Earnheart Oil splits fuel and convenience assets to Fleet Fuels and Perfect Food & Gas
Transaction divides wholesale, transportation and convenience retail operations between two buyers as the Oklahoma company restructures its portfolio.
Earnheart Oil’s retail, wholesale and transportation businesses have been sold in a multi-party transaction that separates the company’s operations between Fleet Fuels and Perfect Food & Gas, according to Downstream Energy Group (DEG), which advised on the deal.
Under the agreement, Fleet Fuels acquired Earnheart Oil’s wholesale fuels, lubricants and petroleum transportation assets, while Perfect Food & Gas purchased the company’s convenience store portfolio.
Founded in 1971 in Marshall, Oklahoma, Earnheart Oil grew from a single service station into an integrated downstream energy business spanning fuel retailing, wholesale fuel and lubricant distribution, and petroleum transportation. The company’s wholesale network serves commercial, agricultural and municipal customers across Oklahoma, supported by a fleet of fuel transportation vehicles and customer equipment installations throughout the state.
The retail portion of the business includes seven company-operated convenience stores trading under the Earnheart brand in north-central Oklahoma, along with associated real estate assets.
Following the transaction, Earnheart will continue to own and operate its propane delivery and service business, which serves residential and commercial customers across much of Oklahoma.
