Nadel and Gussman Management LLC
- Stephen J. HeymanManaging Partner · Company website
- Joe AndersonExecutive Vice President, Arklatex Region · Company website
- Joey StaufferExecutive Vice President · Company website
- Shelley NicholsChief Financial Officer · Company website
How we got $353.2M
Based on its 54 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Signs of a sale Unlikely to sell soon
- In business 20 years (since 2006)
From public records and the company's website, not a statement that it's for sale.
What they do
Nadel and Gussman is an oil and gas company headquartered in Tulsa, OK, that drills and produces oil and gas and serves royalty owners. It says it has invested in the oil and gas business for four generations.
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
▲ 6% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 54 | $179.1M |
| 2020 | Form 5500 | 57 | $189.0M |
| 2021 | Form 5500 | 57 | $189.0M |
| 2022 | Form 5500 | 59 | $195.6M |
| 2023 | Form 5500 | 60 | $199.0M |
| 2024 | Form 5500 | 57 | $189.0M |
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 |
|---|---|---|
| NADEL AND GUSSMAN MANAGEMENT LLC this business | $246.7M | — |
| GEMINI OIL COMPANY INC Tulsa · 5 employees | $16.1M | 0.0 mi |
| MARJO OPERATING MID-CONTINENT LLC Tulsa · 10 employees | $41.3M | 0.0 mi |
| ORCA RESOURCES, LLC Tulsa · 4 employees | $13.4M | 0.0 mi |
| SHANE SAUNDERS Tulsa · 1 employees | $4.6M | 0.0 mi |
| TRIDENT ENERGY, INC. Tulsa · 1 employees | $4.6M | 0.0 mi |
| CASILLAS PETROLEUM CORP. Tulsa · 35 employees | $152.4M | 0.0 mi |
The full calculation
| Employees reported to the SBA | 54 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $211.5M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $221.4M |
| Estimate: the two combined (geometric mean) | $246.7M |
| EBITDA margin (industry, adjusted for size) | 20% |
| EBITDA = revenue × margin | $49.1M |
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 | $353.2M |
| Multiple for this size and industry | 7.2× |
| Value range | $185.9M – $483.2M |
| Revenue range | $162.3M – $281.3M |
| EBITDA range | $32.3M – $55.9M |
| 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
“For over 70 years, Nadel and Gussman has focused on family, ethical transactions, and modern oil innovations.”
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 |
|---|---|---|---|
| 4/4/2020 | first | $1.2M | 53 |
| 1/16/2021 | second | $1.1M | 54 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Nadel and Gussman Management LLC
Nadel and Gussman Management LLC is a family-owned crude petroleum extraction company in Tulsa, Oklahoma, in business since 2006. It is owned by James F. Adelson (President). Its estimated annual revenue is about $246.7M, with roughly $49.1M of EBITDA. It has about 57 employees. Its estimated business value is $353.2M (likely range $185.9M–$483.2M).
Common questions
- Who owns Nadel and Gussman Management LLC?
- Nadel and Gussman Management LLC is owned by James F. Adelson (President), according to public sources such as the company's website or filings.
- How much revenue does Nadel and Gussman Management LLC make?
- SeeBITDA estimates Nadel and Gussman Management LLC's annual revenue at about $246.7M (likely between $162.3M and $281.3M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Nadel and Gussman Management LLC worth?
- About $353.2M, roughly 7.2× its estimated EBITDA of $49.1M, typical for a crude petroleum extraction company its size. Likely range: $185.9M–$483.2M.
- How many employees does Nadel and Gussman Management LLC have?
- About 57, from its 2024 retirement-plan filing.
- When was Nadel and Gussman Management LLC founded?
- Nadel and Gussman Management LLC has been in business since 2006.