It's not that the reported GAAP numbers are meaningless, it's just that GAAP earnings per share may not be the most important number to focus on because of the effect of marking to market the hedges each quarter. For these mlp's, it may be better to focus on distributable cash flow and distribution coverage ratios. Some of the better analysts understand this and analyze the different companies in the sector according to these metrics.
You have to do some research in back posts on this and the LINE board. MLPs that have a lot of hedges cause funny numbers in the reports, but they are not that significant. The constant marking to market affects accounting but not real cash.