Distribution re-Investment EPD offers a distribution re-investment plan which re-invests distributions at a 5% discount to the average of high and low prices for five trading days prior to the distribution date (typically 6-7 days after the ex-date).
If you want to re-invest automatically, you can own the Kinder Morgan (KMR), where distributions are paid out in additional shares but there is no discount. In fact the way the shares are bought by KMR using the average price of 10 days before the Ex-Dividend date, often results in a premium, because prices typically ramp up just prior to the ex-date. EPD’s DRIP price is calculated after the ex-dividend date, when shares are typically cheaper.
So for example, a recent EPD DRIP price was $41.81 without the 5% discount and only $39.72 after the discount. If the price had been calculated the way KMR does it, the price would have been higher at $43.03. 
Sumflow 02:40, December 30, 2011 (PST)