Following the Chevron-Hess, Exxon-Pioneer, Occidental-CrownRock and Diamondback-Endeavor mega-deals, the basin is now home to players with integrated capabilities and substantial scale. By the end of the decade, annual production will reach eight billion barrels of oil - two-thirds of what Saudi Arabia produces - and thirty billion cubic feet of natural gas.

For investors who want to capitalize on these developments without exposing themselves to the volatility that characterizes the activities of producers and service companies, the midstream segment - i.e. operators of pipelines and storage plants - represents a preferred option.

Among the major operators active in the Permian - including Kinder Morgan, already discussed in our columns - Enterprise Products stands out for its conservative management, predominantly organic and largely self-financed growth, low debt and, of course, its family shareholding.

Enterprise Products has tripled its cash flow and quadrupled its annual dividend payout in fifteen years. The twenty-five-year track record is even more convincing. At the current price, the distribution - amply covered - ensures a dividend yield of 7.6%.

Nevertheless, the Group could increase its payout by a third if it put its expansion projects on hold, bringing it to between $3 and $3.50 per share - a pro forma yield of between 11% and 13%. These parameters offer an attractive vehicle for dividend-seekers seduced by the Permian's prospects.

Apart from possible operational setbacks, and the partnership structure reminiscent of the French equivalent of a limited partnership, the main risk here lies in a further rise in interest rates.

Indeed, the so-called "risk-free" rate, i.e. the ten-year US Treasury bill, is 4.3%; at the current price, Enterprise Products shares are therefore valued at a risk premium of 3.3%.

Consequently, and all other things being equal, if the ten-year rate were to rise, the share price would have to adjust downwards to justify an equivalent risk premium.