This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2025							https://www.annualreports.com/Company/arc-resources-limited
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			3/31/25	<-Estimates
ARC Resources Ltd					TSX:	ARX	OTC:	AETUF	https://www.arcresources.com/			Fiscal Yr:	Dec 31
Year	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26	12/31/27		Value	Description	#Y	Item	Total G
Accounting rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting rules
														$4,352	<-12 mths	6.69%
Comment										Markt Sc	$6,781
Commodity Sales From Prod	$1,389.4	$1,624.3	$2,107.7	$1,193.7	$1,063.5	$1,225.7	$1,362.2	$1,189.5	$1,167.0	$4,572.6	$7,969.9	$5,260.4	$4,603.7					118.42%	<-Total Growth	10	Commodity Sales From Prod	Before Roy.
Royalities	$195.7	$223.1	$298.0	$103.3	$89.0	$102.8	$115.7	$70.5	$47.5	$400.7	$1,209.2	$706.8	$524.9					76.14%	<-Total Growth	10	Royalities
Net of Royalities	$1,193.7	$1,401.2	$1,809.7	$1,090.4	$974.5	$1,122.9	$1,246.5	$1,119.0	$1,119.5	$4,171.9	$6,760.7	$4,553.6	$4,078.8	$5,744.0	$5,976.0	$5,898.0		125.39%	<-Total Growth	10	Net of Royalities
Increase	-2.07%	17.38%	29.15%	-39.75%	-10.63%	15.23%	11.01%	-10.23%	0.04%	272.66%	62.05%	-32.65%	-10.43%	40.83%	4.04%	-1.31%		8.47%	<-IRR #YR->	10	Revenue	125.39%
5 year Running Average	$1,257	$1,198	$1,366	$1,343	$1,294	$1,280	$1,249	$1,111	$1,116	$1,756	$2,884	$3,545	$4,137	$5,062	$5,423	$5,250		29.52%	<-IRR #YR->	5	Revenue	264.50%
Revenue per Share	$3.86	$4.46	$5.67	$3.14	$2.76	$3.18	$3.53	$3.17	$3.17	$6.02	$10.89	$7.63	$6.92	$9.74	$10.14	$10.00		11.72%	<-IRR #YR->	10	5 yr Running Average	202.85%
Increase	-8.41%	15.45%	26.98%	-44.55%	-12.20%	15.17%	11.01%	-10.22%	0.05%	89.88%	81.01%	-29.93%	-9.33%	40.83%	4.04%	-1.31%		30.08%	<-IRR #YR->	5	5 yr Running Average	272.47%
5 year Running Average	$4.83	$4.18	$4.49	$4.27	$3.98	$3.84	$3.65	$3.15	$3.16	$3.81	$5.35	$6.17	$6.92	$8.24	$9.06	$8.89		2.02%	<-IRR #YR->	10	Revenue per Share	22.11%
P/S (Price/Sales) Med	5.72	5.95	5.10	7.35	7.16	5.81	3.32	2.50	1.73	1.58	1.56	2.48	3.37	2.67	0.00	0.00		16.92%	<-IRR #YR->	5	Revenue per Share	118.47%
P/S (Price/Sales) Close	6.32	6.63	4.44	5.32	8.38	4.64	2.30	2.58	1.89	1.91	1.68	2.58	3.77	2.73	2.62	2.66		4.42%	<-IRR #YR->	10	5 yr Running Average	54.18%
*Revenue in M CDN $					P/S Med	20 yr	4.42	15 yr	5.10	10 yr	2.91	5 yr	1.73		-6.28%	Diff M/C		17.03%	<-IRR #YR->	5	5 yr Running Average	119.53%
			-$1,809.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$4,078.8
								-$1,119.0	$0.0	$0.0	$0.0	$0.0	$4,078.8
			-$1,366.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$4,136.9
								-$1,110.7	$0.0	$0.0	$0.0	$0.0	$4,136.9
			-$5.67	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.92
								-$3.17	$0.00	$0.00	$0.00	$0.00	$6.92
			-$4.49	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.92
								-$3.15	$0.00	$0.00	$0.00	$0.00	$6.92
Hedging														$5,246	<-12 mths	2.88%
Net Revenue from commodity Sales Prod.	$1,193.7	$1,447.5	$1,809.7	$1,090.4	$974.5	$1,122.9	$1,389.5	$1,214.0	$1,135.5	$5,110.8	$8,641.2	$5,655.1	$5,099.0					181.76%	<-Total Growth	10	Net Revenue from commodity Sales Prod.
Increase	-2.07%	21.26%	25.02%	-39.75%	-10.63%	15.23%	23.74%	-12.63%	-6.47%	350.09%	69.08%	-34.56%	-9.83%
Net Revenue	$1,274.3	$1,447.5	$1,985.9	$1,428.4	$937.8	$1,405.7	$1,499.2	$1,051.2	$1,119.8	$4,086.7	$7,662.3	$6,021.8	$5,391.9					171.51%	<-Total Growth	10	Net Revenue
Revenue	$1,193.7	$1,447.5	$1,809.7	$1,090.4	$974.5	$1,122.9	$1,389.5	$1,214.0	$1,135.5	$5,110.8	$8,641.2	$5,655.1	$5,099.0	$5,554.0	$6,112.0	$5,898.0		181.76%	<-Total Growth	10	Revenue
Increase	-2.07%	21.26%	25.02%	-39.75%	-10.63%	15.23%	23.74%	-12.63%	-6.47%	350.09%	69.08%	-34.56%	-9.83%	8.92%	10.05%	-3.50%		10.91%	<-IRR #YR->	10	Revenue	181.76%
5 year Running Average	$1,257	$1,208	$1,375	$1,352	$1,303	$1,289	$1,277	$1,158	$1,167	$1,995	$3,498	$4,351	$5,128	$6,012	$6,212	$5,664		33.25%	<-IRR #YR->	5	Revenue	320.02%
Revenue per Share	$3.86	$4.61	$5.67	$3.14	$2.76	$3.18	$3.93	$3.44	$3.21	$7.37	$13.92	$9.47	$8.65	$9.42	$10.37	$10.00		14.07%	<-IRR #YR->	10	5 yr Running Average	272.89%
Increase	-8.41%	19.26%	22.92%	-44.55%	-12.20%	15.17%	23.75%	-12.62%	-6.46%	129.34%	88.85%	-31.92%	-8.73%	8.92%	10.05%	-3.50%		34.66%	<-IRR #YR->	5	5 yr Running Average	342.76%
5 year Running Average	$4.83	$4.21	$4.52	$4.30	$4.01	$3.87	$3.73	$3.29	$3.30	$4.23	$6.37	$7.48	$8.52	$9.77	$10.37	$9.58		4.32%	<-IRR #YR->	10	Revenue per Share	52.65%
P/S (Price/Sales) Med	5.72	5.76	5.10	7.35	7.16	5.81	2.98	2.31	1.71	1.29	1.22	2.00	2.69	2.77	0.00	0.00		20.28%	<-IRR #YR->	5	Revenue per Share	151.74%
P/S (Price/Sales) Close	6.32	6.42	4.44	5.32	8.38	4.64	2.06	2.38	1.87	1.56	1.31	2.08	3.01	2.82	2.56	2.66		6.55%	<-IRR #YR->	10	5 yr Running Average	88.59%
*Revenue in M CDN $					P/S Med	20 yr	4.42	15 yr	5.10	10 yr	2.50	5 yr	1.71		12.85%	Diff M/C		20.98%	<-IRR #YR->	5	5 yr Running Average	159.21%
			-$1,809.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$5,099.0
								-$1,214.0	$0.0	$0.0	$0.0	$0.0	$5,099.0
			-$1,375.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$5,128.3
								-$1,158.3	$0.0	$0.0	$0.0	$0.0	$5,128.3
			-$5.67	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.65
								-$3.44	$0.00	$0.00	$0.00	$0.00	$8.65
			-$4.52	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.52
								-$3.29	$0.00	$0.00	$0.00	$0.00	$8.52
														$3.99	<-12 mths	-3.86%
Funds from Operations	$719.8	$861.8	$1,124.0	$773.4	$633.3	$731.9	$819.0	$697.4	$667.7	$2,415.4	$3,712.5	$2,639.6	$2,472.5					119.97%	<-Total Growth	10	Funds from Operations
Distributable Cash Flow, FFO	$2.42	$2.76	$3.54	$2.27	$1.80	$2.07	$2.31	$1.97	$1.89	$3.85	$5.60	$4.32	$4.15	$5.90	$5.83			17.23%	<-Total Growth	10	FFO
Increase	-17.97%	14.05%	28.26%	-35.88%	-20.70%	15.00%	11.59%	-14.72%	-4.06%	103.70%	45.45%	-22.86%	-3.94%	42.17%	-1.19%			10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$2.84	$2.52	$2.81	$2.79	$2.56	$2.49	$2.40	$2.08	$2.01	$2.42	$3.12	$3.53	$3.96	$4.76	$5.16			1.60%	<-IRR #YR->	10	FFO	17.23%
FFO Yield	9.90%	9.33%	14.07%	13.59%	7.79%	14.03%	28.52%	24.08%	31.50%	33.48%	30.68%	21.96%	15.92%	22.21%	21.94%			16.07%	<-IRR #YR->	5	FFO	110.66%
Payout Ratio	49.59%	43.48%	33.90%	52.86%	38.89%	28.99%	25.97%	30.46%	12.70%	6.39%	7.86%	14.81%	16.39%	12.88%	13.04%			3.50%	<-IRR #YR->	10	5 yr Running Average	41.10%
5 year Running Average	53.24%	48.38%	42.74%	43.04%	43.00%	39.39%	35.86%	35.51%	27.29%	18.91%	13.61%	12.29%	11.34%	11.61%	12.71%			13.71%	<-IRR #YR->	5	5 yr Running Average	90.12%
Price/FFO Median	9.13	9.62	8.16	10.17	10.98	8.92	5.06	4.02	2.90	2.48	3.04	4.38	5.61	4.42	0.00			4.72	<-Median->	10	P/FFO Med
Price/FFO High	10.61	10.79	9.41	11.11	13.59	11.13	6.77	5.26	4.37	3.42	3.95	5.43	6.50	4.65	0.00			5.96	<-Median->	10	P/FFO High
Price/FFO Low	7.64	8.44	6.90	9.23	8.36	6.71	3.36	2.79	1.43	1.54	2.12	3.33	4.72	4.18	0.00			3.35	<-Median->	10	P/FFO Low
Price/FFO Close	10.10	10.71	7.11	7.36	12.84	7.13	3.51	4.15	3.17	2.99	3.26	4.55	6.28	4.50	4.56			4.35	<-Median->	10	P/FFO Close
Trailing P/FFO	8.28	12.22	9.12	4.72	10.18	8.19	3.91	3.54	3.05	6.08	4.74	3.51	6.03	6.40	4.50			4.73	<-Median->	10	Trailing P/FFO Close
Median Values		DPR	10 Yrs	21.18%	5 Yrs	12.70%	P/CF	5 Yrs	in order	3.04	4.37	2.12	3.26		48.26%	Diff M/C		-4.62%	Diff M/C	10	DPR 75% to 95% best
Funds From Operations
			-$3.54	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.15
								-$1.97	$0.00	$0.00	$0.00	$0.00	$4.15
			-$2.81	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.96
								-$2.08	$0.00	$0.00	$0.00	$0.00	$3.96
Free Funds Flow					$179.9	-$97.8	$139.6	$5.9	$324.4	$1,353.6	$2,270.6	$789.8	$627.0	$627.0	<-12 mths
FFF per Share					$0.39	$0.39	$0.39	$0.02	$0.92	$2.16	$3.42	$1.29	$1.05	$1.05	<-12 mths			169.23%	<-Total Growth	8	Free Funds Flow
Increase						0.00%	0.00%	-94.87%	4500.00%	134.78%	58.33%	-62.28%	-18.60%	0.00%	<-12 mths			9	0	9	Years of Data, EPS P or N	100.00%
5 year Running Average									$0.42	$0.78	$1.38	$1.56	$1.77	$1.79	<-12 mths			13.18%	<-IRR #YR->	9	FFF	#DIV/0!
FCF Yield					1.7%	2.6%	4.8%	0.2%	15.3%	18.8%	18.7%	6.6%	4.0%	4.0%	<-12 mths			3.36%	<-IRR #YR->	5	FFF	5150.00%
Payout Ratio					179.49%	153.85%	153.85%	3000.00%	26.09%	11.39%	12.87%	49.61%	64.76%	72.38%	<-12 mths			43.07%	<-IRR #YR->	4	5 yr Running Average	#DIV/0!
5 year Running Average									129.86%	58.92%	30.77%	27.73%	25.41%	30.84%	<-12 mths			43.07%	<-IRR #YR->	4	5 yr Running Average	#DIV/0!
Price/FFF Median					50.65	47.32	30.00	396.25	5.96	4.41	4.97	14.66	22.17	24.81	<-12 mths			22.17	<-Median->	9	Price/FFF Median
Price/FFF High					62.74	59.05	40.08	518.00	8.98	6.09	6.47	18.17	25.69	26.14	<-12 mths			25.69	<-Median->	9	Price/FFF High
Price/FFF Low					38.56	35.59	19.92	274.50	2.95	2.74	3.47	11.16	18.66	23.48	<-12 mths			18.66	<-Median->	9	Price/FFF Low
Price/FFF Close					59.26	37.82	20.77	409.00	6.52	5.32	5.34	15.25	24.83	25.30	<-12 mths			20.77	<-Median->	9	Price/FFF Close
Trailing P/FFF								20.97	300.00	12.50	8.45	5.75	20.21	25.30	<-12 mths			16.35	<-Median->	6	Trailing P/FFF
Median Values		DPR	10 Yrs	64.76%	5 Yrs	26.09%	P/CF	5 Yrs	in order	5.96	8.98	3.47	6.52		324.44%	Diff M/C		14.13%	Diff M/C	10	DPR 75% to 95% best
Free Funds Flow
					-$0.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.05
									-$0.92	$0.00	$0.00	$0.00	$1.05
									-$0.42	$0.00	$0.00	$0.00	$1.77
									-$0.42	$0.00	$0.00	$0.00	$1.77
														$1.64	<-12 mths	-12.71%
Difference Basic and Diluted	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.79%	0.29%	0.38%	0.53%
EPS Basic	$0.47	$0.77	$1.20	-$1.01	$0.57	$1.10	$0.60	-$0.08	-$1.55	$1.26	$3.48	$2.62	$1.89					57.50%	<-Total Growth	10	EPS Basic
EPS Diluted*	$0.47	$0.77	$1.20	-$1.01	$0.57	$1.10	$0.60	-$0.08	-$1.55	$1.25	$3.47	$2.61	$1.88	$2.93	$2.97	$3.03		56.67%	<-Total Growth	10	EPS Diluted
Increase	-53.00%	63.83%	55.84%	-184.17%	156.44%	92.98%	-45.45%	-113.33%	-1837.50%	180.65%	177.60%	-24.78%	-27.97%	55.90%	1.26%	2.09%		7	3	10	Years of Data, EPS P or N	70.00%
Earnings Yield	1.9%	2.6%	4.8%	-6.0%	2.5%	7.5%	7.4%	-1.0%	-25.8%	10.9%	19.0%	13.3%	7.2%	11.0%	11.2%	11.4%		4.59%	<-IRR #YR->	10	Earnings per Share	56.67%
5 year Running Average	$1.18	$0.84	$0.89	$0.49	$0.40	$0.53	$0.49	$0.24	$0.13	$0.26	$0.74	$1.14	$1.53	$2.43	$2.77	$2.68		#NUM!	<-IRR #YR->	5	Earnings per Share	2450.00%
10 year Running Average	$1.56	$1.45	$1.44	$1.15	$0.98	$0.86	$0.67	$0.56	$0.31	$0.33	$0.63	$0.82	$0.88	$1.28	$1.52	$1.71		-4.78%	<-IRR #YR->	10	5 yr Running Average	72.91%
* Diluted ESP per share									E/P	10 Yrs	7.31%	5Yrs	10.87%					9.52%	<-IRR #YR->	5	5 yr Running Average	549.15%
			-$1.20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.88
								$0.08	$0.00	$0.00	$0.00	$0.00	$1.88
			-$1.44	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.88
								-$0.56	$0.00	$0.00	$0.00	$0.00	$0.88
Dividends														$0.76	$0.80	$0.76			Estimates		Dividends
Increase														11.76%	5.26%	-5.00%			Estimates		Increase
Payout Ratio EPS														25.93%	26.95%	25.08%			Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Dividends*	$1.2000	$1.2000	$1.2000	$1.2000	$0.7000	$0.6000	$0.6000	$0.6000	$0.2400	$0.2460	$0.4400	$0.6400	$0.6800	$0.7600	$0.7600	$0.7600		-43.33%	<-Total Growth	10	Dividends
Increase	0.00%	0.00%	0.00%	0.00%	-41.67%	-14.29%	0.00%	0.00%	-60.00%	2.50%	78.86%	45.45%	6.25%	11.76%	0.00%	0.00%		11	8	28	Years of data, Count P, N	39.29%
Average Increases 5 Year Running	-9.55%	-11.80%	-1.54%	0.00%	-8.33%	-11.19%	-11.19%	-11.19%	-23.19%	-14.36%	4.27%	13.36%	14.61%	28.97%	28.47%	12.69%		-9.76%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.51	$1.22	$1.20	$1.20	$1.10	$0.98	$0.86	$0.74	$0.55	$0.46	$0.43	$0.43	$0.45	$0.55	$0.66	$0.72		64.40%	<-Median->	10	Dividends 5 Yr Running
Yield H/L Price	5.43%	4.52%	4.16%	5.20%	3.54%	3.25%	5.13%	7.57%	4.38%	2.58%	2.59%	3.38%	2.92%	2.92%				3.46%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	4.67%	4.03%	3.60%	4.76%	2.86%	2.61%	3.84%	5.79%	2.91%	1.87%	1.99%	2.73%	2.52%	2.77%				2.80%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	6.49%	5.15%	4.91%	5.73%	4.65%	4.32%	7.72%	10.93%	8.86%	4.16%	3.70%	4.45%	3.47%	3.08%				4.55%	<-Median->	10	Yield on Low Price	FFO
Yield on Close Price	4.91%	4.06%	4.77%	7.19%	3.03%	4.07%	7.41%	7.33%	4.00%	2.14%	2.41%	3.25%	2.61%	2.86%	2.86%	2.86%		3.63%	<-Median->	10	Yield on Close Price	FFF
Payout Ratio EPS	255.32%	155.84%	100.00%	0.00%	122.81%	54.55%	100.00%	0.00%	0.00%	19.68%	12.68%	24.52%	36.17%	25.93%	25.61%	25.08%		22.10%	<-Median->	10	DPR EPS	CFPS
DPR EPS 5 Yr Running	127.87%	145.58%	135.44%	246.91%	275.00%	186.31%	174.80%	313.56%	428.13%	173.18%	57.62%	38.00%	29.32%	22.78%	23.67%	26.83%		180.55%	<-Median->	10	DPR EPS 5 Yr Running	FCF
Payout Ratio CFPS	52.69%	47.01%	33.25%	60.45%	39.21%	31.52%	24.58%	33.19%	12.93%	8.50%	7.13%	15.95%	17.07%	12.94%	12.02%	11.00%		20.83%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	53.38%	49.09%	43.06%	44.28%	45.05%	41.40%	36.68%	37.29%	27.98%	20.97%	14.01%	12.94%	11.87%	12.06%	12.44%	13.28%		32.33%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	51.50%	43.73%	34.10%	53.85%	39.05%	28.98%	25.89%	30.40%	12.70%	7.06%	7.36%	14.47%	16.22%	12.94%	12.02%	11.00%		21.05%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	53.66%	48.49%	43.14%	43.66%	43.60%	39.66%	36.05%	35.64%	27.28%	19.48%	13.59%	12.20%	11.25%	11.55%	12.24%	12.99%		31.46%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	3.46%	3.63%	5 Yr Med	5 Yr Cl	2.92%	2.61%	5 Yr Med	Payout	19.68%	12.93%	12.70%					2.53%	<-IRR #YR->	5	Dividends	13.33%
* Dividends per share.	10 Yr Med	and Cur.	-17.41%	-21.13%	5 Yr Med	and Cur.	-2.07%	9.66%	Last Div Inc --->		$0.1700	$0.1900	11.76%					-5.52%	<-IRR #YR->	10	Dividends	-43.33%
Dividends Growth 15																		-4.23%	<-IRR #YR->	15	Dividends	-47.69%
Dividends Growth 20																		-4.75%	<-IRR #YR->	20	Dividends	-62.22%
Dividends Growth 25																		-2.71%	<-IRR #YR->	25	Dividends	-62.19%
Dividends Growth 30																		-3.05%	<-IRR #YR->	28	Dividends
Dividends Growth 5								-$0.60	$0.00	$0.00	$0.00	$0.00	$0.68								Dividends Growth 5
Dividends Growth 10			-$1.20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.68								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.68								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.68								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.68								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.68								Dividends Growth 30
Historical Dividends	Historical	High Div	21.77%	Low Div	2.52%	10 Yr High	10.72%	10 Yr Low	1.88%	Med Div	7.57%	Close Div	7.33%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-86.86%	Exp	13.51%	Exp.	-73.32%		52.15%	Exp.	-62.21%	Exp.	-61.00%					4.27%	Since 2011		High/Ave/Median
																		-33.01%
Future Dividend Yield					Div Yd	3.67%	earning in	10	Years	at IRR of	2.53%	Div Inc.	28.44%								Future Dividend Yield
Future Dividend Yield					Div Yd	3.67%	earning in	10	Years	at IRR of	2.53%	Div Inc.	28.44%								Future Dividend Yield
Future Dividend Yield					Div Yd	4.16%	earning in	15	Years	at IRR of	2.53%	Div Inc.	45.57%								Future Dividend Yield
Future Dividend Paid					Div Paid	$0.86	earning in	5	Years	at IRR of	2.53%	Div Inc.	13.33%								Future Dividend Paid
Future Dividend Paid					Div Paid	$0.98	earning in	10	Years	at IRR of	2.53%	Div Inc.	28.44%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.11	earning in	15	Years	at IRR of	2.53%	Div Inc.	45.57%								Future Dividend Paid
Dividend Covering Cost					Total Div	$4.00	over	5	Years	at IRR of	2.53%	Div Cov.	15.05%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$7.67	over	10	Years	at IRR of	2.53%	Div Cov.	28.86%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$11.83	over	15	Years	at IRR of	2.53%	Div Cov.	44.51%								Dividend Covering Cost
Yield if held 5 yrs	5.61%	4.90%	7.14%	5.33%	2.85%	2.72%	2.26%	2.08%	1.04%	1.25%	2.38%	5.47%	8.58%	13.86%	7.97%	4.47%		2.55%	<-Median->	10	Paid Median Price
Yield if held 10 yrs	9.83%	9.44%	7.41%	5.42%	2.77%	2.81%	2.45%	3.57%	1.07%	1.00%	1.99%	2.41%	2.36%	3.29%	3.85%	4.12%		2.43%	<-Median->	10	Paid Median Price
Yield if held 15 yrs	10.26%	14.12%	15.64%	11.74%	5.91%	4.91%	4.72%	3.70%	1.08%	0.97%	2.06%	2.61%	4.05%	3.38%	3.09%	3.44%		3.87%	<-Median->	10	Paid Median Price
Yield if held 20 yrs					6.13%	5.13%	7.06%	7.82%	2.35%	2.08%	3.60%	5.03%	4.20%	3.43%	3.01%	3.56%		5.03%	<-Median->	9	Paid Median Price
Yield if held 25 yrs										2.15%	3.76%	7.53%	8.86%	7.43%	6.42%	6.22%		5.65%	<-Median->	4	Paid Median Price
Yield if held 30 yrs																6.50%		#NUM!	<-Median->	0	Paid Median Price
Cost covered if held 5 years	35.42%	24.92%	35.69%	26.65%	22.38%	22.18%	16.20%	12.82%	11.86%	11.57%	11.52%	18.51%	28.34%	50.43%	34.42%	21.16%		17.36%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	147.09%	136.53%	103.42%	72.12%	56.51%	58.34%	42.48%	57.70%	38.83%	31.68%	31.81%	24.36%	20.60%	23.84%	28.18%	31.03%		40.66%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	225.56%	310.47%	341.89%	248.70%	201.10%	187.22%	170.35%	126.26%	84.49%	65.57%	68.29%	51.33%	71.06%	51.12%	45.03%	48.10%		105.37%	<-Median->	10	Paid Median Price
Cost covered if held 20 years					280.88%	267.44%	361.06%	390.10%	275.50%	220.40%	204.64%	187.38%	140.12%	96.98%	78.56%	85.13%		267.44%	<-Median->	9	Paid Median Price
Cost covered if held 25 years										300.88%	285.61%	386.54%	419.36%	302.55%	248.09%	234.12%		343.71%	<-Median->	4	Paid Median Price
Cost covered if held 30 years																316.38%		#NUM!	<-Median->	0	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$1,119.0	$1,119.5	$4,171.9	$6,760.7	$4,553.6	$4,078.8	$5,246.0	<-12 mths	28.62%		264.50%	<-Total Growth	5	Revenue Growth	264.50%
EPS Growth								-$0.08	-$1.55	$1.25	$3.47	$2.61	$1.88	$1.64	<-12 mths	-12.71%		2450.00%	<-Total Growth	5	EPS Growth	2450.00%
Net Income Growth								-$27.6	-$547.2	$786.6	$2,302.3	$1,596.5	$1,124.1	$1,329.2	<-12 mths	18.25%		4172.83%	<-Total Growth	5	Net Income Growth	4172.83%
Cash Flow Growth								$638.8	$655.7	$2,006.5	$3,833.3	$2,394.3	$2,348.6					267.66%	<-Total Growth	5	Cash Flow Growth	267.66%
Dividend Growth								$0.60	$0.24	$0.25	$0.44	$0.64	$0.68	$0.76	<-12 mths	11.76%		13.33%	<-Total Growth	5	Dividend Growth	13.33%
Stock Price Growth								$8.18	$6.00	$11.50	$18.25	$19.67	$26.07	$26.57	<-12 mths	1.92%		218.70%	<-Total Growth	5	Stock Price Growth	218.70%
Revenue Growth			$1,809.7	$1,090.4	$974.5	$1,122.9	$1,246.5	$1,119.0	$1,119.5	$4,171.9	$6,760.7	$4,553.6	$4,078.8	$5,554.0	<-this year	36.17%		125.39%	<-Total Growth	10	Revenue Growth	125.39%
EPS Growth			$1.20	-$1.01	$0.57	$1.10	$0.60	-$0.08	-$1.55	$1.25	$3.47	$2.61	$1.88	$2.93	<-this year	55.90%		56.67%	<-Total Growth	10	EPS Growth	56.67%
Net Income Growth			$380.8	-$342.7	$201.3	$388.9	$213.8	-$27.6	-$547.2	$786.6	$2,302.3	$1,596.5	$1,124.1	$1,709.0	<-this year	52.03%		195.19%	<-Total Growth	10	Net Income Growth	195.19%
Cash Flow Growth			$1,153.0	$689.0	$630.7	$672.8	$862.8	$638.8	$655.7	$2,006.5	$3,833.3	$2,394.3	$2,348.6	$3,463.5	<-this year	47.47%		103.69%	<-Total Growth	10	Cash Flow Growth	103.69%
Dividend Growth			$1.20	$1.20	$0.70	$0.60	$0.60	$0.60	$0.24	$0.25	$0.44	$0.64	$0.68	$0.76	<-this year	11.76%		-43.33%	<-Total Growth	10	Dividend Growth	-43.33%
Stock Price Growth			$25.16	$16.70	$23.11	$14.75	$8.10	$8.18	$6.00	$11.50	$18.25	$19.67	$26.07	$26.57	<-this year	1.92%		3.62%	<-Total Growth	10	Stock Price Growth	3.62%
Dividends on Shares	$135.60	$135.60	$135.60	$135.60	$79.10	$67.80	$67.80	$67.80	$27.12	$27.80	$49.72	$72.32	$76.84	$85.88	$85.88	$85.88		$3,637.02	No of Years	25	Total Divs	12/31/99
Paid	$2,761.72	$3,341.41	$2,843.08	$1,887.10	$2,611.43	$1,666.75	$915.30	$924.34	$678.00	$1,299.50	$2,062.25	$2,222.71	$2,945.91	$3,002.41	$3,002.41	$3,002.41		$2,945.91	No of Years	25	Worth	$8.85
Total																		$6,582.93			Total
Dividends on Shares				$48.00	$28.00	$24.00	$24.00	$24.00	$9.60	$9.84	$17.60	$25.60	$27.20	$30.40	$30.40	$30.40		$237.84	No of Years	10	Total Divs	12/31/14
Paid			$1,006.40	$668.00	$924.40	$590.00	$324.00	$327.20	$240.00	$460.00	$730.00	$786.80	$1,042.80	$1,062.80	$1,062.80	$1,062.80		$1,042.80	No of Years	10	Worth	$25.16
Total																		$1,280.64			Total
Dividends on Shares									$29.52	$30.26	$54.12	$78.72	$83.64	$93.48	$93.48	$93.48		$276.26	No of Years	5	Total Divs	12/31/19
Paid								$1,006.14	$738.00	$1,414.50	$2,244.75	$2,419.41	$3,206.61	$3,268.11	$3,268.11	$3,268.11		$3,206.61	No of Years	5	Worth	$8.18
Total																		$3,482.87			Total
Graham No.	$10.78	$13.69	$17.33	$11.19	$11.25	$16.03	$11.85	$16.55	$10.33	$15.50	$28.93	$27.03	$23.88	$29.82	$30.00	$30.32		37.82%	<-Total Growth	10	Graham Price
Price/GP Ratio Med	2.05	1.94	1.67	2.06	1.76	1.15	0.99	0.48	0.53	0.61	0.59	0.70	0.97	0.87				0.84	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	2.38	2.18	1.92	2.25	2.18	1.44	1.32	0.63	0.80	0.85	0.77	0.87	1.13	0.92				1.00	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.72	1.70	1.41	1.87	1.34	0.87	0.66	0.33	0.26	0.38	0.41	0.53	0.82	0.83				0.59	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	2.27	2.16	1.45	1.49	2.05	0.92	0.68	0.49	0.58	0.74	0.63	0.73	1.09	0.89	0.89	0.88		0.73	<-Median->	10	Price/GP Ratio
Prem/Disc Close	126.64%	116.04%	45.21%	49.25%	105.47%	-7.97%	-31.64%	-50.56%	-41.89%	-25.83%	-36.91%	-27.24%	9.18%	-10.89%	-11.44%	-12.35%		-26.53%	<-Median->	10	Graham Price
Price Close	$24.44	$29.57	$25.16	$16.70	$23.11	$14.75	$8.10	$8.18	$6.00	$11.50	$18.25	$19.67	$26.07	$26.57	$26.57	$26.57		3.62%	<-Total Growth	10	Stock Price
Increase	-2.63%	20.99%	-14.91%	-33.62%	38.38%	-36.17%	-45.08%	0.99%	-26.65%	91.67%	58.70%	7.78%	32.54%	1.92%	0.00%	0.00%		25.88	<-Median->	10	CAPE (10 Yr P/E)
P/E	52.00	38.40	20.97	-16.53	40.54	13.41	13.50	-102.25	-3.87	9.20	5.26	7.54	13.87	9.07	8.95	8.77		26.09%	<-IRR #YR->	5	Stock Price	218.70%
Trailing P/E	24.44	62.91	32.68	13.92	-22.88	25.88	7.36	13.63	-75.00	-7.42	14.60	5.67	9.99	14.13	9.07	8.95		0.36%	<-IRR #YR->	10	Stock Price	3.62%
CAPE (10 Yr P/E)	13.87	15.93	16.56	19.85	23.36	26.23	31.92	35.74	58.99	50.45	25.53	18.56	17.23	12.69	10.91	10.37		29.26%	<-IRR #YR->	5	Price & Dividend	253.50%
Median 10, 5 Yrs		D.  per yr	2.37%	3.17%	% Tot Ret	86.93%	10.83%	T P/E	8.68	5.67	P/E:	8.37	7.54					2.72%	<-IRR #YR->	10	Price & Dividend	32.02%
Price 15		D.  per yr	3.90%		% Tot Ret	68.26%						CAPE Diff	-64.97%					1.81%	<-IRR #YR->	15	Stock Price	30.94%
Price  20		D.  per yr	7.09%		% Tot Ret	78.68%												1.92%	<-IRR #YR->	20	Stock Price	46.30%
Price  25		D.  per yr	17.02%		% Tot Ret	79.39%												4.42%	<-IRR #YR->	25	Stock Price	194.58%
Price  30		D.  per yr	10.36%		% Tot Ret	80.19%												2.56%	<-IRR #YR->	28	Stock Price
Price & Dividend 15																		5.71%	<-IRR #YR->	15	Price & Dividend	97.47%
Price & Dividend 20																		9.01%	<-IRR #YR->	20	Price & Dividend	183.82%
Price & Dividend 25																		21.43%	<-IRR #YR->	25	Price & Dividend	573.51%
Price & Dividend 30																		12.92%	<-IRR #YR->	28	Price & Dividend
Price  5								-$8.18	$0.00	$0.00	$0.00	$0.00	$26.07								Price  5
Price 10			-$25.16	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$26.07								Price 10
Price & Dividend 5								-$8.18	$0.24	$0.25	$0.44	$0.64	$26.75								Price & Dividend 5
Price & Dividend 10			-$25.16	$1.20	$0.70	$0.60	$0.60	$0.60	$0.24	$0.25	$0.44	$0.64	$26.75								Price & Dividend 10
Price 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$26.07								Price 15
Price  20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$26.07								Price  20
Price  25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$26.07								Price  25
Price  30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$26.07								Price  30
Price & Dividend 15	$1.20	$1.20	$1.20	$1.20	$0.70	$0.60	$0.60	$0.60	$0.24	$0.25	$0.44	$0.64	$26.75								Price & Dividend 15
Price & Dividend 20	$1.20	$1.20	$1.20	$1.20	$0.70	$0.60	$0.60	$0.60	$0.24	$0.25	$0.44	$0.64	$26.75								Price & Dividend 20
Price & Dividend 25	$1.20	$1.20	$1.20	$1.20	$0.70	$0.60	$0.60	$0.60	$0.24	$0.25	$0.44	$0.64	$26.75								Price & Dividend 25
Price & Dividend 30	$1.20	$1.20	$1.20	$1.20	$0.70	$0.60	$0.60	$0.60	$0.24	$0.25	$0.44	$0.64	$26.75								Price & Dividend 30
Price H/L Median	$22.09	$26.55	$28.87	$23.10	$19.76	$18.46	$11.70	$7.93	$5.49	$9.53	$17.01	$18.92	$23.28	$26.05				-19.36%	<-Total Growth	10	Stock Price
Increase	-10.11%	20.17%	8.76%	-20.00%	-14.46%	-6.58%	-36.60%	-32.26%	-30.79%	73.75%	78.49%	11.20%	23.08%	11.90%				-2.13%	<-IRR #YR->	10	Stock Price	-19.36%
P/E	47.00	34.47	24.06	-22.87	34.66	16.78	19.50	-99.06	-3.54	7.62	4.90	7.25	12.38	8.89				24.05%	<-IRR #YR->	5	Stock Price	193.75%
Trailing P/E	22.09	56.48	37.49	19.25	-19.56	32.38	10.64	13.21	-68.56	-6.15	13.61	5.45	8.92	13.86				0.14%	<-IRR #YR->	10	Price & Dividend	5.39%
P/E on Running 5 yr Average	18.66	31.68	32.58	47.52	49.39	35.09	23.78	33.58	42.85	36.10	23.05	16.59	15.20	10.73				27.43%	<-IRR #YR->	5	Price & Dividend	229.67%
P/E on Running 10 yr Average	14.17	18.26	20.01	20.01	20.08	21.58	17.59	14.13	17.87	28.70	26.91	23.18	26.33	20.38				11.99	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	2.27%	3.38%	% Tot Ret	1654.60%	12.33%	T P/E	9.78	5.45	P/E:	7.44	7.25						Count	29	Years of data
			-$28.87	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$23.28
								-$7.93	$0.00	$0.00	$0.00	$0.00	$23.28
			-$28.87	$1.20	$0.70	$0.60	$0.60	$0.60	$0.24	$0.25	$0.44	$0.64	$23.96
								-$7.93	$0.24	$0.25	$0.44	$0.64	$23.96
High Months	Feb	Dec	Jun	Apr	Oct	Jan	Jul	Feb	Jan	Nov	Jun	Nov	Nov	Jan
Price High	$25.68	$29.79	$33.31	$25.23	$24.47	$23.03	$15.63	$10.36	$8.26	$13.15	$22.14	$23.44	$26.97	$27.45				-19.03%	<-Total Growth	10	Stock Price
Increase	-10.43%	16.00%	11.82%	-24.26%	-3.01%	-5.88%	-32.13%	-33.72%	-20.27%	59.20%	68.37%	5.87%	15.06%	1.78%				-2.09%	<-IRR #YR->	10	Stock Price	-19.03%
P/E	54.64	38.69	27.76	-24.98	42.93	20.94	26.05	-129.50	-5.33	10.52	6.38	8.98	14.35	9.37				21.09%	<-IRR #YR->	5	Stock Price	160.33%
Trailing P/E	25.68	63.38	43.26	21.03	-24.23	40.40	14.21	17.27	-103.25	-8.48	17.71	6.76	10.33	14.60				14.30	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	12.27	6.76	P/E:	9.75	8.98					27.76	P/E Ratio		Historical High
			-$33.31	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$26.97
								-$10.36	$0.00	$0.00	$0.00	$0.00	$26.97
Low Months	Apr	Jan	Dec	Jan	Jan	Dec	Dec	Aug	Mar	Jan	Jan	Feb	Jan	Feb
Price Low	$18.50	$23.30	$24.43	$20.96	$15.04	$13.88	$7.77	$5.49	$2.71	$5.91	$11.88	$14.39	$19.59	$24.65				-19.81%	<-Total Growth	10	Stock Price
Increase	-9.67%	25.95%	4.85%	-14.20%	-28.24%	-7.71%	-44.02%	-29.34%	-50.64%	118.08%	101.02%	21.13%	36.14%	25.83%				-2.18%	<-IRR #YR->	10	Stock Price	-19.81%
P/E	39.36	30.26	20.36	-20.75	26.39	12.62	12.95	-68.63	-1.75	4.73	3.42	5.51	10.42	8.41				28.97%	<-IRR #YR->	5	Stock Price	256.83%
Trailing P/E	18.50	49.57	31.73	17.47	-14.89	24.35	7.06	9.15	-33.88	-3.81	9.50	4.15	7.51	13.11				9.69	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	7.28	4.15	P/E:	5.12	4.73					4.73	P/E Ratio		Historical Low
			-$24.43	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$19.59
								-$5.49	$0.00	$0.00	$0.00	$0.00	$19.59
Market Screener							$139.00	$11.70	$320.00	$1,354	$2,271	$1,198	$627	$1,667	$1,637	$1,198					Market Screener
Change								-91.58%	2635.04%	323.13%	67.73%	-47.25%	-47.66%	165.87%	-1.80%	-26.82%					Change
Free Cash Flow WSJ				$160.60	$40.20	-$140.00	$242.70	-$44.80	$321	$954	$2,411	$568	$400					149.19%	<-Total Growth	9	Free Cash Flow WSJ
Change					-74.97%	-448.26%	273.36%	-118.46%	816.52%	197.20%	152.73%	-76.44%	-29.54%					-29.54%	<-Median->	9	Change
Free Cash Flow MS	$62.10	-$108.90	$73.70	$126.70	$2.20	-$256.00	$182.00	-$46.90	$320.20	$951.60	$2,410.90	$402.70	$640.00	$1,664	$1,763			768.39%	<-Total Growth	10	Free Cash Flow	MS, WSJ
Change					-98.26%	-11736%	171.09%	-125.77%	782.73%	197.19%	153.35%	-83.30%	58.93%	160.00%	5.95%			#NUM!	<-IRR #YR->	5	Free Cash Flow MS	1464.61%
FCF/CF from Op Ratio			0.06	0.18	0.00	-0.38	0.21	-0.07	0.49	0.47	0.63	0.17	0.27	0.48	0.47			24.13%	<-IRR #YR->	10	Free Cash Flow MS	768.39%
Dividends paid in cash	$239.10	$243.40	$228.60	$212.3	$128.0	$209.2	$212.3	$212.4	$102.7	$133.1	$133.1	$392.0	$405.7	$448.12	$448.12			77.47%	<-Total Growth	10	Dividends paid
Percentage paid				167.56%	5818.18%	0.00%	116.65%	0.00%	32.07%	13.99%	5.52%	97.34%	63.39%	26.93%	25.42%			$0.48	<-Median->	10	Percentage paid
5 Year Coverage								12177.50%	429.08%	75.57%	20.79%	24.10%	24.69%	24.91%	26.55%						5 Year Coverage
Dividend Coverage Ratio				0.60	0.02	-1.22	0.86	-0.22	3.12	7.15	18.11	1.03	1.58	3.71	3.93			0.94	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage								0.01	0.23	1.32	4.81	4.15	4.05	4.01	3.77						5 Year of Coverage
								$47	$0	$0	$0	$0	$640
			-$74	$0	$0	$0	$0	$0	$0	$0	$0	$0	$640
Market Cap	$7,549	$9,287	$8,037	$5,796	$8,164	$5,214	$2,863	$2,891	$2,120	$7,975	$11,331	$11,740	$15,372	$15,666	$15,666	$15,666		91.26%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million	297.24	311.90	317.21	340.54	351.31	353.86	353.85	353.4	353.4	627.3	663.1	610.6	596.4	596.4				88.02%	<-Total Growth	10	Diluted
Change	3.72%	4.93%	1.70%	7.36%	3.16%	0.72%	0.00%	-0.13%	0.00%	77.51%	5.71%	-7.92%	-2.33%	0.00%				0.36%	<-Median->	10	Change
Difference Diluted/Basic	0.0%	-0.1%	-0.2%	0.0%	-0.1%	-0.1%	-0.1%	0.0%	0.0%	-0.2%	-0.3%	-0.3%	-0.3%	-0.3%				-0.12%	<-Median->	10	Difference Diluted/Basic
Average # of Shares in Million	297.16	311.54	316.62	340.54	350.91	353.43	353.46	353.4	353.4	626.3	661.2	608.8	594.9	594.9				87.88%	<-Total Growth	10	Average
Change	3.69%	4.84%	1.63%	7.56%	3.04%	0.72%	0.01%	-0.02%	0.00%	77.21%	5.58%	-7.92%	-2.30%	0.00%				0.36%	<-Median->	10	Change
Difference Basic/Outstanding	3.9%	0.8%	0.9%	1.9%	0.7%	0.0%	0.0%	0.0%	0.0%	10.7%	-6.1%	-2.0%	-0.9%	-0.9%				0.00%	<-Median->	10	Difference Basic/Outstanding
												$3,833	<-12 mths	0.00%
Increase Reason
# of Share in Millions	308.888	314.067	319.439	347.084	353.287	353.462	353.443	353.4	353.4	693.5	620.9	596.9	589.626	589.626	589.626	589.626		6.32%	<-IRR #YR->	10	Shares	84.58%
Change	6.92%	1.68%	1.71%	8.65%	1.79%	0.05%	-0.01%	-0.01%	-0.01%	96.26%	-10.47%	-3.87%	-1.21%	0.00%	0.00%	0.00%		10.78%	<-IRR #YR->	5	Shares	66.84%
CF fr Operations $Millon	$703.5	$801.7	$1,153.0	$689.0	$630.7	$672.8	$862.8	$638.8	$655.7	$2,006.5	$3,833.3	$2,394.3	$2,348.6	$3,463.5	$3,727.0	$4,074.3		103.69%	<-Total Growth	10	Cash Flow
Increase	-22.07%	13.96%	43.82%	-40.24%	-8.46%	6.68%	28.24%	-25.96%	2.65%	206.01%	91.04%	-37.54%	-1.91%	47.47%	7.61%	9.32%		SO	S Issues, DRIP
5 year Running Average	$744.4	$715.8	$847.0	$850.0	$795.6	$789.4	$801.7	$698.8	$692.2	$967.3	$1,599.4	$1,905.7	$2,247.7	$2,809.2	$3,153.3	$3,201.5		165.38%	<-Total Growth	10	CF 5 Yr Running
CFPS	$2.28	$2.55	$3.61	$1.99	$1.79	$1.90	$2.44	$1.81	$1.86	$2.89	$6.17	$4.01	$3.98	$5.87	$6.32	$6.91		10.35%	<-Total Growth	10	Cash Flow per Share
Increase	-27.11%	12.08%	41.40%	-45.00%	-10.07%	6.62%	28.25%	-25.95%	2.65%	55.92%	113.39%	-35.02%	-0.71%	47.47%	7.61%	9.32%		7.37%	<-IRR #YR->	10	Cash Flow	103.69%
5 year Running Average	$2.84	$2.49	$2.79	$2.71	$2.44	$2.37	$2.34	$1.98	$1.96	$2.18	$3.03	$3.35	$3.78	$4.59	$5.27	$5.42		29.74%	<-IRR #YR->	5	Cash Flow	267.66%
P/CF on Med Price	9.70	10.40	8.00	11.63	11.07	9.70	4.79	4.38	2.96	3.29	2.76	4.72	5.84	4.43	0.00	0.00		0.99%	<-IRR #YR->	10	Cash Flow per Share	10.35%
P/CF on Closing Price	10.73	11.58	6.97	8.41	12.95	7.75	3.32	4.53	3.23	3.97	2.96	4.90	6.54	4.52	4.20	3.85		17.12%	<-IRR #YR->	5	Cash Flow per Share	120.36%
															-4.85%	Diff M/C		3.10%	<-IRR #YR->	10	CFPS 5 yr Running	35.76%
Excl.Working Capital CF	$16.3	$60.1	-$29.0	$84.4	$2.6	$59.1	-$43.8	$58.6	$11.9	$408.9	-$120.8	$245.3	$123.9	$0.0	$0.0	$0.0		13.78%	<-IRR #YR->	5	CFPS 5 yr Running	90.65%
CF fr Op $M WC	$719.8	$861.8	$1,124.0	$773.4	$633.3	$731.9	$819.0	$697.4	$667.6	$2,415.4	$3,712.5	$2,639.6	$2,472.5	$3,463.5	$3,727.0	$4,074.3		119.97%	<-Total Growth	10	Cash Flow less WC
Increase	-14.75%	19.73%	30.42%	-31.19%	-18.11%	15.57%	11.90%	-14.85%	-4.27%	261.80%	53.70%	-28.90%	-6.33%	40.08%	7.61%	9.32%		8.20%	<-IRR #YR->	10	Cash Flow less WC	119.97%
5 year Running Average	$739.8	$724.9	$846.1	$864.7	$822.5	$824.9	$816.3	$731.0	$709.8	$1,066.3	$1,662.4	$2,026.5	$2,381.5	$2,940.7	$3,203.0	$3,275.4		28.80%	<-IRR #YR->	5	Cash Flow less WC	254.53%
CFPS Excl. WC	$2.33	$2.74	$3.52	$2.23	$1.79	$2.07	$2.32	$1.97	$1.89	$3.48	$5.98	$4.42	$4.19	$5.87	$6.32	$6.91		10.90%	<-IRR #YR->	10	CF less WC 5 Yr Run	181.47%
Increase	-20.26%	17.75%	28.23%	-36.67%	-19.55%	15.51%	11.91%	-14.84%	-4.27%	84.35%	71.68%	-26.04%	-5.18%	40.08%	7.61%	9.32%		26.64%	<-IRR #YR->	5	CF less WC 5 Yr Run	225.79%
5 year Running Average	$2.82	$2.52	$2.78	$2.75	$2.52	$2.47	$2.39	$2.08	$2.01	$2.35	$3.13	$3.55	$3.99	$4.79	$5.36	$5.54		1.77%	<-IRR #YR->	10	CFPS - Less WC	19.17%
P/CF on Med Price	9.48	9.67	8.20	10.36	11.02	8.91	5.05	4.02	2.90	2.74	2.84	4.28	5.55	4.43	0.00	0.00		16.27%	<-IRR #YR->	5	CFPS - Less WC	112.49%
P/CF on Closing Price	10.49	10.78	7.15	7.49	12.89	7.12	3.50	4.15	3.18	3.30	3.05	4.45	6.22	4.52	4.20	3.85		3.68%	<-IRR #YR->	10	CFPS 5 yr Running	43.56%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	4.75	5 yr	3.29	P/CF Med	10 yr	4.66	5 yr	2.90		-3.00%	Diff M/C		13.97%	<-IRR #YR->	5	CFPS 5 yr Running	92.32%
			-319.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	589.6								Shares
								-353.4	0.0	0.0	0.0	0.0	589.6								Shares
			-$1,153.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,348.6								Cash Flow
								-$638.8	$0.0	$0.0	$0.0	$0.0	$2,348.6								Cash Flow
			-$3.61	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.98								Cash Flow per Share
								-$1.81	$0.00	$0.00	$0.00	$0.00	$3.98								Cash Flow per Share
			-$2.79	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.78								CFPS 5 yr Running
								-$1.98	$0.00	$0.00	$0.00	$0.00	$3.78								CFPS 5 yr Running
			-$1,124.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,472.5								Cash Flow less WC
								-$697.4	$0.0	$0.0	$0.0	$0.0	$2,472.5								Cash Flow less WC
			-$846.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,381.5								CF less WC 5 Yr Run
								-$731.0	$0.0	$0.0	$0.0	$0.0	$2,381.5								CF less WC 5 Yr Run
			-$3.52	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.19								CFPS - Less WC
								-$1.97	$0.00	$0.00	$0.00	$0.00	$4.19								CFPS - Less WC
			-$2.78	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.99								CFPS 5 yr Running
								-$2.08	$0.00	$0.00	$0.00	$0.00	$3.99								CFPS 5 yr Running
Change in non-cash working capital	-$5.7	-$43.5	$49.4	-$62.4	-$4.7	-$30.4	-$20.9	-$58.3	-$19.5	-$184.1	$250.0	-$236.0	-$104.0
Net change in other liabilities	-$10.6	-$16.6	-$20.4	-$22.0	$2.1	-$28.7	$64.7	-$0.3	$7.6	-$224.8	-$129.2	-$9.3	-$19.9
Expenditures on site restoration and reclamation
Sum	-$16.3	-$60.1	$29.0	-$84.4	-$2.6	-$59.1	$43.8	-$58.6	-$11.9	-$408.9	$120.8	-$245.3	-$123.9
Google--->TD		-$60.1	$29.0	-$84.4	-$2.6	-$59.1	$44	-$59	-$12	-$409	$121	-$245	-$124
Difference		$0.0	$0.0	$0.0	$0.0	$0.0	$0	$0	$0	$0	$0	$0	$0
Google--->TD			$29	-$84	-$3	-$59
Difference			$0	$0	$0	$0
OPM	58.93%	57.22%	63.71%	63.19%	64.72%	59.92%	69.22%	57.09%	58.57%	48.10%	56.70%	52.58%	57.58%	60.30%				-9.62%	<-Total Growth	10	OPM
Increase	-20.42%	-2.92%	11.36%	-0.82%	2.43%	-7.42%	15.52%	-17.53%	2.60%	-17.88%	17.89%	-7.27%	9.51%	4.72%					Should increase		or be stable.
Diff from Median	1.48%	-1.48%	9.71%	8.80%	11.44%	3.17%	19.19%	-1.70%	0.85%	-17.18%	-2.37%	-9.46%	-0.85%	3.82%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	58.08%	5 Yrs	56.70%					should be	zero, it is a		check on calculations
														$2,270	<-12 mths	9.81%
EBITDA								$459	$565	$2,175	$4,393	$3,096	$2,067	$3,755	$3,714						EBITDA	from Mkt Sc
Change									23.01%	285.23%	101.98%	-29.52%	-33.24%	81.66%	-1.09%						Change
Margin								41.02%	50.43%	52.13%	64.98%	67.99%	50.68%	65.37%	62.15%						Margin
Long Term Debt	$747.7	$895.2	$1,025.3	$1,056.4	$974.5	$837.4	$828.7	$728.7	$555.2	$1,705.3	$990.0	$1,148.9	$1,387.4	$1,387.4				35.32%	<-Total Growth	10	Debt	Type
Change	3.67%	19.73%	14.53%	3.03%	-7.75%	-14.07%	-1.04%	-12.07%	-23.81%	207.15%	-41.95%	16.05%	20.76%	0.00%				-4.40%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.10	0.10	0.13	0.18	0.12	0.16	0.29	0.25	0.26	0.21	0.09	0.10	0.09	0.09				0.17	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	15.07	14.86	14.37	23.76	13.42	12.52	21.15	15.83	13.47	7.53	6.78	12.62	14.87	14.87				13.45	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Current Liabilities/Asset Ratio	0.07	0.07	0.07	0.04	0.07	0.08	0.05	0.06	0.07	0.13	0.15	0.08	0.07	0.07				0.07	<-Median->	10	Current Liab/Asset Ratio	Liq. + CF
Debt to Cash Flow (Years)	1.06	1.12	0.89	1.53	1.55	1.24	0.96	1.14	0.85	0.85	0.26	0.48	0.59	0.40				0.91	<-Median->	10	Debt to Cash Flow (Years)	Debt Ratio
																						Leverage
Intangibles	$238.1	$265.4	$266.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0				-100.00%	<-Total Growth	10	Intangibles	D/E Ratio
Goodwill	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2				0.00%	<-Total Growth	10	Goodwill
Total	$486.3	$513.6	$514.6	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2				-51.77%	<-Total Growth	10	Total
Change	11.56%	5.61%	0.19%	-51.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%							Change
Intangible/Market Cap Ratio	0.06	0.06	0.06	0.04	0.03	0.05	0.09	0.09	0.12	0.03	0.02	0.02	0.02	0.02				0.04	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$404.90	$200.10	$327.60	$508.90	$1,150.3	$818.7	$559.4	$193.2	$162.3	$730.0	$986.5	$893.4	$1,000.9	$1,000.9				Liquidity ratio of 1.5 and up, best
Current Liabilities	$373.40	$386.00	$440.10	$249.70	$446.5	$497.3	$284.5	$365.0	$367.7	$1,511.1	$1,715.7	$981.6	$880.7	$880.7				1.02	<-Median->	10	Ratio
Liquidity	1.08	0.52	0.74	2.04	2.58	1.65	1.97	0.53	0.44	0.48	0.57	0.91	1.14	1.14				0.57	<-Median->	5	Ratio
Liq. with CF aft div	1.98	1.62	2.49	3.13	3.43	2.57	4.25	1.70	1.99	1.70	2.65	2.96	3.35	4.56				2.65	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.73	0.52	0.75	0.96	1.83	1.40	1.48	0.60	1.00	1.11	1.45	1.09	1.06	4.56				1.09	<-Median->	5	Ratio
Curr Long Term Debt		$42.10	$49.50	$59.70	$51.50	$73.10	$80.50	$80.50	$146.70	$0.00	$0.00	$0.00	$0.00	$0.00
Liquidity Less CLTD		0.58	0.84	2.68	2.91	1.93	2.74	0.68	0.73	0.48	0.57	0.91	1.14	1.14				0.73	<-Median->	5	Ratio
Liq. with CF aft div		1.82	2.81	4.11	3.88	3.02	5.93	2.18	3.32	1.70	2.65	2.96	3.35	4.56				2.96	<-Median->	5	Ratio
Assets	$5,627.1	$5,736.0	$6,325.5	$5,932.2	$5,990.5	$6,224.0	$6,016.2	$5,778.3	$4,954.2	$11,380.3	$11,623.9	$12,382.9	$13,099.7	$13,099.7				Debt Ratio of 1.5 and up, best
Liabilities	$2,230.4	$2,339.9	$2,773.7	$2,543.7	$2,505.7	$2,555.1	$2,340.4	$2,338.4	$2,163.6	$5,452.8	$4,970.4	$4,955.1	$5,151.5	$5,151.5				2.41	<-Median->	10	Ratio
Debt Ratio	2.52	2.45	2.28	2.33	2.39	2.44	2.57	2.47	2.29	2.09	2.34	2.50	2.54	2.54				2.34	<-Median->	5	Ratio
Estimates BVPS														$14.93	$16.39				Estimates		Estimates BVPS
Estimate Book Value														$8,803.1	$9,664.0				Estimates		Estimate Book Value
P/B Ratio (Close)														1.78	1.62				Estimates		P/B Ratio (Close)
Difference from 10 year median															14.55%				Estimates		Difference from 10 yr med.
Liab. Inc NCI CK	$2,230.4	$3,396.1	$3,551.8	$3,388.5	$3,484.8	$3,668.9	$3,675.8	$3,439.9	$2,790.6	$5,927.5	$6,653.5	$7,427.8	$7,948.2	$7,948.2							Liab. Inc NCI CK
Total Book Value	$3,396.7	$3,396.1	$3,551.8	$3,388.5	$3,484.8	$3,668.9	$3,675.8	$3,439.9	$2,790.6	$5,927.5	$6,653.5	$7,427.8	$7,948.2	$7,948.2							Total Book Value
Non-Cont Int	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0							Non-Cont Int
Book Value	$3,396.7	$3,396.1	$3,551.8	$3,388.5	$3,484.8	$3,668.9	$3,675.8	$3,439.9	$2,790.6	$5,927.5	$6,653.5	$7,427.8	$7,948.2	$7,948.2	$7,948.2	$7,948.2		123.78%	<-Total Growth	10	Book Value
Book Value per share	$11.00	$10.81	$11.12	$9.76	$9.86	$10.38	$10.40	$9.73	$7.90	$8.55	$10.72	$12.44	$13.48	$13.48	$13.48	$13.48		21.24%	<-Total Growth	10	Book Value
Change	0.48%	-1.67%	2.83%	-12.20%	1.04%	5.23%	0.19%	-6.41%	-18.87%	8.23%	25.38%	16.13%	8.32%	0.00%	0.00%	0.00%		15.31%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	2.01	2.45	2.60	2.37	2.00	1.78	1.13	0.81	0.69	1.12	1.59	1.52	1.73	1.93	0.00	0.00		1.71	P/B Ratio		Historical Median
P/B Ratio (Close)	2.22	2.73	2.26	1.71	2.34	1.42	0.78	0.84	0.76	1.35	1.70	1.58	1.93	1.97	1.97	1.97		1.94%	<-IRR #YR->	10	Book Value	21.24%
Change	-3.09%	23.04%	-17.25%	-24.40%	36.96%	-39.35%	-45.19%	7.90%	-9.59%	77.09%	26.57%	-7.19%	22.36%	1.92%	0.00%	0.00%		6.73%	<-IRR #YR->	5	Book Value	38.49%
Leverage (A/BK)	1.66	1.69	1.78	1.75	1.72	1.70	1.64	1.68	1.78	1.92	1.75	1.67	1.65	1.65				1.71	<-Median->	10	A/BV
Debt/Equity Ratio	0.66	0.69	0.78	0.75	0.72	0.70	0.64	0.68	0.78	0.92	0.75	0.67	0.65	0.65				0.71	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	1.55	5 yr Med	1.52		26.87%	Diff M/C
		-$10.81	-$11.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.48
								-$9.73	$0.00	$0.00	$0.00	$0.00	$13.48
Comprehensive Income	$139.20	$240.70	$380.80	-$342.60	$201.50	$388.50	$213.90	-$27.60	-$547.20	$784.10	$2,281.70	$1,601.70	$1,135.80					198.27%	<-Total Growth	10	Comprehensive Income
NCI	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00								NCI
Shareholders	$139.20	$240.70	$380.80	-$342.60	$201.50	$388.50	$213.90	-$27.60	-$547.20	$784.10	$2,281.70	$1,601.70	$1,135.80					198.27%	<-Total Growth	10	Shareholders
Increase	-51.52%	72.92%	58.21%	-189.97%	158.81%	92.80%	-44.94%	-112.90%	-1882.61%	243.29%	191.00%	-29.80%	-29.09%					-29.09%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$287.76	$229.72	$261.82	$141.04	$123.92	$173.78	$168.42	$86.74	$45.82	$162.34	$540.98	$818.54	$1,051.22					11.55%	<-IRR #YR->	10	Comprehensive Income	198.27%
ROE	4.1%	7.1%	10.7%	-10.1%	5.8%	10.6%	5.8%	-0.8%	-19.6%	13.2%	34.3%	21.6%	14.3%					#NUM!	<-IRR #YR->	5	Comprehensive Income	4215.22%
5Yr Median	9.1%	8.2%	8.2%	7.1%	5.8%	7.1%	5.8%	5.8%	5.8%	5.8%	5.8%	13.2%	14.3%					14.91%	<-IRR #YR->	10	5 Yr Running Average	301.50%
% Difference from NI	0.0%	0.0%	0.0%	0.0%	0.1%	-0.1%	0.0%	0.0%	0.0%	-0.3%	-0.9%	0.3%	1.0%					64.70%	<-IRR #YR->	5	5 Yr Running Average	1111.92%
Median Values										Diff	5, 10 yr	0.0%	0.0%					14.3%	<-Median->	5	Return on Equity
			-$380.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,135.8
								$27.6	$0.0	$0.0	$0.0	$0.0	$1,135.8
			-$261.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,051.2
								-$86.7	$0.0	$0.0	$0.0	$0.0	$1,051.2
Current Liability Coverage Ratio	1.93	2.23	2.55	3.10	1.42	1.47	2.88	1.91	1.82	1.60	2.16	2.69	2.81	3.93							CFO / Current Liabilities
5 year Median	2.49	2.23	2.23	2.23	2.23	2.23	2.55	1.91	1.82	1.82	1.91	1.91	2.16	2.69				203.7%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	12.79%	15.02%	17.77%	13.04%	10.57%	11.76%	13.61%	12.07%	13.48%	21.22%	31.94%	21.32%	18.87%	26.44%							CFO / Total Assets
5 year Median	13.76%	13.76%	15.02%	15.02%	13.04%	13.04%	13.04%	12.07%	12.07%	13.48%	13.61%	21.22%	21.22%	21.32%				13.5%	<-Median->	10	Return on Assets
Return on Assets ROA	2.47%	4.20%	6.02%	-5.78%	3.36%	6.25%	3.55%	-0.48%	-11.05%	6.91%	19.81%	12.89%	8.58%	13.05%				Net	Income/Assets		Return on Assets
5Yr Median	5.39%	5.27%	5.27%	4.20%	3.36%	4.20%	3.55%	3.36%	3.36%	3.55%	3.55%	6.91%	8.58%	12.89%				4.9%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	4.10%	7.09%	10.72%	-10.11%	5.78%	10.60%	5.82%	-0.80%	-19.61%	13.27%	34.60%	21.49%	14.14%	21.50%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	9.08%	8.17%	8.17%	7.09%	5.78%	7.09%	5.82%	5.78%	5.78%	5.82%	5.82%	13.27%	14.14%	21.49%				8.2%	<-Median->	10	Return on Equity
														$1,329.2	<-12 mths	18.25%
Net Income	$139.2	$240.7	$380.80	-$342.70	$201.30	$388.90	$213.80	-$27.60	-$547.20	$786.6	$2,302.3	$1,596.5	$1,124.1					195.19%	<-Total Growth	10	Net Income
NCI	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00								NCI
Shareholders	$139.20	$240.70	$380.80	-$342.70	$201.30	$388.90	$213.80	-$27.60	-$547.20	$786.6	$2,302.3	$1,596.5	$1,124.1	$1,709	$1,730	$1,574		195.19%	<-Total Growth	10	Shareholders
Increase	-51.50%	72.92%	58.21%	-189.99%	-158.74%	93.19%	-45.02%	-112.91%	1882.61%	-243.75%	192.69%	-30.66%	-29.59%	52.03%	1.23%	-9.02%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$288.6	$230.1	$261.7	$141.0	$123.9	$173.8	$168.4	$86.7	$45.8	$162.9	$545.6	$822.1	$1,052.5	$1,503.7	$1,692.4	$1,546.7		11.43%	<-IRR #YR->	10	Net Income	195.19%
Operating Cash Flow	$703.5	$801.7	$1,153.0	$689.0	$630.7	$672.8	$862.8	$638.8	$655.7	$2,006.5	$3,833.3	$2,394.3	$2,348.6					#NUM!	<-IRR #YR->	5	Net Income	4172.83%
Investment Cash Flow	-$636.2	-$818.4	-$1,017.9	-$564.8	-$393.3	-$416.4	-$534.7	-$673.3	-$364.3	-$808.1	-$1,413.2	-$1,690.7	-$1,902.2					14.93%	<-IRR #YR->	10	5 Yr Running Average	302.16%
Total Accruals	$71.9	$257.4	$245.7	-$466.9	-$36.1	$132.5	-$114.3	$6.9	-$838.6	-$411.8	-$117.8	$892.9	$677.7					64.74%	<-IRR #YR->	5	5 Yr Running Average	1113.35%
Total Assets	$5,627.1	$5,736.0	$6,325.5	$5,932.2	$5,990.5	$6,224.0	$6,016.2	$5,778.3	$4,954.2	$11,380.3	$11,623.9	$12,382.9	$13,099.7						Balance Sheet		Assets
Accruals Ratio	1.28%	4.49%	3.88%	-7.87%	-0.60%	2.13%	-1.90%	0.12%	-16.93%	-3.62%	-1.01%	7.21%	5.17%					-1.01%	<-Median->	5	Ratio
EPS/CF Ratio	0.20	0.28	0.34	-0.45	0.32	0.53	0.26	-0.04	-0.82	0.36	0.58	0.59	0.45					0.34	<-Median->	10	EPS/CF Ratio
																		Should not be higher than 1.00
			-$381	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,124
								$28	$0	$0	$0	$0	$1,124
			-$262	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,052
								-$87	$0	$0	$0	$0	$1,052
Change in Close	-2.63%	20.99%	-14.91%	-33.62%	38.38%	-36.17%	-45.08%	0.99%	-26.65%	91.67%	58.70%	7.78%	32.54%	1.92%	0.00%	0.00%			Count	30	Years of data
up/down					up					up			Down	Down					Count	12	40.00%
Meet Prediction?					Yes					Yes								% right	Count	7	58.33%
Financial Cash Flow	$1,268.0	-$177.9	-$128.0	$36.0	-$182.5	-$268.4	-$288.7	-$216.6	-$299.5	-$1,198.8	-$2,363.0	-$759.6	-$443.5						C F Statement		Financial CF
Accruals	-$1,196.1	$435.3	$373.7	-$502.9	$146.4	$400.9	$174.4	$223.5	-$539.1	$787.0	$2,245.2	$1,652.5	$1,121.2								Accruals
Accruals Ratio	-21.26%	7.59%	5.91%	-8.48%	2.44%	6.44%	2.90%	3.87%	-10.88%	6.92%	19.32%	13.35%	8.56%					8.56%	<-Median->	5	Ratio
Cash	$194.6	$0.0	$7.1	$167.3	$222.2	$220.2	$220.2	$8.5	$0.4	$0.0	$57.1	$1.1	$0.0	$0.0							Cash
Cash per Share	$0.63	$0.00	$0.02	$0.48	$0.63	$0.62	$0.62	$0.02	$0.00	$0.00	$0.09	$0.00	$0.00	$0.00				$0.00	<-Median->	5	Cash per Share
Percentage of Stock Price	2.58%	0.00%	0.09%	2.89%	2.72%	4.22%	7.69%	0.29%	0.02%	0.00%	0.50%	0.01%	0.00%	0.00%				0.01%	<-Median->	5	% of Stock Price
		Yes, 0
Notes:
February 8, 2025.  Last estimates were for 2024, 2025, 2026 of $4858M, $6437M, $6641M Revenue, $4.70, $5.34 FFO, $2.19, $3.55, $5.50 EPS,
$0.68, $0.71, $0.68 Dividends, $682M, $1664M, $1763M for FCF, $4.48, $5.77, $6.87 CFPS, $1473M, $2163M $3283M Net Income.
February 10, 2023.  Last estimates were for 2023 and 2024 of $5913M, $5744M for Revenue, $5.40 and $5.65 for FFO, $3.16, $3.32 ane $5.15 for EPS 2023/5,
$0.60 and $0.72 for Dividends, $1667M, $1484M and $1080M 2023/5 for FCF, $5.27, $5.57 and $8.06 2023/5 for CFPS, $2100, $2200 and $3198M 2023/5 for Net Income.
February 12, 2023, Last estimates were for 2022, 2023 and 2024 of 5093M and $5257M for 2022-23 for Revenue, $4.32, $4.05 2022-23 for FFO, $2.13, $2.08 and $3.15 for EPS,
$0.41, $0.45 and $0.62 for Dividends, $1844M, $1645M and $1194M for FCF, $4.68, $4.74 and $6.03 for CFPS, $1366M, $1802M 2022-23 for Net Income.
February 19, 2022.  Last estimates were for 2021, 2022 and 2023 of $2825M, $3721M and $4589M for Revenue, $2.37 for FFO for 2021, $0.80, $1.05 and 2.76 for EPS,
$0.25, $0.24 and $0.24 for Dividends, $691M, $977M and $1235M for FCF, $2.91, $3.18 and $5.10 for CFPS, and $487M, $793M and $978M for Net Income.
February 19, 2021.  Last estimates were for 2020 and 2021 of $1328, $1529 for Revenue, $2.57 for FFO, $0.28, $0.45 and $0.35 for EPS for 2020 to 2022,
$0.60 and $0.60 for Dividends, $2.06, $2.25 and $2.38 for CFPS for 2020 to 2022 and $102M, and $152M  for Net Income.
February 8, 2020.  Last estimates were for 2019, 2020 and 2021 of $1275M, $1468M and $1659M for Revenue, $2.18 and 2.37 for 2019 and 2020 for FFO,
$0.44, $0.53 and $0.84 for EPS, $2.08, $2.33 and $2.67 for CFPS and $53M for Net Income for 2019.
February 10, 2019.  Last estimates were for 2018, 2019 and 2020 of $1348M, $1454M and $2004M for Revenue, $0.46, $0.32 and 0.30 for EPS,
$2.15, $2.09 and $2.70 for CFPS and $67.5M and $50.2M for Net Income for 2018 and 2019.
February 10, 2018.  Last estimates were for 2017, 2018 and 2019 of $1408M, $1627M and $1693M for Revenue, $2.27 and $2.75 for FFO for 2017 and 2018,
$0.52, $0.47 and $0.59, $1.92 and $2.78 for CFPS fo 2017 and 2018 and $59.6M for Net Income for 2017
February 11, 2017.  Last estimates were for 2016, 2017 and 2018 of $1289M, $1527M and $1844M for Revenue, $1.93 and $2.12 for DCF for 2016 and 2017, $0.01, $0.17 and $0.63 for EPS,
$1.92, $2.18 and $2.78 for CFPS and $-36.2M and $59.6M for 2016 and 2017 of Net Income.
February 18, 2015.  Last estimates were for 2014, 2015 and 2016 of $1883M $2085M, and $2131M for Revenue, $2.76 for Distri Cash Flow for 2014,
$0.95, $1.05 and $1.19 for EPS, $3.17, $3.43 and $3.88 for CFPS and $2.94M and $339M for 2014 and 2015 for Net Income.
February 11, 2014.  Last estimates ere for 2013 and 2014 of $1515M and $1844M for Revenue, $0.58 and $0.80 for EPS and $2.31 and $2.97 for CFPS.
Mar 9, 2013.  Last estimates were for 2012 and 2013 of $1343 and $1551M for Revenue, $.036 and f$0.51 for EPS and f$2.40 and $2.78 for CFPS.
Storm Exploration Inc. acquitions included exchangeable shares issued.
October 29, 2012.  Last estimates were for 2011 and 2012 with $1.398M and $1,601M for Revenue, $1.32 and $1.14 for EPS and $3.06 and $3.10 for CFPS
Sep 25, 2011.  Estimates I got for 2010 and 2011 when I last looked were $2.44 and $2.81 for distributable income, $1.18 and $1.22 for earnings and $2.61 and $3.09 for CF.
Company was converted from an Income Trust ARC Energy Trust (TSX-AET.UN) to ARC Resources Ltd. (TSX-ARX) on January 2011.
Aug 24, 2010.  When I last looked, I got 2010 and 2011 Distri CF of $2.44 and $2.81, Earnings of $1.05 and $1.22 and CF of $2.70 and $2.90 and Dis of $1.20 and $1.20.
The company expects to convert to a corporation in 2011 with distribution depending on commodities prices.
Apr 28, 2010.  I last got estimates for 2009 and 2010 for Distributable Cash of $2.08 and $1.92, earnings of $.53 and $1.05 and cash flow of $2.00 and $2.80.
In May 2009 when I looked for DI, I got, for 2009 and 2010 $1.85 and $2.80. For earnings I got $.26 and $1.01.  For Cash Flow I got $1.85 and $2.80.
May 11, 2009 AR 2008.  when I looked at this stock in Jan 2009, I got Distributable cash flow of $4.35 and earnings of $2.48 and they came at $4.37 and $2.50.  Close.
Formed in 1996 as an Income Trust.  The shares are always increasing due to dividend reinvestment program.
Part of  S&P Long-Term Value Creation Index
Sector:
Energy, Resources
What should this stock accomplish?
You should make both capital gains and dividends over the longer term, but expect a lot of volatility
Would I buy this company and Why.
You would buy this stock for diversification into the oil and gas business in Canada.
I would consider it if I was looking for a oil and gas company.
Why am I following this stock.
When TFSA first came out, this stock was recommended for this account as it was an income trust at that point and most of the distributions were taxable.
This stock is no longer an income trust and the distributions are now dividends and taxed as normal Canadian dividends.
Dividends
2020.  Dividends paid quarterly, in January, April, July and October .
Dividends are paid monthly. Dividends are declared for shareholders of one month and paid in the following month.
For example, the dividends payable to shareholders of record on February 28, 2014 is payable on March 17, 2014.
Dividends can vary due to the price of oil.
Currently, (2016) ARC Resources anticipates that its dividends will be “eligible dividends” and, as a result, subject to the enhanced dividend tax credit which is typically applied to dividends from most Canadian public companies.
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
For customers
For employees:  ARC Ltd says it is committed to running our business in a manner that protects the health and safety of those who work for us
For community"  ARC Resources Ltd is committed to conducting their business in a manner than safeguards the environment.
For investors:  ARC has a long history of expertise and providing superior long-term returns to shareholders.
ARC Ltd. says their vision has been to be a leading oil and gas producer as measured by quality of assets, management expertise and long-term returns;
to achieve this we have focused on what we call ‘risk managed value creation’.
2003 report says their mission is to combine our excellent managerial and technical expertise to maximize value to our unitholders
How they make their money.
ARC Resources Ltd is an independent energy company engaged in the acquisition, exploration, development, and production of conventional oil and
natural gas in Western Canada. The company produces light, medium, and heavy crude, condensate, natural gas liquids, and natural gas.
Taxes
Foreign
Cap Gain
Taxable Inc
Ret of Cap.
Total
For Tax Cr
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2017	Feb 10	2018	Feb 10	2019	Feb 8	2020	Feb 19	2021	Feb 19	2022	Feb 12	2023	Feb 10	2024			Feb 8	2025
Anderson, Terry Michael	0.03%	0.134	0.04%	0.169	0.05%	0.215	0.06%	0.341	0.05%	0.369	0.06%	0.372	0.06%	0.383	0.06%			0.491	0.08%		Was officer, CEO in 2021	28.33%
CEO - Shares - Amount	$1.726		$1.089		$1.384		$1.288		$3.927		$6.735		$7.308		$9.980				$13.053
Options - percentage	0.10%	0.478	0.14%	0.614	0.17%	0.744	0.21%	1.173	0.17%	1.335	0.21%	1.249	0.21%	0.876	0.15%			0.586	0.10%			-33.09%
Options - amount	$5.448		$3.871		$5.022		$4.465		$13.491		$24.362		$24.558		$22.826				$15.565
Stadnyk, Myron Maurice	0.12%	0.482	0.14%	0.642	0.18%	0.774	0.22%
CEO - Shares - Amount	$6.434		$3.901		$5.249		$4.644
Options - percentage	0.20%	0.923	0.26%	1.201	0.34%	1.379	0.39%
Options - amount	$10.370		$7.476		$9.828		$8.276
Reuters Options Value
Bibby, Kristen Jon						0.200	0.06%	0.126	0.02%	0.136	0.02%	0.144	0.02%	0.154	0.03%			0.161	0.03%			5.01%
CFO - Shares - Amount							$1.198		$1.453		$2.483		$2.831		$4.008				$4.290
Options - percentage						0.576	0.16%	0.382	0.06%	0.424	0.07%	0.423	0.07%	0.292	0.05%			0.214	0.04%			-26.43%
Options - amount							$3.458		$4.395		$7.738		$8.316		$7.601				$5.699
Dafoe, P. Van R.	0.02%	0.098	0.03%	0.128	0.04%
CFO - Shares - Amount	$1.208		$0.795		$1.048
Options - percentage	0.08%	0.379	0.11%	0.484	0.14%
Options - amount	$4.381		$3.071		$3.958
Berrett, Ryan Victor								0.060	0.01%	0.070	0.01%	0.070	0.01%	0.072	0.01%			0.073	0.01%			1.23%
Officer - Shares - Amount									$0.686		$1.277		$1.384		$1.874				$1.934
Options - percentage								0.215	0.03%	0.230	0.04%	0.203	0.03%	0.145	0.02%			0.123	0.02%			-15.23%
Options - amount									$2.476		$4.194		$3.998		$3.771				$3.258
Calder, Sean Ross Allen												0.088	0.01%	0.093	0.02%			0.096	0.02%			2.95%
Officer - Shares - Amount													$1.732		$2.431				$2.551
Options - percentage												0.210	0.04%	0.132	0.02%			0.082	0.01%			-37.91%
Options - amount													$4.135		$3.431				$2.171
Collyer, David Ralph								0.020	0.00%	0.020	0.00%	0.020	0.00%	0.020	0.00%			0.020	0.00%			0.00%
Director - Shares - Amount									$0.230		$0.365		$0.393		$0.521				$0.531
Options - percentage								0.074	0.01%	0.090	0.01%	0.100	0.02%	0.114	0.02%			0.125	0.02%			9.95%
Options - amount									$0.848		$1.648		$1.972		$2.967				$3.325
Banducci, Carol T.														0.001	0.00%			0.003	0.00%			196.40%
Director - Shares - Amount															$0.026				$0.079
Options - percentage														0.030	0.01%			0.042	0.01%			37.78%
Options - amount															$0.794				$1.115
McAllister, Michael														0.089	0.02%			0.129	0.02%			45.66%
Director - Shares - Amount															$2.311				$3.431
Options - percentage														0.181	0.03%			0.044	0.01%			-75.66%
Options - amount															$4.710				$1.168
McAdam, William												0.089	0.01%	0.089	0.02%							-100.00%
Director - Shares - Amount													$1.744		$2.311
Options - percentage												0.164	0.03%	0.181	0.03%							-100.00%
Options - amount													$3.232		$4.710
Kvisle, Harold N.	0.02%	0.115	0.03%	0.150	0.04%	0.150	0.04%	0.150	0.02%	0.170	0.03%	0.170	0.03%	0.170	0.03%			0.150	0.03%			-11.76%
Chairman - Shares - Amt	$1.187		$0.932		$1.227		$0.900		$1.725		$3.103		$3.344		$4.432				$3.986
Options - percentage	0.02%	0.082	0.02%	0.117	0.03%	0.199	0.06%	0.295	0.04%	0.346	0.06%	0.376	0.06%	0.420	0.07%			0.451	0.08%			7.54%
Options - amount	$0.851		$0.665		$0.961		$1.194		$3.395		$6.319		$7.405		$10.944				$11.995
Van Wielingen, Mac Howard
Chairman - Shares - Amt
Options - percentage
Options - amount
Insider ownership
Increase in O/S Shares	0.01%	0.030	0.01%	0.154	0.04%	0.284	0.08%	0.218	0.06%	1.649	0.24%	1.963	0.32%	1.239	0.21%			1.278	0.22%
due to SO 2013	$1.132		$0.443		$1.247		$2.323		$1.308		$18.964		$35.825		$24.371				$33.317
Book Value	$6.100		$4.300		$5.300		$4.800		$4.200		$18.000		$37.300		$21.600				$20.800
Insider Buying	-$0.620		-$2.649		-$4.865		-$2.504		-$0.378		-$0.899		-$0.775		-$1.562				-$4.095
Insider Selling	$0.121		$0.753		$0.365		$0.563		$1.953		$1.043		$9.647		$3.798				$13.687
Net Insider Selling	-$0.499		-$1.896		-$4.500		-$1.941		$1.575		$0.144		$8.871		$2.236				$9.592
% of Market Cap	-0.01%		-0.07%		-0.16%		-0.09%		0.02%		0.00%		0.08%		0.01%				0.06%
Directors		11		10		10		10		12		11		10				10
Women	18%	2	18%	2	20%	2	20%	2	20%	5	42%	4	36%	3	30%			3	30%
Minorities	0%	0	0%	0	0%	1	10%	1	10%	1	8%	1	9%	0	0%			0	0%
						Arab? Man
Institutions/Holdings	43.79%	213	47.32%	208	51.07%	20	37.21%	20	41.58%	20	21.92%	20	21.96%	20	23.98%			20	26.22%
Total Shares Held	43.79%	167.397	47.36%	180.736	51.14%	131.496	37.21%	146.934	21.19%	151.985	24.48%	136.329	22.84%	145.071	24.60%			154.600	26.22%
Increase/Decrease	0.22%	4.387	2.69%	-5.337	-2.87%	-3.124	-2.32%	5.605	3.97%	-28.117	-15.61%	-12.345	-8.30%	11.134	8.31%			-6.269	-3.90%
Starting No. of Shares		163.010		186.073		134.620	Top 20 MS	141.329	Top 20 MS	180.102	Top 20 MS	148.674	Top 20 MS	133.937	Top 20 MS			160.870	Top 20 MS
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