Mustang Fuel Corporation
- Erik FaresVice President and Chief Financial Officer · Company website
- Bryan HenniganVice President - Exploration and Development · Company website
- Steven HoppeVice President - Gas Operations · Company website
- Brad JordanVice President and Chief Information Officer · Company website
- Kelsey ReneauVice President - Human Resources · Company website
How we got $1.04B
Based on its 143 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 77 years (since 1949)
- No family successor named on its website
From public records and the company's website, not a statement that it's for sale.
What they do
Mustang Fuel Corporation is an energy company with over 75 years of history, engaged in oil and natural gas exploration and production and midstream gas services in the Mid-Continent region.
From the company's website. Industry: Crude Petroleum Extraction.
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
▲ 2% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 143 | $474.2M |
| 2023 | Form 5500 | 144 | $477.5M |
| 2024 | Form 5500 | 149 | $494.1M |
| 2025 | Form 5500 | 146 | $484.1M |
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 |
|---|---|---|
| MUSTANG FUEL CORPORATION this business | $708.4M | — |
| RESOURCE OIL AND GAS, LLC Oklahoma City · 23 employees | $100.2M | 0.5 mi |
| RICHLAND RESOURCES CORPORATION Oklahoma City · 6 employees | $25.2M | 0.6 mi |
| NORVILLE OIL CO., LLC Oklahoma City · 5 employees | $21.7M | 0.6 mi |
| ANTELOPE OIL & GAS LLC Oklahoma City · 2 employees | $9.0M | 0.7 mi |
| JEC OPERATING, L.L.C. Oklahoma City · 2 employees | $7.6M | 0.7 mi |
| GARRETT AND COMPANY RESOURCES, LLC Oklahoma City | $95.3M | 1.2 mi |
The full calculation
| Employees reported to the SBA | 143 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $619.0M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $623.7M |
| Estimate: the two combined (geometric mean) | $708.4M |
| EBITDA margin (industry, adjusted for size) | 20% |
| EBITDA = revenue × margin | $144.5M |
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 | $1.04B |
| Multiple for this size and industry | 7.2× |
| Value range | $547.6M – $1.42B |
| Revenue range | $466.0M – $807.7M |
| EBITDA range | $95.1M – $164.8M |
| 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
“Established as Westoc Oil & Gas Company in 1949 by E.C. Joullian II, Mustang entered the pipeline business to supply natural gas to an electric generating station near Mustang, Oklahoma.”
Advisors
- AccountingCaron & Bletzer, PLLCAudits its 401(k) plan (2025 filing)
- BankingMidFirst 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
| MidFirst Bank PPP 2020 | All 2,403 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/9/2020 | first | $3.2M | 143 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Mustang Fuel Corporation
Mustang Fuel Corporation is a crude petroleum extraction company in Oklahoma City, Oklahoma, in business since 1949. It is owned by Gas Operations (President). Its estimated annual revenue is about $708.4M, with roughly $144.5M of EBITDA. It has about 146 employees. Its estimated business value is $1.04B (likely range $547.6M–$1.42B).
Common questions
- Who owns Mustang Fuel Corporation?
- Mustang Fuel Corporation is owned by Gas Operations (President), according to public sources such as the company's website or filings.
- How much revenue does Mustang Fuel Corporation make?
- SeeBITDA estimates Mustang Fuel Corporation's annual revenue at about $708.4M (likely between $466.0M and $807.7M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Mustang Fuel Corporation worth?
- About $1.04B, roughly 7.2× its estimated EBITDA of $144.5M, typical for a crude petroleum extraction company its size. Likely range: $547.6M–$1.42B.
- How many employees does Mustang Fuel Corporation have?
- About 146, from its 2025 retirement-plan filing.
- When was Mustang Fuel Corporation founded?
- Mustang Fuel Corporation has been in business since 1949.
- Is Mustang Fuel Corporation for sale?
- There's no public listing, but it shows signs that often come before a sale: in business 77 years (since 1949); no family successor named on its website.