Business models can make huge differences in performance, even for companies that operate within the same general industry. That is exactly the conundrum that dividend investors have to deal with when considering Pioneer Natural Resources (NYSE: PXD) and Enbridge (NYSE: ENB), two large North American energy companies. Here's what you need to know before buying either of these two stocks.

The energy industry is generally broken down into three broad segments: upstream (drilling), midstream (pipelines), and downstream (refining and chemicals). While some companies have exposure to all three areas, others focus on just one.

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Source Fool.com