Check out our guides to learn more about the different routes to certification. What -- if you just wanted to hold things flat there, how many wells do you think you guys would need to drill every year? Certified B Corporations are leaders in the global movement for an inclusive, equitable, and regenerative economy. And finally, we have confirmed that wider spacing implemented last year is improving long-term well performance. And one final question for me. What year did bc open their ipo stock. With that, I'll turn it over to our President and CEO, Terry Anderson.
Thanks, Terry and good morning, everyone. Operator Instructions] First question comes from Michael Harvey of RBC Capital Markets. Your company's pathway to becoming a Certified B Corporation will vary depending on a few factors. ARC's market diversification and balanced commodity mix were pivotal in managing risk and maximizing free cash flow. As you can see, all of ARC's assets are outside of these areas. And while the economic incentive is there to grow supply today, there are limiting factors to the pace of growth. Companies that had their ipo in 1989. The regulator is now seeking public feedback on the draft rules until Feb. 16. To do so requires that we act with the understanding that we are each dependent upon another and thus responsible for each other and future generations. So we did see some strong technical revisions from the base performance at Kakwa and that's really a result of us widening our inter-well spacing. Or would you need to refresh that when you go to Board approval for that project later this year if it goes that way? So we are getting bits and pieces of information as we go through this from governments. B Corp Certification is holistic, not exclusively focused on a single social or environmental issue.
First, we grew reserves across all categories by 14% to 22% per share as a result of strong well performance, PDP reserves at Kakwa specifically increased by 17%. We anticipate to be in a position to sanction the project this year. So good questions on Attachie. At the beginning of the B Corp Certification process, companies must undergo an assessment of risk factors based on their industry and other practices. Production and capital spending guidance remain unchanged. Production, funds flow and free funds flow per share registered 2% to 7% above consensus. Companies with more than $5B USD in annual revenue will also participate in our B Movement Builders program. The offering was oversubscribed multiple times at the bottom of the proposed valuation range. Asset diversification was critical, allowing us to shift capital from BC to Alberta and surpassed 26-year records in production and free cash flow, both on an aggregate and per-share basis. IONOS shares slip below IPO price at start of trading | Financial Post. 3 billion which is equivalent to 25% of our market cap today. It was a record year for our company on several operational and financial measures. The 1, 000 locations that you have there, including sort of what's booked and what's unbooked there. Moving forward, we'll continue to evaluate additional commercial opportunities that leverage our investment-grade credit rating, scale and ESG leadership, all competitive strengths that make these types of transactions possible. These are all important to us as we think about inventory duration and our long-term strategy.
Our team may recommend a different pathway once you've begun. So from a logistics perspective, we have 11 rigs active today. The listing of IONOS, whose closest peer is U. S. -based GoDaddy, was seen as a test of investor appetite after IPO activity all but ground to a halt in 2022 as the global economy slowed amid soaring inflation and energy prices. Second is an operational update, focused primarily on Kakwa and year-end reserves which are both positive stories. ARC invested $383 million into our assets and generated approximately $600 million or $0. IONOS parent United Internet and minority shareholder Warburg Pincus could make as much as 447 million euros from the flotation. Some of the Middle Kingdom's most prominent officials were buried at North Asasif, the statement said. What year did bc open their ipo in 2021. The deal saw demand from money managers, including hedge funds, as well as domestic retail investors, sources close to the matter said. Through growing base dividends and repurchasing our shares, ARC returned 71% of free funds flow to its shareholders with the remaining 30% used to further strengthen the balance sheet. Aaron, it's Lara Conrad.
A couple of additional observations worth mentioning and reminding our listeners. That, through their products, practices, and profits, businesses should aspire to do no harm and benefit all. We look forward to connecting with you on any further questions you might have in the future. China IPO Reform Is ‘Significant Milestone’, Goldman Sachs Says. The next question comes from Patrick O'Rourke of EDB -- I'm sorry, ATB Capital Markets. Aaron, this is Armin here. So you'll see those get completed and brought on stream here right away. If your company generates more than $100M USD in annual revenue or employs more than 250 full time employees, download the Medium Enterprise Guide.
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