I agree. Was listening to recent weekly Podcast, 2-1-16, by Tortoise Capital Advisors, which is a leading player in energy investing. Basically stated that Mr. Market is rewarding discipline in cutting spending even if net results in lower future growth. I personally wouldn't mind a 50% divy cut and 10-20% Capex cut (just suspending projects until better environment).
They need to do something quickly or this deal won't happen anyway if this stock is like at 3-4 dollars. Can't see WMB voting on a merger with ETE at 3-4, unless Management wants WMB to back out without losing the upfront money. Probably could get a better deal by waiting a little longer. GLTA
It is all about uncertainty. Mr. Market is punishing ETE about that. KMI has had it earnings and provided guidance and plans on what is being done to cope with low oil. ETE has not. Plus, alot of uncertainty about the merger. Typical Wall Street movie. Spread fear while shorting and covering at much lower prices.