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Pipe Lines (No Natural Gas): capital spending and supply chain

SIC 4610 · 7 companies with filed cash-flow statements

Capital spending, 12 months$16.8B
Operating cash flow$28.9B
Capex / cash flow58%
Capex / revenue7.5%
Top 3 share92%

Analysis

7 companies in Pipe Lines (No Natural Gas) (SIC 4610) spent $16.8B on capital projects over their latest twelve months, 58% of the $28.9B their operations generated; the three largest spenders — ENB, MPLX, PAGP — account for 92%.

Capital spending is 7.5% of the industry's $224.3B of annual revenue.

By the industry's asset mix most of it goes to structures (56%); about $808M is imported.

The largest supplier of that spending is power and communication structures ($6.6B).

Its largest supplying industries, by the input-output tables: plate work and fabricated structural product manufacturing ($14.1B), monetary authorities and depository credit intermediation ($8.8B), nonresidential maintenance and repair ($5.0B).

Charts

Pipe Lines (No Natural Gas): capital spending by company, latest twelve monthsPipe Lines (No Natural Gas): capital spending by company, latest twelve monthsENB$11.9BMPLX$2.9BPAGP$601MPAA$601MDINO$488MDKL$198MGEL$109M
Filed cash-flow statements (SEC XBRL).
Pipe Lines (No Natural Gas): what the capital spending buys (US part)Pipe Lines (No Natural Gas): what the capital spending buys (US part)Other$1.7BStructures$7.1BEquipment$3.6BSoftware$242M
Capital spending × the industry’s asset mix (BEA fixed assets): grade C, an industry average applied to filed figures.
Pipe Lines (No Natural Gas): the industries that build and sell what it buysPipe Lines (No Natural Gas): the industries that build and sell what it buysPower and communication structures$6.6BMining and oil and gas field mach…$2.9BTransportation structures and hig…$427MOther support activities for mini…$306MCoal mining$218MOther nonmetallic mineral mining …$150MMaterial handling equipment manuf…$150MStone mining and quarrying$139MElectric power generation, transm…$134MAir conditioning, refrigeration, …$133M
BEA fixed assets: investment by asset type → supplying industry. Estimates (grade C).
Pipe Lines (No Natural Gas): its first-tier supplying industriesPipe Lines (No Natural Gas): its first-tier supplying industriesPlate work and fabricated structu…$14.1BMonetary authorities and deposito…$8.8BNonresidential maintenance and re…$5.0BElectric power generation, transm…$4.8BImports$4.7BInvestigation and security servic…$4.3BAll other miscellaneous professio…$3.7BEmployment services$3.4BOther durable goods merchant whol…$3.0BScenic and sightseeing transporta…$2.3B
Purchased inputs × the industry’s input mix (BEA Use table), US part: grade C.
Pipe Lines (No Natural Gas): where the industry's cash came from (+) and went (−)Pipe Lines (No Natural Gas): where the industry's cash came from (+) and went (−)Operating cash flow$16.7BNet debt repaid−$7.0BOther investing (in)$6.9BOther financing (out)−$5.1BCapital spending−$4.9BAcquisitions−$4.2BCash added to the balance she…−$3.2BOther financing (in)$2.7BPaid to partners−$1.8BBuybacks−$1.1BNet borrowing$965MCash drawn from the balance s…$468MDividends−$365MSales of assets & businesses$129M
The companies’ cash-flow statements, latest four quarters or fiscal year: every figure filed (grade A).

Capital spending by company

CompanyCapital spendingOperating cash flowCapex / OCFPeriod
ENB Enbridge$11.9B$12.3B97%TTM to Q3 2026
MPLX Mplx LP$2.9B$6.0B48%TTM to Q3 2026
PAGP Plains GP Holdings LP$601M$3.0B20%TTM to Q2 2026
PAA Plains All American Pipeline LP$601M$3.0B20%TTM to Q2 2026
DINO HF Sinclair$488M$3.8B13%TTM to Q3 2026
DKL Delek Logistics Partners, LP$198M$473M42%TTM to Q3 2026
GEL Genesis Energy LP$109M$452M24%TTM to Q3 2026

Customers and suppliers named in annual reports

SupplierCustomerShare of supplier revenueEvidenceSource
PAAXOM31%Stated in 10-K (sentence)filing
PAGPXOM31%Stated in 10-K (sentence)filing
DINOSHEL11%Stated in 10-K (XBRL)filing
DKLDK49%Stated in 10-K (XBRL)filing
GELSHEL11%Stated in 10-K (XBRL)filing
EPSNDINO27%Stated in 10-K (sentence)filing

The interactive money flow: switch views, follow each dollar →

Evidence grades: A filed figure · B computed from filed figures · C industry average (BEA input-output and fixed-asset tables) applied to filed figures. Estimates are not the companies’ own records. Not investment advice.