We deliver independent, defensible valuations for refineries, terminals, pipelines, biofuels, and other energy infrastructure.
Our engagements are led by Accredited Senior Appraisers (ASA) and all reports are prepared in strict compliance with the Uniform Standards of Professional Appraisal Practice (USPAP), ensuring accuracy, credibility, and adherence to the highest professional and regulatory standards.
Valuation Methodologies & Capabilities
Our analyses leverage industry-proven approaches, including:
- Income Approach – Discounted Cash Flow (DCF) and capitalization rate analyses
- Market Approach – Precedent transactions and trading multiples
- Cost Approach – Replacement/reproduction cost analyses and depreciation schedules
- Specialized Metrics – $/EDC, $/complexity-bbl, $/bbl of shell capacity, $ of replacement cost new
We integrate proprietary market forecasts (crude, refined products, biodiesel, renewable diesel, SAF, RINs, LCFS) to develop valuation sensitivity cases aligned with management projections.
Comprehensive Services
- Develop detailed plant/site inventories: land, improvements, tanks, piping, M&E, and parcel ownership
- Produce income valuations for fee-simple terminals, leased storage, and going concerns
- Quantify physical, functional, and economic obsolescence, including stranded-asset impacts
- Provided annual valuation and negotiation services for a PADD 5 refinery for ad valorem tax purposes
- Incorporate regulatory, permitting, and highest-and-best-use considerations
- Adjust for environmental liabilities and remediation reserves
- Allocate value across land, real property, personal property, and intangibles for filings
- Run sensitivity analyses on crude slates, crack spreads, and throughput
- Provide appeal, litigation, and expert witness support: reports, exhibits, deposition, testimony
- Advise on tax planning strategies, including abatements, exemptions, and capital project timing
Deliverables include IAAO/USPAP-compliant reports, asset schedules, exhibits, sensitivity tables, and executive summaries tailored for tax authorities, courts, and management teams.
Representative Engagements
- Provided valuation appeal support for a Texas refinery involved in an ad valorem tax dispute with the county.
- Engaged by municipal authority to determine the valuation of a refinery for property tax purposes in a litigation dispute between the town and previous refinery owners.
- Provided expert witness on a PADD 3 refinery for ad valorem tax purposes.
- Provided annual valuation and negotiation services for a PADD 5 refinery for ad valorem tax purposes.
- Provided appraisal and expert witness services for large Rockies gas gathering and treating system for ad valorem tax purposes.
- Valuation of Alaskan refinery for ad valorem tax purposes
