As rlp notes, it is SOs and purchase of accretive assets which propels distributions higher over time. Without SOs there would be no distribution increases, in fact they would have to drop as production from existing fields drops due to depletion. SOs are good news so long as the proceeds are used wisely.
Thank you, and I agree with you that secondaries are good in the long run. My original question was in contemplation of the near term. By increasing the shares outstanding by 12M, this means that the company would have to distribute an additional $5.85M if it intends to maintain the current distribution. Can it afford to do that? Well, we'll find out soon enough!