Enterprise Products Partners (NYSE: EPD) currently yields 7.4%. That's several times above the dividend yield on an S&P 500 index fund. Further, Enterprise has increased its high-yielding payout for the last 24 straight years.

However, it's easy to overlook Enterprise Products Partners, even with its outsized yield and growth profile. That's because it's a master limited partnership (MLP), which among other things, precludes it from membership in the S&P 500 index. As a result, Enterprise won't gain entry to the vaunted Dividend Aristocrat list next year when it should hit the quarter century milestone. With more income growth ahead, passive income seekers won't want to overlook this MLP.

Enterprise Products Partners is an MLP focused on operating energy midstream assets like oil and gas pipelines, processing plants, storage and export terminals, and petrochemical plants. These assets generate relatively steady fee-based cash flows backed by long-term contracts and government-regulated rate structures. That gives it the money to make lucrative cash distributions to investors.

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Source Fool.com