RE:ARX - Getting left in the dustARX SP was too high relative to TOU to begin with. Since then, TOU has less hedges, is gassier and has minimal debt which equates to more opportunity.... But when you really think hard about it, the die were cast with the respective acquisitions........TOU made out like bandits on their deals and didnt dilute much whereas ARX overpaid (considering the hedges and debt) with a lot of STOCK. Big difference.