"Most Americans don't know that you get more oil from us Canucks than you do from Saudi Arabia. And how do we get it to you? Pipelines! That's where Enbridge (NYSE: ENB) comes in, transporting crude oil, natural gas, natural gas liquids, and other hydrocarbons. It also has investments in other energy-transportation businesses and provides gas utility distribution services in Ontario, Quebec, New Brunswick, and New York state.
Sounds positively somnolent, doesn't it? Yet the same type of assets, famously cast off by Enron and the late Ken Lay (and picked up by Kinder Morgan (NYSE: KMP) for a song), throw off scads of cash regardless of the price of the commodity flowing through them. The stock's delivered 15% annual returns, before dividends, for the past decade. And those dividends, paid for more than 50 years, have been themselves rising at a rate of 10% per annum."
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