Earnheart Oil, Inc
How we got $1.12B
Based on 141 employees on its 2024 401(k) filing.
What we know
Signs of a sale Unlikely to sell soon
- In business 27 years (since 1999)
- Acquired by Perfect Food & Gas (2026)
From public records and the company's website, not a statement that it's for sale.
What they do
Fleet Fuels, LLC supplies fuels, lubricants, used-oil and environmental services, and 24-hour unattended cardlock fueling stations to fleets and operations. The pages do not explicitly name the business as Earnheart Oil, Inc.
From the company's website. Industry: Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals).
Ownership & transactions
- Acquired by Perfect Food & Gas · Jul 2026Earnheart Oil sold its retail convenience store portfolio to Perfect Food & Gas, while Fleet Fuels, LLC acquired its wholesale fuels, lubricants and transportation assets.Source
Customers & suppliers
Customers
- ABC Construction · named on its website
Suppliers & brands
- Chevron Lubricants · brand it sells or installs
- Phillips 66 Lubricants · brand it sells or installs
Estimated value over time
▲ 69% 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
▲ 36% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 104 | $531.5M |
| 2021 | Form 5500 | 87 | $444.6M |
| 2022 | Form 5500 | 124 | $633.7M |
| 2023 | Form 5500 | 137 | $700.1M |
| 2024 | Form 5500 | 141 | $720.6M |
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 |
|---|---|---|
| EARNHEART OIL, INC this business | $3.68B | — |
| B-K PROPANE,INC. Enid · 5 employees | $36.6M | 28.8 mi |
| LMR HOLDINGS, LLC Edmond · 6 employees | $33.7M | 35.3 mi |
| CROSSROLL, INC. Edmond · 2 employees | $11.1M | 35.5 mi |
| FOSTER ENERGY LLC Edmond · 25 employees | $361.1M | 35.8 mi |
| SUMMIT FUELS, INC. Edmond · 3 employees | $40.0M | 35.8 mi |
| K & E PETROLEUM CONSULTANTS Oklahoma City · 1 employees | $13.4M | 37.9 mi |
The full calculation
Brought up to date: prices are 10% higher than in the benchmark's year, both included above.
| Estimated value = EBITDA × typical sale multiple | $1.12B |
| Multiple for this size and industry | 8.1× |
| Value range | $717.5M – $2.02B |
| Employees in its retirement plan (2024 Form 5500) | 141 |
| Industry revenue per employee | $5.1M |
| Revenue = employees × revenue per employee | $3.68B |
| EBITDA margin (industry, adjusted for size) | 4% |
| EBITDA = revenue × margin | $138.4M |
| For comparison: employees reported for PPP (2020) | 104 |
Uses the newest headcount we have: participants in the company's retirement plan from its Form 5500 filing with the Department of Labor. Plans can leave out part-timers and new hires, so the range leans higher than the estimate.
| Revenue range | $2.94B – $5.52B |
| EBITDA range | $110.7M – $207.6M |
| Industry (NAICS) | Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals) (424720) |
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. These are statistical estimates, not reported financials. Full methodology
People & advisors
Advisors
- AccountingSmith, Carney & Co. P.C.Audits its 401(k) plan (2024 filing)
- BankingF & M 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
| F & M Bank PPP 2020, PPP 2021 | All 379 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 | $767K | 102 |
| 1/19/2021 | second | $913K | 104 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Earnheart Oil, Inc
Earnheart Oil, Inc is a petroleum and petroleum products merchant wholesalers (except bulk stations and terminals) company in Marshall, Oklahoma, in business since 1999. It is owned by Adam Gray. Its estimated annual revenue is about $3.68B, with roughly $138.4M of EBITDA. It has about 141 employees. Its estimated business value is $1.12B (likely range $717.5M–$2.02B).
Common questions
- Who owns Earnheart Oil, Inc?
- Earnheart Oil, Inc is owned by Adam Gray, according to public sources such as the company's website or filings.
- How much revenue does Earnheart Oil, Inc make?
- SeeBITDA estimates Earnheart Oil, Inc's annual revenue at about $3.68B (likely between $2.94B and $5.52B), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Earnheart Oil, Inc worth?
- About $1.12B, roughly 8.1× its estimated EBITDA of $138.4M, typical for a petroleum and petroleum products merchant wholesalers (except bulk stations and terminals) company its size. Likely range: $717.5M–$2.02B.
- How many employees does Earnheart Oil, Inc have?
- About 141, from its 2024 retirement-plan filing.
- When was Earnheart Oil, Inc founded?
- Earnheart Oil, Inc has been in business since 1999.