ExxonMobil (NYSE: XOM) and Kinder Morgan (NYSE: KMI) are among the largest oil and gas companies in the U.S. Yet both companies operate in different parts of the industry, and that makes a huge difference in how they make money. While one is directly exposed to commodity prices, the other is insulated from oil and gas price fluctuations to a large extent. So which stock is a better buy today -- ExxonMobil or Kinder Morgan? Let's find out.

Lee Samaha (ExxonMobil): While Kinder Morgan is an attractive buy in its own right, I think ExxonMobil is a better buy. It gives you more exposure to energy prices, and that's no bad thing right now. 

Energy-infrastructure company Kinder Morgan has most of its contracts on a "take or pay" basis, meaning that customers have pre-agreed to take a certain amount of supply from Kinder Morgan or pay a penalty fee. As such, you could argue that it has relatively less exposure to oil & gas prices and more to the long-term volume demand for gas in North America. 

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Source Fool.com