World Fuel Services

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World Fuel Services Corporation
Public
Traded asNYSEINT
S&P 400 Component
IndustryEnergy, Transportation, Logistics
Founded1984
HeadquartersMiami, Florida, U.S.
Key people
Products
Services
  • Fuel Cards
  • Payment Processing
  • Ground Handling
  • Rail Logistics
  • Tanker Logistics
  • Rack Wholesale
  • Fuel & Lubes Quality Control
  • Break-Bulk Delivery
  • Bulk Delivery
  • Common Carrier Service
  • Delivery Management
  • Onsite Mobile Fueling
  • ISO Solutions
  • Turnkey Fuel Logistics
  • Terminal Wholesale
  • Card Marketing
  • Dealer Marketing Programs
  • FBO Marketing Programs
  • Lubricant Marketing
  • Lubricant Merchandising
  • Fuel Management Outsourcing
  • Retail Site Development
  • CNG Station Construction
  • Convenience Store Development
  • Convenience Store Real Estate
  • Merchandising
  • Aviation Ground Services
  • Lay-Up Services
  • Ship Agent Services
  • Aviation Trip Planning & Support
  • Ancillary Capital Management Solutions
  • Credit Lines
  • Embedded Derivatives
  • Energy Price Risk Management
  • Financial Derivatives
  • Trade Credit
  • Energy Efficiency Advisory
  • Electric Demand Response Advisory
  • Sustainability Advisory
  • Water & Wastewater Management Advisory
  • LNG Supply Management Advisory
  • Energy Infrastructure Consulting
  • Fleet & Equipment Purchase Advisory
  • Fuel Supply Chain Advisory
  • Gas Fleet Conversion Advisory
  • Air Charter Marketplace Solutions - Avinode
  • Online Procurement & Fuel Locators
  • Payment Card Networks
  • Payment Card Processing
  • Point of Sale Systems
  • Toll Transaction Management
RevenueIncrease US$33.696 billion (2017)[1]
Decrease US$45.6 million (2017)[1]
Decrease US$-170.2 million (2017)[1]
Total assetsIncrease US$5.588 billion (2017)[1]
Total equityDecrease US$1.722 billion (2017)[1]
Number of employees
~5,000 (February 2018)[1]
SubsidiariesMultiservice Corp, Carter Energy, U.S. Energy Services, Kinect Energy, Alta Fuels and Transportation, Avinode, Texor Petroleum, Western Petroleum, MH Aviation, Colt Aviation, AvCard, Tramp Oil, Nordic Camp, FBO One, Total FBO, myFBO, Norse Bunker, PetroAir, Ascent Aviation, MH Aviation, PAPCO, APP, Avinode, Indianhead Oil, South Minnesota Lubes, AMSTAR, KTM, Beach Front Energy, Bergin Energy, Utilities Exchange, OnDemand Energy Solutions
Websitewww.wfscorp.com/ Edit this on Wikidata

World Fuel Services Corporation is a company that is based in Miami, Florida. The company ranked No. 91 in the 2018 Fortune 500 list of the largest United States corporations.[2] It provides marketing and financing of aviation, marine and ground transportation fuel products and related services to commercial and corporate aircraft, petroleum distributors, fleet owners and ships at more than 3,500 locations around the world. In 2013 it moved into Natural Gas & Power.

History[edit]

In 1984, Paul Stebbins and Michael Kasbar founded Trans-Tec Services, Inc., a marine fuel brokerage company, a marine fuel brokerage company.[3] It was headquartered in New York City. Over the next 10 years they grew the company and built a global network of offices. In 1995, Stebbins and Kasbar sold Trans-Tec to International Recovery Corporation, and the company was renamed World Fuel Services.[3]

International Recovery Corporation was founded in Miami in 1984 and went public on the New York Stock Exchange (NYSE:INT) in 1986. The company changed its name to World Fuel Services Corporation after acquiring Trans-Tec. Stebbins and Kasbar served as members of the board of directors and managed the marine business, prior to taking on the corporate positions they hold today.[4] Since 2008, the company has made a series of acquisitions in its principal field, and related fields such as the ground fuel market and energy management.[5][6]

In 2013, the company was named as a co-defendant in various lawsuits as owner of Bakken formation light crude oil aboard a Montreal, Maine and Atlantic Railway train which derailed in Lac-Mégantic, Quebec on July 6, 2013, resulting in the deaths of several people.[7]

Strategic Acquisitions[edit]

Since 2010, the company has made a series of acquisitions in its principle field, and strategic fields such as software, financial technology, natural gas, and energy management[8]. In 2013, the firm acquired Multi-Service, a payment solutions company which managed the AIR & SEA Card for the Department of Defense Logistics Agency.[9] Later that year, the acquisition of U.S. Energy Services[10] allowed the firm to expand into natural gas, power, and energy management. This would pave the way for the new Kinect Energy Group division. Traditionally a supplier of petroleum products, the firm used U.S. Energy Services as a foundation to expand with a series of acquisitions. Kinect Energy provides "energy management advisory and fulfillment services in over 30 countries and energy reporting in over 150 countries in almost every language and currency."[11]

References[edit]

  1. ^ a b c d e f "World Fuel Services Corporation 2017 Annual Report (Form 10-K)". sec.gov. U.S. Securities and Exchange Commission. February 2018.
  2. ^ "Fortune 500 Companies 2018: Who Made the List". Fortune. Retrieved 2018-11-10.
  3. ^ a b "Our History | wfscorp.com". www.wfscorp.com. Retrieved 2018-07-08.
  4. ^ "Company History". Forbes. January 26, 2017.
  5. ^ "U.S. Energy Services purchased by World Fuel Services". Ethanol Producer Magazine. 16 August 2013. Retrieved 9 December 2015.
  6. ^ "World Fuel Services new owner of Bergen Energi". 2 November 2015. Retrieved 9 December 2015.
  7. ^ Sparks, Riley (2013-08-02). "Lac-Mégantic lawsuit targets 11 companies". Montreal Gazette. Retrieved 2013-08-02.
  8. ^ "World Fuel Services new owner of Bergen Energi". 2 November 2015. Retrieved 9 December 2015.
  9. ^ "Government Fuel Cards". www.dla.mil. Retrieved 2018-10-03.
  10. ^ "U.S. Energy Services purchased by World Fuel Services". Ethanol Producer Magazine. 16 August 2013. Retrieved 9 December 2015.
  11. ^ "World Fuel Services - Beyond Fuel". The Maritime Executive. Retrieved 2018-10-03.

External links[edit]