APL mgmt indicated distributions in the $0.45 to $0.50 range in the 3rd qtr of 2011.
One assumes this is based on dcf from ops so then you have to consider the growth possibilities over the planned annual distribution to make a determination on whether there will be new growth opportunities for APL.
APL may have the most dry powder of any MLP right now.
Also consider that APL had the assets that became the Laurel Mountain joint venture but they did not have the balance sheet strength to follow thru on the huge capex that was going to be needed to develop Laurel. Now they have the balance sheet strength to pursue opportunities.
I suspect Chevron's planned ramp up would be faster than APL could do given its small scale compared to Chevron. Atlas had to sell itself to Chevron for the same reason... it could not do the mass infrastructure build to take full advantage of their Marcellus acreage as quickly as Chevron can now do.