First try to stay with the program EEP is not a trust ; Please get you information correct before posting on the message board. There are poster here who actually do D/D on stock unlike some poster who just rant about subjects above their scope of knowledge
Quick math - shares 113.5\mil (96.9/mil at end of Q3 plus the 16.25/mil issued to ENB) - $163.90/mil cash flow for Q3 ($105.30 net income to limited partners plus depreciation of $58.6/mil). So even with the new shares added to the math they still had $1.44 per share cash flow with a dividend of $.99 cents. Earnings can drop $.45 cents before we hit the 1 to 1 dividend coverage. Not seeing any BK or dividend cut on this stock. Plus the Southern Access, Alberta Clipper, North Dakota Expansion, and Clarity projects are going to be adding substantial earnings power to EEP.
Note the steadily rising EBITDA in this recent presentation. Volume risks on their oil pipelines are minimal. Balance sheet is impecable. This is a great company with as safe a dividend as it gets. And it's selling for 70 cents on the dollar of book value - what's not to like???
The market appears to be signaling a dividend cut. Yet all analyst reports that I have seen project a continuation of the current dividend of $3.96. Clearly there is a disconnect here. My hope is that the market, which for MLP's is primarily the individual investor, is wrong.
Considering that EEP can fund its distribution practically from depreciation alone, I'd say the OP is out to lunch.
They CAN fund the distribution, if they want to. The possibility is open that they cut it back to fund projects - but I think this would be a move of last resort. The $500M in equity from Enbridge and $500M in notes would seem to be adequate for this purpose.