Meridian Energy Group is a private, venture-capital-backed company based in North Dakota that constructs and operates fuel refineries. It is notable for its “environmental and social and governance” directives.

Background

Meridian Energy Group is a private venture capital-backed company founded in 2012 in Belfield, North Dakota that specializes in the operation of natural fuel refineries. Since its founding, the company has raised a total of $36.3 million in funding, and, according to PitchBook, as of January 2023, the company’s latest deal amounted to $18.7 million. ^{1 2}

As of January 2023, the Meridian Energy Group is focused on development of the “Davis Refinery,” an operation located on approximately 150 acres “with additional acreage for buffer” in Billings County, east of the Fryburg Rail Facility in the municipality of Belfield, North Dakota in the Bakken region of the state. According to the company’s website, the new refinery would have a production capacity of up to 49,500 barrels per day, amounting to roughly 800 million gallons per year. ³

As of January 2023, the company’s website stated that it also had “started siting and pre-permit design work” for refineries prospectively located in the Permian region of West Texas and near the “crude oil collection and marketing hub” of Cushing, Oklahoma. The company stated it “will seek to have” up to 350,000 barrels per day of processing capacity in the next five to ten years. ⁴

Environmental, Social, and Governance

Meridian Energy Group touts its environmental, social, and governance (ESG) directive in its public facing materials, including on the company’s website. ⁵ The company claims that it developed its ESG directive out of “enlightened self-interest” and “in response to the philosophical orientation of its team” and specifically not “because of government dictates or to fulfill the terms of government subsidies or funding.” ⁶

The company provides its ESG directive via website copies of its “ESG Cover Letter,” which outlines the company’s ESG interest and outlook; its “Charter Of The Environmental, Social, And Governance Steering  Committee,” a document which serves as the organizational basis of the company’s devoted ESG committee; and its “Environmental and Social Management Plan,” which lays out at length the company’s ESG plan, featuring sections on standards for independent reviews, addressing grievances, engaging with stakeholders, and reporting on environmental findings. ^{7 8 9 10}

People

William C. Prentice is the chairman of Meridian Energy Group’s Board of Directors as well as its CEO. Previously, Prentice worked in an engineering capacity with the Fluor Corporation, and in a management capacity with firms including Askew, Kabala & Co., Competisys, Mesquite Lake, Western Power Group, Inc. and Ultrasystems, Inc. ¹¹

Paul Coppola is a member of the company’s board as well as its president and CIO. Previously, Coppola served as a lieutenant in the United States Army; worked as an investment banking analyst, energy equity researcher, and energy specialist at Morgan Stanley; worked as the energy fund manager at Satellite Asset Management; worked as the energy fund manager at Arrowhawk Capital Partners; and worked in a management capacity at Global Hunter Securities, a boutique investment bank. ¹²

1. “Meridian Energy Group.” CB Insights. Accessed January 20, 2023. https://www.cbinsights.com/company/meridian-energy-group
2. “Meridian Energy Group.” PitchBook. Accessed January 22, 2023. https://pitchbook.com/profiles/company/122590-36#overview
3. “About Us.” Meridian Energy Group. Accessed January 21, 2023. https://meridianenergygroupinc.com/about-us/
4. “Investors.” Accessed January 21, 2023. https://meridianenergygroupinc.com/investors/
5. Homepage. Meridian Energy Group. Accessed January 21, 2023. https://meridianenergygroupinc.com
6. “Meridian Energy Group Takes ESG Downstream.” Meridian Energy Group. Accessed January 22, 2023. https://meridianenergygroupinc.com/environmental-social-and-governance/
7. “Charter Of The Environmental, Social, And Governance Steering (“ESG”) Committee.” Meridian Energy Group. Accessed January 22, 2023. https://meridianenergygroupinc.com/esg-committee-charter/
8. “Environmental and Social Management Plan.” Meridian Energy Group. Accessed January 21, 2023. https://meridianenergygroupinc.com/environmental-and-social-management-plan/
9. “ESG Cover Letter.” Meridian Energy Group. Accessed January 22, 2023. https://meridianenergygroupinc.com/esg-cover-letter/
10. “Meridian Energy Group Takes ESG Downstream.” Meridian Energy Group. Accessed January 22, 2023. https://meridianenergygroupinc.com/environmental-social-and-governance/
11. “Board of Directors.” Meridian Energy Group. Accessed January 21, 2023. https://meridianenergygroupinc.com/about-us/management/board-of-directors/
12. ^[1] “Board of Directors.” Meridian Energy Group. Accessed January 21, 2023. https://meridianenergygroupinc.com/about-us/management/board-of-directors/