WorldStage– Shell plc has announced an agreement to take full ownership of Tri Star Energy, LLC through its subsidiary, Equilon Enterprises LLC (doing business as Shell Oil Products US).
According to a statement, Shell is acquiring the remaining 67% equity stake in Tri Star Energy from The Parman Corporation, Kimbro Oil Company, and their subsidiaries, moving its total ownership from 33% to 100%.
The specific purchase price was not disclosed, though Shell noted it reflects a competitive EBITDA multiple and is projected to deliver an internal rate of return above the hurdle rate for its marketing division.
The deal adds 320 company-owned fuel and convenience retail sites across Tennessee and neighboring states (including major c-store banners like Twice Daily, Sudden Service, and Little General), along with wholesale supply agreements for 552 dealer-owned locations.
Once finalized, Tri Star Energy will be operated under Texas Petroleum Group, LLC (a subsidiary of Shell Mobility & Convenience US LLC). This will bring Shell’s company-owned convenience retail portfolio in the southern U.S. to nearly 550 sites and supply agreements with roughly 650 dealer-owned locations.
The transaction is expected to close by the end of 2026, subject to regulatory approvals and standard closing conditions.
Aligns with Shell’s 2025 Capital Markets Day strategy to reallocate capital toward higher-return, core markets. Shell aims to allocate 80% of its Mobility & Convenience growth capital expenditure across 10 key global markets, with the U.S. being a primary cash flow driver.
While Shell already maintains the largest U.S. branded fuel network with over 12,000 primarily wholesaler- and dealer-owned sites, this deal substantially boosts its footprint of directly owned convenience stores.
