ET

Energy Transfer LP owns and runs one of the largest networks of pipelines in the United States, moving natural gas, natural gas liquids, crude oil and refined fuels from where they're produced to where they're used. Instead of drilling for oil or gas itself, the company earns most of its money by charging fees to transport, store and process these products, so its income depends more on how much volume flows through its pipes than on whether energy prices go up or down. It's organized as a limited partnership, which means it pays out most of its cash to unitholders as regular distributions rather than reinvesting all of it, similar to a very generous dividend.