See RGNC's Analyst Day presentation on their website--one slide shows lifting costs by major play, which I found very interesting because of the major differences. Haynesville, the Marcellus and Eagle Ford were the lowest, I believe, which might help you decide which G & P looks best.
I own RGNC, like its position in the Haynesville, strong sponsorship, returns and projected increases in DCF for 2010. I also own MWE because of its Marcellus exposure and KGS because I believe the market is underestimating 2010 DCF and distribution possibilities. I sold CPNO because distributions seemed to have flat-lined for 2010.
XTEX seems to be gaining some respect, but I'm getting just as much price appreciation by owning BX, plus I'm getting a current cash return. And if XTEX is bought out, BX will be a big winner.
You said something interesting in your post..."if XTEX was bought out" or something like that. Anyway, suppose someone wanted to buyout XTEX now, do you think management would take $15 a share or do you think they would hold out for what they think they will see the company recover to...i.e. $30 to $40 a share?
Nobody would pay $30 or $40 at this time clearly. Whether they would take $15, probably depends on the details of the deal and specifically what is in it for the management. There would have to be a shareholder vote, but usually the management gets their way one way or another. It depends on whether management holds lots of units and would make a killing on the sale. If they are not big holders, they might be more interested in whether they get to keep their jobs or not (HTE, for example, agreed to a crappy buyout, probably because all the management got to keep their jobs under the new owners). Bottom line: expect mgmt to put their own interest ahead of shareholder interests.