Give Mgmt. the benefit of the doubt.. If I look at the targets for the year, yes they're on track.
Sure the report lacked a bit of sizzle, but that's ARC, it's always been a steady eddie conservative company (with the balance sheet to prove).
By YE they'll be at $1.5BN debt and have generated $1BN in FCF. 1x D/CF. This is their target and yes, they are on track.
You can see they weren't keen on focusing on the dividends, but they threw in a 10% increase just as a sweetener. Well done.
I think once D/CF is 1x (1BN) and we head into 2022 (5+ months away now) with $4 AECO & $72+ Condensate / Oil, ARX will really shine in terms of capital returns to shareholders.
aka dividend increases, small accretive M&A, share buybacks to reduce the float, all things they said they were going to do.
I plan to hold and see this through.
~The Great Cheadle.