Convenience Earns Its Place on 2023 Fortune 500

Fortune magazine is out with the 2023 Fortune 500, its 69th annual list of the largest corporations in the United States, ranked by revenue for the 2022 fiscal year. Murphy USA, Global Partners, Casey’s General Stores, TravelCenters of America and Arko are among the 16 convenience- and fueling-industry companies making the list.

The revenue threshold for making the Fortune 500 list was $7.2 billion this year, up 13% from a year ago. In total, Fortune 500 companies represent two-thirds of the U.S. gross domestic product (GDP) with $18 trillion in revenues, up 13%, while profits, down 15%, fell for the second time in the past three years.

Walmart and Amazon occupied the No. 1 and No. 2 spots on the list, respectively. It is Walmart’s 11th straight year. Exxon Mobil Corp., Apple and UnitedHealth Group rounded out the Top 5 slots and CVS Health, Berkshire Hathaway, Alphabet, McKesson and Chevron finished off the Top 10.

Convenience-store companies, oil companies and gasoline brands making the 2023 list (by Fortune 500 ranking) included …

Irving Texas-based Exxon Mobil supplies fuel to approximately 12,000 Exxon- and Mobil-branded gas stations in the United States.

On June 1, ExxonMobil, along with Waltham, Massachusetts-based Global Partners, finalized the acquisition of 64 Timewise convenience and fueling facilities from Houston-based Landmark Group through a new joint venture called Spring Partners Retail LLC.

The joint venture represents ExxonMobil’s return to retail.

In a deal announced in October 2017, Warren Buffett’s Berkshire Hathaway, Omaha, Nebraska, on Jan. 31, 2023, became the majority owner of Knoxville, Tennessee-based Pilot Co., at 80%, and the Haslam family, which founded Pilot, retains 20%.

The company’s Pilot and Flying J travel center network includes more than 750 locations in 44 states and six Canadian provinces.

Pilot is No. 13 on CSP’s 2023 Top 40 Update to the 2022 Top 202 ranking of U.S. c-store chains by store count.

San Ramon, California-based Chevron supplies fuel to approximately 8,000 Chevron- and Texaco-branded gas stations in the United States.

Chevron Stations Inc. has approximately 300 company-operated stations on the West Coast. Chevron also is part of the ExtraMile joint venture with Meridian, Idaho-based Jacksons Food Stores, launched in early 2018. Pleasanton, California-based ExtraMile Convenience Stores LLC has 1,037 c-stores.

ExtraMile is No. 8 on CSP’s 2023 Top 40 Update to the 2022 Top 202 ranking of U.S. c-store chains by store count. Jacksons Food Stores is No. 25.

Findlay, Ohio-based Marathon Petroleum supplies fuel to approximately 9,000 Marathon-branded gas stations in the United States. The company exited the retail c-store business in May 2021 when it sold its approximately 3,900 Speedway locations to 7-Eleven Inc., Irving, Texas.

Houston-based Phillips 66 supplies fuel to approximately 7,550 Phillips 66-branded, 1,950 76-branded and 1,725 Conoco-branded gas stations in the United States.

San Antonio-based Valero supplies fuel to approximately 4,700 Valero-branded gas stations in the United States.

Richmond, Virginia-based food and foodservice distributor Performance Food Group serves more than 300,000 c-stores, restaurants, schools, healthcare facilities, theaters and other retailers. In September 2021, the company completed the acquisition of c-store wholesaler Core-Mark Holding Co. Inc. The transaction created a convenience business within Performance Food Group’s Vistar division that also includes c-store distributor Eby-Brown, acquired in 2019.

Since the company’s IPO in 2015, PFG has focused on sustainable sales and profit growth through expansion, strategic mergers and acquisitions across North America. This progress has moved it higher on the Fortune 500 list—from No. 185 in 2016 up to its current position at No. 91.

“Becoming part of the top 100 companies on the 2023 Fortune 500 list is a true testament that our business plan to grow organically and through strategic acquisitions is working,” said George Holm, PFG’s chairman and CEO.

Dallas-based HF Sinclair, formed in 2022 through HollyFrontier Corp.’s acquisition of Sinclair Oil, supplies fuel to approximately 1,800 Sinclair-branded gas stations in the United States.

El Dorado, Arkansas-based Murphy USA operates 1,712 stores under the Murphy USA and Murphy Express banners. The company also acquired QuickChek, based in Whitehouse Station, New Jersey, in January 2021.

Murphy USA is No. 4 on CSP’s 2023 Top 202 ranking of U.S. c-store chains by store count.

On June 1, Waltham, Massachusetts-based Global Partners along with Irving, Texas-based ExxonMobil, finalized the acquisition of 64 Timewise convenience and fueling facilities from Houston-based Landmark Group through a new joint venture called Spring Partners Retail LLC.

Global Partners is No. 24on CSP’s 2023 Top 40 Update to the 2022 Top 202 ranking of U.S. c-store chains by store count.

Ankeny, Iowa-based Casey’s operates more than 2,470 Casey’s and GoodStops convenience stores in 16 states.

Casey’s board elected Darren Rebelez, the company’s president, CEO and a current director, to the additional role of board chair in June.

The retailer isNo. 3on CSP’s 2023 Top 40 Update to the 2022 Top 202 ranking of U.S. c-store chains by store count.

Westlake, Ohio-based TravelCenters of America has nearly 300 locations along U.S. highways. London-based bp acquired TA in May, prevailing over rival suitor Richmond, Virginia-based Arko Corp.

Arko isNo. 6, bpisNo. 7and TravelCenters of America isNo. 29onCSP’s 2023 Top 40 Update to the 2022 Top 202 ranking of U.S. c-store chains by store count.

Supermarket retailer and wholesaler SpartanNash, Byron Center, Michigan, operates 37 convenience stores under a variety of retail brands.

Richmond, Virginia-based Arko owns 100% of GPM Investments LLC and is one of the largest operators of convenience stores and wholesalers of fuel in the United States. Its family of community c-store brands including Fas Mart, Shore Stop, Scotchman, BreadBox, Young's, Li'l Cricket, Next Door Store, Village Pantry, Apple Market, Jiffi Stop, Admiral, Roadrunner Markets, Jiffy Food Marts, E-Z Mart, 1 Stop, TownStar, ExpressStop and Handy Mart. GPM Investments is No. 6 on CSP’s 2023 Top 40 update to the 2022 Top 202 ranking of U.S. convenience-store chains by store count.

Arko ranked at No. 460, moving up 38 places on the list from its debut in 2022 at No. 498.

“Arko had an excellent year in 2022 and a strong start to 2023, so being named to the Fortune 500 for the second consecutive year once again confirms our position as a leader in the convenience store industry,” said Arie Kotler, chairman, president and CEO of Arko Corp. “This is the result of Arko’s unwavering commitment to create value for our stockholders and underscores the success we have achieved through strategic initiatives like enhancing our loyalty program, expanding marketing and merchandising efforts and executing our long-term growth strategy through accretive acquisitions.”

The company has completed 24 acquisitions since 2013. Arko has grown from 300 stores to approximately 3,700 locations comprised of approximately 1,550 company-operated stores, more than 1,800 independent dealer sites to which it supplies fuel and approximately 300 unmanned fleet fueling locations.

Houston-based Par Pacific Holdings operates 31 c-stores under the Hele, nomnom and 76 brands in Hawaii, Idaho and Washington. It also owns and operates one of the largest energy infrastructure networks in Hawaii and a refinery in Wyoming.

Par Pacific is No. 199 on CSP’s 2023 Top 202 ranking of U.S. c-store chains by store count.