Companies evolve and change over time, particularly those that have long operating histories. Enterprise Products Partners (NYSE: EPD) recently went through a subtle but important transition. Although the master limited partnership (MLP) is still a North American midstream giant, it isn't the same MLP it was just five years ago.

Enterprise Products Partners owns energy infrastructure. These are vital assets, like pipelines and storage, that help move oil, natural gas, and the products into which they get turned around the world. For the most part, the partnership charges fees for the use of its assets, which creates fairly reliable cash flows over time. Contracts generally include annual price increases, but they tend to be modest. This is important.

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Source Fool.com