NGL Energy Partners LP (NGL)

[pete807]

If you read the comments section of the Barclays investor presentation, they raise questions about over stating the Grand Mesa contribution, and the fact than any earnings per share over 51 cents go 1/2 to IDR's. I agree that IDR's hold back an MLP. I cheered when EPD bought there's out. Still it's much better than the rules of C corp board rewards to their members....

clipping:

Because they weren't going to be able to hit the high end of the IDR distribution, which pays them 48% of ever penny over .51 per quarter. There was no path for them there, so what did they do? They kept the distribution, and are "investing it for us" by using it instead of shares to build out projects. The problem is that essentially, they are taking $1 from us in distribution, and then saying they will keep 1/2 of whatever it earns.