Hiland Partners(HLND) cuts the distribution to 45 cents from 88 cents and Hiland Partners (HPGP) cuts from 30 cents to 10 cents. The company said in 2009 guidiance if oil and gas prices fall below their estimates they could be in violation of bank convenants down the road. The companies have a takeover offer on the table from Harold Hamm at 9.50 for HLND and 3.20 for HPGP. No after hour trades so far and my guess is that this is all priced in.

Williams Partners (WPZ) announces its distribution which is unchanged from last quarter.