2022 Forcast$74 dollar WTI - Gas $3.82 U.S. Mcf
ARX would have $1714 million in Adjusted Cash Flow.
That is roughly 30% less than TOU who is projected to have $2226 million in Adjusted Cash Flow
Adjusted Cash flow per share
ARX = 1714/695 million share = $2.46 Share price $12.24 2.46/12.24 = 20.10%
TOU = 2226/330.7 million share = $6.73 Share price $43.23 6.73/43.23 = 15.56%
So really you do get more Adjusted CF on a dollar value per share basis, However TOU on an enterprise basis has essentially zero debt where ARC has 1.9 billion in debt.
If you take the debt into account on an enterprise bases, ARC is still undervalued but since the debt is essentially equal to their adjusted funds flow i do not feel that debt is really a big issue.
Adjusted CF Number I took off a "Peters" Spreadsheet that I reviewed.
IMHO