America First Refining announced on March 10, 2026, that it will construct a new oil refinery at the Port of Brownsville, Texas, describing the project as the first new U.S. refinery built in 50 years. The company stated it received a 9-figure investment from a global supermajor in February 2026 and signed a binding 20-year offtake term sheet with the same partner to purchase, process, and distribute American-produced energy exclusively sourced from American shale oil. Groundbreaking is scheduled for the second quarter of 2026.
What it means
The facility is engineered to process approximately 60 million barrels per year of American light shale oil with a 47° API specification, according to the company. America First Refining said the refinery will not depend on imported crude and that the offtake agreement covers commitments for 1.2 billion barrels of U.S. light shale oil, valued at $125 billion, which will yield 50 billion gallons of refined products valued at $175 billion. The company stated the project is projected to improve the U.S. trade imbalance by $300 billion and redirect up to 60 million barrels of U.S. crude annually to domestic refining once operational.
The Port of Brownsville is a federally designated Economic Opportunity Zone. Cantor Fitzgerald serves as the financial advisor to America First Refining. John V. Calce, Chairman and Founder, said, “This project represents a historic step forward for American energy production.” Trey Griggs, President, said, “This is one of the most important energy infrastructure projects in America today.” The company noted that from 2014 to 2024, the U.S. exported nearly 10 billion barrels of crude while importing roughly 28 billion barrels, costing American consumers and workers more than $1.8 trillion.
Key facts
- Location: Port of Brownsville, Texas (federally designated Economic Opportunity Zone)
- Investment: 9-figure amount from a global supermajor; valuation at 10-figure level
- Offtake: Binding 20-year term sheet for 1.2 billion barrels of U.S. light shale oil ($125 billion value)
- Output: 50 billion gallons of refined products ($175 billion value)
- Capacity: ~60 million barrels per year; 100% U.S. light shale oil (47° API)
- Timeline: Groundbreaking scheduled for Q2 2026
- Trade impact: Projected $300 billion improvement to U.S. trade imbalance
- Financial advisor: Cantor Fitzgerald
Source: America First Refining news release (PR Newswire)