• Capstone completed due diligence around a prospective investment in a complex crude oil refinery located in the western United States.


  • We examined the regulatory risks and opportunities posed by federal and state-level policies and regulations, including California’s cap-and-trade program; the federal Renewable Fuel Standard (RFS); California’s low carbon fuel standard (LCFS); the International Maritime Organization’s (IMO) low sulfur fuel standard; and regulatory obstacles around building out pipeline capacity in Canada.
  • We spoke with over 40 regulatory, industry, and environmental stakeholders at the U.S. state and federal level as well as with industry and environmental stakeholders in Canada.


  • We concluded that the regulatory risks were manageable over the near- to medium-term, but that in the long-term increased costs of environmental policies and regulations were likely to reduce demand for the Target’s product relative to zero- or lower-carbon alternatives.
- Capstone LLC -

Washington DC

-Capstone Research Limited-