Natural Gas (SMR feedstock for hydrogen)

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.

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.

TC Energy Corporation (Calgary, Alberta; TSX/NYSE: TRP) is one of the largest operators of underground natural gas storage in the northeastern US through its Columbia Gas Transmission subsidiary. Columbia Gas Transmission operates approximately 30 underground storage fields in West Virginia, Ohio, Pennsylvania, Virginia, and Kentucky — the largest concentration of UGS fields by count in the US. These fields have combined working gas capacity of approximately 600 Bcf, serving the Northeast and Mid-Atlantic markets. TC Energy's storage is primarily in depleted gas reservoir fields in the Appalachian Basin. The Columbia storage system plays a critical role in winter peak supply for the most densely populated region of the US. In addition, TC Energy's Canadian Mainline pipeline system includes storage fields in Ontario (Dawn Hub — the most liquid natural gas trading hub in Canada).

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.

Major U.S. oil and gas producer (NYSE: EOG); one of the largest independent Permian Basin operators producing significant associated natural gas alongside crude oil. Permian Basin accounts for ~17% of U.S. natural gas production (up from 5.8% in 2011). Associated gas from Permian oil production is a critical and growing feedstock for Gulf Coast refinery SMR units — and also a major source of U.S. natural gas flaring when pipeline capacity is constrained.