America First Refining (AFR; www.americafirstrefining.com) announced the construction of the first new oil refinery built in the United States in 50 years. The refinery will be located at the Port of Brownsville, Texas.
In February, America First Refining received a 9-figure investment from a global supermajor at a 10-figure valuation. AFR also signed a binding 20-year offtake term sheet with the same global supermajor that secures commitments to purchase, process and distribute American-produced energy exclusively sourced from American shale oil. The company will officially break ground on the new refinery in Q2 2026.
Trey Griggs, President of America First Refining, said “The United States has a surplus of light shale oil but a shortage of refining capacity designed to process it. By building this refinery at the Port of Brownsville, we’re unlocking a major expansion of American energy production while creating thousands of high-paying jobs and strengthening our domestic supply chain.”
Under the newly signed agreement:
• 1.2 billion barrels of U.S. light shale oil will be purchased and processed — a value of $125 billion
• AFR will produce 50 billion gallons of refined products — a value of $175 billion
• The U.S. trade imbalance will improve by $300 billion
The refinery is specifically engineered to process American light shale oil (47° API), which is cleaner, more efficient, and less costly to process than heavier imported crude. Unlike many existing U.S. refineries that depend on foreign oil, this facility is not dependent on – and does not need – imported crude, which strengthens U.S. national and economic security.
Key advantages of the facility include:
• Capacity to process ~60 million barrels per year of 100% U.S. light shale oil
• Strategic location at a deep-water U.S. port, enabling distribution to domestic and international markets
• Production of some of the cleanest gasoline, diesel and jet fuel refined at scale in the United States
From 2014 to 2024, the United States exported nearly 10 billion barrels of crude while still importing roughly 28 billion barrels, costing American consumers and workers more than $1.8 trillion. Once operational, the AFR refinery will redirect up to 60 million barrels of U.S. crude annually back into domestic refining — strengthening American industry, energy security, and economic growth.
Trey Griggs recently served as President of Calpine Corp, one of the largest independent power producers in North America. Prior to Calpine, Trey was a Managing Director at Goldman Sachs & Co., leading its North American Energy Risk Management activities in New York and its Houston Trading Office. He was previously an attorney at law firms in Houston, TX and Greenville, S.C. Trey holds an MBA from the Wharton School of the University of Pennsylvania, a Juris Doctorate from the University of Houston School of Law, and a Bachelor of Arts degree from Vanderbilt University.
Cantor Fitzgerald serves as the financial advisor to the company.
The refinery will be located in the Port of Brownsville, a federally designated Economic Opportunity Zone.
The AFR website lists press releases from Element Fuels Holdings. In 2024, Element announced plans to build a new refinery in the U.S.