Dividend Death Watch Update

Imagine a zebra without stripes, Thanksgiving without turkey, or a pair of Nike's without the iconic "swoosh."
It's nearly impossible to envision certain things without their distinguishing characteristics.
Which is why a master limited partnership (MLP) without a distribution is such a strange entity. These tax-advantaged vehicles were basically created to provide yield - the more the better. But MLPs like BreitBurn Energy Partners LP (BBEP), once coveted by yield hogs for its high payouts, has become a slow-motion train wreck within the financial markets.
Just last month, Breitburn suspended its distribution, thus joining Linn Energy, LLC (Nasdaq: LINE) (LNCO) as the second member of my Dividend Death Watch to go yield-less.
Here's an update on this list of securities with dividend/distribution sustainability issues:

As you can see, their performance has been abysmal. In just under a year, the average return is -50% (distributions included but not reinvested).
A few of the MLPs have continued to increase their distributions. Enbridge Energy Partners, LP (NYSE: EEP), for instance, has increased its distribution by 2% this year. MarkWest Energy Partners, LP (NYSE: MWE), which merged with MPLX LP (NYSE: MPLX) on Friday, has hiked by 3%.
Sunoco Logistics Partners LP (NYSE: SXL) has increased its payout the most of any security on the list. However, over the last four quarters, operating cash flow -... Read more