthly average 24x7). |
|--------|-----|--------------------------------------------|

| Foreign Exchange Contracts (6) |
|--------------------------------|
|                           |   | Volume | Bought Put | Sold Call |
| Term                           | Contract | US$ millions/month | Cdn$/US$ | Cdn$/US$ |
| 1-Jan-15                       | 31-Dec-15 | Collar | 2.0 |   | 1.0400 | 1.0925 |

|   | (6) | Bank of Canada monthly average noon day rate settlement. |
|--------|-----|----------------------------------------------------------|

| Foreign Exchange Swap Contracts (7) |   |      |   |               |
|-------------------------------------|--------|-----------|--------|--------------------|
|                                |   |      |   | Volume             |   |   | Sold Swap |   |   | Limit Price |   |
| Term                                |   | Contract  |   | US$ millions/month |   |   | Cdn$/US$ |   |   | Cdn$/US$ (8) |   |
| 1-Jan-15                            |   | 31-Dec-15 |   | Limit Swap         |   |   | 2.0 |   |   |   | 1.0525 |   |   |   | 1.1350 |   |

|   | (7) | Bank of Canada monthly average noon day rate settlement. |
|--------|-----|----------------------------------------------------------|

|   | (8) | Swap with upside participation up to the limit; above which, settlement will occur at swap price. |
|--------|-----|---------------------------------------------------------------------------------------------------|

| 16. | INCOME TAXES |
|-----|--------------|

|                                              |   | December 31, 2014 |   |   | December 31, 2013 |   |
|---------------------------------------------------|--------|-------------------|--------|--------|-------------------|--------|
| Current:                                          |   |              |   |   |              |   |
| Current year                                      |   |              | 87.1   |   |              |   | 24.7 |   |
| Adjustments for prior years                       |   |              | (16.8  | )      |              |   | (8.4 | ) |
|                                              |   |              | 70.3   |   |              |   | 16.3 |   |
| Deferred:                                         |   |              |   |   |              |   |   |   |
| Origination and reversal of temporary differences |   |              | 53.0   |   |              |   | 55.5 |   |
| Adjustments for prior years                       |   |              | 7.4    |   |              |   | 10.7 |   |
| Changes in tax rates and legislation              |   |              | (1.3   | )      |              |   | 11.7 |   |
|                                              |   |              | 59.1   |   |              |   | 77.9 |   |
| Total provision for income taxes                  |   |              | 129.4  |   |              |   | 94.2 |   |

|                                                          |   | December 31, 2014 |   |   | December 31, 2013 |   |
|---------------------------------------------------------------|--------|-------------------|--------|--------|-------------------|--------|
| Income before tax                                             |   |              | 510.2  |   |              |   | 334.9 |   |
| Canadian statutory rate (1)                                   |   |              | 25.4   | %      |              |   | 25.5 | % |
| Expected income tax expense at statutory rates                |   |              | 129.8  |   |              |   | 85.3 |   |
| Effect on income tax of:                                      |   |              |   |   |              |   |   |   |
| Effect of change in corporate tax rate                        |   |              | (1.3   | )      |              |   | 11.7 |   |
| Non-deductible portion of unrealized loss on foreign exchange |   |              | 10.0   |   |              |   | 7.2 |   |
| Change in estimated pool balances                             |   |              | (9.4   | )      |              |   | (8.2 | ) |
| Other                                                         |   |              | 0.3    |   |              |   | (1.8 | ) |
| Total provision for income taxes                              |   |              | 129.4  |   |              |   | 94.2 |   |

|   | (1) | The tax rate consists of the combined federal and provincial statutory tax rates for the Company and its subsidiaries for the years ended December 31, 2014 and December 31, 2013. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ARC Resources Ltd. | Page 28 |
|--------------------|---------|

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|                                     |   | December 31, 2014 |   |   | December 31, 2013 |   |
|------------------------------------------|--------|-------------------|--------|--------|-------------------|--------|
| Deferred tax liabilities:                |   |              |   |   |              |   |
| PP&E in excess of tax basis          |   |              | 780.6  |   |              |   | 731.3 |   |
| Risk management contracts                |   |              | 66.2   |   |              |   | 16.8 |   |
|                                     |   |              |   |   |              |   |   |   |
| Deferred tax assets:                     |   |              |   |   |              |   |   |   |
| Asset retirement obligations             |   |              | (158.4 | )      |              |   | (121.5 | ) |
| Long-term debt                           |   |              | (10.8  | )      |              |   | (0.9 | ) |
| Risk management contracts                |   |              | (0.5   | )      |              |   | (3.4 | ) |
| Long-term incentive compensation expense |   |              | (15.2  | )      |              |   | (17.4 | ) |
| Other                                    |   |              | (2.6   | )      |              |   | (4.7 | ) |
| Deferred taxes                           |   |              | 659.3  |   |              |   | 600.2 |   |

|                                  |   | December 31, 2014 |    |   | December 31, 2013 |   |
|---------------------------------------|--------|-------------------|---------|--------|-------------------|--------|
| Canadian oil and gas property expense |   |              | 710.9   |   |              |   | 718.2 |   |
| Canadian development expense          |   |              | 974.6   |   |              |   | 862.5 |   |
| Canadian exploration expense          |   |              | — |   |              |   | — |   |
| Undepreciated capital cost            |   |              | 834.5   |   |              |   | 740.0 |   |
| Other                                 |   |              | 10.8    |   |              |   | 18.8 |   |
| Total federal tax pools               |   |              | 2,530.8 |   |              |   | 2,339.5 |   |
| Additional Alberta tax pools          |   |              | 19.9    |   |              |   | 23.3 |   |

| 17. | SHAREHOLDERS’ CAPITAL |
|-----|-----------------------------|

| (thousands of shares)              |   | Year Ended December 31, 2014 |    |   | Year Ended December 31, 2013 |   |
|------------------------------------|--------|------------------------------|---------|--------|------------------------------|--------|
| Common shares, beginning of period |   |                         | 314,067 |   |                         |   | 308,888 |   |
| Cancelled shares                   |   |                         | (47     | )      |                         |   | — |   |
| Dividend reinvestment program      |   |                         | 4,159   |   |                         |   | 4,611 |   |
| Stock dividend program             |   |                         | 1,260   |   |                         |   | 568 |   |
| Common shares, end of period       |   |                         | 319,439 |   |                         |   | 314,067 |   |

| ARC Resources Ltd. | Page 29 |
|--------------------|---------|

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| (thousands of shares)                    |   | Year Ended December 31, 2014 |    |   | Year Ended December 31, 2013 |   |
|------------------------------------------|--------|------------------------------|---------|--------|------------------------------|--------|
| Weighted average common shares           |   |                         | 316,621 |   |                         |   | 311,537 |   |
| Dilutive impact of share options         |   |                         | 587     |   |                         |   | 361 |   |
| Weighted average common shares - diluted |   |                         | 317,208 |   |                         |   | 311,898 |   |

| ARC Resources Ltd. | Page 30 |
|--------------------|---------|

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| 18. | LONG-TERM INCENTIVE PLANS |
|-----|---------------------------|

|   | ARC’s share-based long-term incentive plan results in employees, officers and directors (the “plan participants”) receiving cash compensation in relation to the value of a specified number of underlying notional share units. The RSU & PSU Plan consists of RSUs for which the number of share units is fixed and will vest evenly over a period of three years and PSUs for which the number of share units is variable and will vest at the end of three years. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (number of units, thousands) |   | RSUs   |   |   | PSUs (1) |   |   | DSUs   |   |
|------------------------------|--------|--------|--------|--------|---------------|--------|--------|--------|--------|
| Balance, January 1, 2013     |   |   | 696    |   |          |   | 1,401  |   |   |   | 134 |   |
| Granted                      |   |   | 346    |   |          |   | 577    |   |   |   | 57 |   |
| Distributed                  |   |   | (349   | )      |          |   | (379   | )      |   |   | (32 | ) |
| Forfeited                    |   |   | (55    | )      |          |   | (107   | )      |   |   | — |   |
| Balance, December 31, 2013   |   |   | 638    |   |          |   | 1,492  |   |   |   | 159 |   |
| Granted                      |   |   | 327    |   |          |   | 494    |   |   |   | 61 |   |
| Distributed                  |   |   | (299   | )      |          |   | (435   | )      |   |   | — |   |
| Forfeited                    |   |   | (41    | )      |          |   | (38    | )      |   |   | — |   |
| Balance, December 31, 2014   |   |   | 625    |   |          |   | 1,513  |   |   |   | 220 |   |

|   | (1) | Based on underlying units before performance multiplier. |
|--------|-----|----------------------------------------------------------|

|                               |   | Year Ended December 31, 2014 |   |   | Year Ended December 31, 2013 |   |
|------------------------------------|--------|------------------------------|--------|--------|------------------------------|--------|
| General and administrative expense |   |                         | 22.7   |   |                         |   | 38.7 |   |
| Operating expense                  |   |                         | 3.8    |   |                         |   | 5.3 |   |
| PP&E                           |   |                         | 4.3    |   |                         |   | 6.5 |   |
| Total compensation charges         |   |                         | 30.8   |   |                         |   | 50.5 |   |
| Cash payments                      |   |                         | 39.4   |   |                         |   | 33.7 |   |

| ARC Resources Ltd. | Page 31 |
|--------------------|---------|

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|                              | Year Ended December 31, 2014 |   | Year Ended December 31, 2013 |
|-----------------------------------|------------------------------|--------|------------------------------|
| Grant date share price ($)        | 20.20 - 32.94                |   | 20.20 - 27.15                |
| Exercise price ($) (1)            | 17.20 - 32.34                |   | 18.40 - 26.55                |
| Expected annual dividends ($)     | 1.20                         |   |                         | 1.20 |
| Expected volatility (%) (2)       | 37.00 - 38.00                |   | 37.00 - 38.00                |
| Risk-free interest rate (%)       | 1.39 - 2.61                  |   | 1.39 - 2.61                  |
| Expected life of share option (3) | 5.5 to 6 years               |   | 5.5 to 6 years               |

|   | (1) | Exercise price is reduced monthly by the amount of dividend declared. |
|--------|-----|-----------------------------------------------------------------------|

|   | (2) | Expected volatility is determined by the average price volatility of the common shares/trust units over the past seven years. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Expected life of the share option is calculated as the mid-point between vesting date and expiry. |
|--------|-----|---------------------------------------------------------------------------------------------------|

|                           |   | Share Options(number of units, thousands) |    |   | Weighted Average Exercise Price ($) |   |
|--------------------------------|--------|-------------------------------------------|---------|--------|-------------------------------------|--------|
| Balance, January 1, 2013       |   |                                      | 1,420   |   |                                |   | 21.06 |   |
| Granted                        |   |                                      | 713     |   |                                |   | 27.15 |   |
| Forfeited                      |   |                                      | (111    | )      |                                |   | 22.13 |   |
| Balance, December 31, 2013     |   |                                      | 2,022   |   |                                |   | 22.12 |   |
| Granted                        |   |                                      | 569     |   |                                |   | 32.94 |   |
| Forfeited                      |   |                                      | (86     | )      |                                |   | 23.85 |   |
| Balance, December 31, 2014     |   |                                      | 2,505   |   |                                |   | 23.43 |   |
| Exercisable, December 31, 2014 |   |                                      | — |   |                                |   | — |   |

| ARC Resources Ltd. | Page 32 |
|--------------------|---------|

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| 19. | COMMITMENTS AND CONTINGENCIES |
|-----|-------------------------------|

|                                          |   | Payments Due by Period |   |
|-----------------------------------------------|--------|------------------------|--------|
|                                          |   | 1 Year                 |   |   | 2-3 Years |   |   | 4-5 Years |   |   | Beyond 5 Years |   |   | Total |   |
| Debt repayments (1)                           |   |                   | 49.5   |   |   |   | 94.0 |   |   |   | 220.7 |   |   |   | 710.6 |   |   |   | 1,074.8 |   |
| Interest payments (2)                         |   |                   | 43.5   |   |   |   | 78.8 |   |   |   | 66.4 |   |   |   | 88.7 |   |   |   | 277.4 |   |
| Reclamation fund contributions (3)            |   |                   | 3.4    |   |   |   | 6.4 |   |   |   | 6.0 |   |   |   | 48.4 |   |   |   | 64.2 |   |
| Purchase commitments                          |   |                   | 27.0   |   |   |   | 19.4 |   |   |   | 13.6 |   |   |   | 8.2 |   |   |   | 68.2 |   |
| Transportation commitments                    |   |                   | 67.2   |   |   |   | 137.7 |   |   |   | 113.6 |   |   |   | 260.7 |   |   |   | 579.2 |   |
| Operating leases                              |   |                   | 15.8   |   |   |   | 29.4 |   |   |   | 27.1 |   |   |   | 58.6 |   |   |   | 130.9 |   |
| Risk management contract premiums (4)         |   |                   | 0.8    |   |   |   | 9.6 |   |   |   | 0.5 |   |   |   | — |   |   |   | 10.9 |   |
| Total contractual obligations and commitments |   |                   | 207.2  |   |   |   | 375.3 |   |   |   | 447.9 |   |   |   | 1,175.2 |   |   |   | 2,205.6 |   |

|   | (1) | Long-term and current portion of long-term debt. |
|--------|-----|--------------------------------------------------|

|   | (2) | Fixed interest payments on senior notes. |
|--------|-----|------------------------------------------|

|   | (3) | Contribution commitments to a restricted reclamation fund associated with the Redwater property. |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | (4) | Fixed premiums to be paid in future periods on certain commodity price risk management contracts. |
|--------|-----|---------------------------------------------------------------------------------------------------|

| 20. | RELATED PARTIES |
|-----|-----------------|

|                                        |   | Year Ended December 31, 2014 |   |   | Year Ended December 31, 2013 |   |
|---------------------------------------------|--------|------------------------------|--------|--------|------------------------------|--------|
| Short-term benefits                         |   |                         | 8.0    |   |                         |   | 9.8 |   |
| Share-based payments                        |   |                         | 15.6   |   |                         |   | 26.0 |   |
| Total key management personnel compensation |   |                         | 23.6   |   |                         |   | 35.8 |   |

| ARC Resources Ltd. | Page 33 |
|--------------------|---------|

----

| 21. | SUPPLEMENTAL DISCLOSURES |
|-----|--------------------------|

|                                 |   | Year EndedDecember 31, 2014 |   |   | Year EndedDecember 31, 2013 |   |
|--------------------------------------|--------|-----------------------------|--------|--------|-----------------------------|--------|
| Operating                            |   |                        | 35.3   |   |                        |   | 33.0 |   |
| General and administrative           |   |                        | 84.4   |   |                        |   | 95.6 |   |
| Total employee compensation expenses |   |                        | 119.7  |   |                        |   | 128.6 |   |

|                                     |   | Year Ended        |   |   | Year Ended        |   |
|------------------------------------------|--------|-------------------|--------|--------|-------------------|--------|
| Change in Non-Cash Working Capital       |   | December 31, 2014 |   |   | December 31, 2013 |   |
| Accounts receivable                      |   |              | 12.5   |   |              |   | (12.2 | ) |
| Accounts payable and accrued liabilities |   |              | 62.1   |   |              |   | (23.6 | ) |
| Prepaid expenses                         |   |              | 1.3    |   |              |   | (2.5 | ) |
| Total                                    |   |              | 75.9   |   |              |   | (38.3 | ) |
| Relating to:                             |   |              |   |   |              |   |   |   |
| Operating activities                     |   |              | 49.4   |   |              |   | (43.5 | ) |
| Investing activities                     |   |              | 26.5   |   |              |   | 5.2 |   |
| Total change in non-cash working capital |   |              | 75.9   |   |              |   | (38.3 | ) |

|                          |   | Year Ended        |    |   | Year Ended        |   |
|-------------------------------|--------|-------------------|---------|--------|-------------------|--------|
| Other Non-Cash Items          |   | December 31, 2014 |    |   | December 31, 2013 |   |
| Non-cash lease inducement     |   |              | (1.7    | )      |              |   | (1.9 | ) |
| Gain on short-term investment |   |              | — |   |              |   | (1.9 | ) |
| Share option expense          |   |              | 2.7     |   |              |   | 1.9 |   |
| Total other non-cash items    |   |              | 1.0     |   |              |   | (1.9 | ) |

|                                       |   | Year Ended        |   |   | Year Ended        |   |
|--------------------------------------------|--------|-------------------|--------|--------|-------------------|--------|
| Net Change in Other Liabilities            |   | December 31, 2014 |   |   | December 31, 2013 |   |
| Long-term incentive compensation liability |   |              | 3.0    |   |              |   | 1.6 |   |
| Risk management contracts                  |   |              | (0.4   | )      |              |   | 0.3 |   |
| Asset retirement obligations               |   |              | (23.0  | )      |              |   | (18.5 | ) |
| Total net change in other liabilities      |   |              | (20.4  | )      |              |   | (16.6 | ) |

| 22. | SUBSEQUENT EVENT |
|-----|------------------|

| ARC Resources Ltd. | Page 34 |
|--------------------|---------|

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