Another $30M against the debt this quarter, $63M of the self-imposed $200M reduction goal. If none of this NGP crap was floating around, we'd all be cheering and thinking we were well on our way to reinstatement of the distribution around the end of 2010.

Which brings to me to ask, isn't there a better way to achieve management's leverage goals now? Surely they are no longer concerned with blowing covenants, so let's forget about the $200M, reinstate distributions now at around $1.50. What would happen?

I submit the stock would rise to be priced at around a 13% yield, a little higher than other MLP's as the market would be skeptical for a quarter, and maybe settle in at around 11-12% for awhile, assuming the MLP yields hold. That means the stock would be in the $12-14 range.

Management wants another $137M debt reduction? Okay, sell 10.5M shares of stock when things relax a bit, follow the path that nearly every other MLP took when yields dropped and the unit prices rose. That's only a 14% dilution, much less than EVEP for example.

Doesn't that make sense? Why in the f aren't they doing exactly that?