Dividend Vision Lists
MLP Stocks
A curated list of master limited partnerships (MLPs) — publicly traded energy partnerships, mostly pipelines and midstream infrastructure, that pass their income through to unitholders and issue a Schedule K-1, making them one of the highest-yielding corners of the market.
Updated July 2026 · 24 companies
DV Scorecard
Our proprietary snapshot of this list — averages and standouts, computed from the companies below. Not investment advice.
Master limited partnerships, or MLPs, are publicly traded partnerships that own the toll-road assets of the energy world — pipelines, storage, processing plants, and export terminals that charge fees to move oil, gas, and refined products. Because a partnership passes its income straight through to unitholders and avoids corporate tax, the structure supports high distributions, and this page gathers the major MLPs in one place.
The list is led by the large diversified midstream partnerships and runs down to smaller propane, coal-royalty, and mineral-rights names. Most of their cash flow is fee-based and tied to volumes rather than the price of oil, so distributions tend to be steadier than the energy label suggests — though they are not immune to commodity cycles, and several MLPs cut hard in past downturns.
Dividend Vision's angle is durability: how well each distribution is covered by cash flow, how much leverage sits behind it, and how the yields compare across the group through our Distribution Safety Score. One caveat unique to this corner of the market — MLPs issue a Schedule K-1 rather than a 1099, which has real tax consequences covered below. Live figures refresh on every build, and nothing here is investment advice.
MLP Stocks
Live data joins from our pipeline on every build — click any header to sort, or open a ticker for the full analysis. We never hard-code yields, prices, or returns.
| Ticker | Company | Role | Yield | Div growth (1y) | Safety | Fwd P/E | Market cap |
|---|---|---|---|---|---|---|---|
| EPD | Enterprise Products Partners LP | Midstream Energy | 5.65% | +4.6% | 100 | 13.5 | $82.6B |
| ET | Energy Transfer LP | Midstream Energy | 6.59% | +3.2% | 100 | 12.1 | $69.9B |
| MPLX | MPLX LP | Midstream Energy | 7.62% | +17.7% | 100 | 12.5 | $57.9B |
| CQP | Cheniere Energy Partners LP | LNG Infrastructure | 5.17% | -1.8% | 85 | 17.5 | $30.2B |
| WES | Western Midstream Partners LP | Midstream Energy | 7.81% | +5.5% | 100 | 15.4 | $19.0B |
| PAA | Plains All American Pipeline LP | Midstream Energy | 6.57% | +17.9% | 100 | 11.9 | $16.8B |
| VNOM | Viper Energy | Midstream Energy | 4.95% | +64.7% | 74 | 21.1 | $16.0B |
| SUN | Sunoco LP | Fuel Distribution | 4.94% | -7.2% | 100 | 15.2 | $13.9B |
| HESM | Hess Midstream LP | Midstream Energy | 7.56% | +7.4% | 97 | 14.2 | $8.3B |
| USAC | USA Compression Partners LP | Midstream Energy | 7.79% | 0.0% | 100 | 23.3 | $3.8B |
| ARLP | Alliance Resource Partners | Midstream Energy | 9.86% | +1.8% | 64 | 10.1 | $3.1B |
| BSM | Black Stone Minerals | Midstream Energy | 8.43% | +11.9% | 73 | 12.9 | $3.0B |
| DKL | Delek Logistics Partners | Midstream Energy | 8.13% | +6.5% | 100 | 10.3 | $2.9B |
| NGL | NGL Energy Partners LP | Midstream Energy | — | — | — | 46.1 | $1.9B |
| GEL | Genesis Energy | Midstream Energy | 4.70% | +18.2% | 90 | 10.1 | $1.8B |
| GLP | Global Partners | Midstream Energy | 6.27% | +8.0% | 74 | 14.2 | $1.6B |
| KRP | Kimbell Royalty Partners | Midstream Energy | 9.94% | +58.1% | 84 | 15.6 | $1.6B |
| DMLP | Dorchester Minerals | Midstream Energy | 9.60% | -21.4% | 78 | 20.8 | $1.3B |
| NRP | Natural Resource Partners | Midstream Energy | 3.12% | +18.0% | 98 | 6.2 | $1.3B |
| UAN | CVR Partners | Midstream Energy | 13.09% | -12.9% | 72 | 10.2 | $1.3B |
| SPH | Suburban Propane Partners | Midstream Energy | 7.10% | 0.0% | 100 | 16.6 | $1.2B |
| CAPL | CrossAmerica Partners | Midstream Energy | 9.55% | 0.0% | 100 | 0.0 | $856M |
| TUSK | Mammoth Energy Services | Midstream Energy | — | — | — | 17.5 | $135M |
| MMLP | Martin Midstream Partners | Midstream Energy | 0.85% | +1.8% | 75 | 22.6 | $95M |
Why this list matters
MLPs offer some of the highest yields in the energy sector from largely fee-based, inflation-linked infrastructure — but the K-1 tax form and their sensitivity to energy cycles make them behave unlike ordinary dividend stocks.
Who it's for
- Income investors drawn to the sector's high, often mid-to-high single-digit, yields
- Investors seeking real-asset, inflation-linked energy infrastructure exposure
- Those comfortable with a Schedule K-1 at tax time in exchange for the yield
- Holders comparing an MLP they own against its midstream peers on yield and coverage
Benefits
- High distributions from mostly fee-based, volume-driven pipeline and storage assets
- Cash flows often carry inflation escalators built into long-term contracts
- Pass-through structure avoids corporate tax, supporting the payout
Risks
- A Schedule K-1 complicates tax filing and can create UBTI issues inside an IRA
- Distributions can be cut in energy downturns — several MLPs did so in 2020
- Leverage is common across midstream and magnifies stress in a downturn
- Regulatory, volume, and commodity-cycle risk still flow through to the payout
What to watch
- Distribution coverage — how well distributable cash flow covers the payout; start with the Distribution Safety Score
- Leverage (debt-to-EBITDA) and the maturity of the contract book
- Whether cash flow is fee-based and volume-driven versus exposed to commodity prices
- Distribution growth versus buybacks, and any move to convert to a corporation
How we rank these investments
This page is a curated universe, not a ranked buy list — the table sorts on any column. These are the dimensions we surface and what each tells you.
- Distribution yield. The current distribution as a share of price. MLP yields are among the highest in energy; a very high one can signal coverage or growth concerns.
- Distribution coverage. How well distributable cash flow covers the payout — the cushion that lets an MLP sustain and raise its distribution.
- Distribution Safety Score. Dividend Vision's proprietary read on how durable a payout looks, from the same one scorer used across the site.
- Leverage. Debt-to-EBITDA. Midstream partnerships carry real leverage, so a strong balance sheet is central to distribution safety.
- Fee-based cash flow. The share of income from fixed fees and long-term contracts versus commodity-price exposure — more fee-based means steadier distributions.
- Distribution growth. How fast the payout is rising. Many midstream partnerships have returned to steady growth after resetting distributions in past downturns.
- Size & scale. Larger, diversified partnerships with integrated systems tend to be more resilient than small, single-asset names.
Frequently asked questions
What is a master limited partnership (MLP)?
An MLP is a publicly traded partnership, almost always in energy infrastructure, that owns assets like pipelines, storage, and processing plants. As a partnership it passes income through to unitholders and avoids corporate tax, which supports high distributions. This page tracks 24 of them with live data.
Why do MLPs pay such high distributions?
Two reasons: the partnership structure avoids corporate-level tax, so more cash reaches investors, and their pipeline and storage assets throw off steady, fee-based cash flow. The result is yields that are among the highest in the energy sector — with the trade-off of a more complex tax form.
What is a Schedule K-1, and how are MLPs taxed?
Instead of a 1099, an MLP sends a Schedule K-1 reporting your share of the partnership's income, deductions, and depreciation. Much of the distribution is often treated as a tax-deferred return of capital that lowers your cost basis rather than being taxed right away. It's more paperwork, and tax treatment depends on your situation — this is general information, not tax advice.
Can I hold MLPs in an IRA?
You can, but there's a catch: an MLP's business income can count as unrelated business taxable income (UBTI), and more than $1,000 of it in a year can trigger tax even inside an IRA. Many investors hold MLPs in taxable accounts for that reason, or use MLP funds that issue a 1099 instead. Check with a tax professional.
Are MLP distributions safe?
It varies. Large, diversified midstream partnerships with fee-based cash flow and moderate leverage have sustained and grown their distributions, while smaller or more leveraged names cut during the 2020 energy downturn. The Distribution Safety Score on each ticker page is designed to help gauge durability. Nothing here is investment advice.
What's the difference between an MLP and a midstream corporation?
They own similar assets, but an MLP is a partnership that issues a K-1 and passes income through untaxed at the entity level, while a midstream C-corp (like some pipeline operators) issues a 1099 and pays a normal dividend. Some former MLPs have converted to corporations to broaden their investor base.
Do MLPs move with the price of oil?
Less than you might expect. Most midstream MLP cash flow is fee-based and tied to the volume of product moving through the system, not the commodity's price. Oil and gas prices still matter for production volumes and sentiment, but a well-run pipeline MLP is more of a toll-road business than a bet on crude.
How do I get MLP exposure without a K-1?
MLP-focused ETFs and funds let you own the sector while receiving an ordinary 1099, at the cost of an expense ratio and some structural tax drag. See our MLP ETFs list for those fund options if you'd rather skip the partnership paperwork.
How often is this list updated?
The membership is curated, while yields, prices, market caps, and Safety Scores refresh from our data pipeline on every build. The figures reflect the most recent data run.
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