The oil refinery construction industry in the United States plays a crucial role in the energy sector, focusing on building and upgrading facilities that process crude oil into refined products such as gasoline, diesel, and other petrochemicals. Companies involved range from large corporations like Chevron to specialized construction firms and equipment providers, contributing expertise and resources. As demand for cleaner energy increases, the industry is shifting towards more efficient and environmentally friendly construction practices. Innovations in technology and a growing emphasis on safety measures are shaping future projects, ensuring that the sector remains vital in a world transitioning to sustainable energy solutions.


The investors featured in this list comprise a mix of corporate giants, private equity firms, and venture capitalists, all active in oil refinery construction and related sectors. Headquartered in major U.S. cities like Houston and New York, these 18 entities vary in size from small firms to those with over 10,000 employees. Established between 1956 and 1999, they made a notable 544 deals in 2024, reflecting their strategic interest and investment in the evolving landscape of energy production and refining. This collection highlights the concerted efforts and significant activities of key players in the oil industry.


Top 18 Oil Refinery Construction Investors in the US


1. 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 institutional investors and individual clients, helping them navigate complex investment landscapes. The firm operates globally, leveraging its extensive expertise and resources to support its clients' investment needs. Notably, KKR has made significant investments in the oil and gas sector, including the acquisition of a majority stake in the UK's Acteon Group, a subsea services provider, and a 42% stake in Port Arthur LNG Phase 1, which is aimed at enhancing U.S. natural gas exports. Additionally, KKR's acquisition of Wyoming Enhanced Oil Recovery assets further underscores their involvement in the oil industry, making them a relevant player in the context of oil refinery construction.


2. 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 one of the largest energy companies globally, with over 10,000 employees. The company provides a range of products, including transportation fuels, lubricants, and petrochemicals, while also investing in renewable energy solutions and carbon capture technologies. In recent years, Chevron has made significant acquisitions to bolster its position in the oil sector, including the acquisition of Hess Corporation in October 2023 for $53 million, which enhances its operations in Guyana and the Bakken region. Additionally, Chevron acquired PDC Energy in May 2023 for $7.6 billion, further expanding its footprint in the oil market. These transactions reflect Chevron's commitment to the oil sector, despite the industry's evolving landscape. Their customers include businesses and consumers in need of reliable energy solutions, and Chevron operates with a focus on sustainable practices to meet the world's energy demands.


3. 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, dedicated to fostering private sector development in emerging markets. Based in Washington, D.C., the IFC provides investment, advisory, and asset management services to businesses and financial institutions, helping them access capital and expertise to promote economic growth. The IFC operates in over 100 countries, addressing poverty and promoting sustainable development. Among its notable transactions, the IFC has invested in companies such as Citla Energy, which raised $200 million in 2016, and Apex International Energy, which secured $75 million in 2018. These investments highlight the IFC's engagement in the energy sector, which is relevant to oil refinery construction, as it supports companies that may be involved in oil extraction and processing activities.


4. 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's investment strategy focuses on creating strong businesses and delivering lasting value. Notably, Blackstone has engaged in several transactions relevant to the energy sector, such as a $300 million investment in Kosmos Energy Ltd. in 2004, which operates in the oil and gas exploration and production space. Additionally, Blackstone's involvement with Genesis Energy, a company that operates in the midstream oil and gas sector, further highlights its engagement in energy-related investments. These transactions suggest that while Blackstone is not exclusively focused on oil refinery construction, it has a significant presence in the broader energy market, which may include opportunities in oil refinery projects.


5. 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 a prominent investment bank and financial services firm founded in 1986, headquartered in New York, New York. With a workforce exceeding 10,000, the firm provides a wide range of services including wealth management, investment banking, and capital markets. Morgan Stanley Energy Partners, a division of the firm, focuses on investments in the energy sector, which includes oil and gas. Notable transactions include the acquisition of Catalyst Energy Construction, which indicates a direct involvement in energy infrastructure, and a significant equity investment in Presidio Petroleum, aimed at acquiring oil and natural gas properties. These activities highlight Morgan Stanley's strategic interest in the energy sector, particularly in companies that may contribute to oil refinery construction and operations.


6. EMCOR Group, Inc.

  • Website: emcorgroup.com
  • Type: Corporate
  • Headquarters: Norwalk, Connecticut, United States (USA)
  • Founded year: 1994
  • Headcount: 10001+
  • LinkedIn: emcor-group-inc

EMCOR Group, Inc. is a leading construction services company based in Norwalk, Connecticut, specializing in mechanical and electrical construction, industrial services, and energy infrastructure. Founded in 1994, the company operates through a network of over 100 subsidiaries across the United States, serving a diverse clientele that includes businesses and government entities. EMCOR has made significant acquisitions to bolster its presence in the energy sector, including the acquisition of Ardent Services LLC in 2016, which specializes in industrial and refinery electrical and instrumentation services. This acquisition, along with others such as RepconStrickland and Ohmstede, positions EMCOR as a key player in the oil refinery construction industry, enhancing its service offerings and capabilities in energy infrastructure projects.


7. 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. Notable transactions include the acquisition of Navigator Energy Services in 2014, which involved an equity commitment of up to $250 million to support the development of the Big Spring Gateway System for crude oil gathering and transportation in Texas. Additionally, they have invested in companies like Phillips 66 Partners and Acteon Group, further demonstrating their active role in the energy sector, which encompasses oil refinery construction and related activities.


8. 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. Notably, Apollo has made significant investments in the oil and energy sectors, including the acquisition of Express Energy Services, a North American oilfield services company, and Parallel Petroleum Corp., which further solidifies their presence in the energy market. Additionally, their investment in Talos Energy and CSV Midstream Solutions highlights their commitment to the energy sector. These transactions demonstrate Apollo's strategic interest in companies that are involved in the oil and gas industry, making them a relevant player in the oil refinery construction context.


9. 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. They partner with experienced management teams to provide growth capital and strategic support, aiming to create successful oil and gas businesses. Notable transactions include a commitment of $150 million to CP Exploration II, LLC for acquisitions and growth capital, and an equity commitment to Midway Energy Partners, which is focused on an 'acquire and exploit' strategy in the Permian Basin. Although specific investments in oil refinery construction are not detailed, their overall investment strategy and focus on energy development suggest a potential involvement in this area.


10. 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 based in New York, specializing in growth investments across various sectors, including healthcare, technology, and financial services. Founded in 1966, the firm manages over $83 billion in assets and has a diverse portfolio of more than 225 companies worldwide. Notably, Warburg Pincus has made significant investments in the oil and gas sector, including Apex International Energy, which raised $500 million, and Trident Energy, which also secured $500 million in funding. Additionally, they have invested in MEG Energy and Kosmos Energy Ltd., further demonstrating their involvement in the energy landscape. Their commitment to Stronghold Energy II, a newly formed oil and gas exploration and production company, with an equity commitment of up to $150 million, highlights their active role in the energy sector, which is closely related to oil refinery construction.


11. SCF Partners

  • Website: scfpartners.com
  • Type: Private Equity
  • Headquarters: Houston, Texas, United States (USA)
  • Founded year: 1989
  • Headcount: 11-50
  • Number of deals in 2024: 4
  • LinkedIn: scf-partners

SCF Partners is a Houston-based private equity firm founded in 1989, specializing in the energy sector. The firm provides capital and strategic support to entrepreneurs and management teams, helping them build companies that deliver energy services, products, and technology. SCF Partners has been involved in several significant transactions within the energy sector, including the acquisition of Newpark Fluid Systems, a leading provider of oil and gas and geothermal fluids solutions, which enhances efficiency in drilling and completions. Other notable acquisitions include Contract Resources Holdings Ltd. and Taurus Industrial Group, both of which contribute to the energy services landscape. Their partnership in acquiring Shelf Subsea, an oil and gas diving contractor, further illustrates their commitment to expanding their portfolio in the energy sector. With a focus on driving innovation and transformation, SCF Partners is dedicated to creating lasting value in the energy industry.


12. 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 an 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, they have been involved in significant transactions within the energy sector, such as raising funds for Phillips 66 Partners and MPLX LP, both of which are key players in the oil and gas industry. Additionally, their investment in Targa Resources Partners further emphasizes their commitment to energy infrastructure. These transactions highlight Stonepeak's expertise in driving growth and sustainability in sectors that are integral to oil refinery construction and operation.


13. Bowman Consulting

  • Website: bowman.com
  • Type: Corporate
  • Headquarters: Reston, Virginia, United States (USA)
  • Founded year: 1995
  • Headcount: 1001-5000
  • Number of deals in 2024: 8
  • LinkedIn: bowman-consulting

Bowman Consulting Group Ltd. is an engineering and consulting firm based in Reston, Virginia, specializing in a wide range of services including civil/site engineering, transportation engineering, and environmental consulting. Founded in 1995, the firm has grown to employ between 1001 and 5000 professionals and has been actively acquiring other firms to expand its capabilities. Notably, their acquisition of MTX Surveying, a geospatial and project management company, positions them to enhance their services in the energy sector, which is relevant to oil refinery construction. Other acquisitions, such as Project Design Consultants and Dennis Corporation, further bolster their engineering expertise, potentially allowing them to participate in infrastructure projects related to oil refineries. Their client base includes both government agencies and private sector companies, indicating a broad operational scope that could encompass oil refinery projects.


14. Oaktree Capital Management, L.P.


Oaktree Capital Management, L.P. is a prominent asset management firm based in Los Angeles, California, specializing in alternative investment strategies. Founded in 1995, the firm manages a diverse range of investment products, including credit, private equity, real estate, and listed equities, primarily catering to institutional investors and high-net-worth individuals. Oaktree is known for its commitment to delivering superior investment results while effectively managing risk. Notably, Oaktree has made significant investments in the energy sector, including the acquisition of Caerus Oil and Gas in 2009, which highlights its involvement in oil and gas operations. Additionally, Oaktree co-invested in the acquisition of Tapstone Energy, further demonstrating its engagement in the energy market. These transactions reflect Oaktree's capability and interest in sectors related to oil and gas, which could extend to oil refinery construction projects.


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 focus is on infrastructure investments, including pipelines and processing facilities, which are critical components of the energy supply chain. Notable transactions include a $400 million investment in Ironwood II, which is acquiring midstream assets in South Texas, and a $300 million growth equity commitment to Rangeland Energy, totaling $900 million since Rangeland's formation. These investments highlight EnCap Flatrock's commitment to enhancing midstream operations, which indirectly supports oil refinery construction and operations.


16. 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 providing tailored investment solutions to institutional investors, Carlyle has established itself as a key player in various sectors, including energy. Notable transactions in the oil and energy space include a significant investment in Mazarine Energy, which raised $500 million, and a stake in Varo Energy, both of which are involved in oil production and refining. Additionally, their investment in DEE Piping Systems highlights their engagement in infrastructure that supports the oil and gas industry. These transactions reflect Carlyle's strategic interest in the energy sector, particularly in areas that align with oil refinery construction and operations.


17. Advent


Advent International Corporation is a private equity firm founded in 1984 and based in Boston, Massachusetts. The firm specializes in buyouts and investments across various sectors, providing capital and strategic guidance to help companies achieve growth. Advent operates globally, focusing on long-term value creation for its portfolio companies. Notably, Advent has made significant investments in the oil and gas sector, including the acquisition of a 22% stake in Ocensa, Colombia's largest oil pipeline, which highlights their engagement in oil infrastructure. Additionally, they have acquired companies like NCS Multistage and RGL Reservoir Management, further demonstrating their involvement in the energy sector. These transactions reflect Advent's strategic interest in the oil industry, making them a potential player in oil refinery construction.


18. Emerson

  • Website: emerson.com
  • Type: Corporate
  • Headquarters: St. Louis, Missouri, United States (USA)
  • Founded year: 1890
  • Headcount: 10001+
  • Number of deals in 2024: 4
  • LinkedIn: emerson

Emerson Electric Co. is an industrial automation company based in St. Louis, Missouri, founded in 1890. With over 10,000 employees, Emerson provides a wide range of engineering services, industrial automation equipment, and software solutions across various industries, including oil and gas, power generation, and chemicals. In recent years, Emerson has made strategic acquisitions to enhance its capabilities in the oil and gas sector. Notably, the acquisition of Enardo LLC in 2013 allowed Emerson to strengthen its offerings in safety and environmental control equipment specifically for the oil and gas and petrochemical industries. Furthermore, the acquisition of GeoFields, Inc. in 2017, a company specializing in pipeline integrity management, underscores Emerson's commitment to supporting the oil and gas industry. These transactions highlight Emerson's role in enhancing efficiency and safety in operations relevant to oil refinery construction.



Oil Refinery Construction Insights: Key Investors in the US


InvestorHeadquarterSizeFoundedDeals 2024
KkrNew York, New York, United States (USA)1001-5000197674
ChevronHouston, Texas, United States (USA)10001+199916
IFC - International Finance CorporationWashington, D.C., District Of Columbia, United States (USA)1001-50001956107
BlackstoneNew York, New York, United States (USA)1001-5000198557
Morgan StanleyNew York, New York, United States (USA)10001+198679
EMCOR Group, Inc.Norwalk, Connecticut, United States (USA)10001+19940
First ReserveStamford, Connecticut, United States (USA)51-20019830
Apollo Global Management, Inc.New York, New York, United States (USA)1001-5000199046
Post Oak Energy CapitalHouston, Texas, United States (USA)11-5020063
Warburg Pincus LLCNew York, New York, United States (USA)501-1000196624
SCF PartnersHouston, Texas, United States (USA)11-5019894
StonepeakNew York, New York, United States (USA)201-500201116
Bowman ConsultingReston, Virginia, United States (USA)1001-500019958
Oaktree Capital Management, L.P.Los Angeles, California, United States (USA)1001-5000199520
EnCap Flatrock MidstreamSan Antonio, Texas, United States (USA)11-5020080
The Carlyle GroupWashington, D.C., District Of Columbia, United States (USA)1001-5000198725
AdventBoston, Massachusetts, United States (USA)501-1000198417
EmersonSt. Louis, Missouri, United States (USA)10001+18904


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