Analysis indicates that although Energy Transfer (ET) halved its dividend during the energy downturn in 2020, this move was aimed at strengthening its balance sheet. Its debt-to-EBITDA ratio has now decreased from 5.4x at the end of 2020 to 4.1x, and the company targets an annual dividend growth of 3% to 5%. Given these strategic adjustments, the company's dividend is very likely to be sustained during the next energy downturn.