The top 10 midstream companies in 2026 connect production basins to end markets across hundreds of thousands of miles of pipeline, billions of cubic feet of storage capacity, and processing infrastructure handling the majority of North American NGL output. The top 10 midstream companies ranked here are assessed by revenue, pipeline network scale, storage capacity, and strategic market position — a scale that reflects the essential nature of midstream infrastructure to global energy supply chains. From Kinder Morgan’s 79,000-mile gas network to Enbridge’s Mainline crude system, the top 10 midstream companies collectively move more energy than any other sector of the oil and gas value chain.
How We Ranked the Top 10 Midstream Companies
Rankings reflect a weighted assessment of four criteria: total revenue, pipeline network scale, processing and storage capacity, and strategic market position in 2026. Companies are assessed on the breadth and criticality of their infrastructure — not equity market capitalisation alone. Both US midstream MLPs and international pipeline corporations are included where their infrastructure scale warrants inclusion.
1. Energy Transfer — United States
Energy Transfer operates the largest pipeline network by mileage in this ranking — approximately 125,000 miles of infrastructure spanning crude oil, natural gas, NGLs and refined products. Revenue reached approximately $80bn, placing it in a category of its own by scale. Its asset base spans the Permian Basin, Eagle Ford, Bakken and Appalachian production regions, with Gulf Coast export terminal infrastructure connecting to international markets. Diversification across all hydrocarbon types is a structural advantage no other operator in this ranking matches.
2. ONEOK — United States
ONEOK’s 2023 acquisition of Magellan Midstream transformed it from a natural gas specialist into a fully integrated midstream operator with approximately 40,000 miles of pipeline and combined revenue of approximately $18bn. The Magellan deal added refined products infrastructure across the US mid-continent, extending ONEOK’s reach beyond its core natural gas gathering and processing franchise in the Mid-Continent and Rockies. The integration is ongoing in 2026, with management focused on synergy delivery and balance sheet optimisation following the largest midstream transaction in recent years.
3. Plains All American — United States
Plains All American is the specialist crude oil operator in this ranking — approximately 18,000 miles of crude pipeline infrastructure, primarily in the Permian Basin and Western Canada, with approximately $48bn in revenue driven by trading volumes as well as tariff income. The acquisition of the EPIC crude pipeline in 2026 added a key Permian-to-Corpus-Christi artery to its network, strengthening its position on one of the highest-growth crude export corridors in North America. Its terminal infrastructure at Corpus Christi positions it directly in the US crude export growth story.
4. Targa Resources — United States
Targa Resources has built the fastest-growing gathering and processing franchise in the Permian Basin, with revenue reaching approximately $13bn. Its infrastructure in the Delaware and Midland sub-basins processes associated natural gas from the most active drilling region in the US, and its Grand Prix NGL pipeline connects Permian production to Mont Belvieu fractionation. Targa’s growth trajectory through 2026 is driven by continued Permian producer activity rather than acquisition — an organic build-out funded by robust cash flow from existing infrastructure.
5. Kinder Morgan — United States
Kinder Morgan operates the largest natural gas transmission network in the United States — approximately 83,000 miles of pipeline — alongside approximately 700 billion cubic feet of natural gas storage capacity, making it the single largest natural gas storage operator in North America. Revenue runs at approximately $14bn. Its Tennessee Gas Pipeline and Natural Gas Pipeline Company of America systems are critical arteries for Northeast and Midwest gas supply. The Western Gateway Pipeline project with Phillips 66 represents its most significant 2026 capital deployment, targeting Permian-to-West-Coast refined product movements.
6. Enbridge — Canada
Enbridge operates the world’s longest and most complex crude oil pipeline system — the Mainline, which moves approximately 3 million barrels per day of Canadian crude and imported light oil from Western Canada to US refineries. Revenue is approximately $14bn from pipeline operations. Its 2023–2024 acquisition of three US gas utilities expanded its regulated earnings base and reduced its dependence on crude throughput volumes. In 2026 Enbridge is advancing LNG export participation and renewable natural gas distribution as part of a longer-term energy transition positioning strategy.
7. TC Energy — Canada
TC Energy operates approximately 93,000 kilometres of natural gas pipeline across Canada, the United States and Mexico, anchored by the NGTL System in Alberta and the Coastal GasLink pipeline — the latter now completed and delivering BC gas to the LNG Canada export facility at Kitimat. Revenue is in the $13–14bn range. In 2026 TC Energy is executing a strategic separation of its liquids pipeline business — the South Bow spin-off — to create a pure-play natural gas infrastructure company. That simplification reflects investor preference for regulated, low-volatility gas transmission assets.
8. Williams Companies — United States
Williams Companies owns and operates the Transco pipeline — the longest natural gas pipeline in the United States, running 1,800 miles from the Gulf Coast to New York City, with throughput capacity of approximately 33 billion cubic feet per day. Revenue is approximately $10bn. Transco serves approximately one-third of all natural gas consumed on the US East Coast, making Williams a critical piece of energy security infrastructure for the most densely populated region of the country. Its gathering and processing operations in the Haynesville, Utica and Permian basins supply the Transco mainline and underpin volume growth.
9. Enterprise Products Partners — United States
Enterprise Products Partners is the largest publicly traded MLP in the United States by market capitalisation and the most diversified NGL operator in this ranking — approximately 50,000 miles of pipeline covering natural gas, NGLs, crude oil and refined products, complemented by fractionation capacity and Gulf Coast export terminals at Morgan’s Point and Enterprise Hydrocarbons Terminal. Revenue is approximately $9bn from fee-based tariff income. Its NGL fractionation and export infrastructure positions it at the intersection of Permian Basin production growth and global LNG and petrochemical feedstock demand. For broader context on global tank terminal infrastructure, the OGSN hub page covers the full storage landscape.
10. Cheniere Energy — United States
Cheniere Energy is the only LNG-focused operator in this ranking and the only company whose primary infrastructure is export-oriented rather than domestic transmission. Its Sabine Pass and Corpus Christi liquefaction facilities make it the largest LNG exporter in the United States, with nameplate capacity of approximately 45 million tonnes per annum across both sites. Revenue is approximately $8bn. Cheniere’s midstream inclusion reflects its role as critical infrastructure connecting US natural gas production to international markets — its Train 7 expansion at Sabine Pass was under construction in 2026, adding further capacity to a facility already operating at full utilisation.
Top 10 Midstream Companies: What to Watch in 2026
LNG export capacity expansion along the US Gulf Coast is the defining capital theme for the sector — Cheniere’s Train 7, alongside new entrants at Plaquemines and Rio Grande LNG, is pulling natural gas volumes toward coastal infrastructure. In the Permian Basin, Targa, Energy Transfer and Plains All American are all competing for gathering, processing and crude export market share as production pushes toward 7 million barrels per day. TC Energy’s South Bow separation and ONEOK’s Magellan integration both represent structural portfolio shifts that will play out through 2026 balance sheets. Carbon capture pipeline development — led by Energy Transfer and Williams — is an emerging capital allocation theme that may reshape midstream infrastructure planning over the following decade. For a detailed assessment of underground storage capacity supporting these networks, see the 2026 underground gas storage outlook. The top 10 pipeline companies globally provides a broader international reference for pipeline network scale.
Data sourced from company filings and US Energy Information Administration natural gas infrastructure data.
Which is the largest midstream company in the world?
By pipeline mileage, Energy Transfer is the largest with approximately 125,000 miles of infrastructure across all hydrocarbon types. By crude oil throughput, Enbridge is the largest, moving approximately 3 million barrels per day via its Mainline system. Kinder Morgan holds the largest natural gas storage position in North America at approximately 700 billion cubic feet.
What do midstream companies do?
Midstream companies gather, process, transport and store hydrocarbons between upstream production sites and downstream refineries or end-users. Core activities include natural gas gathering pipelines, processing plants that remove NGLs, long-haul transmission pipelines, underground gas storage, NGL fractionation, and export terminals. They typically earn fee-based tariff income rather than taking commodity price risk.
Which midstream companies are publicly listed?
The majority of major US midstream operators are publicly listed. Kinder Morgan, Williams Companies and Targa Resources trade on the NYSE as C-corporations. Enterprise Products Partners and Plains All American are publicly traded MLPs. ONEOK converted from MLP to C-corp structure in 2023. Enbridge and TC Energy trade on the Toronto Stock Exchange and NYSE. Cheniere Energy trades on the NYSE American.
What is the difference between a midstream MLP and a C-corporation?
A Master Limited Partnership (MLP) distributes the majority of cash flow to unit holders rather than retaining it, and pays no corporate income tax at the entity level — tax flows through to individual unit holders. Enterprise Products Partners and Plains All American operate this structure. C-corporations like Williams, Kinder Morgan, ONEOK and Enbridge retain earnings, pay corporate tax, and fund growth through a more flexible capital structure. Most large midstream operators have converted from MLP to C-corp structure over the past decade.
How is the midstream sector changing in 2026?
LNG export infrastructure is the primary growth driver, with US Gulf Coast liquefaction capacity expanding through new trains at Sabine Pass, Plaquemines and Corpus Christi. Permian Basin gathering and processing infrastructure continues to grow as crude and associated gas production pushes toward new records. Carbon capture pipeline development is an emerging capital theme — several operators have announced CO2 transport infrastructure proposals targeting industrial emitters. TC Energy’s separation of its liquids pipeline business reflects broader investor preference for simplified, regulated gas transmission portfolios.