if you look closely at your numbers, 38B is 24B. Both companies are to some extent dependent on the nat gas market, but generally profitable if neglecting one time expenses.
The mistake by ETE (perhaps now made moot by the ruling) was locking in a dollar price in a volatile commodity market. If merging by exchanging stock rather than paying cash, the deal might have sailed through without a fight, I expect. Companies should stand by their contracts, even if in hind-sight foolish. A break up fee was clearly identified in the contract which should have applied.
I personally doubt that HP will enter the market now that it has "cratered". Sure there is still growth and some profit but the profitability needed after investing billions in market entry would be hard to get back. HP would be smarter just buying one or more of the bigger 3D printer companies on the market today and using their marketing and logo to make a go of it. In general, most large companies can no longer innovate due to a self fulfilling prophecy that they can only grow buy acquisition (and after starving internal development for years).