24 members, AM to WMB, A to Z by ticker.
Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.
From the latest filings · data as of July 9, 2026.
AM Antero Midstream Corporation
Antero Midstream Partners, which is our wholly owned subsidiary, and MarkWest, a wholly owned subsidiary of MPLX, LP, to develop processing and fractionation assets in Appalachia.
Owner earnings 2019–2024 $527M$645M$568M$779M$774M
Retained capital Paid out $1.9B more than it earned over 2019–2024; annual owner earnings grew $127M.
Balance sheet Heavy net debt, $3.0B · buybacks at an average near $5,482 · dividend paid 5 of 5 yrs, cut at least once
DKL Delek Logistics Partners L.P. Common
Revenue is Gathering and Processing (49%), Wholesale Marketing and Terminalling (41%) and Storage and Transportation (10%).
Owner earnings 2016–2025 $89M$73M$140M$121M$180M$252M$129M$129M$110M$112M
Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $16M, $0.01 per $1 retained.
Balance sheet Heavy net debt, $2.3B
DTM DT Midstream Inc. Common Stock
We provide multiple, integrated natural gas services to customers through our interstate pipelines, intrastate pipelines, storage systems, gathering lateral pipelines and compression and surface facilities, and gathering systems including related treatment plants, and compression and surface facilities.
Owner earnings 2019–2025 $297M$445M$432M$555M$616M$554M$609M
Retained capital Retained $1.2B of earnings over 2019–2025; annual owner earnings grew $202M, $0.17 per $1 retained.
Balance sheet Heavy net debt, $3.3B · dividend paid 5 of 7 yrs, never cut
EPD Enterprise Products Partners L.P.
EPD owns the pipelines, storage, processing plants, and export terminals that move crude oil, natural gas liquids, natural gas, and petrochemicals across North America. It is a master limited partnership built on midstream asset networks, charging fees to gather, process, transport, and store hydrocarbons rather than owning the molecules, so the relevant question is whether its take rides on the volume crossing the system or on the price of the commodity itself. The bulk of the revenue comes from crude-oil and natural-gas-liquids pipelines and services, with other segments behind.
Owner earnings 2016–2025 $2.5B$3.0B$4.3B$4.6B$3.8B$6.8B$6.1B$5.7B$6.1B$6.5B
Retained capital Retained $43.7B of earnings over 2016–2025; annual owner earnings grew $2.8B, $0.06 per $1 retained.
Balance sheet Heavy net debt, $33.4B · buybacks at an average near $28.79
ET Energy Transfer LP Common
Energy Transfer is a midstream energy partnership. It owns a sprawling network of pipelines, treating and processing plants, and storage that gathers, treats, moves, and stores natural gas, natural gas liquids, crude oil, and refined products across much of the United States, and it markets those commodities. Part of the take is a fee for carrying and holding other companies' hydrocarbons — a toll on volume — and part rides on the price of the commodities the partnership itself buys and sells.
Owner earnings 2016–2025 $1.1B$1.9B$4.6B$4.9B$3.7B$8.3B$5.7B$6.4B$7.3B$3.8B
Retained capital Retained $29.9B of earnings over 2016–2025; annual owner earnings grew $3.3B, $0.11 per $1 retained.
Balance sheet Heavy net debt, $67.1B
GEL Genesis Energy
We provide an integrated suite of services to crude oil and natural gas producers, refiners, and industrial and commercial enterprises.
Owner earnings 2016–2025 ($180M)$73M$195M$219M$153M$37M($90M)($99M)($195M)$66M
Retained capital Paid out $608M more than it earned over 2016–2025; annual owner earnings fell $105M.
Balance sheet Heavy net debt, $3.4B · buybacks at an average near $9.08
KGS Kodiak Gas Services
We are a leading provider and operator of large horsepower contract compression infrastructure in the U.S, supporting the critical movement and processing of natural gas across key production regions.
Owner earnings 2021–2025 $90M$45M$47M$68M$284M
Retained capital Paid out $29M more than it earned over 2021–2025; annual owner earnings grew $72M.
Balance sheet Heavy net debt, $2.6B · buybacks at an average near $32.05 · dividend paid 3 of 5 yrs, never cut
KMI Kinder Morgan Inc.
Revenue is Natural Gas Pipelines (72%), Products Pipelines (18%) and CO2 (8%).
Owner earnings 2016–2025 $1.9B$1.4B$2.1B$2.5B$2.8B$4.4B$3.3B$4.2B$3.0B$2.9B
Retained capital Paid out $5.3B more than it earned over 2016–2025; annual owner earnings grew $1.5B.
Balance sheet Heavy net debt, $40.2B · dividend paid 10 of 10 yrs, never cut
KNTK Kinetik Holdings Inc.
A regulated utility, earning a set return on the capital it sinks into its network.
Owner earnings 2017–2025 $0($19M)$35M($79M)$158M$407M$272M$374M$221M
Retained capital Paid out $446M more than it earned over 2017–2025; annual owner earnings grew $284M.
Balance sheet Heavy net debt, $3.8B · dividend paid 4 of 9 yrs, never cut
MPLX MPLX LP Common
We are a diversified, large-cap master limited partnership formed by MPC in 2012 that owns and operates midstream energy infrastructure and logistics assets, and provides fuels distribution services.
Owner earnings 2016–2025 $900M$1.2B$2.2B$2.8B$3.3B$4.4B$4.2B$4.5B$4.9B$4.6B
Retained capital Retained $21.4B of earnings over 2016–2025; annual owner earnings grew $3.2B, $0.15 per $1 retained.
Balance sheet Heavy net debt, $23.9B · buybacks at an average near $34.14
NGG NATIONAL GRID PLC
Revenue is led by New York (38%) and New England (25%), with 4 more segments behind.
Owner earnings 2016–2025 £3.0B£2.8B£3.2B£2.7B£2.7B£2.4B£3.7B£4.4B£4.9B£4.6B
Retained capital Retained £15.7B of earnings over 2016–2025; annual owner earnings grew £1.6B, £0.10 per £1 retained.
Balance sheet Heavy net debt, £38.2B · dividend paid 10 of 10 yrs, cut at least once
NGL NGL ENERGY PARTNERS LP Common
Revenue is Products (76%) and Services (24%).
Owner earnings 2017–2026 ($370M)$4M($118M)($92M)$117M$63M$297M$224M$52M$145M
Retained capital Paid out $1.0B more than it earned over 2017–2026; annual owner earnings grew $301M.
Balance sheet Heavy net debt, $3.3B
OKE ONEOK Inc.
ONEOK runs midstream plumbing for the oil and gas business: a pipeline network spanning tens of thousands of miles that gathers, processes, fractionates, transports, stores, and exports natural gas, natural gas liquids, refined products, and crude oil. It does not drill or sell the molecules; it charges producers, refiners, and shippers fees to move and treat what they pull out of the ground. The customer is the energy industry, and the product is the toll for using the pipes and plants.
Owner earnings 2016–2025 $962M$909M$1.8B$1.5B$1.3B$1.8B$2.3B$3.7B$3.8B$4.1B
Retained capital Retained $38M of earnings over 2016–2025; annual owner earnings grew $2.6B.
Balance sheet Heavy net debt, $31.9B · dividend paid 10 of 10 yrs, never cut
PAA Plains All American Pipeline L.P. Common
Plains All American owns the pipelines, storage tanks, and gathering systems that move crude oil and natural gas liquids from where they come out of the ground to refineries, export docks, and trading hubs. Alongside the assets, it buys and resells barrels, aggregating supply across the network. It is a master limited partnership, and it is paid mainly to move and store other people's oil — a toll collected on volume.
Owner earnings 2016–2025 $219M$2.0B$2.1B$1.9B$776M$1.7B$2.0B$2.3B$2.0B$2.3B
Retained capital Retained $8.1B of earnings over 2016–2025; annual owner earnings grew $788M, $0.10 per $1 retained.
Balance sheet Heavy net debt, $10.9B
PAGP Plains GP Holdings L.P. Class A
A midstream energy business, paid to move and store hydrocarbons under contract.
Owner earnings 2016–2025 $203M$2.0B$2.1B$1.9B$772M$1.7B$1.9B$2.3B$2.0B$2.3B
Retained capital Retained $241M of earnings over 2016–2025; annual owner earnings grew $792M, $3.28 per $1 retained.
Balance sheet Heavy net debt, $10.9B
PBA PEMBINA PIPELINE CORPORATION
Revenue is Marketing & New Ventures (52%), Pipelines (43%) and Facilities (5%).
Owner earnings 2016–2025 C$784MC$1.1BC$1.8BC$2.0BC$1.6BC$2.0BC$2.3BC$2.0BC$2.3BC$2.5B
Retained capital Retained C$5.0B of earnings over 2016–2025; annual owner earnings grew C$1.0B, C$0.20 per C$1 retained.
Balance sheet Meaningful net debt, C$11.0B · dividend paid 5 of 10 yrs, never cut
SMC Summit Midstream Corporation
Summit Midstream Corporation is a value-driven company focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in the continental United States.
Owner earnings 2023–2025 $58M$8M$45M
Retained capital not read
Balance sheet Heavy net debt, $1.0B
SOBO South Bow Corporation
Revenue is Capacity arrangements and transportation (82%), Marketing activities (20%) and Other (6%).
Owner earnings 2023–2025 $732M$388M$539M
Retained capital not read
Balance sheet net position not read (debt under-captured)
TGS Transportadora de Gas del Sur SA TGS
Transportadora de Gas del Sur owns and runs a pipeline network that moves natural gas across southern Argentina, carrying it from the producing basins to the distribution companies and large industrial users that burn it. It earns most of its keep as a regulated carrier, paid a tariff to ship gas it does not own. Alongside that, it takes a cut of the gas stream to strip out and sell natural gas liquids — products such as propane and butane — a separate, commodity-priced trade.
Owner earnings 2015–2024 ARS 206MARS 3.1BARS 5.6BARS 22.1BARS 20.1BARS 65.7BARS 125.3BARS 107.4BARS 280.8BARS 354.5B
Retained capital Retained ARS 757.7B of earnings over 2015–2024; annual owner earnings grew ARS 244.6B, ARS 0.32 per ARS 1 retained.
Balance sheet Modest net debt, ARS 520.1B · dividend paid 5 of 10 yrs, cut at least once
TRGP Targa Resources Inc.
Targa is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America.
Owner earnings 2016–2025 $275M$130M$328M$418M$793M$1.8B$1.0B$1.9B$2.2B$2.4B
Retained capital Retained $4.0B of earnings over 2016–2025; annual owner earnings grew $1.9B, $0.49 per $1 retained.
Balance sheet Heavy net debt, $17.4B
TRP TC Energy Corporation
Revenue is led by U.S. Natural Gas Pipelines (47%) and Canadian Natural Gas Pipelines (38%), with 2 more segments behind.
Owner earnings 2016–2025 C$62M(C$2.2B)(C$2.9B)(C$393M)(C$1.8B)(C$244M)(C$2.6B)(C$5.0B)(C$208M)C$2.1B
Retained capital Retained C$6.2B of earnings over 2016–2025; annual owner earnings grew C$597M, C$0.10 per C$1 retained.
Balance sheet Heavy net debt, C$37.9B · dividend paid 10 of 10 yrs, cut at least once
USAC USA Compression Partners LP Common
We are one of the largest independent providers of natural gas compression services in the U.S. in terms of total compression fleet horsepower.
Owner earnings 2016–2025 $68M($21M)($40M)$129M$184M$220M$126M$33M$136M$277M
Retained capital Paid out $538M more than it earned over 2016–2025; annual owner earnings grew $147M.
Balance sheet Heavy net debt, $2.5B
WES Western Midstream Partners LP Common
To provide superior midstream service, we focus on ensuring the reliability and performance of our systems, creating sustainable cost efficiencies, enhancing our safety culture, and protecting the environment.
Owner earnings 2016–2025 $640M$724M$959M$841M$1.2B$1.5B$1.2B$926M$1.5B$1.5B
Retained capital Paid out $208M more than it earned over 2016–2025; annual owner earnings grew $528M.
Balance sheet Heavy net debt, $7.8B · dividend paid 10 of 10 yrs, cut at least once
WMB Williams Companies Inc. (The)
Williams has operations in 11 supply areas that provide natural gas gathering and processing, transmission and storage services; NGL fractionation, transportation, and storage services; and marketing services to approximately 800 customers.
Owner earnings 2016–2025 $2.1B$1.4B$1.6B$1.6B$2.3B$2.7B$2.6B$3.4B$2.4B$3.6B
Retained capital Paid out $4.3B more than it earned over 2016–2025; annual owner earnings grew $1.4B.
Balance sheet Heavy net debt, $28.6B · dividend paid 10 of 10 yrs, cut at least once
The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.
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