--- title: "Midstream Energy Industry: Companies" description: "22 SEC filers are classified under the Standard Industrial Classification codes that describe the midstream energy industry." canonical: https://www.getswoopr.com/stocks/industries/energy/midstream-energy/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Midstream Energy Industry ## Direct Answer 22 SEC filers are classified under the Standard Industrial Classification codes that describe the midstream energy industry, and their latest annual reports show $164.4 billion of combined revenue and a median operating margin of 23.1%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics. ## Industry Overview Midstream energy companies own the pipelines, processing plants, storage and terminals that move oil, gas and natural gas liquids from wells to markets. Most earn fee-based revenue under long contracts, so throughput matters more than commodity prices. The first numbers to compare across companies here are throughput volumes, fee-based share of cash flow and distributable cash flow and coverage. ## Key Industry Metrics - **Throughput volumes**: Quantities of oil, gas or liquids moved or processed. Fees apply per unit, so growth in volumes lifts revenue, and declines in connected basins reduce it. - **Fee-based share of cash flow**: Part of cash flow from contracted fees rather than commodity prices. A higher share means steadier results; a lower share brings exposure to oil, gas and liquids prices. - **Distributable cash flow and coverage**: Cash available to investors and how many times it covers payouts. Coverage above one leaves a cushion; payouts above cash flow are funded by debt or asset sales. - **Leverage**: Debt relative to earnings before interest, tax, depreciation and amortization. Lower leverage gives resilience in a downturn; high leverage makes payouts and ratings vulnerable. - **Growth capital spending**: Money spent on expansion projects. Returns on projects with signed contracts are predictable; spending that outruns cash flow must be financed with new debt or equity. ## Primary Macro Drivers - **Producer volumes in connected basins**: Pipelines and plants earn on volumes handled, so higher output in connected basins lifts throughput and fee revenue. - **Fee escalators and contract renewals**: Annual fee increases and renewal terms set revenue per unit, which supports cash flow when volumes are flat. - **Interest rates**: These firms carry debt and are valued for steady payouts, so higher rates raise financing cost and compete with distribution yield. - **Export and processing demand**: Growing overseas sales and processing needs call for more capacity, supporting expansion projects and utilization. ## Major Risks - **Volume declines in basins**: If drilling slows or wells decline, throughput falls and unused capacity earns less; watch producer activity in connected basins and volumes against minimums. - **Contract expiries**: Contracts that roll off in a weak market may renew at lower fees; watch the maturity ladder and the fee-based share of cash flow. - **Regulatory and permitting challenges**: Delays and legal challenges to new lines raise cost and defer revenue; watch permit status and project in-service dates. - **Counterparty credit**: Customers that cannot pay may restructure contracts, reducing revenue; watch the credit quality of largest producers and any collateral. ## Industry Characteristics | Characteristic | Profile | | --- | --- | | Cyclicality | Mixed | | Capital Intensity | High | | Regulatory Intensity | High | | Industry Maturity | Mature | | Geographic Importance | U.S. | ## Midstream Energy Filers in the SEC Record 22 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 4610, 4922, 4923, 4924. Their latest fiscal years end between 2022 and 2025, and together they reported $164.4 billion of revenue. Median revenue growth over the prior year was 12.6%. Median operating margin was 23.1% and median net margin 13.8%. Median total liabilities were 55% of total assets, and 19 of 22 reported a profit in their latest year. | Company | Revenue | Growth | Operating margin | Net margin | Year | | --- | --- | --- | --- | --- | --- | | [Oneok Inc](https://www.getswoopr.com/stocks/companies/oneok/) | $33.6 billion | 55.0% | 17.1% | 10.1% | FY 2025 | | [Hf Sinclair Corp](https://www.getswoopr.com/stocks/companies/hf-sinclair-corporation/) | $26.9 billion | -6.0% | 3.5% | 2.2% | FY 2025 | | [Cheniere Energy, Inc.](https://www.getswoopr.com/stocks/companies/cheniere-energy-inc/) | $20.0 billion | 27.2% | 45.6% | 34.0% | FY 2025 | | [Targa Resources Corp.](https://www.getswoopr.com/stocks/companies/targa-resources/) | $17.0 billion | 3.9% | 19.6% | 11.3% | FY 2025 | | [Kinder Morgan, Inc.](https://www.getswoopr.com/stocks/companies/kinder-morgan/) | $16.9 billion | 12.2% | 27.9% | 18.0% | FY 2025 | | [Venture Global, Inc.](https://www.getswoopr.com/stocks/companies/venture-global-inc/) | $13.8 billion | 176.9% | 37.4% | 19.8% | FY 2025 | | [Williams Companies, Inc.](https://www.getswoopr.com/stocks/companies/williams-companies/) | $11.9 billion | 13.8% | 35.1% | 21.9% | FY 2025 | | [Atmos Energy Corp](https://www.getswoopr.com/stocks/companies/atmos-energy/) | $4.7 billion | 12.9% | 33.2% | 25.5% | FY 2025 | The 8 largest of 22 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code. ## Where to Go Next The Midstream Energy guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company. ### More in Energy - [Energy sector overview](https://www.getswoopr.com/stocks/industries/energy/) - [Midstream Partnerships](https://www.getswoopr.com/stocks/industries/energy/midstream-partnerships/) - [Metallurgical Coal](https://www.getswoopr.com/stocks/industries/energy/metallurgical-coal/) - [Natural Gas-Focused E&P](https://www.getswoopr.com/stocks/industries/energy/natural-gas-focused-e-and-p/) - [Long-Duration Energy Storage](https://www.getswoopr.com/stocks/industries/energy/long-duration-energy-storage/) - [Natural Gas Pipelines](https://www.getswoopr.com/stocks/industries/energy/natural-gas-pipelines/) - [LNG Terminals & Infrastructure](https://www.getswoopr.com/stocks/industries/energy/lng-terminals-and-infrastructure/) - [Natural Gas Processing](https://www.getswoopr.com/stocks/industries/energy/natural-gas-processing/) - [LNG Producers & Exporters](https://www.getswoopr.com/stocks/industries/energy/lng-producers-and-exporters/) ### Put it to work - [How to analyze a stock](https://www.getswoopr.com/stocks/how-to-analyze-a-stock/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) - [Company research](https://www.getswoopr.com/stocks/companies/) - [All industries](https://www.getswoopr.com/stocks/industries/) ## Frequently Asked Questions What are the main KPIs for the Midstream Energy industry? Key performance indicators for the Midstream Energy industry include: Throughput volumes, Fee-based share of cash flow, Distributable cash flow and coverage, Leverage, Growth capital spending. Which matter most depends on the company's model, so compare them across several companies rather than relying on one. How cyclical is the Midstream Energy industry? The Midstream Energy industry exhibits mixed cyclicality characteristics. Some segments move with the broader economy while others maintain more stable demand, making stock selection within the group particularly important. What are the biggest risks in the Midstream Energy industry? The primary risks for Midstream Energy companies include: Volume declines in basins, Contract expiries, Regulatory and permitting challenges, Counterparty credit. Investors should assess each company's exposure to these factors and its track record of navigating them. **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).