ONEOK Plus 2 Top Pipeline Stocks To Watch

Oil prices have surged again as conflict risks around the Strait of Hormuz threaten key shipping routes and raise concerns about supply disruptions. That sort of stress test puts a spotlight on the companies that move fuel, not just the ones that find it. If you want exposure to this theme without trying to guess the next oil price swing, this article walks through three midstream pipeline operators to study.

The three midstream stocks in this article are just a sample set, while the full screen uncovered 19 more US pipeline operators with equally compelling stories that are not covered below. If you want to go straight to the source and size up the broader opportunity, use the US Midstream Oil and Gas Pipeline Operators screener to identify, compare, and analyze potential high-conviction ideas across the midstream space.

ONEOK (OKE)

Overview: ONEOK operates an integrated midstream network that gathers, processes, transports, stores, and exports natural gas, natural gas liquids, refined products, and crude across key U.S. basins.

Operations: ONEOK generates about US$45.3b in revenue, led by US$19.5b from Refined Products and Crude and US$16.1b from Natural Gas Liquids, entirely from the United States.

Market Cap: US$55.5b

ONEOK matters in this screener because its natural gas liquids pipelines, storage facilities, and export terminals sit directly in the path of any policy driven push to move more U.S. hydrocarbons to global buyers.

"Growing exposure to export markets through the Texas City LPG export joint venture, which is being built for 200,000 barrels per day of capacity and is already 80% contracted with long term customers, is expected to increase export related fee income and support earnings and cash flow as volumes ramp."

What happens if one unseen pressure on that export buildout quietly shifts the balance between stronger cash generation and tighter financial headroom.

That quiet pressure point is exactly what the full narrative for ONEOK unpacks, showing how export momentum, capital intensity, and balance sheet resilience could be decoupling beneath the surface.

Marathon Petroleum (MPC)

Overview: Marathon Petroleum runs a large US refining business paired with a significant pipeline and terminal network that moves crude, fuels, and natural gas liquids tied directly to midstream demand.

Operations: Marathon Petroleum generates about US$144.6b from Refining & Marketing and US$11.7b from Midstream, almost entirely from the United States.

Market Cap: US$124.2b

Marathon Petroleum matters to this pipeline focused screen because its midstream arm MPLX connects refineries to the infrastructure buildout that faster permitting and a national energy push are intended to accelerate.

"Expansion and acceleration of natural gas and NGL midstream projects at MPLX, including increased 2026 growth capex to US$2.9b and additional processing and fractionation capacity tied to LNG, power and industrial demand, are positioned to support mid single digit EBITDA growth and distribution growth that are already visible in projected cash flows and earnings."

The open question is how any shift in that midstream build plan could affect future refining margins and cash returns that investors may be considering.

That is where the full full narrative for Marathon Petroleum lays out how accelerating midstream build decisions, payout ambitions and refinery economics could still be quietly pulling in different directions.

Chevron (CVX)

Overview: Chevron is an integrated energy group that produces, transports, stores, refines, and markets oil, gas, LNG, fuels, and petrochemicals worldwide.

Operations: Chevron generates about US$55.1b from International Upstream, US$52.6b from US Upstream, US$82.5b from US Downstream, and US$78.8b from International Downstream, with smaller items and intersegment eliminations.

Market Cap: US$402.4b

Chevron matters in this midstream focused screen because its owned pipelines, storage hubs, and LNG links plug directly into policy driven pushes to move more US and global barrels and molecules to export terminals faster.

"Pipelines and storage facilities will be critical to moving larger volumes of oil and gas efficiently, especially with the renewed emphasis on LNG exports to meet global demand."

What happens to Chevron’s midstream cash generation and overall profitability if a single key assumption about future project approvals quietly shifts?

If that assumption is wrong or delayed, the full narrative for Chevron shows how Chevron’s midstream approvals, capital plans, and export leverage could be quietly accelerating in the background.

Seeking Alternatives Before The Crowd?

Fresh opportunities move quickly. Strong themes pick up momentum, weaker ideas get dropped, and the best entry points often pass quietly under the radar for a time. Consider these approaches:

• Target companies where quality and value still align by scanning a curated 27 high quality undervalued stocks before the crowd focuses on the same balance sheet strength and cash flow support.
• Spot income opportunities early by reviewing a focused 8 dividend fortresses while yields remain compelling and share prices have not fully reflected those payouts.
• Track potential infrastructure developments by using a refined 43 power grid technology and infrastructure stocks while market attention is still fragmented and pricing remains in your favor.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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