Oil Storage Stocks To Watch As Keyera And ONEOK Gain Relevance

Washington’s surprise move to take a 35% stake in Venezuela’s NABEP giant has quietly turned long term oil access into a geopolitical chess match, and storage infrastructure suddenly sits closer to the action than many investors realise. If U.S. policymakers gain cheaper, more flexible crude flows, the value of who stores and moves that oil could change. This article unpacks how that story touches three individual stocks.

The stocks covered below are only a small sample of this theme, and the full screen surfaced 18 more companies with equally compelling stories around large scale oil storage and petroleum infrastructure exposure. To see the wider field and identify which operators fit your own risk and income targets, head straight to the Energy Storage & Strategic Petroleum Infrastructure Operators screener.

Keyera (TSX:KEY)

Keyera is a Calgary based midstream company that gathers and processes natural gas and runs a large liquids infrastructure network of underground NGL storage caverns, above ground tanks, pipelines, and rail and truck terminals. This ties directly into the energy storage and strategic petroleum infrastructure theme. In 2025 it generated about CA$6.0b from its Marketing segment, CA$1.0b from Liquids Infrastructure and CA$776 million from Gathering & Processing, with small inter segment eliminations. The stock has a market cap of roughly CA$17.2b, putting it firmly in the larger, publicly visible operator bracket that this screener is built around.

Investors looking at long term energy storage and logistics exposure may find Keyera worth closer attention. The company has been knitting together gathering plants, NGL caverns and the KAPS pipeline into a more integrated system with long term contracts that aim to steady cash flows, while recent results show solid realized margins in its Gathering & Processing and Liquids Infrastructure segments. At the same time, Keyera carries meaningful debt, thinner profit margins and a dividend that leans on future cash flow growth, so execution on acquisitions and capital projects is particularly important from here. The full picture, including how those risks balance against contracted volumes and analyst expectations, is where the story becomes more detailed.

Keyera’s integrated caverns, tanks and pipelines may be masking a more nuanced relationship between payout ambition and leverage. Get the full context in the Keyera financial health report

ONEOK (OKE)

ONEOK is a large US$60.4b midstream company that gathers, processes, stores, transports, and exports natural gas, natural gas liquids and refined products, which naturally links it to the energy storage and terminal infrastructure theme. It generated US$19.5b from Refined Products and Crude, US$16.1b from Natural Gas Liquids, and US$7.5b from Natural Gas Gathering and Processing, with smaller contributions from Natural Gas Pipelines and other items. All of this revenue currently comes from the United States.

Investors looking at how energy security and storage may evolve after Washington’s Venezuela move may want ONEOK on their radar. The company controls a wide network of pipelines, terminals, storage and a growing Gulf Coast export position, and it has been active in deals like the Brazos Midland acquisition that aim to increase volumes and free cash flow. At the same time, high debt, dividend coverage that leans on future cash generation, and sensitivity to commodity spreads mean the story is not risk free. The key question is whether the scale of the system and management’s recent execution outweigh those balance sheet and earnings quality concerns over the next few years.

ONEOK’s extensive US operations and storage network may be obscuring a more focused story about cash generation, leverage and dividends that many investors are only partially recognizing. Get the fuller picture in the analysis report for ONEOK

South Bow (TSX:SOBO)

South Bow is an energy infrastructure company that connects Western Canada’s oil sands to major U.S. refining hubs, which naturally links it to the energy storage and petroleum logistics theme through its crude marketing, storage and terminal services. Most of its revenue currently comes from the Keystone Pipeline System at about $1.6b, with $371 million from Marketing and $22 million from Intra Alberta & Other, and the stock has a market cap of roughly $10.8b. For investors, South Bow is essentially a large, publicly visible crude transport and storage operator with meaningful exposure to cross border flows.

Investors watching the Pentagon’s Venezuela move may find South Bow worth attention because its Keystone and Alberta pipelines help move and store the kind of heavy crude that competes with those barrels into the U.S. Midwest and Gulf Coast. South Bow leans on long term, contracted pipeline cash flows and has secured multi decade commitments for projects like Prairie Connector, which supports visibility on earnings and dividends. However, those same projects depend on permitting certainty and disciplined capital allocation. Combined with a high dividend, a debt funded balance sheet and ongoing remediation work on Keystone, the key question for you is whether the stability of contracted volumes and the project backlog compensates for the financial leverage and execution risk that come with this infrastructure story.

South Bow’s contracted pipeline cash flows and heavy crude exposure may be masking a bigger story about risk and reward. See how the project pipeline, leverage and earnings picture really fit together in the analysis report for South Bow

Seeking Alternatives Before Others Catch On

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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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