MUKILTEO, WA. — S&S Petroleum Inc., based in Mukilteo, WA., has acquired Leathers Enterprises of Gresham, OR., which will operate as part of the company's Sierra Enterprises Oregon Inc. division. The purchase price for the sale, which closed in October, was not disclosed.
Included in the deal are Leathers' 24 service stations and convenience stores operating in Oregon under the Shell and Leathers Oil brands. The deal also includes the Leathers Shell-branded distribution assets, the company's maintenance department, and six fuel transports and trailers.
The Leathers Oil staff was offered employment by Sierra Enterprises. Brent Leathers, co-owner of Leathers Oil, will remain with the company as part of the transition. His sister, Kathy Leathers, retired from the industry at the end of October.
With the sale, "we honor the career of our mother, Lila Leathers, and all of her investments of time and treasure into this company," said Brent and Kathy Leathers in an official statement. "We believe S&S values the generational legacy of our company and will continue Leathers' long-standing tradition of excellent operations and serving our customers."
Rania Dahabreh, president of S&S Petroleum, added, "We are thrilled to welcome Leathers' team into the S&S Petroleum family. This acquisition strengthens our commitment to building our presence in the Pacific Northwest while providing exceptional service and value to our customers and partners."
With the acquisition, S&S Petroleum has expanded to over 100 locations in Washington, Idaho, Oregon, and California operating under the Mobil, Arco am/pm, Shell, and USA Gasoline brands. The company also owns several liquor and spirits stores in Washington.
OFFEN PETROLEUM ACQUIRES DOUGLASS DISTRIBUTING
COMMERCE CITY, CO. — Offen Petroleum, based in Commerce City, CA., has continued its expansion, acquiring the wholesale business of W. Douglass Distributing, Ltd. of Sherman, TX. The purchase price was not disclosed.
Included in the deal is Douglass' fuel distribution business of over 200 million gallons of fuel annually to customers located primarily in Texas and Oklahoma with more than 2,800 fuel, lubricant and DEF customers. Also included is the company's propane business which has more than 4,600 residential customers and more than 150 major wholesale customers.
Douglass' fuel carrier business, which is operated in part through an agreement with Old World Industries, will also be acquired by Offen.
The 23 Lone Star Food Stores convenience stores in the north Texas area operated by Douglass are not part of the sale.
The Douglass offices and wholesale facilities in Sherman, Texas will become Offen's new regional operations center and Offen officials say they are "hiring virtually all the employees of Douglass' wholesale business." They plan to use the Sherman offices to "continue to grow the Texas and surrounding markets."
Bill Douglass, the CEO of W. Douglass Distributing, founded the company in 1981 after purchasing the Exxon consignee. Reflecting on the sale, he said, "We have built a strong and successful wholesale fuel business over the past 40 years and are proud of our hard working and dedicated team members. We are pleased that Offen also recognizes the value and contributions of our team members, and, as a result, Offen will be retaining virtually all of the people who have supported our wholesale businesses.
"I have known Bill Gallagher for many years and have been impressed by the operation he has built at Offen," Douglass added. "I know that Offen's values align with ours and that our wholesale businesses and people will continue to thrive under their ownership and direction."
Offen CEO Bill Gallagher noted, "Bill Douglass is one of the most respected leaders in the fuels distribution industry, and he has created an elite and diversified distribution business. We are honored that Bill has trusted us to carry on his legacy in serving his customers, employing his people, and supporting the Northern Texas and Southern Oklahoma communities to make lives better."
CHEVRON TO ACQUIRE HESS CORPORATION
SAN RAMON, CA. — Chevron Corporation has signed a deal to acquire oil and gas producer Hess Corporation in an all-stock transaction valued at $53 billion. The sale was announced at the end of October.
With the purchase, Chevron is strengthening its position as a global supplier of oil, gasoline, and lubricants.
"This strategic combination brings together two strong companies to create a premier integrated energy company," said John Hess, CEO of Hess Corporation. "I am proud of our people and what we have achieved as a company, which has one of the industry's best growth portfolios including Guyana, the world's largest oil discovery in the last 10 years, and the Bakken shale, where we are a leading oil and gas producer.
"Chevron has a world-class diversified portfolio of assets and one of the industry's strongest balance sheets and cash return profiles," continued Hess, who is expected to join the Chevron Board of Directors. "I believe our strategic combination creates a company that is stronger in every respect, with the leadership, asset portfolio and financial resources to lead us through the energy transition and deliver significant shareholder value for years to come."
"This combination positions Chevron to strengthen our long-term performance and further enhance our advantaged portfolio by adding world-class assets," said Chevron Chairman and CEO Mike Wirth, announcing the deal. "Importantly, our two companies have similar values and cultures, with a focus on operating safely and with integrity, attracting and developing the best people, making positive contributions to our communities and delivering higher returns and lower carbon."
The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in the first half of 2024, pending regulatory and Hess shareholder approval.
THREE BEARS ACQUIRES FIVE ALASKA STATIONS
WASILLA, AK. — Three Bears, based in Wasilla, AK., expanded its paw-print in the convenience industry with the acquisition of four Fairbanks Sourdough Fuel gas station convenience stores and a gasoline station and service facility in Delta Junction, AK. The purchase prices were not disclosed.
The Sourdough Fuel gasoline stations will be rebranded to Three Bears.
Three Bears had been operating eight gasoline stations and convenience stores as well as 13 grocery stores, eight gasoline stations, nine sporting-goods stores and four pharmacies in Alaska, before its latest acquisitions.
Jim Kolb, a Three Bears spokesperson, said the Delta Junction location will be converted from a service station and mechanic's shop into a gasoline station with "a little grocery store." Next summer, the company plans to expand the little store to a full-size grocery store.
Kolb explained that Three Bears wants to offer a small store as soon as possible to help local residents as the only grocery store operating in Delta Junction was closed in December 2021 after the existing store's roof collapsed under heavy snow.
The company is making it a priority "because we know they don't have anything up there, and they've been screaming," Kolb said.
NESTE ADDS STORAGE AT THE PORT OF LOS ANGELES
SAN PEDRO, CA. — Neste has added new storage at the Port of Los Angeles, expanding its capacity to supply fuel to Western customers.
In a deal signed in October, Neste has commissioned terminal capacity at Vopak's Los Angeles terminal for storing sustainable aviation fuel and renewable diesel. The Vopak Terminal in the Port of Los Angeles is accessible to vessels, barges, trucks and pipelines.
"Neste is fully committed to supporting the energy transition in the U.S. as well as globally by working closely together with partners to increase the availability of our renewable fuels.," said Annika Tibbe, the acting president of Neste U.S., in an official statement.
