Is the golden age of master limited partnerships (MLPs) - for years a common corporate structure for gas pipelines-coming to an end? Actions taken in the sector recently would suggest so. For example, several are reducing, if not eliminating, incentive distribution rights (IDRs) - special payments by an MLP to its general partner (GP). BDR payments can be as little as 2% at the low end of the range, but they have been as high as 50% in some cases. That leaves less cash to be distributed to ordinary investors, known as unitholders or limited partners who believe they deserve a larger share.
展开▼
