Boone Pickens is no operating guy. If the company just stopped acquiring and just stuck to developing its fields, it would be great, although it would not be able to build an "empire." Although bigger is not always better (the crux of my argument), company managements often times want to be bigger rather than more profitable. The main issue with this company is that it is trying to grow too fast, and they seem to show no sign of stopping acquiring assets. The MLP sounds delayed. And to the previous point, indeed they had some one-time expenses this quarter. But to me it seems clear the company hasn't quite figured out all the nuances in predicting production and costs for guidance, an important step for getting credibility with wall st. As a result, it flat out scares me that they are not turning down the acquisition faucet, so-to-speak. I suspect the multiples on this stock will continue to contract as people lose confidence in their ability to meet their numbers. That being said, the properties they own are fine, so over time if they can get a handle on the properties they should be fine. Note that the company is also planning on potentially selling a good portion of the properties they have acquired, notably south texas. this would strip out a lot of the growth from the recent acquisitions in the name of paying down debt.