mlp vs parent companies

[Joey Batz]

I'm just wondering what the difference is between oil/gas MLPs and their parent companies. I know that the MLPs have a much more complicated tax structure and seem to have higher yields, but is there a major difference in performance? What about in what they actually do? Is it a matter of the MLP just dealing in one specified part of the business (midstream oil/gas pipelines) while the parent company owns a major stake of the MLP and takes care of the rest of the business? That seems to be what I'm getting in general.

The reason I'm asking is because I'm currently looking at OKE vs OKS, and have received different recommendations. OKS is looking like the better deal of the two on the surface, but I'd rather not deal with the complicated tax structure if possible. Any recommendations?