Net income 328.6MM, GP takes 232.8MM and LP's share is 91MM. But as usual, they issued enough new LP units to get the money to pay the LP distribution. For the life of me, I can't see why anyone would own this enrichment scheme fror the GP when there are so many pipeline partnerships that pay higher yields and reward the GP appropriately.
KMP has performed much better over the past 5 to 10 years than almost all other MLP's in spite of the generous GP takeout. The MLP's you are switching into are much poorer performers. Also good to know that you are setting yourself up for some nice tax bills on the sale KMP and some goody old Canadian taxes with the purchase of PAA.
I'm afraid you need to look at multiple analysts' cash flow analysis showing KMP's cash flow is slowing down as they get so large and the smaller MLPs have enough dynamism to be able to increase distributions at a higher rate.
Two that I own are EEP & BWP but there are many more that are easy to find by looking at KMP competitors. Most have earnings declines this year but you also do not see them paying the GP more in spite of that.
I sold after hours tonight and will replace share for share with one of the four listed above.
I agree that KMP is worth significantly less because it is issuing a distribution 6% below NOI. No excuse other than to maintain the status quo with the GP and keep share price higher than it should be.