Downstream Energy Group (“DEG”) announced that it served as the exclusive sell-side advisor to Earnheart Oil, Inc. and its related entities in the sale of the company’s integrated retail, wholesale, and transportation portfolio.

In a multi-party transaction, Earnheart’s wholesale fuels, lubricants, and transportation assets were acquired by Fleet Fuels, LLC, while its retail convenience store portfolio was acquired by Perfect Food & Gas.

Founded in 1971 by Ernest Earnheart as a single full-service gas station in Marshall, Oklahoma, Earnheart Oil has grown into one of central Oklahoma’s leading integrated downstream energy operators. Now a third-generation, family-owned company, Earnheart operates across three complementary lines of business: retail gas and convenience stores, wholesale fuel and lubricant distribution, and petroleum transportation. The company serves customers throughout Oklahoma.

Earnheart has built one of the region’s broadest independent distribution platforms. Through its wholesale and transportation division, the company delivers refined petroleum products and lubricants throughout Oklahoma, supported by a modern fleet of tractors, trailers, and bobtails, as well as an extensive network of fuel and lubricant equipment installed at customer locations across the state. Earnheart’s wholesale customer base spans commercial, agricultural, municipal, and other energy end users reaching nearly every corner of Oklahoma.

On the retail side, the company operates seven company-operated convenience stores under the well-recognized Earnheart banner throughout north-central Oklahoma, complemented by strategically located real estate holdings.

The transaction represents a comprehensive exit across all three business segments, delivering an efficient outcome for the Earnheart family while helping ensure operational continuity and seamless transitions for the company’s employees, customers, and communities. Aligning each asset group with strategic buyers positions the retail, wholesale, and transportation operations for continued growth under new ownership.

Following the transaction, Earnheart continues to own and operate one of Oklahoma’s largest privately held propane delivery and service businesses, serving residential and commercial customers throughout much of the state.

DEG provided exclusive merger and acquisition advisory services to Earnheart. In its role as M&A advisor, Downstream Energy Group oversaw all phases of the process, including valuation, preparation of offering materials, marketing to strategic and financial acquirers, and negotiation of multiple definitive purchase agreements across the retail and wholesale asset groups.

“Earnheart is exactly the kind of well-run, multi-generational platform that draws strong buyer interest across every segment of the downstream space,” said Jeff Traub, Partner at Downstream Energy Group. “The Earnheart family built a large, diversified business spanning retail, wholesale, and transportation, and it has been a privilege to represent them in achieving a successful outcome with two highly respected industry buyers.”

About Downstream Energy Group

Downstream Energy Group is an independent, privately held advisory team providing national mergers and acquisitions and strategic advisory services in the energy sector. The firm specializes in the sale of gas and convenience, wholesale bulk distribution, including fuel and lubricants, propane, and petroleum transportation companies. DEG works with both jobbers and larger consolidators and says its team brings direct operating experience managing fully integrated wholesale and retail gas and convenience operations.