Top 15 Oil & Gas Midstream Stocks, Ranked by Marvin Scores
Marvin's rules rank 15 midstream companies by Overall score within their industry. Dorian LPG, ONEOK and Cheniere Energy Partners lead the list as of 2026-10-26. Each pick has strengths and a caution.
Oil and gas midstream companies move, store and process oil, natural gas and related products between where they are produced and where they are used. This list shows the 15 midstream stocks that score highest under Marvin's rules, starting with Dorian LPG, ONEOK and Cheniere Energy Partners.
Midstream businesses often have steady margins, but many also carry a lot of debt. When you read the picks, look at profit margins, free cash flow and debt together instead of relying on one number.
Some figures are missing for certain companies, and the blurbs say so. A high score describes how a company compares with others in its industry today. It is not a prediction or a recommendation.
The list
How Marvin ranked these stocks
Marvin included companies above a minimum size cutoff and ranked them by Marvin scores, with the highest Overall score first. The scores are relative to each company's own industry, so every stock here is compared only with other Oil & Gas Midstream companies. The data is as of 2026-10-26.
Companies above about $300 million in size, ranked by Marvin scores (0-100, relative to each company's own industry). The Oil & Gas Midstream industry, highest Overall score first.
The stocks, one by one
Dorian LPG Ltd. LPG
Dorian LPG has the top Overall score, 97, helped by a quality score of 93. Operating margin of 57.6% is high, return on equity is 26.0%, and debt-to-equity of 0.52 is moderate. Caution: free cash flow margin is not available.
ONEOK, Inc. OKE
ONEOK scores 93 overall, with revenue growth of 55.0% last fiscal year and return on equity of 15.9%. Operating margin of 15.5% is thinner than many peers here, and debt-to-equity of 1.44 is on the higher side, which is the main caution.
Cheniere Energy Partners, L.P. CQP
Cheniere Energy Partners has a quality score of 96 and an Overall score of 90. Revenue growth was 23.6%, and operating margin of 33.6% and free cash flow margin of 24.2% point to solid profitability. Caution: debt and return figures are not available, so leverage is unclear.
Excelerate Energy, Inc. EE
Excelerate Energy posted revenue growth of 44.3% and operating margin of 21.8%, with debt-to-equity of 0.54 suggesting modest borrowing. Its quality score of 73 trails the leaders. Caution: free cash flow margin and return on equity are not available.
DT Midstream, Inc. DTM
DT Midstream has an operating margin of 49.6% and free cash flow margin of 36.6%, strong cash generation for this group. Debt-to-equity is 0.71. Caution: its opportunity score of 52 is well below its quality score of 83, and return on equity is only 9.8%.
MPLX Lp MPLX
MPLX has a quality score of 86, with operating margin of 36.1% and free cash flow margin of 25.2%, suggesting steady profitability. Revenue growth was a modest 8.9%. Caution: debt-to-equity and return on equity are not available, so borrowing levels cannot be judged.
Western Midstream Partners, LP WES
Western Midstream Partners has a high quality score of 89, with operating margin of 41.0% and free cash flow margin of 33.1%. Revenue growth was modest at 6.6%. Caution: its opportunity score is just 46, and debt figures are not available.
Hess Midstream LP HESM
Hess Midstream stands out for margins: operating margin of 62.1% and free cash flow margin of 51.9% are the highest in this group. Revenue growth was modest at 8.4%. Caution: debt and return on equity figures are not available.
Venture Global, Inc. VG
Venture Global grew revenue by 176.9% and has an operating margin of 37.6%, but its quality score is only 29. Caution: free cash flow margin was -41.2%, so it spent more cash than it generated, and debt-to-equity of 4.99 is high.
Cheniere Energy, Inc. LNG
Cheniere Energy has an operating margin of 29.9% and return on equity of 47.1%, with revenue growth of 27.2%. Its free cash flow margin is 13.0%. Caution: debt-to-equity of 4.29 is high, which adds financial risk.
Kinetik Holdings Inc. KNTK
Kinetik Holdings had revenue growth of 19.0% and an opportunity score of 75, but margins are modest, with operating margin of 10.5% and free cash flow margin of 8.3%. Caution: its quality score is 53, and debt data are not available.
Global Partners LP GLP
Global Partners has very thin margins: operating margin of 1.5%, free cash flow margin of 0.9% and gross margin of 5.6%. Revenue growth was 8.1%. Caution: thin margins leave little room for error, and return and debt figures are not available.
Kinder Morgan, Inc. KMI
Kinder Morgan has an operating margin of 29.0% and free cash flow margin of 17.6%, with debt-to-equity of 1.02 that looks moderate. Revenue growth was 12.2%. Caution: its opportunity score is only 36 and return on equity is 11.0%.
Antero Midstream Corporation AM
Antero Midstream has a high operating margin of 52.8% and return on equity of 20.5%, but revenue growth was slow at 7.4%. Caution: debt-to-equity of 1.86 is on the high side, its opportunity score is 26, and free cash flow margin is not available.
Plains All American Pipeline, L.P. PAA
Plains All American Pipeline ranks last here, with an Overall score of 49. Revenue growth was -9.5%, a decline, and operating margin is just 3.1%. Caution: sales shrank and margins are thin, and debt and return figures are not available.
Common questions
What does an oil and gas midstream company do?
Midstream companies handle the middle of the energy supply chain. They transport, store and process oil, natural gas and related products between producers and the customers who use them.
Why does debt matter when looking at midstream stocks?
Midstream businesses often need large, long-lived assets, and many borrow to pay for them. The debt-to-equity ratio shows how much a company relies on borrowing compared with its owners' money. Higher debt can add risk when conditions change.
Does a high Marvin score mean a stock is a good investment?
No. Marvin's scores only describe how a company compares with other companies in its industry today. They are not predictions or advice, so check margins, debt and your own goals before drawing conclusions.
Keep reading
- Top 20 Oil and Gas Stocks Ranked by Marvin Scores
- Top 15 Energy Stocks With the Strongest Businesses
- Top 15 Energy Stocks Right Now, Ranked by Marvin Scores
- Top 15 Energy Stocks by Marvin's Opportunity Score
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Marvin's scores (0-100) compare each company with others in its industry today. Growth and margin figures come from SEC filings. This is general information, not personal investment advice or a recommendation to buy or sell anything. Do your own research.