The issue as I see it though is the IR splits in NRGM create a higher cost of capital, which is going to slow their ability to expand going forward vs other MLPs.
The NRGY/NRGM split today after the SPH sale is just a stange financial engineering situation that is going to hold back the businesses. Even if NRGY sells all of it's NRGM units and goes pure play GP, it's not set up for high growth.
Thats why the market is forcing current yield so high. IMHO management needs to just recombine the two entities and elminate the IDR, they realistically aren't doing anyone anything and are holding growth back.
I have a friend who works for Suburban Propane. About 3/4 weeks ago he and about 20 other were given lists of 10 to 20 NRGY retail locations. They were to leave the following Monday to go out and do a "look see" on these plants. Since then the whole thing has been on hold and they are being told there are monopoly/antitrust issues in some areas.
Don't know if this helps anyone, just reporting what I hear.