Shell to Assume Ownership of Tri Star Energy

The 320-store deal more than doubles Shell's company-owned U.S. footprint.

Shell has signed an agreement to increase its equity from 33% to 100% in Tri Star Energy, making the company the full owner of an additional 320 fuel and convenience retail sites in Tennessee and surrounding states. The deal also adds 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.

Market expansion

Shell already has the largest branded fuel network in the U.S., with around 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 U.S.,” the company noted in a statement.

“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,” the statement continued.

Shell noted that 80% of its growth cash cash expenditure in the Mobility & Convenience business will be spent in 10 key markets, such as the U.S., where it generates the majority of its cash flow.

Seller perspective

“This is one of the most significant milestones in the history of our family and our businesses,” said William Kimbro, president and CEO of Kimbro Oil Co., co-owner of Tri Star Energy. “We are incredibly proud of what was built through Tri Star Energy and thankful for the partnership that made it possible. This transaction honors that history while opening the door to an exciting future for Kimbro Oil.”

As part of the agreement, Kimbro Oil Co. will separately acquire Tri Star Energy’s commercial fuel business, which will continue to operate independently of the sale to Shell.

“Commercial fuel has long been at the heart of Kimbro Oil and remains a business our family knows and believes in,” Kimbro continued. “In many ways, business is coming home. We look forward to bringing our people together and building a stronger company for its employees, customers and the communities it serves for years to come.”

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