Energy Transfer (NYSE: ET) is becoming a passive income-producing machine. The master limited partnership (MLP) currently yields an eye-popping 9.7%. That prodigious payout will only get more attractive because the midstream company expects to increase it by 3% to 5% annually. 

I want more of that massive and growing passive income stream in my portfolio. That's why I keep padding my position. Here's why I'm confident that the company can continue growing its big-time payout.  

Energy Transfer has worked hard to improve the long-term sustainability of its distribution. The midstream giant made the difficult decision to slash its payout by 50% in 2020 to retain additional cash for debt reduction. That deleveraging strategy has been a success. The company recently achieved its targeted leverage ratio of 4.0 to 4.5. That has given it the financial flexibility to return its payout to its former peak, which it achieved in January. 

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Source Fool.com