Seaboard Corp /De/ (NYSE: SEB)

Seaboard Corporation is a diversified group of companies that operates worldwide in agricultural, energy and ocean transport businesses. It is primarily engaged in hog production, pork processing and biofuel production in the United States; commodity trading and grain processing in Africa and South America; cargo shipping services in the United States, Caribbean and Central and South America; and electric power generation in the Dominican Republic. Seaboard Corporation also holds a non controlling equity method investment in Butterball LLC a turkey processor.

Seaboard Corporation generates revenue from the sale of pork products and swine derived renewable natural gas along with associated environmental credits and production tax credits. Revenue also comes from the trading and processing of grains and oilseeds, the production of flour and animal based proteins, and the provision of cargo shipping services. Additional revenue is derived from the production and sale of biodiesel, renewable diesel, renewable identification numbers credits, low carbon fuel standard credits and transferable production tax credits. The company earns income from electricity sales to government owned distribution companies in the Dominican Republic and from its equity method investment in Butterball which supplies turkey products to retail, foodservice and industrial customers. Finally Seaboard Corporation earns revenue from sugar and alcohol production at its Argentine facility.

The company operates through the following segments: Pork, CT&M, Marine, Liquid Fuels, Power and Turkey.

• Pork Segment – Seaboard Foods LLC is a vertically integrated pork producer that operates hog production facilities for internal genetic and commercial breeding, farrowing, nursery and finishing and a pork processing plant in Oklahoma. It sells pork products to further processors, foodservice operators, distributors and grocery stores in the United States and internationally with approximately twenty five percent of sales destined for Mexico, Japan, China and other foreign markets. The segment also produces swine derived renewable natural gas from covered anaerobic digester lagoons and biomethane upgrading facilities at certain hog farms in Texas, Oklahoma and Kansas and sells the associated environmental credits and production tax credits to third parties. Seaboard Corporation holds a fifty percent interest in Seaboard Triumph Foods LLC which operates a pork processing plant in Iowa and in Daily’s Premium Meats LLC which produces raw and pre cooked bacon using pork bellies sourced primarily from Seaboard, Triumph and STF at facilities in Utah, Montana and Missouri. These investments are accounted for under the equity method and Seaboard Corporation maintains marketing agreements with STF, Daily’s and Triumph and a margin sharing arrangement with Triumph based on average sales price, standard costs and product mix. Seaboard Corporation and Triumph Foods LLC also own a fifty percent interest in Seaboard de Mexico USA LLC which operates a ham boning and processing plant in Mexico.

• CT&M Segment – Managed under Seaboard Overseas and Trading Group this segment conducts integrated agricultural commodity trading, processing and logistics. It operates trading offices for the sale of grains and oilseeds, milling facilities for processing flour, animal based proteins and other products and a fleet of chartered and owned vessels that transport the majority of commodities it purchases and sells. The segment holds ownership interests in several non consolidated affiliates to support its business strategies. Overall the CT&M segment including its affiliates maintains facilities in twenty six countries primarily located in Africa and South America.

• Marine Segment – Through its subsidiary Seaboard Marine Ltd and third party agents Seaboard provides dry, refrigerated and other cargo shipping services between the United States and twenty seven countries in the Caribbean and Central and South America. Primary commercial operations are based in Miami Florida with strategic operations in The Bahamas and scheduled port calls made at Houston Texas, New Orleans Louisiana, various domestic ports on the East Coast and various foreign ports. A network of offices and agents sells freight services including intermodal transport of import and export cargo by truck or rail to and from various United States and foreign ports. The fleet consists of time chartered and owned vessels including eight new dual fueled vessels primarily powered by liquefied natural gas. The segment also owns or leases dry, refrigerated and specialized containers and related equipment.

• Liquid Fuels Segment – Seaboard Energy LLC produces biodiesel at facilities in Oklahoma and Missouri and renewable diesel at a facility in Kansas. The segment generates environmental credits including renewable identification numbers and low carbon fuel standard credits in accordance with federal and California biofuel programs. Renewable identification numbers credits are earned per gallon of fuel produced while low carbon fuel standard credits are awarded based on carbon reducing initiatives throughout production and the volume of gallons sold in California. These credits are sold to third parties and the segment also creates transferable production tax credits linked to the greenhouse gas emissions factor of the fuel which it intends to market to external buyers.

• Power Segment – Transcontinental Capital Corp Bermuda Ltd operating as TCCB is an independent power producer that generates electricity for the Dominican Republic grid using two barges. The two barges are known as Estrella Del Mar II placed in service in 2012 and Estrella Del Mar III which commenced operations in 2022. In 2025 TCCB agreed to construct a new power generating barge Estrella Del Mar IV expected to start operations in the Dominican Republic in 2028. The newer barges employ gas and steam turbines instead of reciprocating engines and are more energy efficient than Estrella Del Mar II. While Estrella Del Mar II remains active Seaboard continues to evaluate strategic alternatives for that vessel including a possible sale or relocation. This segment does not engage in the transmission or distribution of electricity.

• Turkey Segment – Seaboard Corporation holds a non controlling fifty two point five percent interest in Butterball LLC a leading producer and processor of turkey products. Butterball supplies turkey products to retail stores, foodservice outlets and industrial entities and to a lesser extent exports to foreign markets. Seaboard accounts for this investment under the equity method of accounting.

In the pork business Seaboard Foods ranks among the top producers in the United States with S&P Global placing it third in hog production and fourth in processing capacity when including its joint venture plants. The CT&M segment competes with many global grain traders and local processors but benefits from its integrated trading, milling and logistics network that spans twenty six countries. Marine operations face rivalry based on price, schedule reliability and service quality while the company’s fleet of dual fueled vessels and modern container equipment helps maintain competitive positioning. Liquid Fuels contends with other biofuel makers principally on price but its ability to generate RINs, LCFS credits and production tax credits offers an extra revenue stream. Power generation in the Dominican Republic is subject to a government set price cap and dispatch order favoring lower cost producers yet Seaboard’s newer barges provide higher efficiency that can improve its place in the merit list. The turkey business contends with numerous regional and national brands but leverages Butterball’s strong brand recognition and broad distribution across retail, foodservice and industrial channels.

Seaboard Corporation serves a wide range of customers across its various operations. The pork business sells to further processors, foodservice operators, distributors and grocery stores domestically and abroad. CT&M trades with farmers, grain elevators, wholesale merchants and food manufacturers that require flour, animal based protein and other processed commodities. Marine shipping serves importers and exporters of general cargo, refrigerated goods and specialized equipment moving between the United States and Caribbean and Central and South American ports. Power sales are made to government owned distribution companies that purchase electricity for the Dominican Republic grid. The turkey segment derives sales from retail and foodservice customers although the exact names of its largest buyers are not disclosed. No single customer accounts for ten percent or more of total corporate revenue.