Energy Transfer's (NYSE: ET) aggressive expansion in years past put it in a difficult financial position. That all came to a head in 2020 when deteriorating market conditions during the pandemic left the midstream company with no choice other than to slash its distribution so it could retain additional cash to shore up its finances.

Because of its issues and that payout cut, I wouldn't even consider buying any more units of the master limited partnership (MLP).

However, Energy Transfer has come a long way over the past few years. Its balance sheet is back on solid ground, enabling it to return its payout to its pre-pandemic level earlier this year. It has since raised its distribution past that prior peak and sees more growth ahead. That vast improvement has me gobbling up units of the high-yielding MLP this year.

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Source Fool.com