One Horse You Shouldn't Change Midstream

The firm also has a $1.75 billion revolving facility with a consortium of banks, with no one bank responsible for more than $85 million of the facility. That's a broad enough lender base to make me feel comfortable that the revolver won't evaporate if and when more banks hit the skids.

Enterprise made a decision to reduce its distribution growth earlier this year in order to prefund infrastructure projects. Whether by luck or forethought, it was the right move.

If you are wondering if you should stick with your own beaten-down midstream MLPs--or buy into more of them--just make sure their balance sheets are in order to weather the storm which could well get worse before subsiding.