Yes, North LIG project seems to be moving slower than expected, however, they did seem excited about the "half a dozen" expansion projects that the El Paso deal will bring. Also were more descriptive on Barnett Shale expansion in early 07.
Sounds like they are still making progress on the North LIG deal but moving slower. No more news on the South La. deal, and Arkoma is growing but not big enough yet to build a big straw.
Yes, I would love to see a buyback that put some leverage into the company. Sounds like the treating business is still growing. Much ado has been made about the non-cash charge for the hedges. When will people understand that it is a non-cash charge....
Also sounded like they are on the prowl for acquisitions despite just closing this one. I believe they could pull off another deal of this size if they had the opportunity.
It makes no sense for them to buy back shares. They are expanding and they need the cash for projects and acquisitions. Excessive leverage can deadlock a company.
I am very much against a short-sighted buyout of shares. They do not increase the value of the company and we, shareholders, end up paying for them twice: the shares are bought with our after tax money and when we sell we pay more taxes for the same company valuation. I'd rather see the money spent on long-term growth from organic projects.