VIRGINIA BEACH, Va. and BUCKHANNON, W. Va. — Petroleum marketer PAPCO Inc. was recently named one of Hampton Roads' Roaring 20 Companies by Inside Business. The annual awards program recognizes the region's most dynamic and fastest-growing businesses based on revenue and employee growth, as well as significant contributions the companies make to the local economy and beyond.
"This award is a source of great pride for us. The most valuable asset in any company is its employees," said PAPCO Chairman and CEO John Malbon. "Ours is a tough industry, but we have an incredible group of employees who provide the highest level of service to our customers. Their loyalty, commitment and dedication have created a unique work environment that has become the key to our success."
Virginia Beach-based PAPCO markets refined fuels, lubricants, risk management products and fuel card fleet management programs to a broad customer base, including industrial, retail, marine and commercial transportation companies and federal, state and municipal government end users in the eastern United States. The company backs its services with secure fuel supply capabilities through proprietary fuel storage locations and supply agreements with an established network of refiners, pipelines, terminals and transportation providers.
Over the past three years, PAPCO tripled the number of product gallons it ships and in the last five years, it expanded its business footprint from four states to 15. It grew exponentially in the process and, as a result, has had to adapt significantly to continue meeting its customers' ever-changing needs in the energy industry, the company stated.
"Our business model has definitely evolved over the years," added PAPCO President Gary Gilmore. "It wasn't all that long ago, we simply picked up product at the racks and delivered it, but now we are shipping and storing product up and down the Colonial Pipeline for customers throughout the eastern U.S. As a market leader in the refined product marketplace, we form partnerships with our customers and help them manage their fuel costs and market exposure in today's volatile energy markets."
Inside Business honored Hampton Roads' Roaring 20 Companies during an awards banquet Nov. 9.
Also recently honored in its operating region was petroleum marketer Lykins Energy Solutions, formerly Lykins Oil/Martin Oil. The company earned a 2015 Best of Buckhannon Award in the Fuel Oils category. The annual program identifies companies that it believes have achieved exceptional marketing success in their local community and business category, and that enhance the positive image of small business through service to their customers and the community.
Winners were determined based on a variety of sources of information gathered both internally by the Best of Buckhannon program and data provided by third parties.
Milford, Ohio-based Lykins is one of the 100 largest privately held companies in Ohio and one of the top 10 largest petroleum marketing companies in Ohio.