<p>世界離不開能源。事實上，如果電力突然停止，我們都將生活在黑暗時代，這就是為什麼我對各種能源股票情有獨鍾。但目前一個未受到足夠重視的能源來源是石油和天然氣。這就是我在 2025 年關注 <strong>雪佛龍</strong>(CVX 0.97%)、<strong>企業產品合夥公司</strong>(EPD -0.31%) 和 <strong>道達爾能源</strong>(TTE 0.87%) 的原因。以下是對每個公司的簡要分析。</p>
<h2>1. 雪佛龍的未來開始變得光明</h2>
<p>過去一年左右，雪佛龍的投資者經歷了一些重大不確定性。與赫斯的合併進展不順，而公司在委內瑞拉的投資也成為了政治爭論的焦點。這兩個負面因素目前都已得到解決，消除了對雪佛龍股票的重大拖累。但它的股息收益率仍高於平均水平，達到 4.5%。而平均能源股票的收益率僅為 3.4%。</p>
<p>投資雪佛龍的回報相當吸引人。其綜合商業模式通常對能源行業固有的波動性具有韌性。這種韌性得益於其穩健的資產負債表。結果是，雪佛龍的股息已連續 38 年每年增加。如果你在尋找核心能源股票，雪佛龍在 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>圖片來源：Getty Images。</p>
<h2>2. 企業產品是高收益能源投資</h2>
<p>企業產品合夥公司將收益提升到一個新的水平，作為主有限合夥企業（MLP），提供高達 7% 的收益率。不過，不要將其視為風險的指示。事實上，企業每年都增加分配，已經持續了 26 年。它擁有投資級評級的資產負債表，其可分配現金流覆蓋其支付的分配，健康的比例為 1.7 倍。</p>
<p>這裏的關鍵在於，企業在中游領域運營，擁有能源基礎設施資產，如管道。該 MLP 僅對其資產的使用收取費用，從而創造出可靠的現金流。因此，只要世界繼續使用能源，企業的業務就會被需要。值得注意的是，無論能源價格高低，能源都必須被運輸。因此，企業是希望避免大多數能源投資固有商品風險的投資者的絕佳選擇。</p>
<h2>3. 道達爾能源正在為未來做準備</h2>
<p>與雪佛龍類似，道達爾能源是一家綜合能源巨頭。不過，與大多數歐洲同行相比，它往往使用更多的槓桿，同時在資產負債表上持有更多現金。這種做法的風險不如雪佛龍簡單持有少量債務的方式低，但道達爾能源仍然是一隻非常強大且定位良好的綜合能源股票。</p>
<p>這裏有幾個需要考慮的方面。在負面方面，巨大的 6.5% 收益率並不像看起來那麼大。這是因為美國投資者必須為這筆支付支付法國税費。你可以在報税時索回部分現金，但並不是全部。在積極方面，道達爾能源在投資電力和清潔能源方面是同行中最積極的。這就是我喜歡這家公司的原因。它實際上是利用其碳基業務的現金為未來更多的清潔能源做準備。這是對能源行業可能面臨的最大長期風險的對沖。</p>
<h2>不同投資者的不同能源選擇</h2>
<p>在能源行業投資沒有一種正確的方法，特別是如果你在尋找高收益選項。雪佛龍可能是希望直接接觸商品價格的長期投資者的不錯選擇。企業則是那些特別希望避免商品風險的投資者的良好選擇。而道達爾能源可能會成為相信清潔能源是石油公司也能利用的機會的投資者的高收益贏家。</p>

雪佛龍

<p>這篇文章討論了三隻值得考慮的能源股票，分別是雪佛龍、企業產品合夥公司和 TotalEnergies。雪佛龍提供 4.5% 的強勁股息收益率，並已解決近期的不確定性，成為長期投資者的穩健選擇。企業產品合夥公司以 7% 的高收益率和來自其中游業務的可靠現金流而聞名，吸引那些希望避免商品風險的投資者。TotalEnergies 則以 6.5% 的收益率投資於清潔能源，儘管對美國投資者有一些税務影響，但其未來增長潛力值得關注</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>世界離不開能源。事實上，如果電力突然停止，我們都將生活在黑暗時代，這就是為什麼我對各種能源股票情有獨鍾。但目前一個未受到足夠重視的能源來源是石油和天然氣。這就是我在 2025 年關注 <strong>雪佛龍</strong>(CVX 0.97%)、<strong>企業產品合夥公司</strong>(EPD -0.31%) 和 <strong>道達爾能源</strong>(TTE 0.87%) 的原因。以下是對每個公司的簡要分析。</p>
</div><h2>1. Chevron's future is starting to brighten</h2>
<div class="lb-trans"><h2>1. 雪佛龍的未來開始變得光明</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>過去一年左右，雪佛龍的投資者經歷了一些重大不確定性。與赫斯的合併進展不順，而公司在委內瑞拉的投資也成為了政治爭論的焦點。這兩個負面因素目前都已得到解決，消除了對雪佛龍股票的重大拖累。但它的股息收益率仍高於平均水平，達到 4.5%。而平均能源股票的收益率僅為 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>投資雪佛龍的回報相當吸引人。其綜合商業模式通常對能源行業固有的波動性具有韌性。這種韌性得益於其穩健的資產負債表。結果是，雪佛龍的股息已連續 38 年每年增加。如果你在尋找核心能源股票，雪佛龍在 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>圖片來源：Getty Images。</p>
</div><h2>2. Enterprise is a high-yield energy play</h2>
<div class="lb-trans"><h2>2. 企業產品是高收益能源投資</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>企業產品合夥公司將收益提升到一個新的水平，作為主有限合夥企業（MLP），提供高達 7% 的收益率。不過，不要將其視為風險的指示。事實上，企業每年都增加分配，已經持續了 26 年。它擁有投資級評級的資產負債表，其可分配現金流覆蓋其支付的分配，健康的比例為 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>這裏的關鍵在於，企業在中游領域運營，擁有能源基礎設施資產，如管道。該 MLP 僅對其資產的使用收取費用，從而創造出可靠的現金流。因此，只要世界繼續使用能源，企業的業務就會被需要。值得注意的是，無論能源價格高低，能源都必須被運輸。因此，企業是希望避免大多數能源投資固有商品風險的投資者的絕佳選擇。</p>
</div><h2>3. TotalEnergies is preparing now</h2>
<div class="lb-trans"><h2>3. 道達爾能源正在為未來做準備</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>與雪佛龍類似，道達爾能源是一家綜合能源巨頭。不過，與大多數歐洲同行相比，它往往使用更多的槓桿，同時在資產負債表上持有更多現金。這種做法的風險不如雪佛龍簡單持有少量債務的方式低，但道達爾能源仍然是一隻非常強大且定位良好的綜合能源股票。</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>這裏有幾個需要考慮的方面。在負面方面，巨大的 6.5% 收益率並不像看起來那麼大。這是因為美國投資者必須為這筆支付支付法國税費。你可以在報税時索回部分現金，但並不是全部。在積極方面，道達爾能源在投資電力和清潔能源方面是同行中最積極的。這就是我喜歡這家公司的原因。它實際上是利用其碳基業務的現金為未來更多的清潔能源做準備。這是對能源行業可能面臨的最大長期風險的對沖。</p>
</div><h2>Different energy choices for different investors</h2>
<div class="lb-trans"><h2>不同投資者的不同能源選擇</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>在能源行業投資沒有一種正確的方法，特別是如果你在尋找高收益選項。雪佛龍可能是希望直接接觸商品價格的長期投資者的不錯選擇。企業則是那些特別希望避免商品風險的投資者的良好選擇。而道達爾能源可能會成為相信清潔能源是石油公司也能利用的機會的投資者的高收益贏家。</p>
</div>

我在 2025 年關注的三隻能源股票