I continue to be amazed at the amount of misunderstanding on secondary offerings.
Folks, this is the way of life for an MLP. ETP has struggled the past couple of years with propane margins and basis differentials and they are finally resolving the propane issue by divesting the propane ops to Amerigas. They are now addressing the issue of not being a complete midstream player by adding fractionation capability via LoneStar. They have several very large projects going in the Eagle Ford as well as in the Barnett.
When you couple those projects together with ETE's acquisition of Southern Union, I think you will begin to see ETP regain its footing.
It won't be a growth rocket like some of the smaller MLPs, but again, the higher yield helps compensate for some of that growth, and besides, it also has to do with the quality of the DCF. Long haul pipelines like the proposed NGL line from West Texas are far superior to gathering.