<p>世界离不开能源。事实上，如果电力突然停止，我们都将生活在黑暗时代，这就是为什么我对各种能源股票情有独钟。但目前一个未受到足够重视的能源来源是石油和天然气。这就是我在 2025 年关注 <strong>雪佛龙</strong>(CVX 0.97%)、<strong>企业产品合伙公司</strong>(EPD -0.31%) 和 <strong>道达尔能源</strong>(TTE 0.87%) 的原因。以下是对每个公司的简要分析。</p>
<h2>1. 雪佛龙的未来开始变得光明</h2>
<p>过去一年左右，雪佛龙的投资者经历了一些重大不确定性。与赫斯的合并进展不顺，而公司在委内瑞拉的投资也成为了政治争论的焦点。这两个负面因素目前都已得到解决，消除了对雪佛龙股票的重大拖累。但它的股息收益率仍高于平均水平，达到 4.5%。而平均能源股票的收益率仅为 3.4%。</p>
<p>投资雪佛龙的回报相当吸引人。其综合商业模式通常对能源行业固有的波动性具有韧性。这种韧性得益于其稳健的资产负债表。结果是，雪佛龙的股息已连续 38 年每年增加。如果你在寻找核心能源股票，雪佛龙在 2025 年或任何一年都值得深入研究。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjYyMjYvMjFfMDVfMTgtYS1wZXJzb24taW4tcHJvdGVjdGl2ZS1nZWFyLXdpdGgtb2lsLXdlbGxzLWluLXRoZS1iYWNrZ3JvdW5kLV9nZXR0eWltYWdlcy0xMjEwNjgxNDcxLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjYyMjYvMjFfMDVfMTgtYS1wZXJzb24taW4tcHJvdGVjdGl2ZS1nZWFyLXdpdGgtb2lsLXdlbGxzLWluLXRoZS1iYWNrZ3JvdW5kLV9nZXR0eWltYWdlcy0xMjEwNjgxNDcxLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>2. 企业产品是高收益能源投资</h2>
<p>企业产品合伙公司将收益提升到一个新的水平，作为主有限合伙企业（MLP），提供高达 7% 的收益率。不过，不要将其视为风险的指示。事实上，企业每年都增加分配，已经持续了 26 年。它拥有投资级评级的资产负债表，其可分配现金流覆盖其支付的分配，健康的比例为 1.7 倍。</p>
<p>这里的关键在于，企业在中游领域运营，拥有能源基础设施资产，如管道。该 MLP 仅对其资产的使用收取费用，从而创造出可靠的现金流。因此，只要世界继续使用能源，企业的业务就会被需要。值得注意的是，无论能源价格高低，能源都必须被运输。因此，企业是希望避免大多数能源投资固有商品风险的投资者的绝佳选择。</p>
<h2>3. 道达尔能源正在为未来做准备</h2>
<p>与雪佛龙类似，道达尔能源是一家综合能源巨头。不过，与大多数欧洲同行相比，它往往使用更多的杠杆，同时在资产负债表上持有更多现金。这种做法的风险不如雪佛龙简单持有少量债务的方式低，但道达尔能源仍然是一只非常强大且定位良好的综合能源股票。</p>
<p>这里有几个需要考虑的方面。在负面方面，巨大的 6.5% 收益率并不像看起来那么大。这是因为美国投资者必须为这笔支付支付法国税费。你可以在报税时索回部分现金，但并不是全部。在积极方面，道达尔能源在投资电力和清洁能源方面是同行中最积极的。这就是我喜欢这家公司的原因。它实际上是利用其碳基业务的现金为未来更多的清洁能源做准备。这是对能源行业可能面临的最大长期风险的对冲。</p>
<h2>不同投资者的不同能源选择</h2>
<p>在能源行业投资没有一种正确的方法，特别是如果你在寻找高收益选项。雪佛龙可能是希望直接接触商品价格的长期投资者的不错选择。企业则是那些特别希望避免商品风险的投资者的良好选择。而道达尔能源可能会成为相信清洁能源是石油公司也能利用的机会的投资者的高收益赢家。</p>

雪佛龙

<p>这篇文章讨论了三只值得考虑的能源股票，分别是雪佛龙、企业产品合伙公司和 TotalEnergies。雪佛龙提供 4.5% 的强劲股息收益率，并已解决近期的不确定性，成为长期投资者的稳健选择。企业产品合伙公司以 7% 的高收益率和来自其中游业务的可靠现金流而闻名，吸引那些希望避免商品风险的投资者。TotalEnergies 则以 6.5% 的收益率投资于清洁能源，尽管对美国投资者有一些税务影响，但其未来增长潜力值得关注</p>

<p>The world doesn't work without energy. In fact, we'd all be living in the dark ages if the power simply stopped, which is why I am a huge fan of energy stocks of all kinds. But one energy source that doesn't get nearly enough appreciation right now is oil and natural gas. That's why I've been eyeing <strong>Chevron</strong>(CVX 0.97%), <strong>Enterprise Products Partners</strong>(EPD -0.31%), and <strong>TotalEnergies</strong>(TTE 0.87%) in 2025. Here's a look at each one.</p>
<div class="lb-trans"><p>世界离不开能源。事实上，如果电力突然停止，我们都将生活在黑暗时代，这就是为什么我对各种能源股票情有独钟。但目前一个未受到足够重视的能源来源是石油和天然气。这就是我在 2025 年关注 <strong>雪佛龙</strong>(CVX 0.97%)、<strong>企业产品合伙公司</strong>(EPD -0.31%) 和 <strong>道达尔能源</strong>(TTE 0.87%) 的原因。以下是对每个公司的简要分析。</p>
</div><h2>1. Chevron's future is starting to brighten</h2>
<div class="lb-trans"><h2>1. 雪佛龙的未来开始变得光明</h2>
</div><p>Chevron investors were suffering through some material uncertainty over the last year or so. There was a merger, with Hess, that wasn't going smoothly, and the company's investment in Venezuela had become a political football. Both of those negatives have been sorted out for the time being, which removes what had been a big drag on Chevron's stock. But it still has an above-average dividend yield of 4.5%. The average energy stock is yielding just 3.4%.</p>
<div class="lb-trans"><p>过去一年左右，雪佛龙的投资者经历了一些重大不确定性。与赫斯的合并进展不顺，而公司在委内瑞拉的投资也成为了政治争论的焦点。这两个负面因素目前都已得到解决，消除了对雪佛龙股票的重大拖累。但它的股息收益率仍高于平均水平，达到 4.5%。而平均能源股票的收益率仅为 3.4%。</p>
</div><p>What you get with Chevron is quite attractive. Its integrated business model tends to be resilient to the inherent volatility of the energy sector. That resilience is helped along by a rock-solid balance sheet. And the outcome is a dividend that has increased annually for 38 consecutive years. If you are looking for a core energy stock, Chevron is worth a deep dive in 2025 or any year.</p>
<div class="lb-trans"><p>投资雪佛龙的回报相当吸引人。其综合商业模式通常对能源行业固有的波动性具有韧性。这种韧性得益于其稳健的资产负债表。结果是，雪佛龙的股息已连续 38 年每年增加。如果你在寻找核心能源股票，雪佛龙在 2025 年或任何一年都值得深入研究。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjYyMjYvMjFfMDVfMTgtYS1wZXJzb24taW4tcHJvdGVjdGl2ZS1nZWFyLXdpdGgtb2lsLXdlbGxzLWluLXRoZS1iYWNrZ3JvdW5kLV9nZXR0eWltYWdlcy0xMjEwNjgxNDcxLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826226%2F21_05_18-a-person-in-protective-gear-with-oil-wells-in-the-background-_gettyimages-1210681471.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>2. Enterprise is a high-yield energy play</h2>
<div class="lb-trans"><h2>2. 企业产品是高收益能源投资</h2>
</div><p>Enterprise Products Partners takes the yield to the next level, with the master limited partnership (MLP) offering a lofty 7% yield. Don't take that as an indication of risk, though. In fact, Enterprise has increased its distribution every year for 26 years. It has an investment grade-rated balance sheet, and its distributable cash flow covers the distribution it pays by a healthy 1.7x.</p>
<div class="lb-trans"><p>企业产品合伙公司将收益提升到一个新的水平，作为主有限合伙企业（MLP），提供高达 7% 的收益率。不过，不要将其视为风险的指示。事实上，企业每年都增加分配，已经持续了 26 年。它拥有投资级评级的资产负债表，其可分配现金流覆盖其支付的分配，健康的比例为 1.7 倍。</p>
</div><p>The key to the story here is that Enterprise operates in the midstream space, owning energy infrastructure assets like pipelines. The MLP simply charges fees for the use of its assets, which creates a reliable stream of cash flows. So long as the world keeps using energy, Enterprise's business will be needed. And, notably, energy has to be moved no matter if the price of energy is high or low. So Enterprise is a great pick for investors who want to avoid the commodity risk inherent to most energy investments.</p>
<div class="lb-trans"><p>这里的关键在于，企业在中游领域运营，拥有能源基础设施资产，如管道。该 MLP 仅对其资产的使用收取费用，从而创造出可靠的现金流。因此，只要世界继续使用能源，企业的业务就会被需要。值得注意的是，无论能源价格高低，能源都必须被运输。因此，企业是希望避免大多数能源投资固有商品风险的投资者的绝佳选择。</p>
</div><h2>3. TotalEnergies is preparing now</h2>
<div class="lb-trans"><h2>3. 道达尔能源正在为未来做准备</h2>
</div><p>Like Chevron, TotalEnergies is an integrated energy giant. That said, like most of its European peers, it tends to use more leverage and, at the same time, hold more cash on its balance sheet. That's not as low risk as Chevron's approach of simply holding little debt, but TotalEnergies is still a very strong and well-positioned integrated energy stock.</p>
<div class="lb-trans"><p>与雪佛龙类似，道达尔能源是一家综合能源巨头。不过，与大多数欧洲同行相比，它往往使用更多的杠杆，同时在资产负债表上持有更多现金。这种做法的风险不如雪佛龙简单持有少量债务的方式低，但道达尔能源仍然是一只非常强大且定位良好的综合能源股票。</p>
</div><p>There are a few things you need to think about here. On the negative side, the huge 6.5% yield isn't as big as it may seem. That's because U.S. investors have to pay French taxes and fees on the payment. You can claim some of that cash back at tax time but not all of it. On the positive side, TotalEnergies is the most aggressive of its peers when it comes to investing in electricity and clean energy. This is why I like the company. It is, effectively, using cash from its carbon-based businesses to prepare for a future that will include more clean energy. That's a hedge for what is likely to be the biggest long-term risk in the energy sector.</p>
<div class="lb-trans"><p>这里有几个需要考虑的方面。在负面方面，巨大的 6.5% 收益率并不像看起来那么大。这是因为美国投资者必须为这笔支付支付法国税费。你可以在报税时索回部分现金，但并不是全部。在积极方面，道达尔能源在投资电力和清洁能源方面是同行中最积极的。这就是我喜欢这家公司的原因。它实际上是利用其碳基业务的现金为未来更多的清洁能源做准备。这是对能源行业可能面临的最大长期风险的对冲。</p>
</div><h2>Different energy choices for different investors</h2>
<div class="lb-trans"><h2>不同投资者的不同能源选择</h2>
</div><p>There's no one right way to invest in the energy sector, particularly if you are looking for a high-yield option. Chevron is probably a good choice for long-term investors who want direct exposure to commodity prices. Enterprise is a good option for those who specifically want to avoid commodity exposure. And TotalEnergies will likely be the high-yield winner for investors who believe clean energy is an opportunity to be taken advantage of even by an oil company.</p>
<div class="lb-trans"><p>在能源行业投资没有一种正确的方法，特别是如果你在寻找高收益选项。雪佛龙可能是希望直接接触商品价格的长期投资者的不错选择。企业则是那些特别希望避免商品风险的投资者的良好选择。而道达尔能源可能会成为相信清洁能源是石油公司也能利用的机会的投资者的高收益赢家。</p>
</div>

我在 2025 年关注的三只能源股票