ATLS at $0.30, ARP at $0.48 and APL at $0.58. We are on our way! Distributions oatATLS above consensus. ARP IDR's just starting & APL almost to full split on IDR's. Distribution leverage at ATLS is going to be huge. Imagine if we ever get commodity price tailwind, including ethane.
Well it would be nice, but I don't see much bounce in NGL pricing anytime soon - especially ethane. Maybe 2015 or further out. Just too much liquids being produced and with oil seemingly finding a higher floor, thats not going to change anytime soon.
Industry incentive to drill for dry and wet gas is fairly low and rig count is falling. Incentive to drill for oil is still robust. With oil comes some gas as you know. What we do not fully understand is the decline curve on some of these gas shale plays. Eventually there should be a supply response lower on NGL's and ethane. You may be right and it takes until 2015.