Enterprise Products Partners (EPD 0.18%) stands out for its massive yield. At the master limited partnership's (MLP) recent unit price, it offers a more than 7.5% distribution yield. That's multiples above the S&P 500's current dividend yield of 1.5%.

Even better, the MLP has a long history of steadily sending more cash to its investors. That makes it an ideal stock for those seeking to collect some passive income.  

Adding another raise to the total

Enterprise Products Partners recently declared its next quarterly distribution. It will pay out $0.475 per unit ($1.90 annualized), which is 2.2% above its last payment. That level also represents a 5.6% increase from what it paid in last year's second quarter. 

With that increase, the MLP has given its investors a raise 74 times since its initial public offering in 1998. Furthermore, this year will mark the 24th consecutive one that Enterprise has given its investors a raise. That's an impressive track record considering all the volatility in the energy sector over the years. 

The fuel to keep the income flowing higher

Two factors have enabled Enterprise Products Partners to steadily grow its distribution over the years. First, the MLP has consistently expanded its midstream operations by completing expansion projects and acquisitions. Meanwhile, the company has been able to finance that growth while paying a steadily rising distribution by maintaining a strong financial profile.

Both drivers remain firmly in place. Enterprise Products Partners currently has $4.6 billion of major projects under construction. These projects range from new natural gas liquids (NGL) infrastructure, natural gas pipeline expansions, petrochemical production facilities, and export projects. The company anticipates its current slate of capital projects will come online through 2025, giving it visible growth for the next few years. In addition, the company recently acquired Navitas Midstream Partners, paying $3.25 billion to expand its operations into the prolific Midland Basin.

Meanwhile, the MLP has several other capital projects in development, including an offshore oil port and another petrochemical plant. It's also seeking expansion opportunities in emerging energy technologies. The company launched an evolutionary technology unit to source commercial opportunities related to energy evolution, including carbon capture and storage, hydrogen, and low-carbon fuels.

The MLP recently announced a framework with Chevron (CVX -0.21%) to study and evaluate carbon dioxide capture, utilization, and storage opportunities in the Midcontinent and Gulf Coast regions. It's also working with Occidental Petroleum (OXY 0.74%) on a potential carbon dioxide transportation and sequestration project in the Gulf Coast. Chevron is investing $10 billion through 2028 on lower carbon initiatives, while Occidental Petroleum foresees a $3 trillion to $5 trillion global industry ahead for carbon capture and storage. By getting in on the ground floor of the emerging carbon capture industry by partnering with these oil giants, Enterprise could gain a foothold in what could turn out to be an enormous growth market. 

Meanwhile, the MLP has a strong financial profile to fund new expansion projects and acquisitions. Enterprise has one of the highest credit ratings in the midstream space, backed by a low leverage ratio. That enables it to borrow money at a more attractive rate while giving it the financial flexibility to make opportunistic acquisitions like Navitas. The company also has a conservative distribution coverage ratio. It generates enough cash to cover its distribution by 1.8 times, enabling it to retain money to help fund expansions.

No signs of stopping

Enterprise Products Partners has steadily paid out more income to its investors over the years. That growth doesn't seem likely to end anytime soon, given the company's pipeline of expansion projects and strong financial profile. It stands out as an excellent option for investors looking to generate passive income.