Pipelines are widely considered the cornerstone of energy infrastructure. Because revenues are largely based on fees, whether from pipelines, storage facilities, or processing plants, energy infrastructure companies tend to generate stable cash flows, which support attractive dividends. For investors, energy infrastructure provides income, diversification, real asset exposure, and growth potential. Energy infrastructure also offers attractive qualities relative to a broad energy investment. Current valuations compare favorably with history and relative to other sectors. From a portfolio construction standpoint, energy infrastructure can fit within an energy, income, real assets, or equity growth sleeve.