Equilon Enterprises LLC, doing business as Shell Oil Products US (Shell), has signed an agreement to increase its equity from 33% to 100% in Tri Star Energy, LLC, a convenience store operator and fuel distributor operating across the southeastern United States and anchored in the Nashville market. The acquisition makes Shell the full owner of an additional 320 fuel and convenience retail sites in Tennessee and surrounding states, as well as supply agreements with 552 more dealer-owned locations.

“Tri Star has built a strong business with high-quality assets, a dedicated team and a loyal customer base. The transaction is fully aligned with our growth strategy to focus capital on businesses in which we have distinctive advantages and can create long-term shareholder value,” said Machteld de Haan, President of Downstream, Renewables and Energy Solutions, Shell plc.

Shell already has the largest branded fuel network in the US, with approximately 12,000 primarily wholesaler- and dealer-owned fuel and convenience retail sites across 49 states serving more than 7 million customers daily. This acquisition significantly strengthens its company-owned presence in the US.

The investment is in line with Shell’s strategy to reallocate capital from lower-return areas to businesses and markets where the company has proven it can deliver strong performance and has clear competitive advantages, as announced at its Capital Markets Day in 2025. Shell stated that 80% of its growth cash capex in the Mobility & Convenience business will be spent in 10 key markets, such as the US, where it generates the majority of its cash flow.

The deal is expected to be completed by the end of 2026, subject to regulatory clearance and the satisfaction of closing conditions.

Notes:

  - Shell is acquiring the remaining interest in Tri Star Energy from The Parman Corporation, Kimbro Oil Company, and their subsidiaries.
  - Once the acquisition is complete, Tri Star Energy will be operated by Texas Petroleum Group, LLC, a wholly owned subsidiary of Shell Mobility & Convenience US LLC (SMC). SMC’s portfolio will consist of nearly 550 company-owned convenience retail sites and supply agreements with approximately 650 dealer-owned sites across the southern US.
  - The acquisition is projected to generate an internal rate of return above the hurdle rate set for Shell’s marketing business.
  - With a long history in the US, Shell is delivering secure energy supplies and meeting the evolving needs of customers today and into the future.
  - Globally, Shell and its affiliates serve around 29 million customers per day at Shell-branded mobility sites, who visit for quality fuels, electric vehicle charging, and convenience and non-fuel products and services.

About Shell plc

Shell plc is incorporated in England and Wales, has its headquarters in London and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.

About Tri Star Energy

Since 2000, Tri Star Energy has existed to serve the communities of Middle Tennessee with dependable fuel services and top-quality convenience stores. We’ve since expanded across western Kentucky, northern Alabama, and northern Georgia. Wherever we go, we bring our dedication and expertise to uplift the community.

Tri Star Energy isn’t your average wholesale gas supplier. Everything we do is centered on our three-part philosophy of customer care, integrity, and being remarkable.