Energy Transfer is among North America's largest midstream operators with approximately 140,000 miles of pipelines transporting oil natural gas and natural gas liquids. The company generated $82.7 billion in revenue last year and maintains long-term agreements with Oracle and CloudBurst Data Centers.

Energy Transfer moves stores and processes hydrocarbons for fees. Management described the High Brinson Pipeline Expansion as "the most profitable asset we've ever built". Shares trade at a price-to-earnings ratio of 13x versus an industry average of 17.6x and the dividend yield is nearly 8%.

Global defense spending shows projected compound annual growth rates from 4.9% to over 8% for the mid 2020s. Estimates put total spending near $2.7 trillion last year with projections toward $6 trillion by 2035.

Lockheed Martin is the world's largest defense contractor providing combat aircraft such as the F-35 missiles and precision strike weapons helicopters including the Black Hawk radar systems and space systems and satellites. The company reports a backlog exceeding $176 billion and secured the largest Patriot missile contract in history and a $10.85B contract from the U.S. Marine Corps.

On performance the stock has been relatively flat over the last three years while peers such as RTX and NOC grew sales. Revenue showed an 8.8% gain in the most recent quarter and management updated guidance raising outlook on both revenue and earnings.

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