Liam Denning, Columnist

MLPs Should Just Cut it Out

The market's not giving them credit for growth anyway.

November 16, 2015 at 1:00 PM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

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Calling all MLPs: If the market says it hates what you're doing, then maybe you should stop doing it.

Back in the good old days of the energy industry -- about a year ago -- investors paid a premium for master limited partnerships. MLPs pay out most of their profits, which are based on supposedly stable fees from pipelines and the like, providing clarity on returns. Squint hard enough and they sort of looked like bonds.