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When Pioneer Resources (NYSE:PXD) spun off it's lucrative pipeline business, creating the Master Limited Partnership [MLP] Pioneer Southwest Energy Partners (NYSE:PSE), I was one of the lucky investors who was able to participate in the offering.

Of course I didn't get all the shares I had indicated for so we bought the rest in the secondary market (the IPO was priced at $19 and we were able to buy the rest around $19.25). We were told the initial pay out yield would be around 9% or higher, and having been a former shareholder of PXD we were favorably predisposed to this company's reputation