Filing Flows › Industries › Natural Gas Transmission › Capital spending and supply chain
Natural Gas Transmission: capital spending and supply chain
SIC 4922 · 14 companies with filed cash-flow statements
Analysis
14 companies in Natural Gas Transmission (SIC 4922) spent $30.0B on capital projects over their latest twelve months, 63% of the $47.8B their operations generated; the three largest spenders — ET, WMB, EPD — account for 60%.
Capital spending is 11.1% of the industry's $270.6B of annual revenue.
By the industry's asset mix most of it goes to structures (56%); about $2.3B is imported.
The largest supplier of that spending is power and communication structures ($18.6B).
Its largest supplying industries, by the input-output tables: plate work and fabricated structural product manufacturing ($15.0B), monetary authorities and depository credit intermediation ($9.4B), nonresidential maintenance and repair ($5.3B).
Charts
Capital spending by company
| Company | Capital spending | Operating cash flow | Capex / OCF | Period |
|---|---|---|---|---|
| ET Energy Transfer LP | $7.5B | $13.6B | 55% | TTM to Q3 2026 |
| WMB Williams Companies | $6.1B | $6.0B | 102% | TTM to Q2 2026 |
| EPD Enterprise Products Partners L.P. | $4.5B | $9.3B | 48% | TTM to Q3 2026 |
| TRGP Targa Resources | $4.1B | $5.1B | 82% | TTM to Q3 2026 |
| KMI Kinder Morgan | $3.7B | $6.7B | 54% | TTM to Q3 2026 |
| WES Western Midstream Partners, LP | $1.0B | $2.1B | 48% | TTM to Q3 2026 |
| Boardwalk Pipeline Partners, LP | $682M | $1.0B | 66% | TTM to Q3 2026 |
| KGS Kodiak Gas Services | $474M | $479M | 99% | TTM to Q2 2026 |
| KNTK Kinetik Holdings | $460M | $724M | 63% | TTM to Q3 2026 |
| AROC Archrock | $417M | $720M | 58% | TTM to Q3 2026 |
| DTM DT Midstream | $405M | $938M | 43% | TTM to Q3 2026 |
| NGL NGL Energy Partners LP | $395M | $464M | 85% | TTM to Q2 FY27 |
| USAC USA Compression Partners, LP | $217M | $489M | 44% | TTM to Q3 2026 |
| SMC Summit Midstream | $86.3M | $131M | 66% | TTM to Q2 2026 |
Customers and suppliers named in annual reports
| Supplier | Customer | Share of supplier revenue | Evidence | Source |
|---|---|---|---|---|
| WMB | DUK | 9% | Stated in 10-K (sentence) | filing |
| Northwest Pipeline LLC | DUK | 9% | Stated in 10-K (sentence) | filing |
| DTM | EXE | 45% | Stated in 10-K (sentence) | filing |
| CRGY | EPD | 12% | Stated in 10-K (XBRL) | filing |
| HPK | ET | 8% | Stated in 10-K (sentence) | filing |
| EXE | DTM | — | Stated in 10-K (named, share not stated) | filing |
| MTDR | EPD | — | Stated in 10-K (named, share not stated) | filing |
| SUN | ET | — | Stated in 10-K (named, share not stated) | filing |
| CMI | USAC | — | Stated in 10-K (named, share not stated) | filing |
| CAT | USAC | — | Stated in 10-K (named, share not stated) | filing |
| ET | SPH | 30% | Stated in 10-K (sentence) | filing |
| ET | USAC | — | Stated in 10-K (named, share not stated) | 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.