tollbooth
Teck Resources is a late-cycle copper tollbooth positioned to capture outsized gains from North American grid modernization and AI data center buildouts, with 6.7 billion pounds of proven copper reserves and a newly commissioned QB2 project adding 320,000 tonnes of annual production just as structural demand accelerates. This
tollbooth
Southern Copper operates the world's largest copper reserves in Peru and Mexico, with 70+ million tonnes of copper in the ground — a multi-generational tollbooth on the electrification megatrend with the lowest cost structure and longest reserve life among major copper producers. This analysis is part of Energy Macro’
tollbooth
Freeport-McMoRan is the world's largest publicly traded copper producer, operating the Grasberg mine in Indonesia — the world's largest copper and gold deposit — making it the dominant tollbooth on the metal most essential to grid electrification, data centers, and the energy transition. This analysis is part of
tollbooth
Centrus Energy is the only U.S.-owned uranium enrichment company and the sole domestic producer of HALEU fuel required for next-generation nuclear reactors — a strategic monopoly tollbooth as America races to rebuild its nuclear fuel supply chain independent of Russia. This analysis is part of Energy Macro’s Tollbooth
tollbooth
NexGen Energy is developing the Rook I project in Canada's Athabasca Basin — the highest-grade undeveloped uranium deposit on Earth — offering transformative upside if the project reaches production in a market facing a structural uranium supply deficit. This analysis is part of Energy Macro’s Tollbooth Royalties research. For
tollbooth
Denison Mines is a uranium exploration and development company in Canada's Athabasca Basin, advancing the Wheeler River project — one of the world's largest undeveloped high-grade uranium deposits — offering leveraged upside to uranium prices for investors willing to accept development-stage risk. This analysis is part of Energy
tollbooth
Uranium Energy Corp is America's largest pure-play uranium producer, operating low-cost in-situ recovery (ISR) mines in Texas and Wyoming — positioned as the domestic supply solution as the U.S. seeks to reduce dependence on Russian and Kazakh nuclear fuel. This analysis is part of Energy Macro’s Tollbooth
tollbooth
EOG Resources is the most capital-efficient U.S. shale producer, known for finding and developing premium drilling inventory that generates industry-leading returns on capital — the operator's operator in the Permian, Eagle Ford, and Utica basins. This analysis is part of Energy Macro’s Tollbooth Royalties research. For our
tollbooth
ConocoPhillips is the world's largest independent E&P company, operating the lowest-cost upstream portfolio among major producers — a pure-play oil and gas tollbooth with a $35/barrel breakeven and a disciplined returns framework that prioritizes shareholder distributions over production growth. This analysis is part of Energy Macro’
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. For
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
Hubbell Incorporated manufactures the nuts-and-bolts electrical products that physically connect America's power grid — utility poles, connectors, arresters, and T&D hardware — a small but essential tollbooth on every mile of transmission and distribution line being built or upgraded. This analysis is part of Energy Macro’s Tollbooth