Cleveland Petroleum Products, Inc.
How we got $335.3M
Based on its 72 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Signs of a sale Some signs of a sale
- In business 51 years (since 1975)
From public records and the company's website, not a statement that it's for sale.
What they do
Cleveland Petroleum Products is an independently owned propane, gasoline, and diesel operation in Oklahoma that has expanded throughout the state. It serves residential, commercial, and agricultural customers with propane.
From the company's website. Industry: Crude Petroleum Extraction.
Ownership & transactions
- Acquired by Cleveland Petroleum Products · Oct 2017The business is described as the parent company of Maltsberger Propane, which acquired Propane Services; this is the business acting as buyer, not being acquired.Source
Customers & suppliers
Possible customers nearby
The largest businesses within about 60 miles in the markets its website says it serves.
- DRUMMOND CATTLE LLC · Tulsa, 29 mi · $129.5M
- LIVESAY ORCHARDS · Porter, 60 mi · $35.7M
- GREEN ACRE SOD FARMS, INC · Bixby, 38 mi · $31.0M
- LAZY J ARENA, LLC · Stillwater, 39 mi · $30.7M
- SANDER'S NURSERY & DISBRIBUTION · Broken Arrow, 46 mi · $18.3M
Estimated value over time
▲ 29% 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
▼ 4% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 72 | $238.8M |
| 2020 | Form 5500 | 68 | $225.5M |
| 2021 | Form 5500 | 69 | $228.8M |
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 |
|---|---|---|
| CLEVELAND PETROLEUM PRODUCTS, INC. this business | $234.3M | — |
| RALSTON FARMERS FUEL AND OIL, INC. Cleveland · 15 employees | $55.5M | 0.2 mi |
| SPESS OIL COMPANY Cleveland · 46 employees | $167.9M | 1.7 mi |
| ELITE RESOURCES, INC Cleveland · 3 employees | $9.3M | 1.7 mi |
| BD OPERATING LLC Cleveland · 1 employees | $4.6M | 1.7 mi |
| BSO, INC. Cleveland · 8 employees | $32.5M | 1.7 mi |
| S & E RESOURCES INC. Osage · 2 employees | $5.4M | 2.1 mi |
The full calculation
| Employees reported to the SBA | 72 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $281.9M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $149.7M |
| Estimate: the two combined (geometric mean) | $234.3M |
| EBITDA margin (industry, adjusted for size) | 20% |
| EBITDA = revenue × margin | $46.6M |
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 | $335.3M |
| Multiple for this size and industry | 7.2× |
| Value range | $176.5M – $458.8M |
| Revenue range | $154.1M – $267.1M |
| EBITDA range | $30.6M – $53.1M |
| 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
“Established in 1975, Cleveland Petroleum Products is an independently owned propane, gasoline, and diesel operation in Oklahoma that has proudly expanded throughout the state.”
Leadership
- BJBenjamin JohansenSigned for the company · 2021 retirement-plan filing (Form 5500)
Advisors
- BankingAmerican Heritage 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
| American Heritage Bank PPP 2020, PPP 2021 | All 446 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/7/2020 | first | $788K | 69 |
| 1/22/2021 | second | $788K | 72 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Cleveland Petroleum Products, Inc.
Cleveland Petroleum Products, Inc. is a crude petroleum extraction company in Cleveland, Oklahoma, in business since 1975. Its estimated annual revenue is about $234.3M, with roughly $46.6M of EBITDA. It has about 69 employees. Its estimated business value is $335.3M (likely range $176.5M–$458.8M).
Common questions
- Who owns Cleveland Petroleum Products, Inc.?
- The owner of Cleveland Petroleum Products, Inc. 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 Cleveland Petroleum Products, Inc. make?
- SeeBITDA estimates Cleveland Petroleum Products, Inc.'s annual revenue at about $234.3M (likely between $154.1M and $267.1M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Cleveland Petroleum Products, Inc. worth?
- About $335.3M, roughly 7.2× its estimated EBITDA of $46.6M, typical for a crude petroleum extraction company its size. Likely range: $176.5M–$458.8M.
- How many employees does Cleveland Petroleum Products, Inc. have?
- About 69, from its 2021 retirement-plan filing.
- When was Cleveland Petroleum Products, Inc. founded?
- Cleveland Petroleum Products, Inc. has been in business since 1975.