What Stillwater Associates does

Stillwater Associates is a privately held transportation fuels consulting firm headquartered in Irvine, California, founded in 1998 by David Hackett, a former Mobil Supply and Trading executive. The firm provides expert advisory services across Strategy & Economics, Policy, Mergers & Acquisitions, Refinery Optimization, and Testimony & Litigation Support, serving refiners, renewable fuel producers, airlines, logistics companies, energy-sector investors, and public agencies including CARB and the California Energy Commission.

Its core products and technology consist of subscription market intelligence publications, including the LCFS and C&T Newsletters and Carbon Market Outlooks projecting credit prices through 2035, distributed via stillwaterpublications.com. These subscription products complement the firm's primary professional services revenue stream through a recurring-revenue model. The firm's competitive position is built on a deep talent bench of senior associates with 30+ year tenures at major oil corporations (Mobil, ARCO, BP, Chevron) and California regulatory bodies, producing proprietary analysis on California LCFS, federal RFS, Cap-and-Trade, and emerging clean fuel programs.

The business operates a sales-led, quote-based engagement model with a relationship-driven GTM motion. As of 2025, the firm reported a 46% new / 54% returning client mix across its six target segments and expanded its senior associate headcount by four. Geographic coverage has historically concentrated on the U.S. West Coast with recent signals of expansion into broader North America, British Columbia, and South Asia. The firm maintains no disclosed external institutional ownership and operates as a founder-led LLC.

Name

Stillwater Associates

Legal name

Stillwater Associates LLC

Website

https://stillwaterassociates.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

1–10 employees

Short description

Stillwater Associates is a private transportation fuels consulting firm founded in 1998, headquartered in Irvine, California. It provides expert advisory services and subscription market intelligence on LCFS, RFS, and clean fuel policy to refiners, renewable fuel producers, airlines, logistics companies, investors, and public agencies.

Ownership category

akta.pro rank

Product category

Energy Consulting

NAICS

Environmental Consulting Services (541620)

SIC

Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Fuel Pricing, Loyalty & Payments Platforms (POS, Mobile Pay, Fleet Cards, Loyalty Programs) (EUALAIAK)

Keywords

• Transportation fuels consulting
• Fuels market analysis
• Renewable fuels advisory
• Fuel policy consulting
• Refinery optimization consulting

Headquarters

HQ city

Irvine

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Consulting Services: Strategy & Economics, Policy, M&A, and Litigation Support consulting services for clients needing in-depth expert analysis
2. Subscription Publications: Subscription-based market intelligence products including LCFS newsletters, carbon market outlooks, and West Coast supply/demand balance reports

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Stillwater Associates provides transportation fuels consulting services focused on downstream oil markets, delivering expert analysis on strategy & economics, fuel policy, mergers & acquisitions, refinery optimization, and litigation support. The firm supplements its consulting work with subscription-based market intelligence publications covering Low Carbon Fuel Standard (LCFS), Cap-and-Trade (C&T) credit markets, and carbon market outlooks projecting credit prices through 2035.

Product overview

Stillwater Associates offers a consulting services portfolio supplemented by subscription intelligence products. The consulting services include Strategy & Economics, Policy, Mergers & Acquisitions, Testimony & Litigation Support, and Refinery Optimization. The subscription intelligence products consist of the LCFS and C&T Newsletters (providing weekly, monthly, and quarterly analysis on credit markets and policy trends) and Outlook publications (including RFS and Carbon Market Outlooks projecting credit prices through 2035). The firm also publishes analytical reports and white papers on transportation fuels, renewable energy policy, and carbon markets. The company operates as a services-first firm with digital publications as complementary offerings.

Differentiator

Problem solved

Functional benefit

Products and services

• LCFS and C&T Newsletters Subscription publication providing expert analysis on transportation energy policy, supply and demand fundamentals, petroleum and renewable fuels market activity, and the transportation fuels transition for refiners, fuel producers, and policy stakeholders.
• Outlooks Unique, in-depth perspectives on the future of credit markets, including RFS Outlook and Carbon Market Outlooks that project credit prices through 2035 for energy and fuel market participants.
• Strategy & Economics Consulting In-depth, expert analysis guiding client decisions on business strategy, market positioning, and economic planning within the transportation fuels industry, for refiners, renewable fuel producers, airlines, logistics companies, investors, and public agencies.
• Policy Consulting Expert guidance on policy analysis, interpretation, and strategic positioning related to low carbon fuel programs, RFS regulations, and state-level transportation energy policies for fuel market participants and public agencies.
• Mergers & Acquisitions Consulting Due diligence and strategic advisory services for M&A transactions in the transportation fuels and refining sectors, provided to acquirers, sellers, and investors.
• Testimony & Litigation Support Expert witness services and litigation support for disputes involving fuel markets, pricing, regulations, and supply chain matters, provided to legal teams and parties involved in energy-related litigation.
• Refinery Optimization Analysis and consulting to optimize refinery operations, configuration, and economics, leveraging decades of industry experience at major oil corporations, for refining companies and investors.

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators3 records

Recent moves5 records

Expansion highlights5 records

Others

• Kpler: Commodities data and analytics platform providing tracking, flows, and forecasting for refined products, biofuels, and crude. Adjacent to Stillwater's supply/demand analysis products and West Coast balance reports.

Broad incumbents

• Wood Mackenzie: Global energy research and consultancy covering upstream, midstream, and downstream markets including refined products and energy transition. A broad incumbent that competes for downstream fuel advisory engagements.
• S&P Global Commodity Insights: Includes the Platts brand — the leading global commodity price reporting and analytics provider covering refined fuels, biofuels, and carbon markets. A broad incumbent that overlaps directly with Stillwater's pricing and market intelligence work.
• Argus Media: Global commodity price reporting and market intelligence firm with deep coverage of refined products, biofuels, and emissions markets. A broader incumbent offering overlapping fuel market intelligence and price benchmarks.
• ICF International: Management consulting firm with substantial energy and environmental policy expertise, including climate, LCFS-adjacent regulatory work, and transportation decarbonization. Comparable to Stillwater's environmental policy consulting practice.

Direct peers

• Baker & O'Brien: Independent consulting firm specializing in refining, petrochemicals, midstream, and downstream energy with due diligence, litigation support, and strategy engagements. Directly comparable to Stillwater's refinery-focused consulting practice.
• Energy Aspects: Independent energy market research firm providing analysis across oil, refined products, and biofuels. Comparable to Stillwater's market intelligence and advisory offerings, particularly in fuels and emissions markets.
• ESAI Energy: Boutique energy consultancy focused on refined products, biofuels, and refined product markets. Closest comparable to Stillwater in size, downstream fuel focus, and subscription-based market intelligence model.
• Turner, Mason & Co. Engineering and management consulting firm serving the refining industry with optimization, economics, and strategic advisory services. Highly comparable to Stillwater's refinery optimization and strategy consulting practice.
• RBN Energy: Subscription-based energy market intelligence provider focused on North American downstream and midstream markets. Comparable to Stillwater's subscription newsletters and market analysis products in the fuels value chain.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/StillwaterMeg
• LinkedInlinkedin.com/company/stillwater-associates-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Stillwater Associates