The time frame is the decision maker here. As I said before ETE has given deferrals for about $300M in IDRs over the coming three years. Thus to hold less than 4 years buy ETP, over 4 years buy ETE. And for a shorter term play buy RGP as its yield is good, it has made absolutely no move and will be bought out at a slight premium by ETP before the end of 2013.
I still in looking over all of the calls and info from ETP that ETP and ETE are going to get merged somehow and sooner ratehr than later. I have absolutely no clue where SXL fits in to the mix but it is a bit overpriced IMO right now.
Two comments - bought some RGP this morning. With Lonestar up and running it now covers the distribution. There is a big buyer out at $22.15. Think it is a new CEF. Also the comparison number for ETP look terrible because all the SUN units are included in their Q3, but only 2 days of SUN operations. Distorts big time. Last, wonder if we will get another day with big time bad news?