Chevron And 2 Other Top Pipeline Stocks

Fresh from Trump’s early 2025 rollback of U.S. fuel economy standards, the policy spotlight has swung back toward traditional energy. That pulls more attention to the pipes, storage and terminals that keep oil and gas moving. If capital keeps chasing AI data centers and tech stories, midstream pipeline operators may be the underfollowed cash generators. This article walks through three stocks from that group that merit a closer look.

The stocks covered below are only a sample of what this policy shift touches, with the full screen surfacing 77 more midstream operators with equally compelling stories that are not unpacked in this article. If you want to go straight to the data and identify your own high conviction pipeline plays, head into the US Midstream Oil and Gas Pipeline Operators screener.

Chevron (CVX)

Overview: Chevron is an integrated energy company that explores for, produces, transports, refines, stores, and markets oil, gas, LNG, and related products worldwide.

Operations: Chevron generates about US$55.1b from International Upstream, US$52.6b from United States Upstream, US$78.8b from International Downstream, and US$82.5b from United States Downstream operations.

Market Cap: US$400.9b

Chevron matters in this midstream focused screen because its pipeline, storage, and marine transport network sits directly in the flow of any policy driven ramp in U.S. oil and gas volumes.

"The push to "unleash American energy" also amplifies demand for midstream services as upstream production ramps up, particularly in regions like Alaska and offshore areas reopened for drilling."

What happens to Chevron’s long run cash generation if a single key assumption about how efficiently those assets are run breaks?

If that efficiency question is on your mind, read the full narrative for Chevron to see how Chevron’s midstream engine could accelerate or stall under shifting policy and volume assumptions.

Enbridge (TSX:ENB)

Overview: Enbridge operates large crude oil and natural gas pipeline networks across Canada and the U.S., plus regulated gas utilities and renewable power assets.

Operations: Enbridge generates about CA$63.6b from Liquids Pipelines, CA$11.2b from Gas Distribution and Storage, CA$6.8b from Gas Transmission, and CA$634m from Renewable Power Generation.

Market Cap: CA$147.6b

Enbridge matters for this midstream screen because its liquids and gas pipelines are built for exactly the kind of throughput the 2025 permitting push is trying to free up.

"Early investment in decarbonization initiatives, such as hydrogen, renewable natural gas, and storage, and the ability to secure blue-chip customers like Meta, Amazon, and AT&T for long-term contracts diversifies and grows revenue streams, supporting both EBITDA and net margin expansion."

What happens to those margins if a single assumption about how much new pipe can be funded on a stretched balance sheet breaks.

When that funding assumption cracks, the full narrative for Enbridge shows how Enbridge’s throughput, contract mix, and capital plan could be quietly decoupling from headline pipeline worries.

Cenovus Energy (TSX:CVE)

Overview: Cenovus Energy is an integrated oil and gas producer and refiner whose Alberta and British Columbia pipeline networks feed refineries and storage hubs.

Operations: Cenovus generates about CA$31.5b from Oil Sands, CA$3.0b from Conventional, CA$1.7b from Offshore, and CA$27.5b from Canadian and U.S. refining, with most revenue sourced from Canada and the United States.

Market Cap: CA$81.1b

Cenovus Energy gives this midstream focused screen a different flavor, because its gathering systems and terminals are tightly linked to its own upstream production, creating a direct line between policy supported pipeline build out and how efficiently its oil sands barrels reach end markets.

"The push to "unleash American energy" also amplifies demand for midstream services as upstream production ramps up, particularly in regions like Alaska and offshore areas reopened for drilling. 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."

For Cenovus, a single assumption about how much midstream capacity its balance sheet can comfortably support could quietly reshape that throughput story.

That funding question is the real hinge, and the full narrative for Cenovus Energy shows whether Cenovus Energy’s midstream build out is quietly accelerating or at risk of stalling.

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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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