Shebester-Bechtel, Inc.
How we got $478.2M
Based on its 75 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Signs of a sale Some signs of a sale
- In business 56 years (since 1970)
From public records and the company's website, not a statement that it's for sale.
What they do
Shebester-Bechtel, Inc. is an employee-owned oil well servicing company operating since 1970, with a fleet of over 50 workover rigs across Oklahoma and the Midwest.
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
▼ 13% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 75 | $248.7M |
| 2020 | Form 5500 | 53 | $175.8M |
| 2021 | Form 5500 | 56 | $185.7M |
| 2022 | Form 5500 | 59 | $195.6M |
| 2023 | Form 5500 | 54 | $179.1M |
| 2024 | Form 5500 | 65 | $215.5M |
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 |
|---|---|---|
| SHEBESTER-BECHTEL, INC. this business | $334.1M | — |
| MOUSER CONSULTING, INC Yukon · 1 employees | $4.4M | 1.8 mi |
| WITHROW OIL COMPANY INC Yukon · 2 employees | $9.3M | 1.8 mi |
| MIKE ROOF CONSULTING, LLC Yukon · 1 employees | $3.6M | 2.0 mi |
| GLB EXPLORATION, INC. Oklahoma City · 5 employees | $23.2M | 3.0 mi |
| W.F. HAZELBAKER, INC. Yukon · 2 employees | $9.3M | 3.3 mi |
| BIRD OIL & GAS, INC. Yukon · 2 employees | $9.3M | 3.4 mi |
The full calculation
| Employees reported to the SBA | 75 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $293.7M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $292.3M |
| Estimate: the two combined (geometric mean) | $334.1M |
| EBITDA margin (industry, adjusted for size) | 20% |
| EBITDA = revenue × margin | $66.4M |
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 | $478.2M |
| Multiple for this size and industry | 7.2× |
| Value range | $251.7M – $654.3M |
| Revenue range | $219.8M – $380.9M |
| EBITDA range | $43.7M – $75.7M |
| 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
People & advisors
“A company with deep roots in Oklahoma, Ralph Shebester and R.C. Bechtel founded Shebester-Bechtel Well Service in 1970 with one workover rig in Blackwell.”
Advisors
- AccountingHogantaylor LLPAudits its 401(k) plan (2024 filing)
- BankingRCB 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
| 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 |
|---|---|---|---|
| 4/8/2020 | first | $1.5M | 75 |
3 locations
| 400 S JERNIGAN BLVD | Oklahoma City | This listing |
| 605 N 29th St | Blackwell | View |
| 4210 S Van Buren St | Enid | View |
Revenue, profit and value are for the whole company.
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Shebester-Bechtel, Inc.
Shebester-Bechtel, Inc. is a crude petroleum extraction company in Oklahoma City, Oklahoma, in business since 1970. It is owned by R.C. Bechtel. Its estimated annual revenue is about $334.1M, with roughly $66.4M of EBITDA. It has about 65 employees. Its estimated business value is $478.2M (likely range $251.7M–$654.3M). It has 3 locations.
Common questions
- Who owns Shebester-Bechtel, Inc.?
- Shebester-Bechtel, Inc. is owned by R.C. Bechtel, according to public sources such as the company's website or filings.
- How much revenue does Shebester-Bechtel, Inc. make?
- SeeBITDA estimates Shebester-Bechtel, Inc.'s annual revenue at about $334.1M (likely between $219.8M and $380.9M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Shebester-Bechtel, Inc. worth?
- About $478.2M, roughly 7.2× its estimated EBITDA of $66.4M, typical for a crude petroleum extraction company its size. Likely range: $251.7M–$654.3M.
- How many employees does Shebester-Bechtel, Inc. have?
- About 65, from its 2024 retirement-plan filing.
- When was Shebester-Bechtel, Inc. founded?
- Shebester-Bechtel, Inc. has been in business since 1970.