MarkWest Energy Partners, L.P. (NYSE:MWE)

A master limited partnership like MWE pays distributions that are reported on K-1's - not 'dividends' reported on at 1099s. Distributions can have up to 90% tax defferal which is treated like Return of Capital dividends, except they are recaptured when one sells as regular income - and those distributions will produce Unrelated Business Taxable Income in an IRA. Go to the www.naptp.org [National Association of Publibly Traded Partnerships] and get the Merrill Lynch primer on MLPs so you will have a reliable source on the tax treatment.
I base my valuations on distributable cash flow and not EPS. I find the DCF/distribution ratio the best leading indicator to distribution growth - and distribution growth leads to unit price appreciation. I like ETP, CPNO, MWE, HLDN, PAA and APL at this time based on those valuations and ratios. The analysts covering this sector expect low double digit distribution growth [and thus uinit price growth] for these MLPs - while at the same time one gets 5% to 7% tax differed distributions - and that should beat the market.
I beleive that one can relate the better pipeline MLPs to specific natural resource 'plays' - and when I think about MWE - I think about the Woodford Shale Play in the Arkoma Basin and the Cotton Valley sand formation around Carthage in East Texas.