Constellation Energy Partners (CEP) puts out its 2009 expectations this morning and as expected they are going to cut the distribution to 13 cents from 56 cents. Here is a quote from Scott Brunner.

“Our goal is to sustain our company through the current business cycle and position our operations for success over the long-term. We plan to do that by reducing our total capital expenditures to maintenance levels and taking other measures to enhance liquidity.”

Given the way the world is..being in business at all is a good thing. 13 cents brings the annual yield down now to around 18%. The stock price is down about 9% to 2.85. I would like to think that i doesn't go lower than this as long as business conditions don't get any worse.

The mlp index at lunch time is down a little less than 1 point as crude drops to a 4 year low. Energy stocks as a whole are weaker. Nustar(NS) is down 1 as the biggest loser today.Markwest (MWE) is down 58 cents and now sits just above 9. Otherwise most mlps up or down are trading in relatively tight ranges.