Got $500? 2 No-Brainer Energy Dividend Stocks to Buy Right Now, Starting With a Huge 6% Yield.

The geopolitical conflict in the Middle East has shown that, despite all the talk about clean energy, oil and natural gas remain incredibly important to the world's normal functioning. This isn't likely to change anytime soon, which is why most investors, even conservative ones, should have some exposure to the energy sector. But the high oil prices resulting from the conflict in the Middle East mean that dividend investors should tread with caution.

That said, Enterprise Products Partners (NYSE: EPD) and its 6% yield and Chevron (NYSE: CVX) and its 3.4% yield are two great energy options to choose from. Here's why, starting with the highest yield.

Enterprise Products Partners sidesteps commodity risk

Clearly, the big story for dividend investors with Enerterprise Products Partners is its lofty 6% yield. That yield is backed by 28 annual distribution increases, which is basically as long as the master limited partnership (MLP) has been publicly traded. But these two facts are, honestly, just the tip of the iceberg for this North American midstream giant.

The real reason why dividend investors will appreciate Enterprise is that its business is driven by volume, not commodity prices. It charges customers fees for access to its massive collection of North American energy infrastructure, including pipelines, storage, and transportation assets. The price of the commodities it moves is far less important to its financial results than the demand for those commodities. And as the conflict in the Middle East has shown, demand for oil and natural gas remains very strong.

The caveat here is that Enterprise is a slow-growing business. While the MLP has $6.5 billion in capital investments lined up, investors should only expect low- to mid-single-digit distribution growth. However, given the lofty starting yield, that probably won't bother investors trying to maximize the income their portfolios generate. As of this writing, you can buy roughly a dozen shares for $500.

Chevron is a balanced way to get some direct energy exposure

Some investors may actually want more direct exposure to the energy sector. An energy producer (an upstream company) would be a pure play, but also the most exposed to the swings in energy prices. Oil prices are high today, but history shows they are likely to fall at some point. Which is why a stock like Chevron, with its well-above-market 3.4% yield, could be the better solution. A $500 investment will let you buy two shares.

Chevron operates in the upstream, producing oil and natural gas. So it provides exposure to commodity prices. However, it also operates in the midstream (where Enterprise is focused) and the downstream (chemicals and refining). The broad exposure across the entire energy value chain helps soften the frequent, often dramatic swings in oil prices. But there's more to like than just the business structure.

Chevron has long operated in a conservative manner. Notably, it has one of the strongest balance sheets in its peer group, with a debt-to-equity ratio of roughly 0.2x. That gives the company the leeway to take on debt during energy downturns to help support its business and its dividend. If you are looking for a reliable income stream, Chevron's 38-year streak of annual dividend increases demonstrates that its conservative business approach can withstand oil market swings while continuing to reward dividend investors.

Two reliable income choices from the energy patch

Enterprise is a solid high-yield option right now. For Chevron, you could probably get a better entry point by waiting for an oil market downturn. However, it is a good business across the entire energy cycle, so if you want to buy an energy stock now, it is worth considering. Either one you pick will allow you to generate an above-market income stream from a sector that remains vital to the normal functioning of the world.

Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Chevron. The Motley Fool recommends Enterprise Products Partners. The Motley Fool has a disclosure policy.