One of the hottest trends in the energy industry in recent years, oil-and-gas drilling partnerships, is looking increasingly iffy in the face of falling crude oil prices. By organizing themselves as partnerships, energy producers can avoid corporate taxes and offer hefty dividend-like payments that are popular with investors. Executives of the new firms have raised money easily. The partnerships helped bankroll the U.S. shale boom, spending billions to buy known oilfields from cash-hungry drillers that, in turn, wildcatted for new prospects. But the 50% drop in crude-oil prices since the summer, combined with the lowest U.S. natural-gas prices in two years, has taken the shine off the so-called master limited partnerships that pump the fuels. Many are saddled with heavy debt loads. Some, with less cash to pay out to investors, are now weighing whether to cut their payouts, executives say. Fearing such a move, investors have sent […]