<p>能源行业目前有些不受欢迎。这是因为在新冠疫情结束后，油价经历了一次大幅上涨，随后又相对疲软。这是一个不寻常的时期，但商品波动在能源行业中实际上是正常的。这就是为什么你应该考虑 <strong>雪佛龙</strong>（Chevron）（CVX 0.67%），它是能源行业中最聪明的投资之一。</p>
<h2>雪佛龙的业务是什么？</h2>
<p>雪佛龙在这个非常波动的行业中采取了非常务实的运营方式。它的商业模式是综合性的。这基本上意味着公司在整个能源行业中都有所涉及，包括上游（能源生产）、中游（管道）和下游（化学品和炼油）。这种多样化并不能消除油气价格波动的影响，但有助于缓和波动的高峰和低谷。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7670a4a0cfeb88938089a36eb26bcbc2.png?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://media.ycharts.com/charts/7670a4a0cfeb88938089a36eb26bcbc2.png"/></p>
<p>CVX 债务与股本比率数据来自 YCharts</p>
<p>此外，雪佛龙还非常注重其资产负债表。在第二季度末，雪佛龙的债务与股本比率大约为 0.2。这对于任何公司来说都是较低的，并且在公司最接近的同行中也是最低的之一。这使得管理层在行业低迷时期能够承担债务，以支持其业务和分红。当能源价格恢复时，正如历史上总是那样，杠杆也会再次降低。</p>
<p>这一模式运作良好的证明在于雪佛龙 38 年的年度分红增长历史。唯一一个分红历史更好的竞争对手是 <strong>埃克森美孚</strong>（ExxonMobil）（XOM 0.67%），它有 43 次分红增长。在你考虑转向埃克森之前，还有一个因素需要考虑。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc1MDEvMjNfMDRfMjYtYS1waWxlLW9mLXBhcGVycy13aXRoLXBlcmNlbnRhZ2VzLWFuZC1vbmUtb24tdG9wLW9mLXRoZS1waWxlLXdpdGgtYS1xdWVzdGlvbi1tYXJrLV9tZi1kbG9hZC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc1MDEvMjNfMDRfMjYtYS1waWxlLW9mLXBhcGVycy13aXRoLXBlcmNlbnRhZ2VzLWFuZC1vbmUtb24tdG9wLW9mLXRoZS1waWxlLXdpdGgtYS1xdWVzdGlvbi1tYXJrLV9tZi1kbG9hZC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>雪佛龙具有非常吸引人的风险/回报特征</h2>
<p>因此，雪佛龙的业务是为了生存而建立的，但它基本上与埃克森的做法相同。而且埃克森的债务与股本比率更低，约为 0.15。在某些方面，埃克森作为一家更大的公司，实际上是一个更安全的选择。但考虑到能源波动对其业务的影响与雪佛龙相同，它并没有显著更安全。无论选择哪一个，你都必须承担一定的风险。</p>
<p>这就是分红收益率比较的重要性。平均能源股票的收益率大约为 3.2%。埃克森的收益率目前约为 3.6%。而雪佛龙的收益率接近 4.6%。投资者在雪佛龙并没有承担显著更多的风险，但他们获得了非常可观的收益率提升。你可以将其视为比埃克森多出 1 个百分点的分红收益率，或者是你通过雪佛龙获得的收入比埃克森增加了超过 25%。</p>
<p>通常追逐收益率并不是一个明智的选择，这可能会导致你进入高风险投资。然而，正如上面所强调的，雪佛龙并不是真正的高风险投资。雪佛龙有一些特有的风险，包括一项大型且长期延迟的收购目前正在整合，以及公司在委内瑞拉的政治敏感投资。但这些问题不太可能在长期内 derail 公司。</p>
<p>如果你在平衡风险和回报，雪佛龙在能源领域的分红投资者中脱颖而出。</p>
<h2>所有能源股票都伴随着风险</h2>
<p>这里的大故事是，每一只能源股票都伴随着风险，因为商品驱动行业固有的波动性。尽管雪佛龙目前面临公司特有的风险，但它已经证明能够在行业的广泛波动中生存，同时通过渐进式分红来回报投资者。</p>
<p>再加上高于平均水平的分红收益率，看来聪明的收入投资者在目前不受欢迎的能源领域应该给予雪佛龙强烈关注。</p>

雪佛龙

<p>雪佛龙在当前波动的能源行业中被视为一个强劲的投资选择，其多元化的商业模式涵盖了上游、中游和下游业务。该公司的债务与股本比率仅为 0.2，使其能够有效应对经济下行，同时保持了 38 年的年度分红增长历史。雪佛龙的股息收益率接近 4.6%，与埃克森美孚等竞争对手相比，提供了引人注目的风险/回报特征。尽管行业内存在固有风险，雪佛龙的稳定性和吸引人的收益率使其成为关注收入的投资者值得关注的选项</p>

<p>The energy sector is a bit out of favor right now. That's because oil prices have been relatively weak after a massive price spike that followed the end of the coronavirus pandemic. That was an unusual period, but commodity volatility is actually normal in the energy sector. And that is why you should be thinking about <strong>Chevron</strong>(CVX 0.67%), one of the smartest plays in the energy sector.</p>
<div class="lb-trans"><p>能源行业目前有些不受欢迎。这是因为在新冠疫情结束后，油价经历了一次大幅上涨，随后又相对疲软。这是一个不寻常的时期，但商品波动在能源行业中实际上是正常的。这就是为什么你应该考虑 <strong>雪佛龙</strong>（Chevron）（CVX 0.67%），它是能源行业中最聪明的投资之一。</p>
</div><h2>What does Chevron do?</h2>
<div class="lb-trans"><h2>雪佛龙的业务是什么？</h2>
</div><p>Chevron takes a very practical approach to operating in what is a very volatile sector. It starts with its business model, which is integrated. That basically means the company has exposure across the entire energy sector, including the upstream (energy production), the midstream (pipelines), and the downstream (chemicals and refining). This diversification doesn't eliminate the impact of oil and natural gas price swings, but it helps to soften the peaks and valleys.</p>
<div class="lb-trans"><p>雪佛龙在这个非常波动的行业中采取了非常务实的运营方式。它的商业模式是综合性的。这基本上意味着公司在整个能源行业中都有所涉及，包括上游（能源生产）、中游（管道）和下游（化学品和炼油）。这种多样化并不能消除油气价格波动的影响，但有助于缓和波动的高峰和低谷。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7670a4a0cfeb88938089a36eb26bcbc2.png" alt="" original-src="https://media.ycharts.com/charts/7670a4a0cfeb88938089a36eb26bcbc2.png"/></p>
<p>CVX Debt to Equity Ratio data by YCharts</p>
<div class="lb-trans"><p>CVX 债务与股本比率数据来自 YCharts</p>
</div><p>On top of that, Chevron also takes great care with its balance sheet. At the end of the second quarter, Chevron's debt-to-equity ratio was roughly 0.2. That would be low for any company and it is also among the lowest of the company's closest peers. This gives management the leeway to take on debt during industry downturns so it can support its business and dividend. When energy prices recover, as they always have historically, leverage is reduced again.</p>
<div class="lb-trans"><p>此外，雪佛龙还非常注重其资产负债表。在第二季度末，雪佛龙的债务与股本比率大约为 0.2。这对于任何公司来说都是较低的，并且在公司最接近的同行中也是最低的之一。这使得管理层在行业低迷时期能够承担债务，以支持其业务和分红。当能源价格恢复时，正如历史上总是那样，杠杆也会再次降低。</p>
</div><p>The proof that this model works very well is seen in Chevron's 38-year history of annual dividend increases. The only competitor with a better dividend history is <strong>ExxonMobil</strong>(XOM 0.67%), which has 43 dividend hikes under its belt. Before you switch gears and start thinking about Exxon, there's one more factor to consider.</p>
<div class="lb-trans"><p>这一模式运作良好的证明在于雪佛龙 38 年的年度分红增长历史。唯一一个分红历史更好的竞争对手是 <strong>埃克森美孚</strong>（ExxonMobil）（XOM 0.67%），它有 43 次分红增长。在你考虑转向埃克森之前，还有一个因素需要考虑。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc1MDEvMjNfMDRfMjYtYS1waWxlLW9mLXBhcGVycy13aXRoLXBlcmNlbnRhZ2VzLWFuZC1vbmUtb24tdG9wLW9mLXRoZS1waWxlLXdpdGgtYS1xdWVzdGlvbi1tYXJrLV9tZi1kbG9hZC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F837501%2F23_04_26-a-pile-of-papers-with-percentages-and-one-on-top-of-the-pile-with-a-question-mark-_mf-dload.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>Chevron's got a very attractive risk/reward profile</h2>
<div class="lb-trans"><h2>雪佛龙具有非常吸引人的风险/回报特征</h2>
</div><p>So Chevron's business is built to survive, but it is basically the same approach that Exxon has. And Exxon even has a lower debt-to-equity ratio, at around 0.15. In some ways, Exxon, which is a larger company, is actually a safer choice. But it isn't drastically safer, given that energy swings hit its business in the same way that they hit Chevron's business. You have to take on some risk with either one.</p>
<div class="lb-trans"><p>因此，雪佛龙的业务是为了生存而建立的，但它基本上与埃克森的做法相同。而且埃克森的债务与股本比率更低，约为 0.15。在某些方面，埃克森作为一家更大的公司，实际上是一个更安全的选择。但考虑到能源波动对其业务的影响与雪佛龙相同，它并没有显著更安全。无论选择哪一个，你都必须承担一定的风险。</p>
</div><p>That's where a comparison of dividend yields comes into play. The average energy stock has a yield of roughly 3.2%. Exxon's yield is currently around 3.6%. And Chevron's yield is nearly 4.6%. Investors aren't taking on drastically more risk with Chevron, but they are getting a very meaningful boost in yield. You can look at that as 1 full percentage point more dividend yield or an over 25% increase in the income you'll generate with Chevron over Exxon.</p>
<div class="lb-trans"><p>这就是分红收益率比较的重要性。平均能源股票的收益率大约为 3.2%。埃克森的收益率目前约为 3.6%。而雪佛龙的收益率接近 4.6%。投资者在雪佛龙并没有承担显著更多的风险，但他们获得了非常可观的收益率提升。你可以将其视为比埃克森多出 1 个百分点的分红收益率，或者是你通过雪佛龙获得的收入比埃克森增加了超过 25%。</p>
</div><p>It is generally not a smart idea to chase yield, which can lead you into high-risk investments. However, Chevron isn't really a high-risk investment, as highlighted above. There are some idiosyncratic risks specific to Chevron, including a large and long-delayed acquisition that is currently being integrated and the company's politically charged investment in Venezuela. But these issues are unlikely to derail the company over the long term.</p>
<div class="lb-trans"><p>通常追逐收益率并不是一个明智的选择，这可能会导致你进入高风险投资。然而，正如上面所强调的，雪佛龙并不是真正的高风险投资。雪佛龙有一些特有的风险，包括一项大型且长期延迟的收购目前正在整合，以及公司在委内瑞拉的政治敏感投资。但这些问题不太可能在长期内 derail 公司。</p>
</div><p>If you are balancing risk and reward, Chevron stands out in the energy patch for dividend investors.</p>
<div class="lb-trans"><p>如果你在平衡风险和回报，雪佛龙在能源领域的分红投资者中脱颖而出。</p>
</div><h2>All energy stocks come with risk</h2>
<div class="lb-trans"><h2>所有能源股票都伴随着风险</h2>
</div><p>The big story here is that every single energy stock comes with risk because of the inherent volatility of the commodity-driven sector. Chevron, while facing company-specific risks of its own right now, has proven it can survive the industry's broad swings while rewarding investors well via a progressive dividend.</p>
<div class="lb-trans"><p>这里的大故事是，每一只能源股票都伴随着风险，因为商品驱动行业固有的波动性。尽管雪佛龙目前面临公司特有的风险，但它已经证明能够在行业的广泛波动中生存，同时通过渐进式分红来回报投资者。</p>
</div><p>Add in the higher-than-average dividend yield and it looks like smart income investors should give Chevron strong consideration in the out-of-favor energy patch right now.</p>
<div class="lb-trans"><p>再加上高于平均水平的分红收益率，看来聪明的收入投资者在目前不受欢迎的能源领域应该给予雪佛龙强烈关注。</p>
</div>

雪佛龙是否是您今天能做出的最明智的投资选择？