For the first time, Buc-ee's is selling fuel in the Sunshine State thanks to a
grand opening in St. Johns County near the Interstate 95 interchange. Another
location in Daytona Beach is expected to open in March.

Some observers are a bit surprised that the mega-marketer is not a bit more
aggressive on its retail fuel price. The best price available for rack E10 in
Jacksonville this morning was $1.815/gal, and the location commands some
53cts/gal in federal, state and local taxes. Adding a penny or two for freight
lays product into the supersite for about $2.36/gal, and brisk sales today were
reported at $2.499/gal. That gives Buc-ee's, known for very aggressive pricing
in Texas and elsewhere, an implied gross margin of nearly 14cts/gal.

The location has some 104 fueling positions and is expected to move volume that
surpasses the busiest fuel centers at Costco or the largest truckstops.

While the new site doesn't cater to heavy trucks, it does provide diesel at an
initial price today of $2.659/gal. The best diesel rack price in Jacksonville
this morning was $1.902/gal, so with 2cts freight, that product lays into the
site at a cost of $2.522/gal, implying a gross rack-to-retail margin of
13.7cts/gal.

Floridian marketers familiar with the new site have no clue as to inside sales.
The convenience store encompasses 52,600 square feet and has a wide assortment
of items familiar to patrons of its 38 locations in Texas.

Buc-ee's ranked as the number one fuel retailer in an OPIS survey based on
volumes sold and market share within a one-mile radius for urban settings and a
three-mile radius for more rural areas. Based on cell phone pings, Buc-ee's had
a share of over 70%.

--Reporting by Tom Kloza, tkloza@opisnet.com; Editing by Michael Kelly,
michael.kelly3@ihsmarkit.com