Oil & gas midstream

18 companies · $237B combined revenue · $33.5B operating profit

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The typical US-listed oil & gas midstream company grew revenue 7.3% and earnings 24.1% in its latest year, at a 29.4% operating margin, and 1 of 18 earn a return on capital above 15%. Figures from each company's latest annual filing with the SEC, refreshed daily.

7.3%Median revenue growth
24.1%Median earnings growth
-0.7%Median revenue growth, 3 yrs
6.2%Median earnings growth, 3 yrs
29.4%Median operating margin
7.4%Median ROCE
Fastest revenue growthDT Midstream DTM26.7%Fastest earnings growthHF Sinclair DINO227%Highest ROCETarga Resources TRGP15.4%Biggest margin gainKodiak Gas Services KGS+4.5 pts

Growth engines: the 4 Cylinders

All four working: 0% of companies

A company's earnings per share can grow in only four ways: more sales, profits growing faster than sales (operating leverage), wider margins, and less debt. Each bar is the share of companies where that engine worked in their latest year.

  • Sales growth · Revenue up 10% or more39%
  • Operating leverage · Operating income growing faster than a growing revenue28%
  • Margin expansion · Operating margin up 1 point or more39%
  • Debt reduction · Debt down 5% or more, or net cash6%

Combined revenue · 15 companies reporting in US dollars

Revenue
$0$100B$200B$300BFY21FY22FY23FY24FY25

Combined operating margin

Operating margin
0%5%10%15%FY21FY22FY23FY24FY25

All 18 companies

Median–7.3%24.1%29.4%7.4%1.41x
ENBEnbridgeCAD 29.3B13.3%▲37.7%▲37.4%▲5.5%▼1.69x▼
WMBWilliams Companies$14.9B17.9%▲17.7%▼28.2%▼8%▲2.19x▼
NGGNational GridGBP 17.7B-3.8%▼11.6%▼30.7%▲5.5%▼1.19x▲
EPDEnterprise Products Partners$52.6B-6.4%▼-1.5%▼13.8%▼11.2%▲–
KMIKinder Morgan$15.2B12.7%▲17%▼31.1%▲6.9%▼1.03x▲
TRGPTarga Resources$17.0B20.5%▲46.6%▲19.6%▼15.4%▲5.68x▼
MPLXMPLX$9.7B5.8%▼13.7%▼61.1%▲14.9%▲–
DINOHF Sinclair$26.9B-6%▼227%▲3.5%▼6.6%▼0.30x▲
WESWestern Midstream Partners$3.8B6.6%▼-24.9%▼41.7%▲11.6%▲–
PAAPlains All American Pipeline$44.3B-9.5%▼85.9%▲3.2%▼5.7%▼–
DTMDT Midstream$1.2B26.7%▲24.6%▲49.4%▲6.3%▼0.70x▲
AMAntero Midstream$1.2B7.4%▲3.1%▼54.2%▲11.2%▲1.63x▼
KNTKKinetik$1.8B19%▲123%▲9.3%▼2.5%▼–
SOBOSouth Bow$2.0B-6.3%▼37%▲36%▲7.3%▼–
PAGPPlains GP$44.3B-9.5%▼152%▲3.2%▼5.4%▼–
KGSKodiak Gas Services$1.3B12.8%▲61.4%▲26%▼8.6%▲2.12x▼
TGSGas Transporter of the SouthARS 1.72T7.2%▼-13.6%▼40.9%▲14.2%▲0.55x▲
DKLDelek Logistics Partners$1.0B7.7%▲23.7%▼17.9%▼7.5%▲–

▲ better than the median, ▼ worse. n/a: the ratio doesn't apply to that kind of business (e.g. a bank's operating margin). Sort by any column. Figures from each company's latest 10-K (or 20-F/40-F).