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Shell to Acquire Full Ownership of Tri Star Energy in US Convenience Retail Expansion

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Shell Oil Products US, a unit of Shell (SHEL), has agreed to acquire the remaining 67% stake in Tri Star Energy, Shell said in a statement on Tuesday.

With this, Shell Oil Products US will take full ownership of the Nashville-based convenience store operator and fuel distributor in a deal that will expand Shell's company-owned retail footprint across the southeastern US.

Shell currently owns a 33% interest in Tri Star. The transaction will give the energy major control of an additional 320 fuel and convenience retail sites in Tennessee and surrounding states, while adding supply agreements covering 552 dealer-owned locations.

The acquisition is part of Shell's broader strategy to concentrate capital on businesses and markets where it has competitive advantages and can generate attractive returns.

Shell said the investment is expected to deliver an internal rate of return above the hurdle rate for its marketing business.

Shell already operates the largest branded fuel network in the US, with about 12,000 fuel and convenience retail locations, primarily wholesaler- and dealer-owned, across 49 states. The network serves over 7 million customers a day.

The Tri Star transaction will significantly increase Shell's directly owned presence in the US. Upon closing, Tri Star will be operated by Texas Petroleum, a wholly owned subsidiary of Shell Mobility & Convenience US.

Shell said its US Mobility & Convenience portfolio will then comprise almost 550 company-owned convenience retail sites and supply agreements with about 650 dealer-owned locations across the southern US.

The deal also advances a capital-allocation strategy outlined at Shell's 2025 Capital Markets Day, when the company said it would shift investment away from lower-return activities toward businesses and markets where it has demonstrated stronger performance.

Shell has said 80% of growth cash capital expenditure in its Mobility & Convenience business will be directed to 10 key markets, including the US, where the company generates the majority of its cash flow.

Shell is acquiring the remaining Tri Star interest from Parman, Kimbro Oil, and their respective subsidiaries.

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

Globally, Shell and its affiliates serve about 29 million customers each day at Shell-branded mobility sites, offering fuel, electric-vehicle charging, convenience products and other services.

Price: $93.59, Change: $+2.13, Percent Change: +2.33%

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