PetroTex Wraps Up Sale to Sunoco
BEAUMONT, Texas — PetroTex Fuels Inc. completed the sale of its convenience stores and fuel distribution assets to Sunoco LP, an energy infrastructure and fuel distribution master limited partnership operating in more than 40 U.S. States, Puerto Rico, Europe and Mexico.
The multimillion dollar transaction was face down at press time and is expected to be immediately accretive to Sunoco with respect to distributable cash flow.
PetroTex acts as a fuel distributor for Shell, Valero, CITGO, Conoco and Phillips 66, and markets petroleum motor fuel products throughout east and southwest Texas, as well as along the Gulf Coast.
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The company was founded in January 1991 by E. Harvey Steinhagen III after he spent 10 years working alongside his father at the family-owned Steinhagen Oil Co. Distributorship, also located in Beaumont.
After the retirement of his father, Steinhagen III pursued a broader independent path in the petroleum fuel supply industry by building PetroTex into one of the largest petroleum motor fuel distributors in Texas, according to the company.
"I am grateful to all PetroTex employees for their dedication throughout the years as they are the reason for our company’s success," Steinhagen III stated. "We faced adversity numerous times, whether it was from industry competitive pressures, the pandemic, or multiple hurricanes that made their way to our segment of the Texas Gulf Coast. I am very proud of how our employees responded in each crisis, and with this, I am equally confident that our long-standing customers across the state of Texas will be well taken care of by Sunoco Fuels Supply."
The acquisition seems to be part of Sunoco's work to rearrange and restructure its convenience store network. In January, the company divested 204 Stripes locations, selling them to 7-Eleven Inc. in a $1 billion deal which rendered the latter company sole owner of the Stripes chain.