Energy Transfer (ET) is currently offering a 6.3% distribution yield. They cut their payout in half back in 2020, but they used that cash to clean up their balance sheet. Their debt-to-EBITDA dropped from 5.4x down to 4.1x. They are now targeting 3% to 5% annual distribution growth, and their current cash flow covers the payout by 2.2x. For comparison, Enterprise Products Partners (EPD) yields 5.7% and has less debt (3.3x). EPD also has a 28-year streak of increasing dividends. ET gives you a slightly higher yield and better coverage ratio right now, but EPD is the safer bet for conservative investors since ET has higher leverage and a more complex business structure. Both seem well positioned to survive the next energy downturn.