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Natural Gas Transmisison & Distribution: capital spending and supply chain

SIC 4923 · 5 companies with filed cash-flow statements

Capital spending, 12 months$5.0B
Operating cash flow$6.8B
Capex / cash flow74%
Capex / revenue9.9%
Top 3 share98%

Analysis

5 companies in Natural Gas Transmisison & Distribution (SIC 4923) spent $5.0B on capital projects over their latest twelve months, 74% of the $6.8B their operations generated; the three largest spenders — OKE, SWX, CPK — account for 98%.

Capital spending is 9.9% of the industry's $50.5B of annual revenue.

By the industry's asset mix most of it goes to structures (45%); about $566M is imported.

The largest supplier of that spending is power and communication structures ($1.9B).

Its largest supplying industries, by the input-output tables: monetary authorities and depository credit intermediation ($2.3B), imports ($1.4B), plate work and fabricated structural product manufacturing ($1.2B).

Charts

Natural Gas Transmisison & Distribution: capital spending by company, latest twelve monthsNatural Gas Transmisison & Distribution: capital spending by company, latest twelve monthsOKE$3.4BSWX$975MCPK$546MCTRI$88.4MRGCO$21.1M
Filed cash-flow statements (SEC XBRL).
Natural Gas Transmisison & Distribution: what the capital spending buys (US part)Natural Gas Transmisison & Distribution: what the capital spending buys (US part)Other$519MStructures$2.0BEquipment$1.6BSoftware$273M
Capital spending × the industry’s asset mix (BEA fixed assets): grade C, an industry average applied to filed figures.
Natural Gas Transmisison & Distribution: the industries that build and sell what it buysNatural Gas Transmisison & Distribution: the industries that build and sell what it buysPower and communication structures$1.9BMining and oil and gas field mach…$809MPower, distribution, and specialt…$162MSoftware publishers$152MSwitchgear and switchboard appara…$111MOther support activities for mini…$86.9MTransportation structures and hig…$64.8MCoal mining$61.7MCustom computer programming servi…$54.9MMaterial handling equipment manuf…$53.9M
BEA fixed assets: investment by asset type → supplying industry. Estimates (grade C).
Natural Gas Transmisison & Distribution: its first-tier supplying industriesNatural Gas Transmisison & Distribution: its first-tier supplying industriesMonetary authorities and deposito…$2.3BImports$1.4BPlate work and fabricated structu…$1.2BEmployment services$1.2BOil and gas extraction$1.0BOther real estate$813MPipeline transportation$648MNonresidential maintenance and re…$614MArchitectural, engineering, and r…$594MWholesale electronic markets and …$556M
Purchased inputs × the industry’s input mix (BEA Use table), US part: grade C.
Natural Gas Transmisison & Distribution: where the industry's cash came from (+) and went (−)Natural Gas Transmisison & Distribution: where the industry's cash came from (+) and went (−)Other financing (in)$9.0BOperating cash flow$6.8BNet debt repaid−$5.4BCapital spending−$5.0BCash added to the balance she…−$3.0BDividends−$2.9BOther investing (in)$824MOther investing (out)−$652MNet borrowing$274MShares issued$105MAcquisitions−$98.8MCash drawn from the balance s…$85.1MSales of assets & businesses$74.1MPaid to partners−$10.0M
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
OKE ONEOK$3.4B$5.9B57%TTM to Q3 2026
SWX Southwest Gas Holdings$975M$447M218%TTM to Q2 2026
CPK Chesapeake Utilities$546M$337M162%TTM to Q3 2026
CTRI Centuri Holdings$88.4M$41.3M214%TTM to Q3 2026
RGCO RGC Resources$21.1M$23.1M91%TTM to Q3 FY26

Customers and suppliers named in annual reports

SupplierCustomerShare of supplier revenueEvidenceSource
CTRISWX3%Stated in 10-K (XBRL)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.