PetroTex Completes Sale to Sunoco LP

BEAUMONT TEXAS, October 16, 2024 PetroTex Fuels, Inc., a Beaumont-based fuel distributor for Shell, Valero, Citgo, Conoco, and Phillips 66, in which markets petroleum motor fuel products throughout  East Texas, the  Gulf Coast and Southwest Texas has completed the sale of its convenience stores and fuel distribution assets to Sunoco LP, a leading energy infrastructure and fuel distribution master limited partnership operating in over 40 U.S. States, Puerto Rico, Europe, and Mexico.  The multi-million dollar transaction was face down at press time and is expected to be immediately accretive to Sunoco with respect to distributable cash flow.

PetroTex was founded in January 1991 by E. Harvey Steinhagen III after his spending 10 years working alongside his father at the family-owned Steinhagen Oil Company 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.

At press time Mr.Steinhagen stated "I am grateful to all PetroTex employees for their dedication throughout the years as they are the reason for our company’s success. 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, and I am very proud of how our employees responded in each crisis, and additionally with this, “ I am confident that our long-standing customers across the state of Texas will be well taken care of by Sunoco Fuels Supply“

Sincerely, E. Harvey Steinhagen III

Beaumont, Texas