Shell grows U.S. c-store network with Tri Star acquisition

HOUSTON — Shell has agreed to acquire the remaining 67% stake in Tri Star Energy, a move that will more than double the energy company’s company-owned convenience retail footprint in the United States.

Shell already owns a 33% stake in Tri Star Energy and will acquire the remaining interest from The Parman Corporation, Kimbro Oil Company, and their subsidiaries. Financial terms were not disclosed.

The transaction will add 320 fuel and convenience retail sites in Tennessee and surrounding states to Shell’s portfolio, along with supply agreements for another 552 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 at Shell plc.

Following completion of the acquisition, Tri Star Energy will be operated by Texas Petroleum Group LLC, a wholly owned subsidiary of Shell Mobility & Convenience US LLC. Shell said its U.S. Mobility & Convenience portfolio will then include nearly 550 company-owned convenience retail sites and supply agreements with approximately 650 dealer-owned locations throughout the southern United States.

The acquisition builds on Shell’s broader U.S. retail footprint. The company operates approximately 12,000 fuel and convenience retail sites, primarily owned by wholesalers and dealers, across 49 states, serving more than 7 million customers daily.

Shell said the investment is part of its strategy to direct more capital to markets and businesses where it expects stronger returns and competitive advantages. The company plans to allocate 80% of growth cash capital expenditures for its Mobility & Convenience business to 10 key markets, including the United States.

The deal is expected to close by the end of 2026, subject to regulatory clearance and other customary closing conditions.