That is one of the most coherent, reasonable comments I've heard in several years. It is, to me, that physical connection or natural monopoly that differentiates a company's risk to income/cash flow from esentially a contracted, reliable and virtually secure income to one that may be exposed to so many risk factors (commodity prices, company-specific risk and numerous other factors).   As I would guess that "old taxpayer" would say, it comes down to the company's business / business model and whether that company's business operations / model results in a reliable and steadily rising cash flow or whether it does not. The investment consideration is based upon the company's ablity to produce a low-risk and growing cash flow and thus increasing dividend regardless of external factors that are out of the company's control.  As successful investors understand, this type of "sheltered from external and uncontrollable events" kindof company is what makes for a rewarding experience 
SFI