Core Viewpoint - Energy Transfer has established itself as a reliable income stock with a distribution yield exceeding 7%, significantly higher than the S&P 500's yield of 1.1% [1][2]. Financial Performance - The latest cash distribution has been raised to $0.335 per unit, which annualizes to $1.34, marking a more than 3% increase from the previous year [3]. - The company has maintained a payout ratio of slightly over 50% of its annual cash flows over the last three years, allowing it to retain billions for expansion and maintain financial flexibility [4]. Growth Prospects - Energy Transfer plans to invest between $5 billion and $5.5 billion in growth capital projects this year, an increase from $4.6 billion last year, with significant projects like the $2.7 billion Hugh Brinson Pipeline and the $5.6 billion Transwestern Pipeline Expansion [6][7]. - Additional potential projects are in development, including the Dakota Access North Project and initiatives to supply gas to new data centers and power generation facilities, which could further enhance growth [7]. Investment Appeal - The consistent increase in distribution makes Energy Transfer an attractive option for investors seeking passive income [8].