Multiple on dividend and multiple on the GP take are two entirely different animals.
The question is indeed, how much growth can they squeeze out of XTEX via a acquisitions and organic growth. I for one am hoping to get an update on the North LIG project, as well as the potential S. LIG project to see if these are still in the works or if they are on the back burner for now.
The Barnett Shale line ought to be finished by now meaning they ought to have more time to focus on other projects.
One thing that has become nice about XTEX is that the increased unit count has made the leverage at XTXI stronger even absent massive distribution growth. With close to 25 or 26 million units outstanding, even marginal growth at the MLP (something I don't expect) still translates into a decent amount at XTXI.