Master limited partnerships (MLP) have had a remarkable decade. In 2002, there were 20 MLPs with a total market capitalization of $20 billion. Today, there are more than100 MLPs valued at more than $400 billion. The latest energy boom will fuel more growth and increase the frequency of MLP transactions. Recent years have already witnessed a remarkable proliferation—since January 2011, there have been about 227 MLP transactions worth a combined $114.4 billion.