Shell

In 2025, Houston-based Equilon Enterprises, doing business as Shell Oil Products US, signed an agreement to acquire the Fuel Rewards loyalty program from PDI Technologies and Excentus Corp., a leading provider of loyalty and coalition marketing solutions for the U.S. retail, grocery, national brands and convenience retail segments that PDI acquired in 2018.

The oil giant's purchase of the loyalty program will allow the company to further develop the program and to deliver future enhancements and value to wholesalers and members, Shell said in a statement.

In 2024, Houston-based major oil company Shell bought 45 stations from Albuquerque, New Mexico-based Brewer Oil, making it Shell's first retail-operated presence in that state. Returning to retail has been a recent phenomenon for the oil company. In 2022, Shell Retail and Convenience Operations LLC, the wholly owned subsidiary of Shell Oil Products US, acquired 248 fuel and Timewise convenience stores from the Landmark group of companies. The deal also included supply agreements with an additional 117 independently operated fuel and convenience stores from Landmark, which is also based in Houston.

Shell had largely exited retailing in the United States in the early 2000s, opting instead to pursue upstream profits rather than downstream retail opportunities. The Landmark acquisition marked Shell's first major acquisition in recent years, with the retail network serving as the foundation for growth in company-operated stores in the United States.

For benchmarking purposes, store counts are as of Jan. 1, 2026.