MLP Profits portfolio holdings began delivering generally strong first-quarter earnings numbers. But unit prices mostly continued to mark time just below recent highs, suggesting that a lot of the good news has been priced in.

Buckeye Partners (NYSE: BPL) – The fuel pipelines operator reported a 48 percent increase in operating income and a 68 percent surge in distributable cash flow on May 3, pushing the unit price higher by more than 4 percent to a new 52-week high. The partnership boosted its quarterly distribution to $1.05 per unit, a 1.2 percent increase from a year ago. The coverage ratio improved to 1.21.

DCP Midstream Partners (NYSE: DPM) – The operator of natural gas pipelines is due to report earnings on May 6. On May 15, it will pay a quarterly distribution of 70 cents per unit to holders of record as of May 8, representing a 1.4 percent increase from the prior quarter and a 6.1 percent increase year-over-year.

Eagle Rock Energy Partners (Nasdaq: EROC) – The units’ price slumped more than 7 percent on May 2 after the partnership reported a 25 percent drop in distributable cash flow from the immediately prior quarter, blamed on severe winter weather, unexpected charges, unexpected downtime and low natural gas liquids prices.

El Paso Pipeline Partners (NYSE: EPB) – The operator of natural gas pipelines and terminals posted an 18 percent increase in distributable cash flow before items for the recently reported quarter. The partnership declared a quarterly distribution of 62 cents a share, a 1.6 percent increase from the prior dividend of 61 cents.

Energy Transfer Partners (NYSE: ETP) – The partnership completed its sale of Southern Union Gathering Company to Regency Energy Partners (NYSE: RGP) for $1.5 billion in cash and Regency equity, while simultaneously closing on its buyout of the remainder of RTP Holdco from general partner Energy Transfer Equity (NYSE: ETE) in a transaction billed as simplifying the ownership structure and optimizing portfolios. ETE shares remained just off a historic high, after outperforming those of ETP by some 40 percent over the last year.   

Enterprise Products Partners (NYSE: EPD) – The partnership posted strong results this week highlighted by a 16 percent increase in net income attributable to limited partners, and a 1.5 coverage ratio that allowed EPD to retain $303 million of distributable cash for growth initiatives. Some of the money will likely be spent on newly announced plans to expand crude oil storage and distribution facilities serving south Texas refineries.  Earlier in the month, the partnership announced a 6.8 percent hike in distributions to a quarterly 67 cents per share, its 35th consecutive quarterly increase.

Genesis Energy (NYSE: GEL) – Available cash before reserves increased 23 percent in the first quarter reported this week, underwriting a quarterly distribution hike to 0.4975 cents per unit, an increase of 10.6 percent over the last four quarters. The coverage ratio was 1.21. Units pushed within a dollar of the recent record highs on the news before pulling back a bit. 

Inergy Midstream (NYSE: NRGM) – The partnership slightly increased distributions from 39 cents to 39.5 cents per share. Inergy and two other partners also announced they are suspending indefinitely the development of a 120-mile natural gas pipeline in eastern Pennsylvania. The proposed Commonwealth Pipeline would have carried natural gas from a deposit in the Marcellus Shale.

Kinder Morgan Energy Partners (NYSE: KMP) – The leading diversified US energy pipeline operator reported a 39 percent increase in operating income and boosted its quarterly distribution to $1.30 per unit up from $1.20 a year ago. Distributable cash flow rose 7 percent year-over-year to $1.46 per unit, for a 1.12 coverage ratio. Natural gas pipelines led the way with an earnings gain of 78 percent, boosted by higher volumes as well as acquisitions. The partnership’s $5 billion acquisition of midstream natural gas pipeline operator Copano closed this week, enlarging KMP’s footprint in Texas and Oklahoma and its exposure to unconventional production from the Eagle Ford, Barnett, Mississippi Lime and Woodford shales.

Legacy Reserves (Nasdaq: LGCY) –  The company will distribute 57.5 cents per unit on May 15 to holders of record as of May 2. This amount represents an increase of 3.6 percent over the company’s previous payout.

Linn Energy (Nasdaq: LINE) – The oil and gas producer posted disappointing first-quarter results but maintained plans to boost distributions in July once its merger with Berry Petroleum (NYSE: BRY) closes. (For more on Linn see this month’s Best Buys.) Linn also announced a switch from quarterly to monthly distributions starting in July.

Magellan Midstream Partners (NYSE: MMP) – The stock recently hit a 52-week high thanks in part to another quarterly distribution increase. The partnership declared a distribution of 50.75 cent per unit, 1.5 percent above the February distribution of 50 cents. Magellan also announced it has begun shipping oil in its reversed Longhorn pipeline, wrapping up a project to bring cheaper West Texas crude to Houston-area refineries.

Mid-Con Energy Partners (Nasdaq: MCEP) – The oil and gas producer announced an increase in the quarterly distribution from 49.5 cents to 50.5cents per share, a 2 percent sequential increase and a 6 percent boost year-over-year. The partnership also announced that its general partner’s board will expand to add two new members, including its chief engineer and executive vice president as well as a Texas banker. MCEP is scheduled to report May 7.

Navios Maritime Partners (NYSE: NMM) – The operator of dry bulk carriers reported a 4.8 percent increase in quarterly revenue and a 5.4 percent bump in operating surplus. It set the first-quarter distribution at 44.25 cents per unit, up from 44 cents a year ago.  The partnership deployed the proceeds into acquisitions of four additional vessels from Japanese shipyards in anticipation of stronger shipping rates toward the end of the year when the carriers will be delivered. The unit price responded favorably to the results, cresting highs not seen since the deep dive last November. The Greek shipper’s CEO used the conference call to highlight NMM’s high yield relative to other MLPs,  and spoke of “growing overall demand” for shipping from China and elsewhere.   

Oiltanking Partners (NYSE: OILT) – The operator of crude oil storage facilities and pipelines set a first-quarter distribution of 40.5 cents a share, a 3.8 percent increase from the prior quarter a 15.7 percent rise from a year ago. Quarterly results are due May 9. The unit price is parked 4 percent south of a record high after a 50 percent surge from December to March.

PVR Partners (NYSE: PVR) – The natural gas gatherer and coal mine owner reported a 39 percent year-over-year increase in distributable cash flow and set the quarterly distribution at 55 cents per unit, a 5.8 percent increase from a year ago. It saw a big surge in Eastern pipeline volumes as a result of continued development of the Marcellus Shale.

Regency Energy Partners (NYSE: RGP) – The natural gas gatherer and processor set a quarterly distribution of 46 cents per unit, the fifth straight payout at that rate. Regency is reports quarterly results May 8.

Spectra Energy Partners (NYSE: SEP) – The operator of natural gas pipelines and storage facilities reported a 10 percent year-over-year increase in cash available for distribution and distributions of 50.125 cents per unit, up 4.4 percent year-over-year. The corporate parent, Spectra Energy (NYSE: SE) has announced plans to drop down a 50 percent interest in the Express-Platte crude oil pipeline system to the MLP, described as the first stage in a series of dropdowns expected to boost SEP’s assets by $2 billion over “the next couple of years.”

Targa Resources Partners (NYSE: NGLS) – The transporter and processor of natural gas liquids registered a 19 percent year-over-year decline in distributable cash flow amid a slum in natural gas liquids prices. But the first-quarter distribution of 69.75 cents per unit represents a 3 percent sequential increase and a 12 percent boost from a year ago. Ten percent of the distribution was not covered by the first quarter’s cash flow. But the unit price jumped 3 percent on the earnings news, not far off the recent record high.

Teekay LNG Partners (NYSE: TGP) – The operator of LNG tankers recently declared a first-quarter distribution of 67.5 cents per unit, the fifth straight payout at that amount. The partnership is due to report quarterly results May 9.

Vanguard Natural Resources (Nasdaq: VNR) – The producer of oil and gas producer from mature fields reported a 7 percent decline in distributable cash flow as a result of weather related disruptions, ethane rejection and accelerated capital projects. It set a monthly payout of 20.5 cents per unit starting in June, representing a 1.25 percent increase on an annualized basis year over year. (For more on Vanguard see this month’s Best Buys.)