The only way you can look at MLP's is to go straight to the cash flow statement. They are partnership units, so the partners get all the cash they generate other than what they keep to maintain the assets and run the business (buy product inventory, for example). So comparing their payout to reported GAAP earnings isn't meaningful. Think of it like you were investing money in your neighbor's business - you'd want to get as much of it back as soon as possible as long as the business can keep running without it. The balancing act is making sure that the partnership can keep getting money from somewhere to grow. And as long as you're doing a good job you should be able to.