Downstream Energy Group Advises Littlefield Express on Sale of 25-Store Portfolio to Green Trail Fuels, an HF Sinclair Joint Venture

October 29, 2026 – Downstream Energy Group (“DEG”) is pleased to announce that it served as the exclusive sell-side advisor to Littlefield Retail Group, Inc. (“Littlefield Express”) in the sale of its twenty-five (25) company-operated convenience stores and travel centers in Arkansas and Oklahoma to Green Trail Fuels, LLC (“Green Trail”), a joint venture between HF Sinclair Corporation (NYSE: DINO) and UPOP Holdings (“UPOP”).

Founded in 1946 as a bay station in Booneville, Arkansas, Littlefield Oil Company grew into a leading regional fuel provider and launched Littlefield Express in 2014. The network spans neighborhood convenience stores and highway travel centers across Arkansas and Oklahoma, offering foodservice, car washes, McDonald’s and Burger King restaurants, and Phillips 66, Valero, Citgo and Sinclair fuel. Littlefield Express is known for quality fuels, great prices and friendly service.

Green Trail was formed in February 2026 to grow HF Sinclair’s branded retail presence. UPOP operates the retail sites, and HF Sinclair holds a 50% non-operating economic interest and supplies fuel from its regional refineries. The Littlefield Express portfolio extends the joint venture into Arkansas and Oklahoma and marks a significant step in building a scalable, multi-state retail platform.

While the transaction marks the Littlefield family’s exit from convenience retail operations, the family will continue to operate its long-standing energy businesses: wholesale fuel distribution through Littlefield Oil Company, petroleum hauling through Generations Transport and propane distribution through Littlefield Propane. The sale allows the family to realize the value of the retail platform it built while focusing on the wholesale and logistics operations that have been at the core of the business for eight decades.

DEG is a leading M&A advisory firm providing services to middle market companies within the downstream energy sector and is comprised of professionals who have decades of experience as both owner/operators and strategic financial advisors to energy companies.

In its role as M&A advisor, DEG served as exclusive sell-side advisor to Littlefield Express, providing valuation and strategic advisory services, managing a competitive sale process, and assisting in the negotiation and execution of the definitive transaction agreements.

“The Littlefield family has built an exceptional business and reputation over eight decades, which was reflected in the strong interest we received throughout the sale process,” said Jeff Traub, Partner at Downstream Energy Group. “Green Trail is an excellent strategic fit for the portfolio, and this transaction allows the family to realize the value they’ve created while continuing to grow their wholesale, transportation and propane businesses. It was a privilege to represent them.”

“Selling the stores we built was not a decision we made lightly,” said Aaron Littlefield, President of Littlefield Companies. “DEG took the time to understand our business, executed a disciplined, competitive sale process that attracted highly qualified buyers, and guided us through every step. We are proud to hand these stores to Green Trail and look forward to focusing on our wholesale, transport and propane operations.”

About Downstream Energy Group

Downstream Energy Group is an independent, privately held M&A advisory firm – owned and led by the operators who run its deals – providing national merger & acquisition (M&A) and strategic advisory services to the downstream energy and convenience store sector. DEG specializes in the sale of gas & convenience, truck stops, wholesale distribution (fuel & lubes), propane, and petro-transportation companies. The firm works with buyers and sellers across the industry, including consolidators, regional operators, jobbers, major oil companies, private equity firms, and other strategic partners. Its team uniquely understands each client’s business through years of direct operating experience managing both fully-integrated retail gas & convenience and wholesale operations. More information can be found at www.degadvisors.com

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