tollbooth
Chevron is a global energy supermajor operating a high-quality upstream portfolio, the largest U.S. refining system, and a growing LNG export business — returning $75+ billion to shareholders through 2027 while maintaining 37 consecutive years of dividend increases. This analysis is part of Energy Macro’s Tollbooth Royalties research.
tollbooth
Exxon Mobil is the world's largest publicly traded energy company and the dominant integrated oil and gas tollbooth — producing 3.7 million barrels per day, operating the largest U.S. refining fleet, and expanding Permian Basin output while returning record capital to shareholders. This analysis is part of
tollbooth
Energy Transfer operates one of the most diversified midstream networks in North America — 125,000+ miles of pipelines spanning natural gas, NGL, crude, and refined products — with a 7%+ yield that reflects the company's history of aggressive growth and investor skepticism. This analysis is part of Energy Macro’
etf-monitor
First Trust Natural Gas ETF provides focused exposure to natural gas producers and related companies, capturing the structural demand growth from LNG exports, power generation for data centers, and the displacement of coal in electricity generation globally. This analysis is part of Energy Macro’s ETF Monitor research. For our