Carnes Petroleum Corporation
How we got $9.5M
Based on its 2 employees and its payroll, both reported for PPP in 2021 and brought up to date.
What we know
Signs of a sale Some signs of a sale
- In business 37 years (since 1989)
From public records and the company's website, not a statement that it's for sale.
Estimated value over time
▲ 23% since 2021Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| CARNES PETROLEUM CORPORATION this business | $8.3M | — |
| SPESS OIL COMPANY Cleveland · 46 employees | $167.9M | 0.9 mi |
| JACK BARTON SELLERS ESTATE Cleveland · 3 employees | $13.9M | 0.9 mi |
| ELITE RESOURCES, INC Cleveland · 3 employees | $9.3M | 0.9 mi |
| BD OPERATING LLC Cleveland · 1 employees | $4.6M | 1.0 mi |
| BSO, INC. Cleveland · 8 employees | $32.5M | 1.0 mi |
| CLEVELAND PETROLEUM PRODUCTS, INC. Cleveland · 72 employees | $234.3M | 2.3 mi |
The full calculation
| Employees reported to the SBA | 2 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $7.8M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $6.8M |
| Estimate: the two combined (geometric mean) | $8.3M |
| EBITDA margin (industry, adjusted for size) | 24% |
| EBITDA = revenue × margin | $2.0M |
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 | $9.5M |
| Multiple for this size and industry | 4.7× |
| Value range | $5.0M – $13.0M |
| Revenue range | $5.5M – $9.5M |
| EBITDA range | $1.3M – $2.3M |
| Industry (NAICS) | Crude Petroleum Extraction (211120) |
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
People & advisors
Advisors
- BankingBlue Sky BankPPP / 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 Roles are as stated there and may be out of date.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
| Blue Sky Bank PPP 2021 | All 430 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 2/3/2021 | second | $36K | 2 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Carnes Petroleum Corporation
Carnes Petroleum Corporation is a crude petroleum extraction company in Cleveland, Oklahoma, in business since 1989. Its estimated annual revenue is about $8.3M, with roughly $2.0M of EBITDA. It has about 2 employees. Its estimated business value is $9.5M (likely range $5.0M–$13.0M).
Common questions
- Who owns Carnes Petroleum Corporation?
- The owner of Carnes Petroleum Corporation isn't in public records we've found yet. If you own or run the business, you can add or correct its details on SeeBITDA.
- How much revenue does Carnes Petroleum Corporation make?
- SeeBITDA estimates Carnes Petroleum Corporation's annual revenue at about $8.3M (likely between $5.5M and $9.5M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Carnes Petroleum Corporation worth?
- About $9.5M, roughly 4.7× its estimated EBITDA of $2.0M, typical for a crude petroleum extraction company its size. Likely range: $5.0M–$13.0M.
- How many employees does Carnes Petroleum Corporation have?
- About 2, as reported on its PPP loan.
- When was Carnes Petroleum Corporation founded?
- Carnes Petroleum Corporation has been in business since 1989.