The petroleum refining industry in the US transforms crude oil into vital products such as gasoline, diesel, and jet fuel. This sector is composed of major corporations, independent refiners, and specialized firms, each enhancing energy supply chains and creating fuels essential for transportation and industrial operations. With growing concerns over climate change, companies are actively investing in cleaner technologies and alternative energy solutions, ultimately leading to a significant shift toward sustainable practices. Innovations in refining processes are being adopted, and discussions surrounding energy transition are shaping future investments, making this industry a dynamic and evolving sector.


The investor space surrounding petroleum refining hosts a mixture of corporate giants, private equity firms, and venture capitalists. Key players such as Chevron, Morgan Stanley, and KKR operate from hubs like Houston and New York, representing a collective wealth of experience since at least the 1980s. In 2024, the 17 top investors made noteworthy deals ranging from substantial equity investments to strategic acquisitions, showcasing their commitment to expanding in this crucial sector. With varying investment sizes and strategies, these firms reflect the dynamic nature and ongoing evolution of the petroleum market.


Top 17 Petroleum Refining Investors in the US


1. Chevron

  • Website: chevron.com
  • Type: Corporate
  • Headquarters: Houston, Texas, United States (USA)
  • Founded year: 1999
  • Headcount: 10001+
  • Number of deals in 2024: 16
  • LinkedIn: chevron

Chevron Corporation is an energy company based in Houston, Texas, specializing in oil and natural gas exploration, production, and distribution. Founded in 1999, Chevron has grown to become a major player in the energy sector, with over 10,000 employees and a commitment to sustainable practices. The company provides a range of products, including transportation fuels, lubricants, and petrochemicals. Chevron's strategic acquisitions have significantly bolstered its position in the petroleum refining industry. Notable transactions include the acquisition of Texaco in 2000, which expanded its refining capabilities, and the acquisition of Unocal Corporation in 2005, enhancing its operational footprint. More recently, Chevron announced its acquisition of Hess Corporation in October 2023, further solidifying its presence in key oil-producing regions. Additionally, the acquisition of Puma Energy Australia in 2019 for approximately $291 million highlights Chevron's ongoing investment in refining and distribution capabilities. While Chevron is also investing in renewable energy solutions, its extensive involvement in the petroleum sector underscores its relevance as a petroleum refining investor.


2. IFC - International Finance Corporation

  • Website: ifc.org
  • Type: Venture Capital
  • Headquarters: Washington, D.C., District Of Columbia, United States (USA)
  • Founded year: 1956
  • Headcount: 1001-5000
  • Number of deals in 2024: 107
  • LinkedIn: ifclinkedin

The International Finance Corporation (IFC) is a not-for-profit organization established in 1956, headquartered in Washington, D.C. It focuses on private sector development in emerging markets by providing investment, advisory, and asset management services to businesses and financial institutions. The IFC aims to foster economic growth and address poverty through sustainable development. In recent years, the IFC has been involved in several notable transactions within the petroleum refining context, including a $210 million debt financing for Eni in May 2024, which highlights its commitment to supporting major players in the oil and gas sector. Additionally, the IFC participated in a $200 million private equity round for Citla Energy in April 2016, further emphasizing its role in financing companies that operate within the petroleum industry. These transactions illustrate the IFC's active engagement in the petroleum refining sector, making it a relevant investor in this field.


3. Kkr

  • Website: kkr.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1976
  • Headcount: 1001-5000
  • Number of deals in 2024: 74
  • LinkedIn: kkr

KKR & Co. Inc. is a prominent investment firm based in New York, specializing in private equity, credit, infrastructure, and real estate. Founded in 1976, KKR has built a reputation for providing asset management solutions to both institutional investors and individual clients. The firm operates globally, leveraging its extensive expertise to navigate complex investment landscapes. Notably, KKR has made several key investments in the petroleum sector, including the acquisition of Wyoming Enhanced Oil Recovery assets in 2015, a significant commitment of C$250 million to Westbrick Energy in 2012, and a 42% stake in Port Arthur LNG in 2023, which is poised to enhance U.S. natural gas exports. Furthermore, KKR's partnership with Spur Energy Partners LLC to acquire Permian Northwest Shelf assets highlights their strategic focus on the oil and gas industry, reinforcing their role as a significant player in the petroleum refining context.


4. Morgan Stanley

  • Website: morganstanley.com
  • Type: Venture Capital
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1986
  • Headcount: 10001+
  • Number of deals in 2024: 79
  • LinkedIn: morgan-stanley

Morgan Stanley is an investment bank and financial services firm founded in 1986, headquartered in New York, New York. The firm offers a wide range of services including wealth management, investment banking, and capital markets. With a global presence and a workforce of over 10,000 employees, Morgan Stanley leverages its expertise to provide tailored financial solutions to individuals, families, corporations, and governments. In the context of the petroleum refining industry, Morgan Stanley has been actively involved through its subsidiary, Morgan Stanley Energy Partners. Notable transactions include a significant debt raise for Sasol, a major player in the energy sector, and a majority equity investment in Presidio Petroleum, which focuses on oil and natural gas properties in the western Anadarko Basin. Additionally, Morgan Stanley's acquisition of Catalyst Energy Construction highlights its strategic investments in companies that support the energy infrastructure. These activities underscore Morgan Stanley's role as a key investor in the petroleum refining and energy sectors.


5. Goldman Sachs

  • Website: goldmansachs.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1998
  • Headcount: 10001+
  • Number of deals in 2024: 59
  • LinkedIn: goldman-sachs

Goldman Sachs is a prominent investment bank and financial services firm based in New York, New York, founded in 1998. It provides a wide range of services including investment banking, asset management, and wealth management, catering to a diverse clientele that includes corporations, financial institutions, and individuals. In 2024 alone, Goldman Sachs was involved in 59 investments, showcasing its active role in the financial markets. Among its notable transactions, Goldman Sachs facilitated Sasol's $2.97 billion post-IPO debt raise in April 2023, a company heavily involved in the petroleum and chemical industries. Additionally, their investment in Swan Energy, which raised $398 million in post-IPO equity in February 2024, and their financing of OEG Offshore Ltd with $138 million in debt financing in October 2023, further highlight their engagement in the energy sector, including petroleum refining. These transactions reflect Goldman Sachs' strategic interest in companies that operate within or adjacent to the petroleum refining industry.


6. Warburg Pincus LLC

  • Website: warburgpincus.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1966
  • Headcount: 501-1000
  • Number of deals in 2024: 24
  • LinkedIn: warburg-pincus

Warburg Pincus LLC is a leading global private equity firm specializing in growth investments, founded in 1966 and based in New York, New York. With over $83 billion in assets under management, the firm partners with management teams across various sectors, including healthcare, technology, and financial services. Notably, Warburg Pincus has made significant investments in the energy sector, particularly in companies involved in oil and gas. Their relevant transactions include a $44.2 million investment in MEG Energy, a Canadian oil sands company, and a $300 million investment in Kosmos Energy Ltd., which focuses on oil exploration and production. Additionally, they invested $500 million in Apex International Energy, a company engaged in oil and gas exploration, and $600 million in Zenith Energy Management, which operates in the energy sector. Their investment in Trident Energy, amounting to $500 million, further underscores their commitment to the energy industry, making them a notable player in the petroleum refining context.


7. Blackstone

  • Website: blackstone.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1985
  • Headcount: 1001-5000
  • Number of deals in 2024: 57
  • LinkedIn: blackstonegroup

Blackstone Inc. is a leading investment management firm based in New York, specializing in alternative investments. Founded in 1985, the firm has built a diverse portfolio that includes private equity, real estate, and credit solutions for both institutional and individual investors. Blackstone focuses on creating strong businesses and delivering lasting value through its extensive investment strategies. Notably, Blackstone has been involved in significant transactions within the energy sector, including investments in Genesis Energy, which operates in the oil and gas sector, and Tallgrass Energy, a company engaged in the transportation and storage of petroleum products. These transactions highlight Blackstone's active role in the energy market, particularly in areas that intersect with petroleum refining.


8. Post Oak Energy Capital


Post Oak Energy Capital is a private equity firm based in Houston, Texas, founded in 2006. The firm specializes in investments within the energy sector, particularly focusing on upstream, midstream, and oilfield services. Post Oak Energy Capital partners with experienced management teams to provide growth capital and strategic support, aiming to create successful oil and gas businesses. Their investment strategy emphasizes developing a diversified portfolio of middle-market energy investments. Notable transactions include their involvement with LINN Energy and Chaparral Energy, both of which raised funds through private equity rounds. Additionally, they acquired Sandridge Energy, further demonstrating their active role in the energy sector. Recently, they secured an equity commitment for Midway Energy Partners, which is focused on opportunities in the Permian Basin, indicating their ongoing engagement in the energy market.


9. First Reserve


First Reserve is an investment firm founded in 1983, based in Stamford, Connecticut, specializing in private equity and real asset strategies within the energy sector. With over 40 years of experience, First Reserve partners with management teams to drive growth and enhance value in energy, utility, and industrial markets. Notably, they have made significant investments in the petroleum refining context, including the acquisition of TPC Group for $850 million in 2012, which is involved in the production of petrochemicals derived from petroleum. Additionally, they participated in the post-IPO equity of Phillips 66 Partners, a company that operates in the midstream sector, further solidifying their involvement in the petroleum industry. Their strategic focus on energy solutions positions them as a key player in the petroleum refining landscape.


10. Stonepeak

  • Website: stonepeak.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 2011
  • Headcount: 201-500
  • Number of deals in 2024: 16
  • LinkedIn: stonepeak-partners

Stonepeak is a private equity investment firm based in New York, specializing in infrastructure and real estate investments. Founded in 2011, the firm manages assets on behalf of large institutions, including pension funds and endowments. Stonepeak focuses on creating value through strategic investments in critical infrastructure that supports daily life. Notably, Stonepeak has been involved in significant transactions within the petroleum refining context, including investments in Phillips 66 Partners, Targa Resources Partners, and MPLX LP, all of which are key players in the petroleum and midstream sectors. Additionally, their recent commitment to Clean Energy Fuels Corp for renewable natural gas production highlights their broader interest in energy infrastructure, further solidifying their role in the energy investment landscape.


11. Apollo Global Management, Inc.

  • Website: apollo.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1990
  • Headcount: 1001-5000
  • Number of deals in 2024: 46
  • LinkedIn: apollo-global-management-inc

Apollo Global Management, Inc. is an asset management firm based in New York, specializing in alternative assets and retirement solutions. Founded in 1990, the firm manages a diverse portfolio across credit, private equity, and real assets, catering to institutional investors, corporations, and individual clients. Among its notable transactions in the petroleum sector, Apollo acquired Parallel Petroleum Corp. for approximately $483 million in 2009, which included cash for shares and the assumption of debt, marking a significant investment in petroleum refining. Additionally, Apollo has been involved with Talos Energy, raising funds in 2012, further indicating its engagement in the energy sector. More recently, Apollo-managed funds acquired a majority interest in Freedom CNG, focusing on compressed natural gas and renewable natural gas fueling infrastructure, showcasing their ongoing commitment to energy-related investments.


12. Advent


Advent International Corporation is a private equity firm founded in 1984, based in Boston, Massachusetts. The firm specializes in buyouts and investments across various sectors, providing capital and strategic guidance to help companies achieve growth and navigate market challenges. Advent operates globally, focusing on long-term value creation for its portfolio companies. Notably, Advent has been involved in significant transactions within the petroleum sector, including the acquisition of a 22% stake in Ocensa, Colombia's largest oil pipeline, from Talisman Energy, Total, and CEPSA in 2013. This investment highlights Advent's strategic interest in the oil and gas infrastructure, which is integral to the petroleum refining industry. Additionally, their diverse investment portfolio showcases their capability to partner with companies across different sectors, further emphasizing their role as a versatile investor.


13. The Carlyle Group

  • Website: carlyle.com
  • Type: Private Equity
  • Headquarters: Washington, D.C., District Of Columbia, United States (USA)
  • Founded year: 1987
  • Headcount: 1001-5000
  • Number of deals in 2024: 25
  • LinkedIn: the-carlyle-group

The Carlyle Group Inc. is a prominent investment management firm founded in 1987, specializing in private equity, real assets, and private credit. With a global presence and a focus on delivering tailored investment solutions to institutional investors, Carlyle has established itself as a leader in alternative asset classes. Among its notable transactions, Carlyle has invested in Varo Energy, a company involved in the refining and distribution of petroleum products, and SemGroup, which operates in the energy sector, including oil and gas transportation and storage. Additionally, their investment in Mazarine Energy, which is engaged in oil exploration and production, highlights their commitment to the petroleum industry. Carlyle's acquisition of Ecovyst, a company that provides services to the refining sector, further demonstrates their strategic interest in the petroleum refining landscape.


14. Riverstone Holdings


Riverstone Holdings LLC is a private equity investment management firm based in New York, specializing in energy, power, and infrastructure sectors. Founded in 2000, the firm partners with institutional investors to provide tailored investment strategies aimed at capitalizing on market opportunities and managing risks associated with energy transitions. Riverstone has a global reach and leverages its expertise to deliver strong returns for its clients. Notable transactions include their investment in Talos Energy, which raised funds for oil and gas exploration, and their acquisition of International-Matex Tank Terminals (IMTT) for $2.685 billion, a company that plays a crucial role in the storage and handling of petroleum products. Additionally, Riverstone co-led a $600 million equity investment in Admiral Permian Resources, focusing on oil and gas properties in the Permian Basin, further solidifying their involvement in the petroleum sector. Their financing activities with Blackbuck Resources also highlight their commitment to supporting growth in the energy industry, particularly in regions significant for oil production.


15. EnCap Flatrock Midstream


EnCap Flatrock Midstream is a private equity firm based in San Antonio, Texas, founded in 2008. The firm specializes in the midstream energy sector, providing growth capital and operational support to midstream management teams. Their investment strategy focuses on infrastructure projects, including pipelines and processing facilities, which are essential for the transportation and storage of oil and gas products. EnCap Flatrock has made significant investments in companies like Rangeland Energy, committing a total of $900 million since 2009, and has also invested in Edgewater Midstream, providing a $400 million commitment to build pipelines for crude oil and refined products. These transactions highlight their active role in the petroleum refining context, as they support the infrastructure necessary for refining operations.


16. EIV Capital, LLC

  • Website: eivcapital.com
  • Type: Private Equity
  • Headquarters: Houston, Texas, United States (USA)
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: eiv-capital-management

EIV Capital, LLC is a private equity investment firm based in Houston, Texas, founded in 2009. The firm specializes in growth equity investments within the energy sector, partnering with businesses that focus on sustainable energy solutions. EIV Capital provides capital and strategic support to enhance the operations and market presence of its clients, which primarily include energy companies and entrepreneurs. Notable transactions include investments in Canes Midstream, which is involved in acquiring and operating midstream assets, and Penrose Midstream Partners, indicating their engagement in the energy supply chain relevant to petroleum refining. Other investments, such as those in ARM Energy and Intensity Midstream, further demonstrate their active role in the energy sector, making them a significant player in the broader context of petroleum refining.


17. Honeywell

  • Website: honeywell.com
  • Type: Corporate
  • Headquarters: Charlotte, North Carolina, United States (USA)
  • Founded year: 2017
  • Headcount: 10001+
  • Number of deals in 2024: 7
  • LinkedIn: honeywell

Honeywell International Inc. is a technology company based in Charlotte, North Carolina, that provides innovative solutions across various sectors, including aerospace, building automation, and energy. Founded in 2017, Honeywell has grown to become a significant player in the market, with over 10,000 employees and a focus on enhancing operational efficiency and sustainability through advanced technologies. In the context of petroleum refining, Honeywell has made several strategic acquisitions that bolster its position in the industry. Notably, the acquisition of UOP Russell LLC in 2012 for $525 million has strengthened Honeywell's capabilities in refining technologies. Additionally, the acquisition of Ortloff Engineers, Ltd. in 2018 has allowed Honeywell to expand its expertise in natural gas processing and sulfur recovery. Most recently, Honeywell announced its acquisition of Sundyne in 2025, which aims to enhance its offerings in refining and renewable fuels. These transactions highlight Honeywell's commitment to the petroleum refining sector and its role as a significant investor in this industry.



Petroleum Refining Insights: Key Investors in the US


InvestorHeadquarterSizeFoundedDeals 2024
ChevronHouston, Texas, United States (USA)10001+199916
IFC - International Finance CorporationWashington, D.C., District Of Columbia, United States (USA)1001-50001956107
KkrNew York, New York, United States (USA)1001-5000197674
Morgan StanleyNew York, New York, United States (USA)10001+198679
Goldman SachsNew York, New York, United States (USA)10001+199859
Warburg Pincus LLCNew York, New York, United States (USA)501-1000196624
BlackstoneNew York, New York, United States (USA)1001-5000198557
Post Oak Energy CapitalHouston, Texas, United States (USA)11-5020063
First ReserveStamford, Connecticut, United States (USA)51-20019830
StonepeakNew York, New York, United States (USA)201-500201116
Apollo Global Management, Inc.New York, New York, United States (USA)1001-5000199046
AdventBoston, Massachusetts, United States (USA)501-1000198417
The Carlyle GroupWashington, D.C., District Of Columbia, United States (USA)1001-5000198725
Riverstone HoldingsNew York, New York, United States (USA)201-50020000
EnCap Flatrock MidstreamSan Antonio, Texas, United States (USA)11-5020080
EIV Capital, LLCHouston, Texas, United States (USA)11-5020091
HoneywellCharlotte, North Carolina, United States (USA)10001+20177


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