Take a look at ENP, which is nearly 70% oil, has nearly the same yield as EVEP, is well hedged and has one of the best coverage ratios of the oil and gas MLPs. It is about 50% owned by management and EAC which provides accretive dropdowns periodically.
Thanks for the suggestion. Now that you mention it, I recall ENP was a favored selection of a gentlemen called porciuscato who regularly posts on the Linn board (or at least used to. He has always been one of the most knowledgeable posters on that board; frankly, on any of the boards I read. Anyways, that is a good suggestion that I will follow up on.
FWIW, One metric I use to evaluate MLP's is their ratio of Enerprise value divided by the Cash Flow when comparing them. In this case, LINE is 11 versus EVEP is 6. A lower number indicates a more conservative.... As far as hedging is concerned, trying to predict the best strategy is a crap shoot at best.