<p>我拥有超过 100 只股票，其中许多支付股息。<strong>Energy Transfer</strong>（ET 0.37%）目前是我第三大股息收入来源，每年超过 700 美元。</p>
<p>这是我对主有限合伙（MLP）的诚实评估。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkyMjcvc2V2ZXJhbC1waXBlbGluZXMtaGVhZGluZy1vZmYtaW50by10aGUtZGlzdGFuY2UuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkyMjcvc2V2ZXJhbC1waXBlbGluZXMtaGVhZGluZy1vZmYtaW50by10aGUtZGlzdGFuY2UuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>Energy Transfer 如何成为我最大的收入来源投资之一</h2>
<p>Energy Transfer 并不是我主动选择成为我的顶级收入来源。我在 2020 年初将该 MLP 的单位添加到我的投资组合中，正值疫情扰乱能源市场。这并不是因为我大胆押注市场最终复苏，而是因为我之前写了一份看跌期权以产生收入，并可能以更低的价格购买单位。期权交易似乎适得其反，因为 Energy Transfer 的单位价格远低于我的行权价。更糟糕的是，该 MLP 在我收到单位后不久就将其分配削减了 50%，以保留现金用于偿还债务和扩展项目。</p>
<p>我没有选择止损，而是决定持有我的 MLP 单位，这证明是一个明智的决定。随着 Energy Transfer 偿还债务并重建其分配支付，公司的价值稳步恢复，得益于不断增长的自由现金流。这一改善让我在 2023 年几次增加了我的持仓。那年晚些时候，当它收购了我当时持有的另一家 MLP Crestwood Equity Partners 时，我获得了数百个额外的 MLP 单位。</p>
<h2>我对 Energy Transfer 的诚实评估</h2>
<p>今天的 Energy Transfer 与 2020 年首次进入我的投资组合时大相径庭。它的财务状况从脆弱转变为历史上最好的财务状况。Energy Transfer 的杠杆比率现在处于其 4.0 到 4.5 倍目标范围的下半部分。同时，它在今年上半年产生的现金流足以覆盖对投资者的分配（现在已超过疫情前水平），舒适地达到 1.9 倍，使其保留了超过 20 亿美元的超额自由现金流。该 MLP 现在拥有充足的财务灵活性，可以投资于有机扩展项目，并在机会出现时进行增值收购。</p>
<p>这家能源中游公司的财务状况改善使其在过去五年中实现了巨大的增长。自 2020 年以来，它的调整后税息折旧及摊销前利润（EBITDA）年复合增长率达 10%。公司完成了一长串有机扩展项目，并进行了几项重大收购，包括 Crestwood 交易。现在它已成为一个规模更大、更加多元化的中游公司。</p>
<p>Energy Transfer 仍然有很大的增长空间。该 MLP 今年正在投资 50 亿美元用于有机扩展项目，这些项目预计将在明年年底投入使用。同时，它最近增加了几个新的增长资本项目，包括 53 亿美元的 Transwestern 管道沙漠西南扩展。这些项目增强了其增长前景，延续到本十年末。它还有许多其他项目在开发中，包括长期延迟的 Lake Charles LNG 项目。</p>
<p>该 MLP 的财务实力和可见的盈利增长相结合，支持其每年将分配增加 3% 到 5% 的计划。因此，即使我不再增加持仓，Energy Transfer 也将继续为我提供稳定增长的收入来源。</p>
<h2>一个稳健的收入生成投资</h2>
<p>虽然多年来我只积极购买了少量 Energy Transfer 的单位，但我很高兴通过看跌期权和合并交易获得了其他单位。Energy Transfer 已成为我的核心收入头寸，这种情况不太可能改变。虽然自 2023 年以来我没有再增加任何单位，但我完全期待在未来购买更多单位，以进一步多样化我的收入来源。我诚实地认为，对于任何寻求持久和稳定增长的被动收入的人来说，这是一个绝佳的长期投资（并且乐于接受该 MLP 每年发送给投资者的 Schedule K-1 联邦税表）。</p>

<p>作者分享了他们与 Energy Transfer (ET) 的经历，该公司已成为重要的股息收入来源，每年产生超过 700 美元的收入。最初在疫情期间收购的这项投资面临挑战，包括 50% 的分配削减。然而，Energy Transfer 此后改善了其财务状况，实现了目标范围内的杠杆比率，并产生了超额现金流。该公司正在投资扩张项目，并计划每年增加 3% 到 5% 的分配，使其成为寻求被动收入的稳健长期投资</p>

<p>I own over 100 stocks, many of which pay dividends. <strong>Energy Transfer</strong>(ET 0.37%) currently clocks in as my third-biggest source of dividend income, at over $700 per year.</p>
<div class="lb-trans"><p>我拥有超过 100 只股票，其中许多支付股息。<strong>Energy Transfer</strong>（ET 0.37%）目前是我第三大股息收入来源，每年超过 700 美元。</p>
</div><p>Here's my honest assessment of the master limited partnership (MLP).</p>
<div class="lb-trans"><p>这是我对主有限合伙（MLP）的诚实评估。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkyMjcvc2V2ZXJhbC1waXBlbGluZXMtaGVhZGluZy1vZmYtaW50by10aGUtZGlzdGFuY2UuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829227%2Fseveral-pipelines-heading-off-into-the-distance.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>How Energy Transfer became one of my largest income-generating investments</h2>
<div class="lb-trans"><h2>Energy Transfer 如何成为我最大的收入来源投资之一</h2>
</div><p>Energy Transfer didn't become one of my top income producers by choice. I added the MLP's units to my portfolio in early 2020, right as the pandemic disrupted energy markets. This wasn't due to a bold bet on an eventual market recovery, but rather from a prior put option I wrote to generate income and possibly buy units at a lower price. The options trade seemed to backfire as Energy Transfer units dropped well below my strike price. Making matters worse, the MLP cut its distribution by 50% shortly after I received my units, to retain cash for debt repayment and expansion projects.</p>
<div class="lb-trans"><p>Energy Transfer 并不是我主动选择成为我的顶级收入来源。我在 2020 年初将该 MLP 的单位添加到我的投资组合中，正值疫情扰乱能源市场。这并不是因为我大胆押注市场最终复苏，而是因为我之前写了一份看跌期权以产生收入，并可能以更低的价格购买单位。期权交易似乎适得其反，因为 Energy Transfer 的单位价格远低于我的行权价。更糟糕的是，该 MLP 在我收到单位后不久就将其分配削减了 50%，以保留现金用于偿还债务和扩展项目。</p>
</div><p>Instead of cutting my losses, I opted to hold on to my units of the MLP, which has turned out to be a smart decision. Energy Transfer's value recovered steadily as it repaid debt and rebuilt its distribution payment, driven by growing free cash flow. This improvement gave me the confidence to add to my position a few times in 2023. I received hundreds of additional units of the MLP later that year when it acquired Crestwood Equity Partners, another MLP I had held at the time.</p>
<div class="lb-trans"><p>我没有选择止损，而是决定持有我的 MLP 单位，这证明是一个明智的决定。随着 Energy Transfer 偿还债务并重建其分配支付，公司的价值稳步恢复，得益于不断增长的自由现金流。这一改善让我在 2023 年几次增加了我的持仓。那年晚些时候，当它收购了我当时持有的另一家 MLP Crestwood Equity Partners 时，我获得了数百个额外的 MLP 单位。</p>
</div><h2>My honest assessment of Energy Transfer</h2>
<div class="lb-trans"><h2>我对 Energy Transfer 的诚实评估</h2>
</div><p>Today's Energy Transfer is a much different company than the one that first entered my portfolio in 2020. It has gone from having a weak financial position to being in the best financial shape of its history. Energy Transfer's leverage ratio is now in the lower half of its 4.0 to 4.5 times target range. Meanwhile, it generated enough cash flow during the first half of this year to cover its distribution to investors (which is now above its pre-pandemic level) by a comfortable 1.9 times, allowing it to retain over $2 billion in excess free cash flow. The MLP now has ample financial flexibility to invest in organic expansion projects and make accretive acquisitions as opportunities arise.</p>
<div class="lb-trans"><p>今天的 Energy Transfer 与 2020 年首次进入我的投资组合时大相径庭。它的财务状况从脆弱转变为历史上最好的财务状况。Energy Transfer 的杠杆比率现在处于其 4.0 到 4.5 倍目标范围的下半部分。同时，它在今年上半年产生的现金流足以覆盖对投资者的分配（现在已超过疫情前水平），舒适地达到 1.9 倍，使其保留了超过 20 亿美元的超额自由现金流。该 MLP 现在拥有充足的财务灵活性，可以投资于有机扩展项目，并在机会出现时进行增值收购。</p>
</div><p>The energy midstream company's improving financial profile has enabled it to grow tremendously over the past five years. It has delivered 10% compound annual growth in its adjusted earnings before taxes, interest, depreciation, and amortization (EBITDA) since 2020. The company has completed a long list of organic expansion projects and made several needle-moving acquisitions, including the Crestwood deal. It's now a much larger-scale and more diversified midstream company.</p>
<div class="lb-trans"><p>这家能源中游公司的财务状况改善使其在过去五年中实现了巨大的增长。自 2020 年以来，它的调整后税息折旧及摊销前利润（EBITDA）年复合增长率达 10%。公司完成了一长串有机扩展项目，并进行了几项重大收购，包括 Crestwood 交易。现在它已成为一个规模更大、更加多元化的中游公司。</p>
</div><p>Energy Transfer still has a lot of growth ahead. The MLP is investing $5 billion into organic expansion projects this year, which should enter service through the end of next year. Meanwhile, it has recently added several new growth capital projects, including the $5.3 billion Desert Southwest Expansion of its Transwestern Pipeline. These projects enhanced its growth profile, extending it through the end of the decade. It has many more projects under development, including the long-delayed Lake Charles LNG project.</p>
<div class="lb-trans"><p>Energy Transfer 仍然有很大的增长空间。该 MLP 今年正在投资 50 亿美元用于有机扩展项目，这些项目预计将在明年年底投入使用。同时，它最近增加了几个新的增长资本项目，包括 53 亿美元的 Transwestern 管道沙漠西南扩展。这些项目增强了其增长前景，延续到本十年末。它还有许多其他项目在开发中，包括长期延迟的 Lake Charles LNG 项目。</p>
</div><p>The MLP's combination of financial strength and visible earnings growth supports its plan to increase its distribution by 3% to 5% per year. As a result, Energy Transfer will continue to provide me with a steadily growing source of income in the future, even if I don't add to my position.</p>
<div class="lb-trans"><p>该 MLP 的财务实力和可见的盈利增长相结合，支持其每年将分配增加 3% 到 5% 的计划。因此，即使我不再增加持仓，Energy Transfer 也将继续为我提供稳定增长的收入来源。</p>
</div><h2>A solid income-generating investment</h2>
<div class="lb-trans"><h2>一个稳健的收入生成投资</h2>
</div><p>While I've only actively purchased a handful of Energy Transfer's units over the years, I'm glad to have received the others via the put option and merger deal. Energy Transfer has become a core income position for me, which isn't likely to change. While I haven't added any more units since 2023, I fully expect to buy more in the future after I build up some other positions to further diversify my income sources. I honestly think it's a terrific long-term investment for anyone who's seeking a durable and steadily rising supply of passive income (and comfortable receiving the Schedule K-1 Federal Tax Form the MLP sends its investors each year).</p>
<div class="lb-trans"><p>虽然多年来我只积极购买了少量 Energy Transfer 的单位，但我很高兴通过看跌期权和合并交易获得了其他单位。Energy Transfer 已成为我的核心收入头寸，这种情况不太可能改变。虽然自 2023 年以来我没有再增加任何单位，但我完全期待在未来购买更多单位，以进一步多样化我的收入来源。我诚实地认为，对于任何寻求持久和稳定增长的被动收入的人来说，这是一个绝佳的长期投资（并且乐于接受该 MLP 每年发送给投资者的 Schedule K-1 联邦税表）。</p>
</div>

我对 Energy Transfer 股票的真实看法