Choate Oilfield Services, LLC
How we got $2.2M
Based on 24 employees reported for PPP in 2020, grown at the industry's Oklahoma rate since.
What we know
Signs of a sale Unlikely to sell soon
- Headcount down 21% since 2024 (retirement plan filings)
From public records and the company's website, not a statement that it's for sale.
Estimated value over time
▲ 14% 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
▲ 29% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 24 | $3.4M |
| 2020 | Form 5500 | 24 | $3.4M |
| 2021 | Form 5500 | 21 | $3.0M |
| 2022 | Form 5500 | 24 | $3.4M |
| 2023 | Form 5500 | 26 | $3.7M |
| 2024 | Form 5500 | 39 | $5.5M |
| 2025 | Form 5500 | 31 | $4.4M |
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.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| CHOATE OILFIELD SERVICES, LLC this business | $5.2M | — |
| A & J ORTEGA TRUCKING LLC Hennessey | $1.9M | 1.2 mi |
| COPELAND HOT OIL SERVICE LLC Hennessey | $1.4M | 1.2 mi |
| KENNY G TRUCKING LLC Hennessey | $932K | 1.2 mi |
| TNZ TRUCKING LLC Hennessey | $932K | 1.2 mi |
| HENNESSEY WELL SERVICE LLC Hennessey | $3.3M | 1.3 mi |
| W & M ENTERPRISES LLC Hennessey | $932K | 1.3 mi |
The full calculation
| Employees reported to the SBA | 24 |
| Industry revenue per employee | $141K |
| Revenue = employees × revenue per employee | $5.2M |
| EBITDA margin (industry, adjusted for size) | 13% |
| EBITDA = revenue × margin | $686K |
| Cross-check: revenue implied by PPP payroll | $14.0M |
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 | $2.2M |
| Multiple for this size and industry | 3.2× |
| Value range | $1.0M – $3.1M |
| Revenue range | $3.1M – $6.1M |
| EBITDA range | $406K – $812K |
| Industry (NAICS) | General Freight Trucking, Local (484110) |
Low confidence: the employee-based and payroll-based estimates differ by more than 2×.
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
- BankingNBC OklahomaPPP / 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
| NBC Oklahoma PPP 2020, PPP 2021 | All 526 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/5/2020 | first | $648K | 24 |
| 2/19/2021 | second | $351K | 22 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Choate Oilfield Services, LLC
Choate Oilfield Services, LLC is a general freight trucking, local company in Hennessey, Oklahoma, in business since 2013. Its estimated annual revenue is about $5.2M, with roughly $686K of EBITDA. It has about 31 employees. Its estimated business value is $2.2M (likely range $1.0M–$3.1M).
Common questions
- Who owns Choate Oilfield Services, LLC?
- The owner of Choate Oilfield Services, LLC 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 Choate Oilfield Services, LLC make?
- SeeBITDA estimates Choate Oilfield Services, LLC's annual revenue at about $5.2M (likely between $3.1M and $6.1M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Choate Oilfield Services, LLC worth?
- About $2.2M, roughly 3.2× its estimated EBITDA of $686K, typical for a general freight trucking, local company its size. Likely range: $1.0M–$3.1M.
- How many employees does Choate Oilfield Services, LLC have?
- About 31, from its 2025 retirement-plan filing.
- When was Choate Oilfield Services, LLC founded?
- Choate Oilfield Services, LLC has been in business since 2013.