Q: Can you comment on results. Thank you.
5i Research Answer:
EPS fell sharply from last year, to 39c from $1.32, largely due to lower prices. Production rose 5%, to 360,177 b/d. Production forecast was affirmed. Cash flow per share was $1.09, free cash flow per share was 43c. Payout ratio was 71% and ARX spent $82M buying back stock. It has now cancelled 17% of its outstanding shares in two years. Debt fell slightly even with the buyback. The balance sheet remains very strong, with debt at 1x cash flow. We would consider these results quite solid overall.