Mergers & Acquisitions

Making Good Industry Matches

The transportation fuels industry is extremely competitive, and assets change hands often. Stillwater Associates offers solutions and support to energy companies in the mergers and acquisitions process which keeps companies moving forward. We help maximize return on investment while minimizing risk for our clients, and we achieve these goals by leveraging our industry expertise and financial modeling to screen and evaluate potential acquisitions. We can help integrated oil and gas companies identify the right buyer for an underused property, find a strategic asset for a transportation energy start-up looking to expand, or assist an investment firm in acquiring a transportation energy company.

Our process is thorough and successful. We’ve helped clients acquire pipeline, terminal, and refining assets all over the country. Throughout the acquisition process we study the asset, perform due-diligence around its commercial and engineering aspects, and assure that our clients receive accurate valuations prior to purchase. Once a successful acquisition has completed, we remain on hand to help with the transition.

Our clients include integrated oil and gas companies, transportation energy start-ups, and investment firms. Recently, we assisted One Rock Capital Partners in the acquisition of Chevron’s refining and marketing business unit in Hawaii. This acquisition included a 58,000-barrel-per-day refinery on Oahu, 58 gasoline stations located throughout the Hawaiian Islands, four storage terminals, pipeline distribution systems, and downstream assets. Our highly-experienced team educated the investors on the refining and marketing business in Hawaii’s unique market while aiding the transition of ownership.

Our experience runs deep

Stillwater Associates brings together a unique blend of real-world downstream experience, building competitive advantage and delivering results. Our associates have extensive expertise in energy transactions with particular expertise in refining operations, storage, pipelines, and retail marketing. The Stillwater team is experienced, accountable, and committed to results.

Please contact us to learn more about our mergers and acquisitions services.

Lead Team Members In Mergers & Acquisitions

  • David Hackett — President

    Dave Hackett has offered refining and logistics expertise for a number of large downstream industry acquisitions. Most recently Dave offered overall management of the Stillwater team's support for Island Energy Services (IES), a wholly owned subsidiary of One Rock Capital Partners, in its successful acquisition of Chevron's Hawaii assets. Previous to that project, Dave led a team evaluating the outlook for the flow of crude oil out of Alberta as due diligence for a private equity investor and performed a due-diligence assessment of the sale of Tesoro’s Hawaii refinery for another private equity investor. Early in his career at Stillwater, Dave identified an opportunity to buy an oil asset from a public utility, recruited a bankable CEO and raised $130 million in debt and equity but finished behind the strategic buyer for the asset.

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  • James Ahrens — Senior Associate

    Most recently, James Ahrens contributed his merger and acquisition expertise to Stillwater's support of One Rock Capital Partners' acquisition of Chevron's Hawaii assets and transition to Island Energy Services (IES). James worked to successfully transition IES's economics and planning functions including the refinery linear program (LP) and blending software tools. He also provided support on crude and product pricing methods and business plan economics. Previous to his time at Stillwater, James participated in numerous due diligence efforts for various refining and private equity clients in first and second round bidding. He provided refinery LP modelling support and yield estimates as well as crude transportation logistics evaluations. James consistently produces accurate assessments of current and potential future refinery yield profiles to fine tune cash flow and allow clients a better perspective on asset valuation to aid in the bidding process.

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  • Thomas Daniels — Senior Associate

    Tom Daniels provides refining and operational expertise in support of mergers and acquisitions. Most recently, Tom led the Stillwater team in a two-year effort in the acquisition of the Chevron Hawaii refinery, terminals, and retail network on behalf of Island Energy Services (IES), a wholly owned subsidiary of One Rock Capital Partners. Under Tom’s direction, Stillwater’s role in the acquisition ranged from business and asset valuation, technical and operational due diligence, and ownership transition. Tom’s expert leadership guided One Rock Capital Partners and IES to successfully close on acquiring Chevron’s Hawaii assets in November of 2016.

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  • Ralph Grimmer — Senior Associate

    Ralph Grimmer provides refining and logistics support to mergers and acquisitions (M&A). With a wealth of downstream leadership experience, Ralph provides analysis of logistics assets utilization and valuations. Most recently, Ralph contributed to Stillwater’s support of One Rock Capital Partners’ acquisition of Chevron’s Hawaii assets by leading the assessment of logistics assets – pipelines, product terminals, docks and offshore mooring. He also participated in converting Chevron operating manuals for the new ownership – Island Energy Services (IES). Ralph’s expertise ensured an incident-free logistics assets conversion from Chevron to IES. Before joining the Stillwater team, Ralph offered logistics support and advisement to various M&A projects including several for Tesoro Logistics and Motiva Enterprises.

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  • Vaughn Hulleman — Senior Associate

    Vaughn Hulleman provides refining expertise in support of mergers and acquisitions projects at Stillwater Associates. Most recently, Vaughn assisted One Rock Capital Partners in acquiring Chevron’s Hawaii assets including its refinery, terminals and retail network. He helped in establishing a new operating company – Island Energy Services (IES) – including developing contracts and procurement capabilities formerly provided by Chevron corporate services. With his extensive industry background, expertise, and attention to detail Vaughn evaluated contracts and procurement capabilities gaps and transitioned 140 vendor master product/service agreements from Chevron to the IES, enabling a smooth transition to new ownership.

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  • Enoch J. (E.J.) Ledet — Senior Associate

    E.J. Ledet provides refining, transportation, quality assurance, and marketing expertise in support of mergers and acquisitions projects at Stillwater Associates. Most recently, E.J. contributed to Stillwater's support of One Rock's acquisition of Chevron's Hawaii assets. He led the lab quality assurance and product integrity transition team and helped with One Rock's STARLIMS purchase and contractor support. E.J. has also offered product quality expertise and Causal Learning for Shell, Equilon, Motiva, and Equiva Businesses and documented RFG/RVP gasoline requirements for U.S. manufacturing sites and downstream businesses, including retail and wholesale service stations. With his extensive industry background, E.J. has solved invoice and billing errors related to SAP business implementation, transferred lab quality assurance and product integrity support to third party contractors, and assisted in successful STARLIMS purchase, installation, support.

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  • Michael Myers — Senior Associate

    Michael Myers supported KSP Marine Transportation in an $80 million merger. Mike participated at the executive level in the merging of operating procedures, best practices, policies, accounting systems, communications, human resources, training, customer service, and marketing between successful East Coast and West Coast organizations. This two-year transition resulted in the successful merger which created the largest operating company in that industry segment.

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  • Leigh Noda — Senior Associate

    Leigh Noda has years of experience in mergers and acquisitions in the refining industry. For Island Energy Services (IES), a wholly owned subsidiary of One Rock Capital Partners, Leigh performed financial and market analysis, assessed the potential of the assets, and evaluated the contracts, RFS, alternate supply points, and inventory position. Due in part to Leigh's expert advice and support, One Rock Capital Partners successfully acquired the Chevron Hawaii assets in November of 2016. During his time at ARCO, Leigh was part of a team which evaluated, negotiated, and closed on the purchase of a petroleum coke calciner which became a profitable and important part of ARCO’s assets. As part of ARCO's transition planning team, he evaluated and recommended how to integrate operations and evaluated personnel and culture to make hiring recommendations. Leigh's organizational decisions made a strong team organization at the calciner. Over a period of ten years, Leigh also assessed the potential for ARCO to acquire various refineries, but a suitable refinery to purchase was not identified. Finally, Leigh worked with a team at ARCO to develop a joint venture with Zhenhai Refining and Petrochemical (ZRCC) in China. ARCO became a shareholder in ZRCC and helped them develop into one of the most significant refineries in China.

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Posts & News in Mergers & Acquisitions

Downstream Oil & Gas M&A Part 3:  The Good, the Bad, and the Ugly acquisitions, coronavirus, COVID-19, M&A, mergers, Oil & Gas, Pandemic, Refinery, Refining assets - January 15, 2020 By Vaughn Hulleman with Leigh Noda and Barry Schaps In our first article in this three-part series,… > Read More
Downstream Oil & Gas M&A Part 2: A Fistful of Dollars acquisitions, coronavirus, COVID-19, M&A, mergers, Oil & Gas, Pandemic, Refinery, Refining assets - December 15, 2020 By Vaughn Hulleman with Leigh Noda and Barry Schaps On November 15th, we published the first article… > Read More
Downstream Oil & Gas M&A Part 1: Pssst… Want to Buy a Refinery? acquisitions, coronavirus, COVID, COVID-19, M&A, mergers, Oil & Gas, Pandemic, Refinery, Refining assets - November 15, 2020 By Vaughn Hulleman & Jim Mladenik The petroleum industry is known for its cyclic nature, and, traditionally,… > Read More