Did you read the NAPTPO primer? I would be very interested to know your thoughts about P/E metrics and valuations. I see that the PEG ratio is on 0.5, which means to me that the price of ETP very cheap in comparison to growth prospects- a hug discount. On top of that, I don't see natural gas prices going lower, and most likely in a few years climbing.
Richard - You obviously need to go to the National Associartion of Puiblically Traded Partenerships Organization web site and read MLP101 primer. Since MLPs pay out all of their free cash flow and pay no (or few) taxes, the usual metrics of P/E ratios and all of the other accounting metrics have little or no meaning. In a MLP in the midstream area the P/E ratio goes down after making a large acquitition or putting large projects into service simply because of the "bonus" depreciation. That is actually good, not bad because they have huge cash flows from the new projects.
A MLP can grow only two ways - issuing equity or debt, usually in about a 50/50 mix. Read the primer and then you will understand. OK?