READ THE CASHFLOW STATEMENTS. Sure, Income + Deprec + Amort cover EPD's huge capital expenditures. But, there's no excess. Those juicy dividends are funded by issuances of debt (Billions) and issuances of new stock (near Billions). The current Dividend level is NOT sustainable, ergo neither is the stock price. WAKE UP. Go short.
wow, you're an idiot and have no idea how an MLP functions...Congrats! You have it figured out as opposed to the majority of the investing world, every major credit agency and pretty much every analyst.
You are right though, the current distribution is not sustainable...it's going higher! But you find that information in "Financial Statements for Dummies".