RE:bagcheeseARX has way more debt than TOU. As of Q2 2021 and based on size, ARX had ~3.5x more debt than TOU net of TPZ, 2.5x otherwise. TOU is ~1.5x the production volume but had only ~$3B debt versus $5B for ARX (excluding deferred taxes). Not deducting the value of Topaz either (which they still hold 40%).
TOU would have to distribute the TPZ shares ($800M?) to shareholders AND distribute a $4.5B special dividend ($15) for the debt levels to be relatively equivalent.
Or are my calculations incorrect...