After FERC said it no longer will allow master limited partnership interstate natural gas and oil pipelines to recover an income tax allowance in cost of service rates, Evercore ISI analyst Timm Schneider said he does not expect pipelines owned by C-Corps, such as Kinder Morgan (KMI), Oneok (OKE), Enbridge (ENB) and TransCanada (TRP), to be impacted. The proposed change is likely to impact MLPs with large amounts of "cost of service" exposure, such as those with large amounts of interstate gas pipelines, like Williams (WMB) and Tallgrass (TEP; TEGP), he said. Overall the selloff across the sector is likely overstated, added Schneider.