Talk about over-thinking something!
The ex-date, true and only ex-date, is today, April 26th. Have a look for yourself: http://www.nasdaq.com/symbol/epd/dividend-history
See? No convoluted logic required.
Not true. The record date of the distribution is April 30. The clearing time for trades is 3 days. That is why the ex day is the 26th. 25,26 and 27 is 3 days. That is why if you wanted the distribution you needed to buy it by the 25th. If you bought it on the 25th you own it on the 30th if you can pay for it. This is all very simple and as an investor you should be able to figure out how it works after a year or two.
your right , stock is over bought, should go down some more, look for more units to be offered, but good for the long run, great management,
good expansion plan, but takes money to do get it going,when complete should work out in the long run, be patient
not anytime soon, careful on options in EPD, not as liquid as one would hope. Those should be fine, but the risk reward is not really there unless your selling upside calls and have thousands of shares.