Energy Transfer (NYSE: ET) has been a steady grower over the years. The master limited partnership (MLP) has grown its earnings before interest, taxes, depreciation, and amortization (EBITDA) from $9.5 billion in 2018 to more than $13.5 billion this year, or by over 40%. That earnings growth has given the midstream giant the fuel to pay a massive and growing distribution that currently yields 9.4%.

The MLP's earnings should continue to rise in the future. One factor driving that view is its ability to expand its already massive midstream platform. The company recently secured a major customer for a large proposed project, which could give it more fuel to grow its earnings and high-yielding distribution in the future.

Energy Transfer recently announced that it signed a non-binding agreement with TotalEnergies for its proposed Blue Marlin Offshore Oil Port. The European energy giant's offtake agreement would be for 4 million barrels of oil per month. That contract is a crucial step in commercializing the proposed offshore oil export facility.

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Source Fool.com