Armor Energy, LLC
- Joe MillspaughBusiness Development · Company website
- Blake BlandEmergency Contact · Company website
How we got $104.1M
Based on its 14 employees and its payroll, both reported for PPP in 2020 and brought up to date.
Estimated value over time
▲ 31% since 2020Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
Employees over time
Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 14 | $67.5M |
| 2020 | Form 5500 | 14 | $67.5M |
Participants are employees in the company's retirement plan at year end, from its Form 5500 filing with the Department of Labor. They usually run a little under total headcount (part-timers and new hires may not be eligible). Revenue and EBITDA apply this industry's revenue per employee and margin to each year's count.
What we know
What they do
Armor Energy, LLC is a Tulsa-based E&P company. The site states it has divested all its previously owned and operated assets in Lee County, Texas, which were acquired by Crescent Pass Energy.
From the company's website. Industry: Natural Gas Extraction.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| ARMOR ENERGY, LLC this business | $81.8M | — |
| CFMI, LLC Tulsa · 11 employees | $45.1M | 0.5 mi |
| KOLDING OIL & GAS, LLC Tulsa · 5 employees | $20.9M | 0.8 mi |
| OKLAHOMA CRUDE INC. Broken Arrow · 1 employees | $4.6M | 3.0 mi |
| JEFF RUSIEWICZ Tulsa · 1 employees | $3.1M | 3.3 mi |
| WILLIFORD ENERGY COMPANY Tulsa · 11 employees | $39.7M | 4.0 mi |
| CULBREATH OIL & GAS CO INC Tulsa · 7 employees | $32.0M | 4.0 mi |
The full calculation
| Employees reported to the SBA | 14 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $68.2M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $75.6M |
| Estimate: the two combined (geometric mean) | $81.8M |
| EBITDA margin (industry, adjusted for size) | 20% |
| EBITDA = revenue × margin | $16.3M |
Figures are shown toward the upper part of their range rather than at its middle.
Brought up to date assuming revenue has grown 8% a year since 2020, when the PPP figures were reported; included above.
| Estimated value = EBITDA × typical sale multiple | $104.1M |
| Multiple for this size and industry | 6.4× |
| Value range | $54.8M – $142.4M |
| Revenue range | $53.8M – $93.3M |
| EBITDA range | $10.7M – $18.5M |
| Industry (NAICS) | Natural Gas Extraction (211130) |
EBITDA margin: from IRS tax returns of S corporations in this industry (2019–2022), adjusted for company size: smaller companies typically run higher margins. EBITDA here is after owners' salaries.
Benchmarks: US Economic Census 2022, OK. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
History & advisors
Advisors
- BankingBOKF, National AssociationPPP / SBA lender
From the company's own website and public filings (DOL Form 5500, IRS Form 990, SBA). Roles are as stated there and may be out of date.
Banking relationships
| BOKF, National Association PPP 2020, PPP 2021 | All 2,399 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/11/2020 | first | $327K | 13 |
| 2/2/2021 | second | $322K | 14 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Armor Energy, LLC
Armor Energy, LLC is a natural gas extraction company in Tulsa, Oklahoma, in business since 2015. It is owned by Brenda Bacon (Vendor & Owner Relations). Its estimated annual revenue is about $81.8M, with roughly $16.3M of EBITDA. It has about 14 employees. Its estimated business value is $104.1M (likely range $54.8M–$142.4M).
Common questions
- Who owns Armor Energy, LLC?
- Armor Energy, LLC is owned by Brenda Bacon (Vendor & Owner Relations), according to public sources such as the company's website or filings.
- How much revenue does Armor Energy, LLC make?
- SeeBITDA estimates Armor Energy, LLC's annual revenue at about $81.8M (likely between $53.8M and $93.3M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Armor Energy, LLC worth?
- About $104.1M, roughly 6.4× its estimated EBITDA of $16.3M, typical for a natural gas extraction company its size. Likely range: $54.8M–$142.4M.
- How many employees does Armor Energy, LLC have?
- About 14, from its 2020 retirement-plan filing.
- When was Armor Energy, LLC founded?
- Armor Energy, LLC has been in business since 2015.