Hartree Partners

Hartree Partners is a global investment firm expertly navigating the evolving energy and commodities markets. The firm leverages decades of experience in both physical and financial energy and commodities to identify opportunities and assist clients in maximizing revenues while minimizing risk. They are deeply committed to creating value across the Environmental, Social, and Governance (ESG) spectrum, actively seeking investment solutions, consulting, and developing sustainable and commercially viable strategies for energy renewal and regeneration. Their services encompass trading, environmental assets, risk solutions, and consulting.

The firm's origins trace back to 1997 when HETCO was formed as a joint venture with Hess Corporation. Stephen Hendel, Stephen Semlitz, and Guy Merison are recognized as Founding Managing Directors. In 2015, Oaktree Capital Management, LP, acquired Hess's stake, and the company was rebranded as Hartree Partners, LP. Hartree Partners is privately held, with ownership shared among its founding partners, senior staff, and certain funds managed by Oaktree Capital Management, LP, which has invested over $1 billion alongside the management team since 2015.

Hartree Partners has a diverse portfolio of ventures and investments. Their sustainable energy initiatives include Vertree, AMPYR, AMPYR Solar Europe, and Hartree Solutions. Notable acquisitions and investments include the completion of the acquisition of Touton SAS in April 2026, a leading independent soft commodity trading company, and the acquisition of ED&F Man Commodities in July 2025, expanding their footprint in coffee, molasses, animal feeds, fish oil, sugar, and cotton. Other significant asset investments include a controlling interest in Sprague Resources LP in 2021, 3 million barrels of crude oil storage in Cushing, Oklahoma in 2020, and a condensate splitter in the Houston Ship Channel, also in 2020. The firm is also building a portfolio of fuel-efficient, methanol-capable medium-range product tankers and has engaged in a PIPE with Blue Moon Metals in March 2026.

The firm prides itself on a global team known for responsible and innovative thinking. Comprising over 600 dedicated traders, marketers, and analysts, and a total of 4,500+ employees throughout Hartree and its affiliates, the team operates with an entrepreneurial spirit and independent thought. Integrity forms the bedrock of their collaborative culture, fostering an inclusive environment that encourages diverse perspectives and meaningful relationships across their numerous global offices.