For investors in search of high yields, master limited partnerships have been the place to go. This unique business structure has been especially appealing to midstream oil and gas companies. With stable, predictable cash flows that aren't as affected by commodity prices as other parts of the oil and gas industry, midstream companies are able to return big sums of cash to shareholders. The business structure is so popular that several larger companies are looking to spin off their midstream assets into MLPs.

This past quarter, Phillips 66 (NYSE:PSX), Valero (NYSE:VLO), and Devon Energy (NYSE:DVN) have each expressed interest in a midstream MLP spin-off, and some expect to finish the process by the end of the year. In this video, Fool.com contributor Tyler Crowe looks at what these new midstream companies will mean to the MLP space and how investors should digest the news.