620.475 Million shares End of 2022620475000 * 16.25 = 10.082 billion dollars Market Cap
That is the marketcap of ARX with 340,000 boe (40% Liquids)
TOU market cap is 22.36 billion dollars they produced 528,000 boe in Q4
So TOU is valued 222% higher than Arx, and Arx produced more FCF they they did Q3.
What gives?
I expect in Q4 because of the unusually exceptional gas prices TOU might produce more FCF than ARX but my bet is that it will be close.
So competing in the gas world ARX looses on evaluation and competing in the Liquids world they loose as well. ARX has the best liquids condensate play in North American and needs to represent themselves that the premium condensate player.
ARX is trading at a 50% discount.
IMHO