<p>能源行業目前有些不受歡迎。這是因為在新冠疫情結束後，油價經歷了一次大幅上漲，隨後又相對疲軟。這是一個不尋常的時期，但商品波動在能源行業中實際上是正常的。這就是為什麼你應該考慮 <strong>雪佛龍</strong>（Chevron）（CVX 0.67%），它是能源行業中最聰明的投資之一。</p>
<h2>雪佛龍的業務是什麼？</h2>
<p>雪佛龍在這個非常波動的行業中採取了非常務實的運營方式。它的商業模式是綜合性的。這基本上意味着公司在整個能源行業中都有所涉及，包括上游（能源生產）、中游（管道）和下游（化學品和煉油）。這種多樣化並不能消除油氣價格波動的影響，但有助於緩和波動的高峰和低谷。</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 債務與股本比率數據來自 YCharts</p>
<p>此外，雪佛龍還非常注重其資產負債表。在第二季度末，雪佛龍的債務與股本比率大約為 0.2。這對於任何公司來説都是較低的，並且在公司最接近的同行中也是最低的之一。這使得管理層在行業低迷時期能夠承擔債務，以支持其業務和分紅。當能源價格恢復時，正如歷史上總是那樣，槓桿也會再次降低。</p>
<p>這一模式運作良好的證明在於雪佛龍 38 年的年度分紅增長曆史。唯一一個分紅歷史更好的競爭對手是 <strong>埃克森美孚</strong>（ExxonMobil）（XOM 0.67%），它有 43 次分紅增長。在你考慮轉向埃克森之前，還有一個因素需要考慮。</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>圖片來源：Getty Images。</p>
<h2>雪佛龍具有非常吸引人的風險/回報特徵</h2>
<p>因此，雪佛龍的業務是為了生存而建立的，但它基本上與埃克森的做法相同。而且埃克森的債務與股本比率更低，約為 0.15。在某些方面，埃克森作為一家更大的公司，實際上是一個更安全的選擇。但考慮到能源波動對其業務的影響與雪佛龍相同，它並沒有顯著更安全。無論選擇哪一個，你都必須承擔一定的風險。</p>
<p>這就是分紅收益率比較的重要性。平均能源股票的收益率大約為 3.2%。埃克森的收益率目前約為 3.6%。而雪佛龍的收益率接近 4.6%。投資者在雪佛龍並沒有承擔顯著更多的風險，但他們獲得了非常可觀的收益率提升。你可以將其視為比埃克森多出 1 個百分點的分紅收益率，或者是你通過雪佛龍獲得的收入比埃克森增加了超過 25%。</p>
<p>通常追逐收益率並不是一個明智的選擇，這可能會導致你進入高風險投資。然而，正如上面所強調的，雪佛龍並不是真正的高風險投資。雪佛龍有一些特有的風險，包括一項大型且長期延遲的收購目前正在整合，以及公司在委內瑞拉的政治敏感投資。但這些問題不太可能在長期內 derail 公司。</p>
<p>如果你在平衡風險和回報，雪佛龍在能源領域的分紅投資者中脱穎而出。</p>
<h2>所有能源股票都伴隨着風險</h2>
<p>這裏的大故事是，每一隻能源股票都伴隨着風險，因為商品驅動行業固有的波動性。儘管雪佛龍目前面臨公司特有的風險，但它已經證明能夠在行業的廣泛波動中生存，同時通過漸進式分紅來回報投資者。</p>
<p>再加上高於平均水平的分紅收益率，看來聰明的收入投資者在目前不受歡迎的能源領域應該給予雪佛龍強烈關注。</p>

雪佛龍

<p>雪佛龍在當前波動的能源行業中被視為一個強勁的投資選擇，其多元化的商業模式涵蓋了上游、中游和下游業務。該公司的債務與股本比率僅為 0.2，使其能夠有效應對經濟下行，同時保持了 38 年的年度分紅增長曆史。雪佛龍的股息收益率接近 4.6%，與埃克森美孚等競爭對手相比，提供了引人注目的風險/回報特徵。儘管行業內存在固有風險，雪佛龍的穩定性和吸引人的收益率使其成為關注收入的投資者值得關注的選項</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>能源行業目前有些不受歡迎。這是因為在新冠疫情結束後，油價經歷了一次大幅上漲，隨後又相對疲軟。這是一個不尋常的時期，但商品波動在能源行業中實際上是正常的。這就是為什麼你應該考慮 <strong>雪佛龍</strong>（Chevron）（CVX 0.67%），它是能源行業中最聰明的投資之一。</p>
</div><h2>What does Chevron do?</h2>
<div class="lb-trans"><h2>雪佛龍的業務是什麼？</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>雪佛龍在這個非常波動的行業中採取了非常務實的運營方式。它的商業模式是綜合性的。這基本上意味着公司在整個能源行業中都有所涉及，包括上游（能源生產）、中游（管道）和下游（化學品和煉油）。這種多樣化並不能消除油氣價格波動的影響，但有助於緩和波動的高峰和低谷。</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 債務與股本比率數據來自 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，雪佛龍還非常注重其資產負債表。在第二季度末，雪佛龍的債務與股本比率大約為 0.2。這對於任何公司來説都是較低的，並且在公司最接近的同行中也是最低的之一。這使得管理層在行業低迷時期能夠承擔債務，以支持其業務和分紅。當能源價格恢復時，正如歷史上總是那樣，槓桿也會再次降低。</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>這一模式運作良好的證明在於雪佛龍 38 年的年度分紅增長曆史。唯一一個分紅歷史更好的競爭對手是 <strong>埃克森美孚</strong>（ExxonMobil）（XOM 0.67%），它有 43 次分紅增長。在你考慮轉向埃克森之前，還有一個因素需要考慮。</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>圖片來源：Getty Images。</p>
</div><h2>Chevron's got a very attractive risk/reward profile</h2>
<div class="lb-trans"><h2>雪佛龍具有非常吸引人的風險/回報特徵</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，雪佛龍的業務是為了生存而建立的，但它基本上與埃克森的做法相同。而且埃克森的債務與股本比率更低，約為 0.15。在某些方面，埃克森作為一家更大的公司，實際上是一個更安全的選擇。但考慮到能源波動對其業務的影響與雪佛龍相同，它並沒有顯著更安全。無論選擇哪一個，你都必須承擔一定的風險。</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>這就是分紅收益率比較的重要性。平均能源股票的收益率大約為 3.2%。埃克森的收益率目前約為 3.6%。而雪佛龍的收益率接近 4.6%。投資者在雪佛龍並沒有承擔顯著更多的風險，但他們獲得了非常可觀的收益率提升。你可以將其視為比埃克森多出 1 個百分點的分紅收益率，或者是你通過雪佛龍獲得的收入比埃克森增加了超過 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>通常追逐收益率並不是一個明智的選擇，這可能會導致你進入高風險投資。然而，正如上面所強調的，雪佛龍並不是真正的高風險投資。雪佛龍有一些特有的風險，包括一項大型且長期延遲的收購目前正在整合，以及公司在委內瑞拉的政治敏感投資。但這些問題不太可能在長期內 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>如果你在平衡風險和回報，雪佛龍在能源領域的分紅投資者中脱穎而出。</p>
</div><h2>All energy stocks come with risk</h2>
<div class="lb-trans"><h2>所有能源股票都伴隨着風險</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>這裏的大故事是，每一隻能源股票都伴隨着風險，因為商品驅動行業固有的波動性。儘管雪佛龍目前面臨公司特有的風險，但它已經證明能夠在行業的廣泛波動中生存，同時通過漸進式分紅來回報投資者。</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>再加上高於平均水平的分紅收益率，看來聰明的收入投資者在目前不受歡迎的能源領域應該給予雪佛龍強烈關注。</p>
</div>

雪佛龍是否是您今天能做出的最明智的投資選擇？