For some time we’ve covered the story of MLPs–master limited partnerships–and how they are being phased out. An MLP is an alternative form of organizing a company (or subsidiary company), different from a corporation. The primary purpose of an MLP is for investors, who buy “units” in the MLP instead of shares of stock, so the investor can pay less in taxes. Trump’s tax cut, while benefiting the little guy (yeah!), disadvantages MLPs (boo!). Which has caused many pipeline companies organized as an MLP to give up that form of structure. Meanwhile, new companies are being formed to buy royalty rights–using the MLP structure! So while pipeline companies are dumping the MLP structure, royalty companies are embracing it.