It looks like that there are a lot of new people in this board, so let me clarify a couple of things.

NatGas is mainly, but not completely, a COST for EROC. Liquids/NGLs (propane, butane, ethane) are its main product with prices that have improved lately getting into the mid 0.7s. These prices are more correlated with oil than gas.

The main impact of lower NatGas prices has been the rig decline and consequently the impact on volume. But if margins stay strong they should be OK. Read the following excerpt from their latest results

"Midstream Business - Segment operating income for the Midstream Business in the first quarter of 2009 decreased by $28.8 million compared to the same period in 2008. The decrease was caused by declining average realized prices for NGLs, condensate and natural gas which were, respectively, 60%, 49% and 50% lower in first-quarter 2009 compared to first-quarter 2008. In addition, the Partnership experienced lower equity NGL production in its Texas Panhandle and East Texas/North Louisiana segments as a result of lower throughput and as a result of operating the processing plants in those regions in ethane rejection mode for much of the first two months of 2009."

Besides they also have a Minerals/Royalty Trust business that has been affected by commodity prices, an upstream business, and a side business (sulphurs) that was very profitable but now it is a cost because there is no demand.

This is not a direct natural gas play. Actually I prefer it this way because I have concerns of excess supply after the aggressive investments in horizontal drilling at the Marcellus and Haynesville shales.

Could this shale investments also affect NGL/liquid prices? Possibly but not that directly.

If there are clarifications to the clarifications bring them on. This is not monopoly money.