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Gas & Other Services Combined: capital spending and supply chain

SIC 4932 · 5 companies with filed cash-flow statements

Capital spending, 12 months$11.9B
Operating cash flow$7.1B
Capex / cash flow167%
Capex / revenue54.2%
Top 3 share99%

Analysis

5 companies in Gas & Other Services Combined (SIC 4932) spent $11.9B on capital projects over their latest twelve months, 167% of the $7.1B their operations generated; the three largest spenders — SRE, UGI, MNTK — account for 99%.

Capital spending is 54.2% of the industry's $21.9B of annual revenue.

By the industry's asset mix most of it goes to equipment (43%); about $1.8B is imported.

The largest supplier of that spending is power and communication structures ($3.5B).

Its largest supplying industries, by the input-output tables: monetary authorities and depository credit intermediation ($947M), imports ($634M), oil and gas extraction ($629M).

Charts

Gas & Other Services Combined: capital spending by company, latest twelve monthsGas & Other Services Combined: capital spending by company, latest twelve monthsSRE$10.7BUGI$875MMNTK$127MOPAL$90.0MCLNE$24.9M
Filed cash-flow statements (SEC XBRL).
Gas & Other Services Combined: what the capital spending buys (US part)Gas & Other Services Combined: what the capital spending buys (US part)Other$1.1BStructures$3.7BEquipment$4.4BSoftware$963M
Capital spending × the industry’s asset mix (BEA fixed assets): grade C, an industry average applied to filed figures.
Gas & Other Services Combined: the industries that build and sell what it buysGas & Other Services Combined: the industries that build and sell what it buysPower and communication structures$3.5BMining and oil and gas field mach…$1.5BPower, distribution, and specialt…$651MSoftware publishers$542MSwitchgear and switchboard appara…$446MRelay and industrial control manu…$199MCustom computer programming servi…$197MOffice and commercial structures$184MComputer systems design services$174MOther support activities for mini…$163M
BEA fixed assets: investment by asset type → supplying industry. Estimates (grade C).
Gas & Other Services Combined: its first-tier supplying industriesGas & Other Services Combined: its first-tier supplying industriesMonetary authorities and deposito…$947MImports$634MOil and gas extraction$629MEmployment services$529MOther real estate$409MPipeline transportation$399MWholesale electronic markets and …$342MAccounting, tax preparation, book…$323MArchitectural, engineering, and r…$273MLegal services$226M
Purchased inputs × the industry’s input mix (BEA Use table), US part: grade C.
Gas & Other Services Combined: where the industry's cash came from (+) and went (−)Gas & Other Services Combined: where the industry's cash came from (+) and went (−)Capital spending−$11.9BOperating cash flow$7.1BNet borrowing$7.0BOther investing (out)−$2.1BDividends−$2.0BCash drawn from the balance s…$973MOther financing (in)$695MPartners' money in$295MSales of assets & businesses$224MCash added to the balance she…−$216MOther financing (out)−$117MShares issued$61.0MBuybacks−$60.1MNet debt repaid−$16.4M
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
SRE Sempra$10.7B$5.9B183%TTM to Q3 2026
UGI UGI$875M$1.1B82%TTM to Q3 FY26
MNTK Montauk Renewables$127M$43.4M292%TTM to Q2 2026
OPAL Opal Fuels$90.0M$38.4M235%TTM to Q2 2026
CLNE Clean Energy Fuels$24.9M$69.7M36%TTM to Q3 2026

Customers and suppliers named in annual reports

SupplierCustomerShare of supplier revenueEvidenceSource
MNTKWM37%Stated in 10-K (sentence)filing
MNTKRSG22%Stated in 10-K (sentence)filing
MNTKXOM11%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.