Pipeline stocks are publicly traded companies that own and operate midstream energy infrastructure. The U.S. has about 3 million miles of pipelines that transport natural gas and liquid fuels to power plants, refineries, businesses, and homes, making them essential to the country’s energy supply.
Pipelines are owned by a mix of oil and gas producers, utilities, and dedicated midstream companies. Midstream operators typically generate fee-based revenue by providing transportation capacity to producers, refiners, and utilities.
Some pipeline companies are structured as master limited partnerships (MLPs), which distribute a large share of cash flow to investors. Although pipeline expansion has faced headwinds from price volatility and environmental concerns, rising energy demand is driving renewed interest in new pipeline capacity.
Seven best pipeline stocks
More than 25 publicly traded midstream companies operate pipelines and related energy infrastructure. That gives investors lots of options. Here's a snapshot of some of the top pipeline stocks:
Market cap (short for capitalization) refers to a company's total value. To calculate market cap, simply multiply the share price by the number of shares. It's one way to evaluate how much a company is worth.
1. Enbridge
NYSE: ENB
Key Data Points
Enbridge (ENB -0.90%) operates the world's longest, most complex crude oil and liquids transportation system, moving 30% of all the oil produced in North America. The Canadian corporation also operates natural gas transmission and distribution pipelines, carrying about 20% of all the gas consumed in the U.S. The company also has a growing renewable energy business, highlighted by offshore wind energy facilities in Europe.
Enbridge has a remarkable growth track record. The Canadian pipeline and utility company delivered its 30th consecutive annual dividend increase in 2025. It should have plenty of power to continue increasing its payout. The company has a top-notch financial profile and a multibillion-dollar backlog of projects under construction and in development.
Enbridge estimates that it will increase its cash flow per share at a 3% annual rate through at least 2026 and by approximately 5% annually thereafter. Although it's a leader in transporting fossil fuels, Enbridge is increasingly investing in cleaner energy sources such as renewables and green hydrogen energy.
2. Enterprise Products Partners
NYSE: EPD
Key Data Points
Enterprise Products Partners (EPD -1.10%) is one of the largest MLPs. The fully integrated midstream energy company operates 50,000 miles of pipelines transporting natural gas liquids (NGLs), crude oil, natural gas, petrochemicals, and refined products. It also has storage, processing, manufacturing, and export facilities.
Like Enbridge, Enterprise Products Partners has an excellent growth track record. The MLP delivered its 27th consecutive year of distribution increases in 2025 and has plenty of fuel to continue growing ($6 billion of organic expansion projects under construction in late 2025). The company boasts the highest credit rating in the midstream space. This gives it the financial flexibility to continue expanding through acquisitions and completing expansion projects.
3. MPLX
NYSE: MPLX
Key Data Points
NYSE: KMI
Key Data Points
Kinder Morgan (KMI +0.98%) is one of the biggest natural gas pipeline companies in the U.S. The pipeline corporation operates the largest natural gas transmission network, comprising 66,000 miles of pipelines that transport approximately 40% of the country's gas volume.
Kinder Morgan is also the largest independent terminal operator and transporter of refined petroleum products in North America, as well as the leader in transporting carbon dioxide.
The company benefits from surging demand for natural gas. It has secured about $9.3 billion in natural gas pipeline and other expansion projects it expects to complete by mid-2030. Those projects will grow Kinder Morgan's cash flow, giving it more fuel to pay dividends. It delivered its eighth straight annual dividend increase in 2025.
5. Williams Companies
NYSE: WMB
Key Data Points
6. Energy Transfer
NYSE: ET
Key Data Points
Energy Transfer (ET -0.43%) is a diversified MLP with large-scale crude oil, natural gas, NGL, and refined product pipeline operations. It owns and operates more than 130,000 miles of pipelines in the U.S. It also owns stakes in two other MLPs: fuel distributor Sunoco LP (SUN -2.52%) and natural gas compression services company USA Compression Partners (USAC +0.23%).
Energy Transfer has made several acquisitions over the years to expand and diversify its operations, including buying Lotus Midstream (2023), Crestwood Equity Partners (2023), and WTG Midstream (2024).
The company also spends billions of dollars each year on expansion projects. It had several projects in the backlog, including the $2.7 billion Hugh Brinson Pipeline (late 2026 in-service date for Phase I) and $5.3 billion Desert Southwest expansion of the Transwestern Pipeline System (late 2029 expected completion date). It has a strong balance sheet, giving it the flexibility to continue investing in expansion projects, making acquisitions, and increasing its distribution.
7. ONEOK
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