AETUF - ARC Resources: Steady As She Goes

• The addition of condensate production should allow overall profitability to increase throughout the industry cycle.
• Condensate production is often more profitable than oil production because it is in short supply in Canada.
• The acquisition indicates a desire by management to broaden the product line.
• The debt ratio will remain very conservative (probably under 1 and definitely under 2).
• The dividend will be a conservative part of cash flow so that it can be maintained during periods of weak commodity prices.

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