tollbooth
Eaton Corporation is the power management tollbooth — manufacturing the electrical components, switchgear, and power distribution systems that every building, data center, and industrial facility needs to connect to and manage electricity from the grid. This analysis is part of Energy Macro’s Tollbooth Royalties research. For our complete infrastructure income
tollbooth
GE Vernova is the newly independent power equipment company spun off from GE, manufacturing the gas turbines, grid solutions, and wind turbines that form the backbone of America's electricity generation — the equipment tollbooth collecting on every new power plant and grid upgrade. This analysis is part of Energy
tollbooth
EMCOR Group is a leading electrical and mechanical contractor specializing in data center construction, grid modernization, and critical infrastructure — benefiting from the dual tailwinds of AI buildout and grid hardening spending. This analysis is part of Energy Macro’s Tollbooth Royalties research. For our complete infrastructure income framework, see The
tollbooth
Quanta Services is the largest electrical infrastructure contractor in North America — the company that physically builds the transmission lines, substations, and grid connections that every other energy tollbooth depends on — making it the picks-and-shovels play on the $2 trillion grid rebuild. This analysis is part of Energy Macro’s Tollbooth
tollbooth
Targa Resources is the fastest-growing midstream company in the Permian Basin, operating NGL gathering, processing, and transportation infrastructure positioned at the epicenter of America's most productive oil and gas region. This analysis is part of Energy Macro’s Tollbooth Royalties research. For our complete infrastructure income framework, see
tollbooth
Cheniere Energy is America's LNG tollbooth — the largest U.S. liquefied natural gas exporter, operating Sabine Pass and Corpus Christi terminals under 20-year take-or-pay contracts that generate cash flow regardless of commodity prices or global demand cycles. This analysis is part of Energy Macro’s Tollbooth Royalties research.
tollbooth
ONEOK is a Midwest and Rocky Mountain NGL pipeline powerhouse that doubled in size with the Magellan Midstream merger — creating a diversified tollbooth spanning natural gas liquids, crude oil, and refined products with 50,000+ miles of pipeline infrastructure. This analysis is part of Energy Macro’s Tollbooth Royalties research.
tollbooth
MPLX is Marathon Petroleum's midstream subsidiary, operating natural gas processing and NGL pipeline infrastructure across the Marcellus and Appalachian basin — a high-yield tollbooth backed by one of the most prolific gas production regions in the world. This analysis is part of Energy Macro’s Tollbooth Royalties research. For
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’
tollbooth
Enterprise Products Partners is the largest midstream MLP in America, operating 50,000+ miles of NGL, crude, and natural gas pipelines with a 26-year track record of distribution increases — the quintessential real asset tollbooth for income-focused investors. This analysis is part of Energy Macro’s Tollbooth Royalties research. For our
tollbooth
Williams Companies operates the Transco pipeline — the nation's largest natural gas pipeline by volume — stretching from the Gulf Coast to New York City, collecting fees on the gas that heats 15% of U.S. homes and powers a growing fleet of data centers along the Eastern Seaboard. This
tollbooth
NRG Energy is a competitive Texas power company and retail electricity provider, operating a fleet of gas-fired generation and serving 7.5 million customers — a consumer-facing tollbooth that profits from both energy production and retail electricity margins in deregulated markets. This analysis is part of Energy Macro’s Tollbooth Royalties