Filing Flows › Industries › Natural Gas Distribution › Capital spending and supply chain
Natural Gas Distribution: capital spending and supply chain
SIC 4924 · 13 companies with filed cash-flow statements
Analysis
13 companies in Natural Gas Distribution (SIC 4924) spent $28.3B on capital projects over their latest twelve months, 101% of the $28.0B their operations generated; the three largest spenders — VG, ATO, LNG — account for 75%.
Capital spending is 30.4% of the industry's $93.4B of annual revenue.
By the industry's asset mix most of it goes to equipment (43%); about $4.4B is imported.
The largest supplier of that spending is power and communication structures ($8.6B).
Its largest supplying industries, by the input-output tables: monetary authorities and depository credit intermediation ($3.8B), imports ($2.6B), oil and gas extraction ($2.5B).
Charts
Capital spending by company
| Company | Capital spending | Operating cash flow | Capex / OCF | Period |
|---|---|---|---|---|
| VG Venture Global | $13.8B | $6.8B | 202% | TTM to Q2 2026 |
| ATO Atmos Energy | $4.0B | $2.0B | 200% | TTM to Q3 FY26 |
| LNG Cheniere Energy | $3.4B | $7.2B | 47% | TTM to Q3 2026 |
| Cheniere Corpus Christi Holdings, LLC | $2.6B | $2.8B | 94% | TTM to Q3 2026 |
| NFG National Fuel Gas | $1.1B | $1.3B | 83% | TTM to Q3 FY26 |
| SR Spire | $838M | $616M | 136% | TTM to Q2 FY26 |
| MDU MDU Resources Group | $749M | $428M | 175% | TTM to Q3 2026 |
| CQP Cheniere Energy Partners, L.P. | $549M | $3.4B | 16% | TTM to Q3 2026 |
| NWN Northwest Natural Holding | $508M | $216M | 235% | TTM to Q3 2026 |
| EE Excelerate Energy | $347M | $359M | 97% | TTM to Q3 2026 |
| NFE New Fortress Energy | $233M | −$525M | — | TTM to Q2 2026 |
| Sabine Pass Liquefaction, LLC | $228M | $3.4B | 7% | TTM to Q3 2026 |
| SLNG Stabilis Solutions | $14.7M | $24.0M | 61% | TTM to Q3 2026 |
Customers and suppliers named in annual reports
| Supplier | Customer | Share of supplier revenue | Evidence | Source |
|---|---|---|---|---|
| CRK | VG | 18% | Stated in 10-K (sentence) | filing |
| MDU | ECG | — | Stated in 10-K (named, share not stated) | filing |
| CVX | NFG | — | Stated in 10-K (named, share not stated) | filing |
| DTE | NFG | — | Stated in 10-K (named, share not stated) | filing |
| COP | ATO | — | Stated in 10-K (named, share not stated) | filing |
| SR | Spire Alabama Inc | — | 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.