Having no debt makes this one of the few E&P MLPs that actually has a chance of surviving. I think the E&P model will only work if investors come to the realization that increases should be few and far between. Surplus cash should be plowed back into the company to boost production for times when prices are lower. Clearly the sector is having problems (QELP and CEP have nosed dived as have EROC and BBEP, LGCY is being taken private and ATN is converting back to a c-corp via merger with parent company Atlas America).