<p>我擁有超過 100 只股票，其中許多支付股息。<strong>Energy Transfer</strong>（ET 0.37%）目前是我第三大股息收入來源，每年超過 700 美元。</p>
<p>這是我對主有限合夥（MLP）的誠實評估。</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>圖片來源：Getty Images。</p>
<h2>Energy Transfer 如何成為我最大的收入來源投資之一</h2>
<p>Energy Transfer 並不是我主動選擇成為我的頂級收入來源。我在 2020 年初將該 MLP 的單位添加到我的投資組合中，正值疫情擾亂能源市場。這並不是因為我大膽押注市場最終復甦，而是因為我之前寫了一份看跌期權以產生收入，並可能以更低的價格購買單位。期權交易似乎適得其反，因為 Energy Transfer 的單位價格遠低於我的行權價。更糟糕的是，該 MLP 在我收到單位後不久就將其分配削減了 50%，以保留現金用於償還債務和擴展項目。</p>
<p>我沒有選擇止損，而是決定持有我的 MLP 單位，這證明是一個明智的決定。隨着 Energy Transfer 償還債務並重建其分配支付，公司的價值穩步恢復，得益於不斷增長的自由現金流。這一改善讓我在 2023 年幾次增加了我的持倉。那年晚些時候，當它收購了我當時持有的另一家 MLP Crestwood Equity Partners 時，我獲得了數百個額外的 MLP 單位。</p>
<h2>我對 Energy Transfer 的誠實評估</h2>
<p>今天的 Energy Transfer 與 2020 年首次進入我的投資組合時大相徑庭。它的財務狀況從脆弱轉變為歷史上最好的財務狀況。Energy Transfer 的槓桿比率現在處於其 4.0 到 4.5 倍目標範圍的下半部分。同時，它在今年上半年產生的現金流足以覆蓋對投資者的分配（現在已超過疫情前水平），舒適地達到 1.9 倍，使其保留了超過 20 億美元的超額自由現金流。該 MLP 現在擁有充足的財務靈活性，可以投資於有機擴展項目，並在機會出現時進行增值收購。</p>
<p>這家能源中游公司的財務狀況改善使其在過去五年中實現了巨大的增長。自 2020 年以來，它的調整後税息折舊及攤銷前利潤（EBITDA）年複合增長率達 10%。公司完成了一長串有機擴展項目，並進行了幾項重大收購，包括 Crestwood 交易。現在它已成為一個規模更大、更加多元化的中游公司。</p>
<p>Energy Transfer 仍然有很大的增長空間。該 MLP 今年正在投資 50 億美元用於有機擴展項目，這些項目預計將在明年年底投入使用。同時，它最近增加了幾個新的增長資本項目，包括 53 億美元的 Transwestern 管道沙漠西南擴展。這些項目增強了其增長前景，延續到本十年末。它還有許多其他項目在開發中，包括長期延遲的 Lake Charles LNG 項目。</p>
<p>該 MLP 的財務實力和可見的盈利增長相結合，支持其每年將分配增加 3% 到 5% 的計劃。因此，即使我不再增加持倉，Energy Transfer 也將繼續為我提供穩定增長的收入來源。</p>
<h2>一個穩健的收入生成投資</h2>
<p>雖然多年來我只積極購買了少量 Energy Transfer 的單位，但我很高興通過看跌期權和合並交易獲得了其他單位。Energy Transfer 已成為我的核心收入頭寸，這種情況不太可能改變。雖然自 2023 年以來我沒有再增加任何單位，但我完全期待在未來購買更多單位，以進一步多樣化我的收入來源。我誠實地認為，對於任何尋求持久和穩定增長的被動收入的人來説，這是一個絕佳的長期投資（並且樂於接受該 MLP 每年發送給投資者的 Schedule K-1 聯邦税表）。</p>

<p>作者分享了他們與 Energy Transfer (ET) 的經歷，該公司已成為重要的股息收入來源，每年產生超過 700 美元的收入。最初在疫情期間收購的這項投資面臨挑戰，包括 50% 的分配削減。然而，Energy Transfer 此後改善了其財務狀況，實現了目標範圍內的槓桿比率，併產生了超額現金流。該公司正在投資擴張項目，並計劃每年增加 3% 到 5% 的分配，使其成為尋求被動收入的穩健長期投資</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>我擁有超過 100 只股票，其中許多支付股息。<strong>Energy Transfer</strong>（ET 0.37%）目前是我第三大股息收入來源，每年超過 700 美元。</p>
</div><p>Here's my honest assessment of the master limited partnership (MLP).</p>
<div class="lb-trans"><p>這是我對主有限合夥（MLP）的誠實評估。</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>圖片來源：Getty Images。</p>
</div><h2>How Energy Transfer became one of my largest income-generating investments</h2>
<div class="lb-trans"><h2>Energy Transfer 如何成為我最大的收入來源投資之一</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 並不是我主動選擇成為我的頂級收入來源。我在 2020 年初將該 MLP 的單位添加到我的投資組合中，正值疫情擾亂能源市場。這並不是因為我大膽押注市場最終復甦，而是因為我之前寫了一份看跌期權以產生收入，並可能以更低的價格購買單位。期權交易似乎適得其反，因為 Energy Transfer 的單位價格遠低於我的行權價。更糟糕的是，該 MLP 在我收到單位後不久就將其分配削減了 50%，以保留現金用於償還債務和擴展項目。</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>我沒有選擇止損，而是決定持有我的 MLP 單位，這證明是一個明智的決定。隨着 Energy Transfer 償還債務並重建其分配支付，公司的價值穩步恢復，得益於不斷增長的自由現金流。這一改善讓我在 2023 年幾次增加了我的持倉。那年晚些時候，當它收購了我當時持有的另一家 MLP Crestwood Equity Partners 時，我獲得了數百個額外的 MLP 單位。</p>
</div><h2>My honest assessment of Energy Transfer</h2>
<div class="lb-trans"><h2>我對 Energy Transfer 的誠實評估</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 與 2020 年首次進入我的投資組合時大相徑庭。它的財務狀況從脆弱轉變為歷史上最好的財務狀況。Energy Transfer 的槓桿比率現在處於其 4.0 到 4.5 倍目標範圍的下半部分。同時，它在今年上半年產生的現金流足以覆蓋對投資者的分配（現在已超過疫情前水平），舒適地達到 1.9 倍，使其保留了超過 20 億美元的超額自由現金流。該 MLP 現在擁有充足的財務靈活性，可以投資於有機擴展項目，並在機會出現時進行增值收購。</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>這家能源中游公司的財務狀況改善使其在過去五年中實現了巨大的增長。自 2020 年以來，它的調整後税息折舊及攤銷前利潤（EBITDA）年複合增長率達 10%。公司完成了一長串有機擴展項目，並進行了幾項重大收購，包括 Crestwood 交易。現在它已成為一個規模更大、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 仍然有很大的增長空間。該 MLP 今年正在投資 50 億美元用於有機擴展項目，這些項目預計將在明年年底投入使用。同時，它最近增加了幾個新的增長資本項目，包括 53 億美元的 Transwestern 管道沙漠西南擴展。這些項目增強了其增長前景，延續到本十年末。它還有許多其他項目在開發中，包括長期延遲的 Lake Charles LNG 項目。</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>該 MLP 的財務實力和可見的盈利增長相結合，支持其每年將分配增加 3% 到 5% 的計劃。因此，即使我不再增加持倉，Energy Transfer 也將繼續為我提供穩定增長的收入來源。</p>
</div><h2>A solid income-generating investment</h2>
<div class="lb-trans"><h2>一個穩健的收入生成投資</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>雖然多年來我只積極購買了少量 Energy Transfer 的單位，但我很高興通過看跌期權和合並交易獲得了其他單位。Energy Transfer 已成為我的核心收入頭寸，這種情況不太可能改變。雖然自 2023 年以來我沒有再增加任何單位，但我完全期待在未來購買更多單位，以進一步多樣化我的收入來源。我誠實地認為，對於任何尋求持久和穩定增長的被動收入的人來説，這是一個絕佳的長期投資（並且樂於接受該 MLP 每年發送給投資者的 Schedule K-1 聯邦税表）。</p>
</div>

我對 Energy Transfer 股票的真實看法