Spess Oil Company
How we got $240.4M
Based on its 46 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Estimated value over time
▲ 31% 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 |
|---|---|---|
| SPESS OIL COMPANY this business | $168.0M | — |
| ELITE RESOURCES, INC Cleveland · 3 employees | $9.4M | 0.1 mi |
| BD OPERATING LLC Cleveland · 1 employees | $4.6M | 0.1 mi |
| BSO, INC. Cleveland · 8 employees | $32.5M | 0.1 mi |
| JACK BARTON SELLERS ESTATE Cleveland · 3 employees | $13.9M | 0.9 mi |
| CARNES PETROLEUM CORPORATION Cleveland · 2 employees | $8.3M | 0.9 mi |
| CLEVELAND PETROLEUM PRODUCTS, INC. Cleveland · 72 employees | $234.4M | 1.7 mi |
The full calculation
| Employees reported to the SBA | 46 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $223.9M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $96.9M |
| Estimate: the two combined (geometric mean) | $168.0M |
| EBITDA margin (industry, adjusted for size) | 20% |
| EBITDA = revenue × margin | $33.4M |
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 | $240.4M |
| Multiple for this size and industry | 7.2× |
| Value range | $126.5M – $328.9M |
| Revenue range | $110.5M – $191.5M |
| EBITDA range | $22.0M – $38.1M |
| Industry (NAICS) | Natural Gas Extraction (211130) |
Low confidence: the employee-based and payroll-based estimates differ by more than 2×.
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
Advisors
- BankingAmerican Heritage 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 Roles are as stated there and may be out of date.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
| American Heritage Bank PPP 2020, PPP 2021 | All 446 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/10/2020 | first | $130K | 6 |
| 4/14/2020 | first | $419K | 46 |
| 1/29/2021 | second | $130K | 6 |
| 2/24/2021 | second | $419K | 43 |
About Spess Oil Company
Spess Oil Company is a natural gas extraction company in Cleveland, Oklahoma. Its estimated annual revenue is about $168.0M, with roughly $33.4M of EBITDA. It has about 46 employees. Its estimated business value is $240.4M (likely range $126.5M–$328.9M).
Common questions
- Who owns Spess Oil Company?
- The owner of Spess Oil Company isn't in public records we've found yet. If you own or run the business, you can add or correct its details on SeeBITDA.
- How much revenue does Spess Oil Company make?
- SeeBITDA estimates Spess Oil Company's annual revenue at about $168.0M (likely between $110.5M and $191.5M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Spess Oil Company worth?
- About $240.4M, roughly 7.2× its estimated EBITDA of $33.4M, typical for a natural gas extraction company its size. Likely range: $126.5M–$328.9M.
- How many employees does Spess Oil Company have?
- About 46, as reported on its PPP loan.