Musket Corp: Fuel Trading & Terminal Logistics 2026

Musket Corp handles billions of gallons of fuel annually across North America, trading crude oil, natural gas liquids, natural gas, petroleum products, and renewable fuels through a logistics network spanning conventional pipelines, barges, vessels, rail, and trucking. Founded in 2001 as the commodity supply and trading arm of Love’s Family of Companies, Musket Corp has grown into one of the most operationally significant — and least publicly profiled — fuel trading and distribution businesses on the continent.

Company Overview — Musket Corp and the Love’s Family

Musket Corporation is headquartered at 2929 Allen Parkway, Houston, Texas, with additional offices in Oklahoma City and a European base in Geneva, Switzerland, established in 2023. The company operates within Love’s Family of Companies — a privately held group headquartered in Oklahoma City — alongside Love’s Travel Stops, Trillium Energy Solutions, and Gemini Motor Transport.

Love’s Travel Stops runs more than 650 locations across 42 US states, making it the nation’s leading travel stop network. Gemini Motor Transport operates a fleet of approximately 1,300 trucks hauling fuel, diesel exhaust fluid, propane, ethanol, jet fuel, and biodiesel nationwide. Musket Corp sits at the centre of this network as the commodity trading and supply engine, with more than 300 employees and estimated annual revenues in the range of $250 million to $500 million, according to industry sources. Love’s Family of Companies employs more than 40,000 people in total.

The company’s product portfolio covers crude oil, NGLs, natural gas, petroleum products, renewable diesel, sustainable aviation fuel (SAF), biodiesel, and ethanol, alongside diesel exhaust fluid (DEF). Distribution is executed via pipeline, barge, vessel, rail, and road — with Musket Corp also providing rail petroleum logistics management, trans-loading of hazardous materials, and terminal and storage services for third parties.

Terminal Network: 28 DEF Facilities Across 20 States

Musket Corp‘s most visible infrastructure asset is its DEF terminal network. As of August 2024 — the most recently confirmed figure, which may have grown since — the company operated 28 DEF terminals across 20 US states. All facilities produce to ISO 22241 standard and operate 24 hours a day, 365 days a year.

Terminal formats range from bulk rack wholesale supply and blending facilities through to packaged goods operations handling everything from 330-gallon IBCs to 2.5-gallon jugs. The customer base spans wholesale distributors, commercial fleet operators, retail outlets, and Love’s Travel Stops locations across the network.

Three terminals opened in the 18 months to August 2024. In July 2024, Musket Corp opened its 27th terminal in Childersburg, Alabama — a 500,000-gallon facility and the company’s second Alabama location. A month later, a blending facility in Richmond, Virginia became the 28th terminal and the first in that state. In August 2023, the company opened its 25th terminal in Plymouth, Minnesota, its third opening of that year, extending its Midwest footprint.

The scale and geographic spread of this network gives Musket Corp a logistics infrastructure position comparable to established independent terminal operators. For context on the broader North American terminal landscape, see our guide to tank terminals and the IMTT New Orleans profile — one of the largest bulk liquid storage operators on the continent.

Refined Products Trading and Terminal Acquisitions

In January 2022, Musket Corp acquired a bulk refined products fuel terminal in Albuquerque, New Mexico from Vecenergy. The terminal holds 200,000 barrels of capacity and handles gasoline, diesel, biodiesel, and ethanol. The acquisition extended Musket Corp’s reach into the southwest US market and strengthened supply capability for Love’s Travel Stops locations in the region.

JP Fjeld-Hansen, then VP and now EVP at Musket Corp, described the deal at the time as “a new era of fuel terminal logistics for Musket and its customers, including Love’s Travel Stops.” The Vecenergy acquisition demonstrates an M&A capability that sits alongside the company’s organic terminal build-out — a combination that distinguishes Musket Corp from pure trading operations without physical infrastructure.

Refined products trading remains the larger revenue driver across the business. The DEF terminal network is the most tangible infrastructure story, but Musket Corp’s commodity book — covering crude, NGL, natural gas, and petroleum products across North American markets — represents the core commercial activity. The top pipeline companies in North America are among the infrastructure counterparties on which that trading activity depends.

European Expansion: the EG Group Agreement

In September 2024, Musket Corp signed a long-term refined products procurement agreement with EG Group, the UK-based independent convenience retailer with an extensive network across Europe, Australia, and the United States. The initial focus is the Benelux region and Western Europe, with the agreement structured to complement EG Group’s refined products and biofuels supply chains.

EVP JP Fjeld-Hansen framed the deal in terms of network combination: by pairing EG Group’s European retail footprint with Musket Corp’s North American end-user network, both parties aim to extract supply chain economies of scale. EG Group, founded in 2001 by the Issa family, operates one of the largest convenience and fuel retail networks in Europe.

The EG Group agreement is the first major named European supply partnership for Musket Corp since the Geneva office opened in 2023. It signals a clear intent to develop European market presence beyond the North American base — though the full commercial scale of the arrangement has not been publicly disclosed.

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