Kinder Morgan is the largest energy infrastructure company in North America. We own an interest in or operate approximately 80,000 miles of pipelines and 180 terminals. Our pipelines transport natural gas, refined petroleum products, crude oil, carbon dioxide (CO2) and more. We also store or handle a variety of products and materials at our terminals such as gasoline, jet fuel, ethanol, coal, petroleum coke and steel.
The revolutionary shale plays across the United States are creating a tremendous need for more energy infrastructure, which bodes well for us. We invest billions of dollars each year to grow the company by building new and expanding existing assets to help ensure that a variety of energy products get delivered into the marketplace. As of mid-October 2014, Kinder Morgan had $17.9 billion in expansion and joint venture investments in our backlog which have a high certainty of completion and will drive future growth at the company across all of our business segments.
In most of our businesses we operate like a giant toll road and receive a fee for our services, generally avoiding commodity price risk. For example, over 82 percent of our cash flows are fee-based and 94 percent are fee-based or hedged for 2014. Our customers include major oil companies, energy producers and shippers, local distribution companies and businesses across many industries.
Kinder Morgan is committed to being a good corporate citizen and conducting ourselves in an ethical and responsible manner. We spend hundreds of millions of dollars each year on integrity management and maintenance programs to operate our assets safely and to protect the public, our employees, contractors and the environment. Operationally, we continue to perform better than our industry peers relative to environmental, health and safety measures.
Kinder Morgan is the largest midstream and the third largest energy company in North America with an enterprise value of more than $125 billion.