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Downstream Energy & Convenience Retail Investment Banking

Matrix’s Downstream Energy & Convenience Retail Group is recognized as the national leader in providing sophisticated financial, transactional, and M&A (mergers & acquisitions) advisory services to companies in the downstream energy and multi-site retail industries. Since the Downstream Energy Group's inception in 1997, we have successfully completed over 200 engagements, with a total transaction value of more than $8.5 billion.

Our business consulting group, Matrix Consulting Services, focuses on helping businesses perform better within the highly competitive Downstream Energy & Convenience Retail industry. This group offers a comprehensive business management system that teaches business owners how to create and implement a business strategy that ultimately generates company growth and drives financial returns.

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Recent Transactions

Tom Kelso, Managing Director & Principal, serves as Head of the Downstream Energy & Convenience Retail Group and works in our Baltimore, MD office.  Our M&A advisory group has extensive experience in all areas of investment banking related to convenience store retailing and petroleum marketing & distribution, including structuring and managing the transaction process, client advisory, business valuation and site evaluation, real estate and petroleum marketing law, buyer/seller identification, contract negotiation, debt restructurings, and the Bankruptcy Code.  Our downstream energy investment banking professionals are located in Richmond, VA, Baltimore, MD, Chicago, IL and Dallas, TX.

The clients we serve include Convenience Store Retailers, Petroleum Marketers and Fuels Distributors, as well as companies in Propane Distribution, Heating Oil Distribution, Lubricants Distribution, Petroleum Transportation & Logistics, Petroleum Storage, Terminal & Bulk Plants, Food Service and Specialty Retail.

We are members of the following associations:  ACG Global, Below the Line Club, BPAMA, CTPMA, ILTANACS, NACS Hunter Club, NASM, NPGA, PEI, SIGMA and TMA

 

 

What our Clients Are saying

  • “The team at Schmitt Sales has done a tremendous job as we expanded our footprint in the Northeast through the leadership of Peter Glor. As we all know, this business can be unpredictable and challenging. The friendships that we have created not only with our customers, but colleagues in the industry have added to the success that we have enjoyed. I’d like to thank my dedicated team of employees for their hard work throughout the years. I’d also like to thank Matrix for their superior customer service and support through this entire process.”

    Maureen Schmitt, CEO
    Schmitt Sales, Inc.
  • “Lots of emotions were involved in making our decision to divest. While those emotions are important, there are business interests that need to be organized. Any family business considering to make such a change must have professionals that advise them well in advance of the ultimate sale. I could not dream of attempting a deal alone. The Matrix team are well versed in the intricacies of our industry and gave us good counsel as we navigated the transaction. Additionally, we are happy to call the team friends,”

    Carlton Revere, President and CEO
    Revere Gas, Inc.
  • “We’re very grateful for the guidance and insight Matrix provided to help Giant Eagle secure this growth opportunity. At GetGo, our positioning of taking the ‘cons out of convenience’ means we offer the highest quality fresh foods, products and services to our customers. Our acquisition of the Ricker’s chain supports this strategy, and we look forward to bringing together the best of both businesses in Indiana.”

    Polly Flinn, Executive Vice President
    Giant Eagle, Inc.
  • “The decision to sell our family business was a hard one. The compassion, professionalism and attention to detail that Matrix brought to the project made the decision easier. They worked with us and on our behalf from beginning to end. We are thrilled with the outcome.”

    The Borer Family
    Petr-All Petroleum Consulting Corporation
  • “We are confident that our dedicated employees and loyal customers will be well taken care of by Molo Petroleum, LLC and Andeavor. Matrix did a fantastic job for us and I am very thankful for their professionalism throughout the entire process. Their thoroughness and attention to detail was extremely impressive.”

    Mark Ogren, President
    Croix Oil Company

Downstream Energy Transactions

  • CLIENT
  • Client Description
  • Transaction Description
  • TYPE
  • Client Location
  • DATE
  • CLIENT: Schmitt Sales, Inc.
  • Client Description: A leading petroleum marketer and convenience retailer in the Northeast
  • Transaction Description: Advised on the sale of the convenience retailing and wholesale fuel assets to Sunoco, LLC and Sunoco Retail LLC
  • TYPE: Company Sale
  • Client Location: Buffalo, NY
  • DATE: January 2019
  • CLIENT: First Virginia Propane, Inc. (Revere Gas)
  • Client Description: A propane rail terminal serving Revere Gas, other commercial customers and throughput parties
  • Transaction Description: Advised on the sale of the propane distribution and rail terminal assets to Quarles Petroleum
  • TYPE: Company Sale
  • Client Location: Hartfield, VA
  • DATE: December 2018
  • CLIENT: Giant Eagle, Inc.
  • Client Description: One of the nation’s largest multi-format food, fuel, and pharmacy retailers with $8.9 billion in annual sales
  • Transaction Description: Advised on the acquisition of Ricker Oil Company, Inc.
  • TYPE: Buy-Side Advisory
  • Client Location: Pittsburgh, PA
  • DATE: December 2018
  • CLIENT: Petr-All Petroleum Consulting Corporation
  • Client Description: A leading petroleum marketer and convenience retailer, d/b/a Express Mart, in the Northeast
  • Transaction Description: Advised on the sale of 78 convenience retailing and petroleum marketing assets to Speedway LLC, a wholly owned subsidiary of Marathon Petroleum Corporation (NYSE: MPC)
  • TYPE: Company Sale
  • Client Location: Syracuse, NY
  • DATE: November 2018
  • CLIENT: Croix Oil Company
  • Client Description: A leading petroleum marketer with operations primarily in the Minneapolis and St. Paul metropolitan area
  • Transaction Description: Advised on the sale of the convenience retailing assets to Northern Tier Retail, LLC (d/b/a Super America and Tesoro), a subsidiary of Andeavor
  • TYPE: Company Sale
  • Client Location: Stillwater, MN
  • DATE: September 2018
  • CLIENT: Croix Oil Company
  • Client Description: A leading petroleum marketer with operations primarily in the Minneapolis and St. Paul metropolitan area
  • Transaction Description: Advised on the sale of the wholesale fuel assets to D & M Oil, LLC, a wholly owned subsidiary of Molo Petroleum, LLC
  • TYPE: Company Sale
  • Client Location: Stillwater, MN
  • DATE: September 2018
  • CLIENT: Tevis Oil, Inc.
  • Client Description: A leading petroleum marketer and convenience retailer in the Mid-Atlantic
  • Transaction Description: Advised on the sale of the convenience retailing and wholesale motor fuel assets to SMO, Incorporated (d/b/a SMO Motor Fuels and Dash In®), a subsidiary of The Wills Group, Inc.
  • TYPE: Corporate Carve Out
  • Client Location: Westminster, MD
  • DATE: September 2018
  • CLIENT: Carolina Convenience Corporation
  • Client Description: A petroleum marketer and convenience store operator in Columbia, South Carolina and eastern South Carolina with 8 S-Mart branded convenience stores and a dealer fuel supply business
  • Transaction Description: Advised on the sale of 7 S-Mart branded convenience stores and the wholesale fuels distribution business to an affiliate of Dublin, Ireland based Applegreen plc and Petrogas Global Ltd.
  • TYPE: Corporate Carve Out
  • Client Location: Lexington, SC
  • DATE: August 2018
  • CLIENT: Cheshire Oil Company, LLC
  • Client Description: A third-generation company operating in southwest New Hampshire and southeast Vermont. Owned and operated ten T-Bird Mini Mart convenience stores that also sold gasoline and diesel, a home heating oil and burner service business, a commercials fuels business and a fuels transportation business
  • Transaction Description: Advised on the sale of the home heating oil, burner service and commercial fuels businesses to Dead River Company
  • TYPE: Company Sale
  • Client Location: Keene, NH
  • DATE: July 2018
  • CLIENT: Cheshire Oil Company, LLC
  • Client Description: A third-generation company operating in southwest New Hampshire and southeast Vermont. Owned and operated ten T-Bird Mini Mart convenience stores that also sold gasoline and diesel, a home heating oil and burner service business, a commercials fuels business and a fuels transportation business
  • Transaction Description: Advised on the sale of the Company's ten convenience stores to Global Partners LP (NYSE: GLP)
  • TYPE: Company Sale
  • Client Location: Keene, NH
  • DATE: July 2018
  • CLIENT: Champlain Oil Company, Inc. and Coco Mart, Inc.
  • Client Description: A leading petroleum marketer, convenience retailer and fuels transporter throughout the Northeast
  • Transaction Description: Advised on the sale to Global Partners LP (NYSE: GLP)
  • TYPE: Company Sale
  • Client Location: Burlington, VT
  • DATE: July 2018
  • CLIENT: NEMO Oil Company
  • Client Description: A leading lubricants distributor to customers throughout New England
  • Transaction Description: Advised on the sale to a subsidiary of a publicly-traded company
  • TYPE: Company Sale
  • Client Location: Lawrence, MA
  • DATE: June 2018
  • CLIENT: Brabham Oil Company, Inc.
  • Client Description: A petroleum marketer and convenience store operator in southern South Carolina with 34 E-Z Shop convenience stores, a motor fuels distribution business, and a motor fuels transportation fleet
  • Transaction Description: Advised on the sale to Enmark Stations, Inc. & Colonial Fuel and Lubricant Services, Inc.
  • TYPE: Company Sale
  • Client Location: Bamberg, SC
  • DATE: April 2018
  • CLIENT: CHS Inc.
  • Client Description: Owner/operator of two petroleum refineries and more than 2,500 miles of pipeline that manufactures, markets, and distributes Cenex® branded refined fuels through a network of more than 1,500 retail outlets across 19 states
  • Transaction Description: Advised on the sale of 33 Cenex Zip Trip convenience stores in eastern Washington and northwestern Idaho to a subsidiary of Par Pacific Holdings, Inc. (NYSE: PARR)
  • TYPE: Corporate Carve Out
  • Client Location: Inver Grove Heights, MN
  • DATE: March 2018
  • CLIENT: Polsinello Fuels, Inc.
  • Client Description: A leading retail, commercial and wholesale fuels and lubricants distributor in the Northeast
  • Transaction Description: Advised on the sale of the propane, heating oil and other refined fuel products business to Mirabito Holdings, Inc.
  • TYPE: Corporate Carve Out
  • Client Location: Rensselaer, NY
  • DATE: March 2018
  • CLIENT: Crenco Food Stores, Inc. and Crenshaw Oil Company, Inc.
  • Client Description: A fuels distributor and convenience retailer located in South Carolina
  • Transaction Description: Advised on the sale of four convenience stores and one truck stop location to affiliates of GPM Investments, LLC
  • TYPE: Company Sale
  • Client Location: Lancaster, SC
  • DATE: March 2018
  • CLIENT: Jet-Pep, Inc. and Bama Terminaling and Trading, Inc.
  • Client Description: A 270,000-barrel motor fuels terminal owner/operator and fuel distributor to 120 petroleum marketing retail assets throughout Alabama
  • Transaction Description: Advised on the sale to Alimentation Couche-Tard, Inc. (TSX: ATD.A, ATD.B) and CrossAmerica Partners LP (NYSE: CAPL)
  • TYPE: Company Sale
  • Client Location: Holly Pond, AL
  • DATE: December 2017
  • CLIENT: Honey Farms, Inc.
  • Client Description: A convenience retailer operator with 33 Honey Farms branded stores in Massachusetts and New Hampshire
  • Transaction Description: Advised on the sale of the company to Global Partners LP (NYSE: GLP)
  • TYPE: Company Sale
  • Client Location: Worcester, MA
  • DATE: October 2017
  • CLIENT: Confidential
  • Client Description: Southeast convenience store retailer
  • Transaction Description: Advised on corporate valuation services
  • TYPE: Corporate Valuation
  • Client Location: Southeast
  • DATE: October 2017
  • CLIENT: Revere Gas, Inc.
  • Client Description: A third-generation, family owned propane gas supplier serving over 26,000 residential and commercial customers throughout Eastern and Central Virginia, the Middle Peninsula, and the Northern Neck.
  • Transaction Description: Advised on the acquisition of Natural Gas Company of Virginia, Inc., d/b/a Mr. Able Propane
  • TYPE: Buy-Side Advisory
  • Client Location: Hartfield, VA
  • DATE: August 2017

Downstream Energy Press Releases

  • January 18, 2019 -
    Matrix Announces the Successful Sale of Schmitt Sales, Inc.’s Convenience Retailing and Wholesale Fuel Assets

    RICHMOND, VA – January 18, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the sale of Schmitt Sales, Inc.’s (“Schmitt Sales” or the “Company”) convenience retailing and wholesale fuel assets to Sunoco LP (NYSE: SUN). Schmitt Sales owned and operated Robo Mart convenience stores located […]

  • December 20, 2018 -
    Matrix Announces the Successful Sale of Revere Gas, Inc.’s Propane Distribution and Rail Terminal Assets

    RICHMOND, VA – December 20, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading independent investment bank, announces the successful closing on the sale of Revere Gas, Inc.’s (“Revere” or the “Company”) propane distribution and rail terminal business to Quarles Petroleum, a Virginia based provider of residential and commercial fuel. Over its 75 years […]

  • December 4, 2018 -
    Matrix Advises Giant Eagle, Inc. on the Successful Acquisition of Ricker Oil Company, Inc.

    RICHMOND, VA – December 4, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful acquisition of Ricker Oil Company, Inc. (“Ricker Oil”) by Giant Eagle, Inc. (“Giant Eagle” or the “Company”). Ricker Oil owns and operates 56 Ricker’s convenience stores located in the Indianapolis and Fort Wayne metro […]

  • November 5, 2018 -
    Matrix Announces the Successful Sale of Petr-All’s (d/b/a Express Mart) Petroleum Marketing and Convenience Retailing Assets

    RICHMOND, VA – November 5, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading independent investment bank, announces the successful closing on the sale of Petr-All Petroleum Consulting Corporation’s, d/b/a Express Mart (“Petr-All”, “Express Mart”, or the “Company”), 78 convenience retailing and petroleum marketing assets to Speedway LLC, a wholly owned subsidiary of Marathon Petroleum […]

  • September 28, 2018 - Matrix Announces the Successful Sale of Croix Oil Company’s Convenience Retailing & Wholesale Motor Fuel Assets
    Matrix Announces the Successful Sale of Croix Oil Company’s Convenience Retailing & Wholesale Motor Fuel Assets

    RICHMOND, VA – September 28, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading independent investment bank, announces the successful closing on the sale of Croix Oil Company’s (“Croix” or the “Company”) convenience retailing assets to Northern Tier Retail, LLC (d/b/a SuperAmerica® and Tesoro), a subsidiary of Andeavor and its wholesale fuel assets to […]

  • September 17, 2018 -
    Matrix Expands Service Offering, Establishes New Downstream Energy Consulting and Strategic Advisory Group

    RICHMOND, VA – September 17, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent, investment bank, is pleased to announce the formation of a new in-house business consulting group, Matrix Consulting Services Group (“MCS”), and welcomes Melvin L. Strine as Director of the new endeavor. This specialized group will exclusively serve clients within […]

Downstream Energy Team

Thomas E. Kelso

Managing Director & Principal, President tkelso@matrixcmg.com (667) 217-3330

Tom serves as the President of Matrix and is a member of the Downstream Energy & Convenience Retail (DER) Group. He founded the DER Group to provide financial advisory services to companies engaged in the petroleum marketing and convenience store industries. In addition, he manages the firm’s Restructuring, Reorganization and Bankruptcy practice. Prior to joining […]

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Spencer P. Cavalier, CFA, ASA

Managing Director & Principal, Co-Head of Downstream Energy & Convenience Retail Group spcavalier@matrixcmg.com (667) 217-3320

Spencer is Co-Head of the Downstream Energy & Convenience Retail (DER) Group and is responsible for new client development and managing all aspects of client transactions. He advises clients on company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies. Since joining Matrix in 1998, […]

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Cedric C. Fortemps, CFA

Managing Director & Principal, Co-Head of Downstream Energy & Convenience Retail Group cfortemps@matrixcmg.com (804) 591-2039

Cedric is Co-Head of the Downstream Energy & Convenience Retail (DER) Group and is responsible for new client development and managing all aspects of client transactions.  He advises clients on company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies.  Cedric joined Matrix in 1998 and […]

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M. Vance Saunders, CPA

Managing Director & Principal vsaunders@matrixcmg.com (804) 591-2037

Vance is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for new client development and managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies.  Vance joined Matrix in 2006 and has extensive experience […]

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John J. Underwood

Managing Director junderwood@matrixcmg.com (667) 217-3324

John is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for new client development and managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies.  He brings over 30 years of major […]

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Robbie L. Radant

Director rradant@matrixcmg.com (667) 217-3323

Robbie is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for new client development and managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies. Prior to joining Matrix in 2016, Robbie […]

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R. H. “Tod” Butler, Jr.

Senior Advisor tbutler@matrixcmg.com (667) 217-3314

Tod is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for all aspects of new client and business development and assisting in transaction management. Prior to joining Matrix in 1999, Tod served as an acquisition advisor with Petroleum Realty Investment Partners, L.P., and as the Mid-Continent Regional Director of Real […]

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Sean P. Dooley, CFA, ASA

Vice President sdooley@matrixcmg.com (667) 217-3322

Sean is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for new client development and co-managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies.  Prior to joining Matrix in 2010, Sean was […]

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Stephen C. Lynch, CFA, CPA

Vice President slynch@matrixcmg.com (804) 591-2033

Stephen is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for new client development and co-managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies.  Prior to joining Matrix in 2011, Stephen was […]

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Andrew A. LoPresti, CFA, CPA

Senior Associate alopresti@matrixcmg.com (667) 217-3325

Andrew is a member of the Downstream Energy & Convenience Retail (DER) Group and is involved in all aspects of transaction execution, the creation and delivery of valuation presentations, and is responsible for the development, training, and mentoring of analysts.  Prior to joining Matrix in 2012, Andrew was an Audit Associate with Deloitte & Touche, […]

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Christian P. Klawunder

Senior Associate cklawunder@matrixcmg.com (667) 217-3321

Christian is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financial models, and preparing selling and private placement memoranda.  Prior to joining Matrix in 2014, Christian was an analyst with Ewing Bemiss & Co.  He also held intern positions […]

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John C. Duni, CFA, CPA

Senior Associate jduni@matrixcmg.com (804) 591-2031

John is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financial models, and preparing selling and private placement memoranda.  Prior to joining Matrix in 2015, John was an Associate Equity Analyst with BB&T Capital Markets and Senior Associate – Assurance […]

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Martin C. P. McElroy, Jr., CFA

Senior Analyst mmcelroy@matrixcmg.com 804-591-2035

Martin is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda. Prior to joining Matrix, he was an Equity Research Associate Analyst with Stifel Nicolaus in the Industrials group. Martin graduated […]

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Kyle B. Tipping

Analyst ktipping@matrixcmg.com 804-591-2047

Kyle is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda.  Prior to joining Matrix in 2017, Kyle was a research analyst at JoycePayne Partners. Kyle received a B.A. in Mathematics […]

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John T. Mickelinc

Analyst jmickelinc@matrixcmg.com 804-591-2046

John is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda.  Prior to joining Matrix, John was an associate with MuniCap, Inc., a tax increment financing consulting firm. John received a B.S. […]

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Nathan B. Wah, CPA

Analyst nwah@matrixcmg.com (667) 217-3327

Nate is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financial models, and preparing selling and private placement memoranda.  Prior to joining Matrix in 2018, Nate was a Senior Audit Associate with KPMG US LLP. Nate received a B.S. […]

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Kelly A. Simons

Assistant Director of Marketing & Communications ksimons@matrixcmg.com 804-591-2038
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Melvin L. Strine

Director - Matrix Consulting Services mstrine@matrixcmg.com 804-591-2061

Mel is Head of Matrix Consulting Services and is a member of the Downstream Energy & Convenience Retail (DER) Group.  He has worked in the retail petroleum industry for over 40 years.  In 1977 he joined Exxon Company, USA and served in many different key management roles, geographies, and departments, all within downstream marketing.  In January […]

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Capital Markets Perspective Newsletter

Capital Markets Perspective

Welcome to Capital Markets Perspective! This publication focuses on capital markets activity, its impact on the downstream energy and convenience retail industry and other issues that can have an effect on shareholder value.

Our goal is to provide a combination of insight and expertise from our investment banking professionals about current market conditions and other issues affecting downstream energy companies from a financial perspective. We will also provide proprietary research on timely financial topics. Our plan is to devote one issue per year to sharing our consensus forecast on capital markets issues affecting the industry over the upcoming year. The other two issues will combine original research with timely insight.

We hope you find this publication interesting and informative!

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