How 10 US Energy Infrastructure Giants Are Shaping North America's Future

The United States operates the world’s most extensive pipeline network—a staggering 1.38 million miles of steel infrastructure that dwarfs any other nation’s capacity by more than eight times. This sprawling system serves as the circulatory system for North American energy, moving crude oil, natural gas, and hydrocarbons from extraction sites through processing facilities to consumers and export terminals. What makes this infrastructure particularly attractive for investors is the predictable business model: pipeline operators earn steady revenues by moving volumes of products, and they typically convert much of that income into cash distributions.

Why Pipeline Companies Thrive: The Business Model Advantage

The economics of midstream energy infrastructure are compelling. Unlike commodity producers, pipeline companies generate revenue through volume-based fees rather than price fluctuations. This insulates them from volatile energy markets. Combined with relatively stable cash flows and substantial distribution yields, these companies represent an intriguing option for income-focused investors seeking market-competitive returns.

The industry structure divides into three layers: upstream producers (extracting resources), downstream processors (refining and converting), and midstream operators (the connective tissue). Midstream companies handle transportation, storage, processing, and export operations—often collecting fees at multiple stages as a single barrel moves through their integrated networks.

The Hierarchy: 10 Largest Pipeline Operators by Scale

Enbridge: North America’s Infrastructure Heavyweight

Operating across the US and Canada, Enbridge controls the world’s most sophisticated crude transportation system. In 2019, the company was expected to move 25% of all North American crude and 63% of Canadian exports destined for US refineries. Its natural gas division transports roughly 18% of all gas consumed in the US. Beyond hydrocarbons, Enbridge has built a renewable energy portfolio spanning North America and Europe. The strategic acquisition of Spectra Energy in 2017 catapulted the company to market leadership. With CA$16 billion in active construction projects and annual capital spending reaching CA$5-6 billion post-2020, sustained growth appears assured. The dividend should benefit from this steady reinvestment cycle.

Energy Transfer: Diversification at Scale

This master limited partnership (MLP) operates a fully integrated network spanning more than 86,000 miles across the US, handling natural gas, crude, NGLs, and refined products. Unlike commodity-exposed businesses, Energy Transfer’s fee-based model creates revenue visibility—the company captures tolls as products move from wellhead to consumer. The MLP retains roughly 50% of cash flow for expansion while distributing the remainder to investors. Its evolution from natural gas-focused operator to diversified midstream platform demonstrates how strategic acquisitions and organic projects build competitive moats.

Enterprise Products Partners: The NGL Specialist

Enterprise dominates the natural gas liquids (NGL) infrastructure segment, generating 50% of earnings from NGL-related services and another 13% from petrochemical operations that consume these products. Its integrated network routes individual energy molecules through five to seven company assets en route to end users, allowing it to extract fees at each stage. The industry faces a $50+ billion infrastructure investment requirement through 2035 for NGL-related projects—a tailwind for growth-oriented midstream companies like Enterprise.

TC Energy: Canada’s Cross-Border Gas Operator

Formerly TransCanada, TC Energy transports 25% of North American gas volumes across Canada, the US, and Mexico. Its Keystone Pipeline System moves 20% of Western Canadian crude to US refineries. The company’s 2016 acquisition of Columbia Pipeline Group shifted the earnings center of gravity toward US operations. With CA$30 billion in secured expansion projects through 2023 plus CA$20 billion more under development, the cash flow runway extends years into the future.

Kinder Morgan: The Gas Infrastructure Titan

Operating the largest gas pipeline system in North America, Kinder Morgan transports 40% of all US gas consumption. The company also leads in refined product transportation and holds significant crude and NGL shipping capacity. Gas infrastructure represents the largest earnings driver (61% forecast). The strategic focus on Texas and Louisiana—where Permian Basin growth and LNG export capacity expansion drive demand—positions Kinder Morgan for $2-3 billion in annual project additions. The INGAA Foundation estimates North America needs $23 billion annually in new gas infrastructure through 2035, supporting long-term dividend growth.

Williams Companies: The Transco Advantage

Williams handles 30% of US gas volumes, anchored by the Transco system—the largest interstate gas pipeline by volume. Transco capacity nearly doubled from 8.5 BCF/d in 2009 to 16.7 BCF/d in 2018, heading toward 18.9 BCF/d by 2022. The company’s gathering business in the Marcellus and Utica shale regions targets 10-15% compound annual growth, requiring continued expansion investment. This vertical integration between supply aggregation and demand delivery supports 5-7% annual earnings growth potential.

MPLX: From Subsidiary to Independent Operator

Born as Marathon Petroleum’s midstream subsidiary, MPLX has evolved into a self-sustaining entity through organic investment and third-party deals. The company now offers “wellhead to water” solutions to non-affiliated producers, transporting production through integrated networks to Gulf Coast export facilities. Heavy Permian Basin investment should continue supporting distribution increases.

ONEOK: The NGL Processing Expert

ONEOK derives 60% of earnings from NGL infrastructure, with systems connecting natural gas plants to separation facilities. The company gained recognition for solving a critical Bakken problem: capturing gas that producers had been flaring due to infrastructure gaps. By building gathering and processing capacity, ONEOK reduced flaring from 35% in 2014 to 15% by 2019 while production nearly tripled. With CA$6+ billion in 2019 construction projects across North Dakota and Oklahoma, earnings growth should support dividend expansion.

Pembina Pipeline: Western Canada’s Integrated Network

Pembina moves bitumen, conventional crude, NGLs, and natural gas through Western Canadian systems. As the largest third-party gas processor in the region and leading NGL fractionation operator, it captures value from liquids-rich shale plays like Montney and Duvernay. CA$5.5 billion in active projects plus CA$10 billion in development (including an Oregon LNG export project) provide multi-year visibility. Monthly dividend payments distinguish Pembina among peers.

Plains All American Pipeline: The Crude Oil Specialist

Plains operates the largest crude network spanning Western Canada to the US Gulf Coast with meaningful Permian positioning. Long-term, fee-based contracts provide cash flow stability for distribution support. The INGAA Foundation estimates $321 billion in oil infrastructure investment through 2035, with substantial capital flowing to Permian expansion—precisely where Plains has entrenched assets.

The Strategic Pattern: Niches Drive National Scale

The most valuable pipeline companies didn’t achieve dominance through random asset acquisition. Instead, they built integrated systems serving specific market niches, then leveraged that scale into diversification. Enbridge in crude and gas, Kinder Morgan in gas distribution, Enterprise in NGLs, Plains in crude—each focused first, expanded second. This disciplined approach generated the cash flows and competitive advantages enabling many to deliver market-outperforming returns while maintaining recession-resistant business models built into the fabric of North American energy infrastructure.