Natural Gas (Pipeline-Grade)

One of the largest energy infrastructure companies in North America; holds natural gas and NGL storage assets including salt cavern storage. Kinder Morgan's Products Pipelines segment operates refined products and NGL pipelines with associated storage. Also a leading operator of liquefied natural gas (LNG) facilities and CO2 pipelines for enhanced oil recovery. Less dominant in LPG salt cavern storage specifically vs. Enterprise/Energy Transfer/ONEOK, but holds meaningful storage capacity.

Largest pure-play natural gas producer in the US, formed October 2024 from the merger of Chesapeake Energy and Southwestern Energy. Produces ~57 Bcf/d (~15.5% of US supply), primarily from Appalachian (Marcellus/Utica) and Haynesville basins. No ticker yet as of April 2026; shares trade under new entity.

Williams Companies, Inc. (Tulsa, Oklahoma; NYSE: WMB) is the operator of the Transco pipeline — the largest US natural gas pipeline by volume, running approximately 1,800 miles from the Gulf Coast through Virginia and the Carolinas to New York City. Williams handles approximately 30% of all US natural gas consumed daily across its network. The Transco system alone carries roughly 15% of total US natural gas consumption and supplies approximately 30% of East Coast natural gas demand. Williams also operates Gulfstream Natural Gas System (Florida) and Northwest Pipeline (Pacific Northwest). Total operated pipeline: ~33,000 miles. 2023 revenues approximately $10.2 billion.

Major US midstream partnership; holds NGL and LPG salt cavern storage at Mont Belvieu (Lone Star NGL/Energy Transfer). Also operates Mariner East pipeline system connecting Appalachian NGLs to Marcus Hook PA export terminal. Marcus Hook exports ~20% of US propane, requiring coordinated storage drawdown from Mont Belvieu caverns. Diverse midstream footprint: natural gas, crude oil (Dakota Access), NGLs, and refined products.

EQT Corporation (Pittsburgh, PA; NYSE: EQT) is the largest US natural gas producer by volume and operates significant underground gas storage assets in West Virginia and Pennsylvania. EQT's storage is integrated with its Appalachian Basin production — depleted reservoir fields that serve as both production infrastructure and seasonal storage. EQT's storage fields in West Virginia (including storage along the Equitrans Midstream system, now an EQT subsidiary after the 2024 Equitrans acquisition for ~$5.5 billion) give EQT direct control over Appalachian gathering, compression, and storage. Equitrans Midstream operated the Mountain Valley Pipeline (MVP, ~303 miles from West Virginia to Virginia, completed June 2024) and associated gathering systems that include storage infrastructure. EQT's storage capacity is approximately 45 Bcf of working gas across its storage fields.

Pure-play Appalachian natural gas E&P. Produces ~1.5 Bcf/d from Marcellus and Utica shales. Revenue ~$1.7B (2024). ~85% of reserves are natural gas. Operates entirely in PA/WV/OH Appalachian core. Among the most constrained producers by Appalachian pipeline takeaway limits.

Mid-major E&P formed from 2021 merger of Cabot Oil & Gas and Cimarex Energy. Produces ~2 Bcf/d natural gas from Marcellus/Utica and Permian Basin. Revenue ~$5.3B (2024). ~85% of production is natural gas. Restarting Marcellus drilling 2025 as prices recover.