The firm remains bullish on the shares given ample liquidity with $1.6 billion available on its credit facilities at quarter end of 1Q09, a capital growth program with aggregate 2009 expenditures expected to be $575-600 million that should limit financing overhang, and growing fee-based cash flows as several projects (Guardian, Arbuckle, Piceance, D-J Basin Lateral) are already operational or about to commence service. As a result, these firms forecast that OKS will resume distribution growth in 3Q09, and prefer to own OKE due to its higher leverage to OKS distribution growth. In addition, most of the firms are bullish on Oneok's sale of its midstream and gas processing assets to OKS. Historically, MLPs have outperformed their parent companies as they are less transparent in their financial reporting and generate interest by making the focus of each business clearer. The firms expect OKE to generate above-average profits until competitors create additional infrastructure in its service territories, which is unlikely, given the enormously high barriers to entry in the sector.