Shell doubles down on US retail with Tri Star Energy acquisition
Deal adds 320 company-owned stores and supply deals with 552 more, taking Shell's US-owned estate to almost 550 sites.
Shell is buying full control of Tri Star Energy, the Nashville-based fuel and convenience chain, in a deal that will more than double the number of stations it owns outright in the US.
Equilon Enterprises, trading as Shell Oil Products US, is lifting its stake in Tri Star from 33% to 100%, buying out the Parman and Kimbro families, who built the chain over decades. The deal brings 320 company-owned sites across Tennessee and neighboring states into Shell's hands, plus supply agreements with 552 more dealer-run stations. Once it closes, expected by the end of 2026, Tri Star will be run by Texas Petroleum Group, a Shell subsidiary, pushing Shell's US-owned estate to almost 550 stations with supply deals covering roughly 650 more.
"Tri Star has built a strong business with high-quality assets, a dedicated team and a loyal customer base," said Machteld de Haan, Shell's president for downstream, renewables and energy solutions.
Shell already runs America's largest branded fuel network, some 12,000 sites across 49 states serving more than 7 million customers a day, mostly through independent dealers rather than direct ownership. The company is directing 80% of its mobility growth spending into just ten priority markets, with the US, already its biggest source of mobility cash flow, top of the list.
That confidence is not matched elsewhere. In the past three years Shell has sold roughly 600 South African stations to ADNOC for close to $1 billion, ending more than a century in the country; handed its entire Indonesian network to a local joint venture; sold its Ukrainian stake to state firm Ukrnafta amid the war; exited Pakistan; and seen its Argentine venture Raízen offload its refinery and stations to trader Mercuria for about $1.4 billion. Shell is pulling back almost everywhere except the market where it profits most.
