Heritage Petroleum, Inc.
How we got $12.9M
Based on its 3 employees and its payroll, both reported for PPP in 2020 and brought up to date.
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
▲ 0% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 3 | $9.9M |
| 2020 | Form 5500 | 3 | $9.9M |
| 2021 | Form 5500 | 3 | $9.9M |
| 2022 | Form 5500 | 3 | $9.9M |
| 2023 | Form 5500 | 3 | $9.9M |
| 2024 | Form 5500 | 3 | $9.9M |
| 2025 | Form 5500 | 3 | $9.9M |
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.
What we know
Signs of a sale Some signs of a sale
- In business 24 years (since 2002)
- Founder still runs it after 24 years
From public records and the company's website, not a statement that it's for sale.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| HERITAGE PETROLEUM, INC. this business | $11.2M | — |
| ELKAS DYNASTY LIMITED Glencoe · 1 employees | $3.3M | 6.2 mi |
| KOPCO, INC Stillwater · 2 employees | $10.0M | 7.4 mi |
| CHER OIL COMPANY, LTD Ripley · 4 employees | $14.3M | 10.4 mi |
| DUNIVAN GAS, INC. Morrison · 7 employees | $21.1M | 11.3 mi |
| RED DIRT HEATERS LLC Morrison · 1 employees | $3.6M | 11.3 mi |
| THREE SANDS OIL INC Perry · 5 employees | $23.2M | 16.9 mi |
The full calculation
| Employees reported to the SBA | 3 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $11.8M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $8.3M |
| Estimate: the two combined (geometric mean) | $11.2M |
| EBITDA margin (industry, adjusted for size) | 24% |
| EBITDA = revenue × margin | $2.7M |
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 | $12.9M |
| Multiple for this size and industry | 4.7× |
| Value range | $6.8M – $17.6M |
| Revenue range | $7.4M – $12.8M |
| EBITDA range | $1.8M – $3.1M |
| 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
History & advisors
“The firm began more than 50 years ago as two companies, Gabe’s Oil and Wannamuehler Oil, which was combined in 2002 to become the largest independent petroleum distributor in Southern Indiana.”
Advisors
- BankingRCB Bank, Arvest 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
| Arvest Bank PPP 2021 | All 5,114 borrowers → |
| RCB Bank PPP 2020 | All 1,690 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/13/2020 | first | $43K | 3 |
| 1/23/2021 | second | $31K | 3 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Heritage Petroleum, Inc.
Heritage Petroleum, Inc. is a family-owned crude petroleum extraction company in Stillwater, Oklahoma, in business since 2002. It is owned by Thomas Keith Gabe (Founder). Its estimated annual revenue is about $11.2M, with roughly $2.7M of EBITDA. It has about 3 employees. Its estimated business value is $12.9M (likely range $6.8M–$17.6M).
Common questions
- Who owns Heritage Petroleum, Inc.?
- Heritage Petroleum, Inc. is owned by Thomas Keith Gabe (Founder), according to public sources such as the company's website or filings.
- How much revenue does Heritage Petroleum, Inc. make?
- SeeBITDA estimates Heritage Petroleum, Inc.'s annual revenue at about $11.2M (likely between $7.4M and $12.8M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Heritage Petroleum, Inc. worth?
- About $12.9M, roughly 4.7× its estimated EBITDA of $2.7M, typical for a crude petroleum extraction company its size. Likely range: $6.8M–$17.6M.
- How many employees does Heritage Petroleum, Inc. have?
- About 3, from its 2025 retirement-plan filing.
- When was Heritage Petroleum, Inc. founded?
- Heritage Petroleum, Inc. has been in business since 2002.