EPD could never buy WMB because of regulatory issues. They would have to divest a ton of assets to get it past regulators. To buy WMB, EPD would have to sell off large parts of it.
That's why EPD was never part of the original auction process.
Kelcy supposedly Bid $170 for TRGP before taking a run at WMB. Obviously everything has declined since then, but it was on his radar. TRGP covers their dividend and isn't heavily hedged ie Oil &NGL price increases go right to the bottom line. Export a lot of propane to Latin America
Wells Fargo had a good report on NGL's. Big beneficiaries are TRGP, OKS, EPD, and DPM. TRGP being the most exposed, the biggest beneficiary relative to it's size. EPD moves much more in volume but is a vastly bigger entity. Oil, Gas, and the NGL barrel all working in TRGP's favor.
1 yr ago TRGP was at 90+, and didn't own NGLS and APL assets. This is a much tighter, cleaner structure than back then. Also, keep in mind, before ETE went after WMB, it made a run at TRGP at $150-$170
It's a good set of assets here and they cover the dividend without having to cut it.