I strongly suggest you read a bit about MLPs. Go to "NATPT dot ORG" and read their primer on MLPs. MLPs are priced according to distributable cash flow and NOT EPS or any P/E ratio. They mean little to nothing for a pipeline MLP. Good luck on your investing. Also if you want good info on MLPs hang out a bit at the Investor Village MLP board. Costs a few $$ to post but the answers there are not stupid and incorrect as many are here like the zero basis expert discussion.