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Transaction Represents Largest Energy Deal in U.S. History.
BROWNSVILLE, Texas, March 10, 2026 /PRNewswire/ — America First Refining announced a historic milestone in U.S. energy production: the construction of the first new oil refinery built in the United States in 50 years. Made possible through the leadership of President Donald J. Trump and the success of his America First energy agenda, the refinery will be located at the Port of Brownsville, Texas, and will significantly strengthen America’s long-term energy dominance.
See President Trump’s announcement on X here:
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.
“This project represents a historic step forward for American energy production,” said John V. Calce, Chairman and Founder of America First Refining. “For the first time in half a century, the United States will build a new refinery designed specifically for American shale oil. Thanks to President Trump’s leadership and the resurgence of an America First energy policy, we are creating thousands of high-quality jobs while ensuring more of our nation’s energy resources are refined here at home in the cleanest, most efficient refinery on the planet.”
“This is one of the most important energy infrastructure projects in America today,” said Trey Griggs, President of America First Refining. “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.”
“For years, investors believed building a new refinery in the United States was impossible,” said Nick Ayers, a former White House official who served as Assistant to the President and incoming Vice Chairman of America First Refining. “What changed was leadership and policy. President Trump’s America First energy agenda restored the confidence needed to invest in large-scale American energy infrastructure. This project is a bet on American production, American workers, and the long-term strength of our domestic energy economy.”
A Landmark Energy Agreement – the Largest Energy Deal in U.S. History
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
Purpose-Built for American Energy
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.
Biographies of those quoted:
John Calce
John has over two decades of experience in creating, funding, and managing early and development stage companies in various U.S. shale basins. He has supervised and coordinated land transactions totaling more than 200,000 acres in these shale basins and assisted in the investment of more than $2.5 billion of capital. He holds a B.A. in History from Yale University.
Trey Griggs
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.
Nick Ayers
Ayers is the incoming Vice Chairman and an early investor in America First Refining. He previously served as Assistant to the President and Chief of Staff to the Vice President of the United States from 2017 to 2019. Ayers currently serves on the boards of Veeam Software and PSQ Holdings and was a founding director of Jackson Acquisition Company II, a publicly traded special purpose acquisition company. He is an investor and advisor in a number of technology, energy, and growth companies.
Cantor Fitzgerald serves as the financial advisor to the company.
Economic Growth for South Texas
The refinery will be located in the Port of Brownsville, a federally designated Economic Opportunity Zone. The refinery will create thousands of high-quality American jobs, offering above-market wages and long-term economic investment in a historically underserved region.
To learn more about America First Refining, visit: www.AmericaFirstRefining.com
SOURCE America First Refining
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