Enterprise Products Partners (NYSE: EPD) has been one of the better passive income producers over the past couple of decades. The master limited partnership (MLP) has increased its cash distribution to investors for 23 straight years, growing it at a 7% compound annual rate. That payout currently yields over 7.3%, well above the average for dividend-paying stocks.

The energy midstream company should have the fuel to grow that payout for years to come. It already has a sizable backlog of commercially secured capital projects under construction. Meanwhile, it has a growing pipeline of projects under development, including the potential to build a large petrochemical plant in Texas. That recently revealed project could extend its distribution-growth outlook further into the future.

Enterprise Products Partners currently has $4.5 billion of major projects under construction. These projects run the gamut and include natural gas pipelines, additional natural gas liquids (NGLs) processing and export terminal capacity, and petrochemical facilities and related infrastructure. It expects to finish these projects over the next few years, with the latest forecast in-service date in 2025.

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Source Fool.com