Gulf Exploration, LLC
- Al SalomoneManager · Company website
- Pat GarrettManager · Company website
- Billy GarrettManager · Company website
- Austen SalomoneLand Manager · Company website
- Sean StricklandOperations Manager · Company website
How we got $11.1M
Based on its 18 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Signs of a sale Likely to sell
- In business 111 years (since 1915)
- Founder still runs it after 111 years
- Family in the business (Pat Garrett, Manager)
From public records and the company's website, not a statement that it's for sale.
What they do
Gulf Exploration, L.L.C. is an independent oil and gas exploration company that has been involved in exploration projects in 9 states. It is engaged in energy exploration, development, and production.
From the company's website. Industry: Oil & gas.
Estimated value over time
▲ 5% 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.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| GULF EXPLORATION, LLC this business | $10.3M | — |
| COME BIG OR STAY HOME, L.L.C. Oklahoma City · 5 employees | $2.5M | 0.0 mi |
| GARRETT AND COMPANY, LLC Oklahoma City · 18 employees | $8.1M | 0.0 mi |
| GENESIS FLUIDS, LLC Oklahoma City · 45 employees | $29.7M | 0.0 mi |
| UNIVERSAL FLUIDS, LLC Oklahoma City · 11 employees | $5.9M | 0.0 mi |
| Castle Operating LLC Oklahoma City | $1.5M | 0.3 mi |
| Yingling Oil, Inc. Oklahoma City | $1.5M | 1.0 mi |
The full calculation
| Employees reported to the SBA | 18 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $7.6M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $10.8M |
| Estimate: the two combined (geometric mean) | $10.3M |
| EBITDA margin (industry, adjusted for size) | 24% |
| EBITDA = revenue × margin | $2.5M |
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 | $11.1M |
| Multiple for this size and industry | 4.4× |
| Value range | $5.8M – $15.2M |
| Revenue range | $6.8M – $11.8M |
| EBITDA range | $1.7M – $2.9M |
| Industry (NAICS) | Drilling Oil and Gas Wells (213111) |
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
“From a general partnership founded by Mr. Otis Garrett in 1915 to the present, read all about our history in oil and gas exploration.”
Advisors
- BankingWatermark 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
| Watermark Bank PPP 2020, PPP 2021 | All 109 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/3/2020 | first | $323K | 18 |
| 1/19/2021 | second | $286K | 10 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Gulf Exploration, LLC
Gulf Exploration, LLC is an oil & gas company in Oklahoma City, Oklahoma, in business since 1915. It is owned by Otis Garrett (Founder). Its estimated annual revenue is about $10.3M, with roughly $2.5M of EBITDA. It has about 18 employees. Its estimated business value is $11.1M (likely range $5.8M–$15.2M).
Common questions
- Who owns Gulf Exploration, LLC?
- Gulf Exploration, LLC is owned by Otis Garrett (Founder), according to public sources such as the company's website or filings.
- How much revenue does Gulf Exploration, LLC make?
- SeeBITDA estimates Gulf Exploration, LLC's annual revenue at about $10.3M (likely between $6.8M and $11.8M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Gulf Exploration, LLC worth?
- About $11.1M, roughly 4.4× its estimated EBITDA of $2.5M, typical for a oil & gas company its size. Likely range: $5.8M–$15.2M.
- How many employees does Gulf Exploration, LLC have?
- About 18, as reported on its PPP loan.
- When was Gulf Exploration, LLC founded?
- Gulf Exploration, LLC has been in business since 1915.
- Is Gulf Exploration, LLC for sale?
- There's no public listing, but it shows signs that often come before a sale: in business 111 years (since 1915); founder still runs it after 111 years; family in the business (pat garrett, manager).