Company Commodity Exposure
Energy
Energy & Oilfield Services
ExxonMobil
Integrated oil major — crude oil and natural gas are the primary revenue drivers.
Chevron
Integrated energy — upstream crude, downstream refining, and growing LNG portfolio.
Halliburton
Oilfield services bellwether — leveraged 1.3-1.5x to crude oil price movements.
Airlines
Airlines & Transportation
Mining
Mining & Metals
Freeport-McMoRan
World's largest publicly traded copper miner — ~85% revenue from copper sales.
Newmont Corporation
World's largest gold miner — gold price is the dominant earnings variable.
BHP Group
Diversified mining giant — iron ore, copper, coal, and nickel across global operations.
Rio Tinto
Global mining leader — iron ore dominant with aluminum and copper growth segments.
Cameco Corporation
Pure-play uranium — positioned at the center of the nuclear energy renaissance.
Alcoa Corporation
Pure-play aluminum — bauxite mining through smelting and rolling operations.
Nucor Corporation
Largest U.S. steelmaker — electric arc furnace model with scrap and iron ore inputs.
Agriculture
Agriculture & Fertilizers
Archer-Daniels-Midland
Global ag processing — soybeans, corn, and wheat flow through ADM's trading and crushing operations.
Mosaic Company
Phosphate and potash fertilizer — demand driven by grain prices and planting cycles.
Deere & Company
Farm equipment leader — sales correlate with grain prices and farm income cycles.
Consumer
Consumer & Retail
Starbucks
Arabica coffee is the single largest commodity input — C.O.G.S. pressure with pass-through lag.
Hershey Company
Cocoa and sugar dominate input costs — hedging smooths but doesn't eliminate exposure.
EV / Battery
EV & Battery Supply Chain
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