In this article, we will take a look at the 20 biggest midstream companies heading into 2024. If you want to skip our detailed analysis, you can go directly to 5 Biggest Midstream Companies Heading into 2024.
According to a report by Research and Markets, the oil and gas midstream market was valued at $27.5 billion in 2022. The oil and gas midstream market is expected to grow to $43.41 billion by 2030 from $29.01 billion in 2023 at a compound annual growth rate (CAGR) of 5.87%. According to the report, the American region is expected to experience significant growth during the forecast years. You can also check out some of the biggest midstream companies in 2023.
Renewable Natural Gas: Opportunities for Midstream Companies
Environmental concerns have pushed the demand for renewable energy sources across the globe. On July 6, Forbes reported that the clean energy transition may provide multiple opportunities to midstream companies. The report discusses the Inflation Reduction Act by the Environmental Protection Agency. The act focuses on propagating the clean energy transition by allocating $369 billion to clean energy and energy security. According to the report, the IRA incentivizes midstream companies to invest in Renewable Natural Gas (RNG). Renewable Natural Gas, derived from organic waste matter, offers a range of environmental benefits and helps companies diversify their portfolio.
Many companies have been making significant investments in RNG. On November 3, Enbridge Inc. (NYSE:ENB) announced the purchase of seven gas to RNG facilities in the United States from Morrow Renewables. The entire portfolio is worth $1.2 billion, contributing to Enbridge's position as one of the market leaders in renewable natural gas. To shed light on the strategic move, Enbridge President and CEO, Greg Ebel stated:
"This transaction represents a uniquely de-risked portfolio of operating and scalable RNG assets. The landfill gas-to-RNG facilities . . . will accelerate progress toward our energy transition goals. I am pleased to welcome the Morrow Renewables team members to the Enbridge family."
Prominent Names in the Midstream Industry
Some of the biggest midstream companies in the world include Cheniere Energy, Inc. (NYSE:LNG), Enbridge Inc. (NYSE:ENB), and The Williams Companies, Inc. (NYSE:WMB). You can also check out some of the best crude oil stocks to invest in.
Cheniere Energy, Inc. (NYSE:LNG) is one of the leading producers and exporters of liquified natural gas based in Texas, United States. The company delivers to 39 countries across the globe and has almost 9 trains in operation. On November 2, Cheniere Energy, Inc. (NYSE:LNG) reported earnings for the fiscal third quarter of 2023. The company reported earnings per share of $7.03, beating estimates by $4.42. The company also posted revenue worth $4.16 billion, ahead of market consensus by $45.05 million.
Enbridge Inc. (NYSE:ENB) is a pipeline and energy company based in Calgary, Canada. The company engages in the transportation of crude oil, natural gas, and natural gas liquids across Canada and the United States. On September 5, Enbridge Inc. (NYSE:ENB) announced a strategic move to acquire three utilities based in the United States in partnership with Dominion Energy, Inc. (NYSE:D). The companies under the acquisition agreement include Ohio Gas Company, Questar Gas Company, and Public Service Company of North Carolina, Incorporated. The acquisition by Enbridge Inc. (NYSE:ENB) is valued at an aggregate purchase price of $14 billion. The move will eventually contribute to the company's position as one of North America's largest gas utility businesses by volume.
The Williams Companies, Inc. (NYSE:WMB) is a natural gas processing and transportation company based in Oklahoma, United States. The company handles almost one-third of the natural gas in the United States. On August 3, The Williams Companies, Inc. (NYSE:WMB) announced an agreement with Chattanooga Gas, a subsidiary of Southern Company Gas. The agreement is aimed to provide certified, low-emissions NextGen Gas for 3 years. Such will enable Chattanooga Gas to achieve minimum annual emissions reduction savings of almost 646 tons of methane. The Williams Companies, Inc. (NYSE:WMB) is integrating blockchain technology to establish its NextGen Gas platform on its network. The blockchain technology will keep track of emissions using multiple sources of data.
Let's now take a look at the 20 biggest midstream companies heading into 2024.
20 Biggest Midstream Companies Heading into 2024
20 Biggest Midstream Companies Heading into 2024
Our Methodology
To rank the 20 biggest midstream companies heading into 2024, we identified the major companies in the market by reviewing industry reports and screening for companies in the midstream sector using Finviz and Yahoo Finance's stock screener. We collated a list of 30 companies and sourced their market cap from Yahoo Finance. Then, we narrowed our list to the top 20 companies and ranked them in ascending order of their market cap as of November 14, 2023.
Market Capitalization as of November 14, 2023: $3.8 Billion
Transportadora de Gas del Sur S.A. (NYSE:TGS) is a leading midstream company based in Argentina. The company transports natural gas, along with the production and commercialization of natural gas liquids. The company offers its services across four segments including natural gas transportation, liquids production and commercialization, other services, and telecommunications. Transportadora de Gas del Sur S.A. (NYSE:TGS) was founded in 1992 and has a market cap of $3.8 billion as of November 14, 2023.
Cheniere Energy, Inc. (NYSE:LNG), Enbridge Inc. (NYSE:ENB), and The Williams Companies, Inc. (NYSE:WMB) are among the biggest midstream companies heading into 2024.
Market Capitalization as of November 14, 2023: $3.9 Billion
Equitrans Midstream Corporation (NYSE:ETRN) is one of the biggest midstream companies heading into 2024, with a market cap of $3.9 billion as of November 14, 2023. The company engages in the operation, acquisition, and development of midstream assets. The company offers its services across three primary segments including gathering, transmission, and water. Equitrans Midstream Corporation (NYSE:ETRN) was founded in 2018 in Pennsylvania.
Market Capitalization as of November 14, 2023: $4.8 Billion
Frontline plc (NYSE:FRO) is one of the biggest midstream companies heading into 2024. The company engages in the transportation of crude oil and oil products across the globe. The company has a fleet of 70 vessels and is also involved in the charter, sales, and purchase of vessels. Frontline plc (NYSE:FRO) was founded in 1985 and has a market cap of $4.8 billion as of November 14, 2023.
Market Capitalization as of November 14, 2023: $5.4 Billion
According to our methodology, DT Midstream, Inc. (NYSE:DTM) is one of the biggest midstream companies in the United States. The company offers services across the two segments including pipeline and gathering. The company has an elaborate portfolio of interstate pipelines, storage systems, lateral pipelines, gathering systems, and related treatment plants. DT Midstream, Inc. (NYSE:DTM) was founded in 2021 and has a market cap of $5.4 billion as of November 14, 2023.
Market Capitalization as of November 14, 2023: $5.8 Billion
EnLink Midstream, LLC (NYSE:ENLC) is a leading midstream services provider based in Texas, United States. The company offers its services to five primary segments including, Permian, Louisiana, Oklahoma, North Texas, and Corporate. The company offers services in gathering, compressing, treating, processing, transporting, storing, and selling natural gas. EnLink Midstream, LLC (NYSE:ENLC) was founded in 2013 and has a market cap of $5.8 billion as of November 14, 2023.
Market Capitalization as of November 14, 2023: $6.1 Billion
According to our methodology, Antero Midstream Corporation (NYSE:AM) is one of the biggest midstream companies heading into 2024. The company engages in the development and operation of midstream energy infrastructure. The company offers its services across two primary segments including gathering and processing, and water handling. Antero Midstream Corporation (NYSE:AM) was founded in 2013 and has a market cap of $6.1 billion as of November 14, 2023.
Market Capitalization as of November 14, 2023: $7.4 Billion
Hess Midstream LP (NYSE:HESM) is a leading midstream company based in Texas, United States. The company engages in the development, operation, and acquisition of midstream assets. The company offers its services across three primary segments including gathering, processing and storage, and terminaling and exporting. Hess Midstream LP (NYSE:HESM) owns almost 1,380 miles of high and low pressure natural gas and natural gas liquids pipelines. The company was founded in 2014.
Market Capitalization as of November 14, 2023: $10.7 Billion
Western Midstream Partners, LP (NYSE:WES) is one of the biggest midstream companies heading into 2024, with a market cap of $10.7 billion as of November 14, 2023. The company is engaged in the gathering, compressing, treating, processing, and transportation of natural gas. The company also gathers, stabilizes, and transports natural gas liquids and crude oil. Western Midstream Partners, LP (NYSE:WES) was founded in 2007 and is based in Texas, United States.
12. Plains All American Pipeline, L.P. (NASDAQ:PAA)
Market Capitalization as of November 14, 2023: $10.9 Billion
According to our methodology, Plains All American Pipeline, L.P. (NASDAQ:PAA) is one of the biggest midstream companies heading into 2024. The company engages in the provision of services in the pipeline transportation, terminaling, storage, and gathering of crude oil and natural gas liquids. Plains All American Pipeline, L.P. (NASDAQ:PAA) was founded in 1981 and has a market cap of $10.9 billion as of November 14, 2023.
Market Capitalization as of November 14, 2023: $17.7 Billion
Pembina Pipeline Corporation (NYSE:PBA) is among the biggest midstream companies heading into 2024 with a market cap of $17.7 billion as of November 14, 2023. The energy transportation and midstream company offers services across three primary segments. These segments include pipelines, facilities, and marketing. Pembina Pipeline Corporation (NYSE:PBA) was founded in 1954 in Calgary, Canada.
Market Capitalization as of November 14, 2023: $19.3 Billion
Targa Resources Corp. (NYSE:TRGP) is one of the biggest midstream companies heading into 2024. The company owns and operates domestic midstream infrastructure capabilities across North America. The company offers services to two primary segments including logistics and transportation, and gathering and processing. Targa Resources Corp. (NYSE:TRGP) was founded in 2005 and has a market cap of $19.3 billion as of November 14, 2023.
Market Capitalization as of November 14, 2023: $35.7 Billion
According to our methodology, MPLX LP (NYSE:MPLX) is one of the biggest midstream companies heading into 2024. The midstream company operates through various segments including logistics and storage, gathering and processing of natural gas, and the fractionation and marketing of natural gas liquids. MPLX LP (NYSE:MPLX) is a subsidiary of Marathon Petroleum Corporation and has a market cap of $35.7 billion.
Market Capitalization as of November 14, 2023: $37.3 Billion
With a market cap of $37.3 billion as of November 14, 2023, Kinder Morgan, Inc. (NYSE:KMI) ranks among the biggest midstream companies heading into 2024. The energy infrastructure operates through four primary segments including Natural Gas Pipelines, Products Pipelines, Terminals, and CO2. Kinder Morgan, Inc. (NYSE:KMI) was founded in 1936 in Texas.
Market Capitalization as of November 14, 2023: $38.3 Billion
TC Energy Corporation (NYSE:TRP) is a leading midstream company based in Calgary, Canada. The energy infrastructure company operates through five primary segments including Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, Liquids Pipelines, and Power and Energy Solutions. TC Energy Corporation (NYSE:TRP) was founded in 1951 and has a market cap of $38.3 billion as of November 14, 2023.
Market Capitalization as of November 14, 2023: $38.3 Billion
According to our methodology, ONEOK, Inc. (NYSE:OKE) is one of the biggest midstream companies heading into 2024. The company offers services in gathering, processing, fractionation, storage, transportation, and marketing of natural gas across the United States. ONEOK, Inc. (NYSE:OKE) was founded in 1906 and has a market cap of $38.3 billion as of November 14, 2023.
On September 25, ONEOK, Inc. (NYSE:OKE) reported on its acquisition of Magellan Midstream Partners, L.P. (Magellan) one of the leading midstream companies in North America. The company acquired Magellan for $18.8 billion.
Some of the best midstream stocks to buy according to hedge funds include Cheniere Energy, Inc. (NYSE:LNG), Enbridge Inc. (NYSE:ENB), and The Williams Companies, Inc. (NYSE:WMB).
