And here's a simpler, more fundamental answer. In this business, you buy management, relationships and assets. Kinder has all three; he was smart enough to leave Enron, he started KMP in 1997 with a partner and $325M and is on top of the industry 17 years later with a market cap of $100B plus. He does not seem to be done, either. I don't own KMI stock, but with Putin's help that will change tomorrow.
Join Investors' Village, read the MLP board, especially posts by passandshoot, arg, factoids; also read the Berry Petroleum board, which is no longer about just BRY. Lots of good info, little bias.
"...we see that we're going to be able to return to more of that top quartile, low or high single-digit, low double-digit distribution growth near the end of 2015 into 2016. I mean, that's without considering distribution rights,"
Just skimmed the CC, but this may explain today's drop.
Looking back to 2007, the uncharted territory over $15.13 does not look like any real resistance, because trading volume was much lower than these days. I have a hard time believing there are many holders left from those days to sell into this rally. More likely they all sold, like I did, then got back in at lower prices.
If you own calls, you can call the shares any time before expiry. That happened to me recently on another stock for the same reason--the dividend.