World Fuel Services

World Fuel Services Corporation (WFS, World Fuel) is an energy, commodities, and services company based in Miami, Florida. The company ranked No. 91 in the 2018 Fortune 500 list of the largest United States corporations.[2] WFS focuses on the marketing, trading, and financing of aviation, marine and ground transportation fuel commodities and related services. As of 2013, WFS also operates in natural gas and power.

World Fuel Services Corporation
Public
Traded asNYSE: INT
S&P 400 Component
ISINUS9814751064 
IndustryEnergy
Founded1984
HeadquartersMiami, Florida, U.S.
Key people
Michael J. Kasbar, Chairman & CEO
ProductsEnergy commodities, derivatives
ServicesLogistics, trading, transportation, financing
Revenue US$39.75 billion (2018)[1]
US$259.7 million (2018)[1]
US$127.7 million (2018)[1]
Total assets US$5.688 billion (2018)[1]
Total equity US$1.832 billion (2018)[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/ 

The global leader in marine refueling, in 2018 WFS sold a record total of 21 billion gallons of fuel for $39.8 billion in revenue.[3]

History

World Fuel operates an asset light business model, which competitors have attempted to mimic.[4]

In 1984, Paul Stebbins and Michael Kasbar founded Trans-Tec Services, Inc., a marine fuel brokerage company.[5] 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.[5]

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.[6]

WFS was named as a co-defendant in various lawsuits since it had title to crude oil aboard a Montreal, Maine and Atlantic Railway train which derailed in Lac-Mégantic, Quebec on July 6, 2013, resulting in multiple deaths.[7] Prior to the accident, WFS had been lauded as the only firm which had grown faster than technology giant Apple across a ten-year span.[8]

Strategic Acquisitions & Divestitures

Since 2010, World Fuel has made a series of transformational acquisitions in software, financial technology, natural gas, power, and energy management:[9]

*Multi-Service Technology Solutions (acquired 2012): A B2B fuel card and payment solutions company that managed the AIR & SEA Card for the Department of Defense.[10]

*U.S. Energy Services (acquired 2013): Allowed World Fuel to expand into natural gas, power, and energy management.[11] Traditionally a supplier of petroleum products, the firm used U.S. Energy Services as a foundation to expand with a series of six acquisitions.[9] This would pave the way for the new Kinect Energy Group division. 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."[12]

*Avinode (acquired 2014): An on-demand market place for aircraft charter, similar to mobile transportation network companies.[13]

*Other acquisitions between 2010 and 2014: Carter Energy, Western Petroleum, Lakeside Oil, Petro Air Corp, Watson Fuels, Ascent Aviation, Hiller Group, South Minnesota Lubes, Indianhead Oil, Nordic Camp Supply, Shell Oil Gibraltar, MH Aviation Services Pty, Yacht Fuel Services, and Colt International.

In 2014, WFS divested interests in a North Dakota Bakken crude oil transloading and trading venture.[14] During the initial Bakken boom there were no pipelines going to the region, most of the product had to be shipped by railcar. The venture, with 1,100 railcars,[15] shipped 20 Mb/d as it was one of only six options for producers to move crude oil out of the area.[16] In 2018, two years after launching a freight factoring unit under Multi Service, WFS quickly divested it to BAMFi.[17][18] In 2019, World Fuel put its Multi-Service subsidiary unit up for sale.[19]

Organization

Globally, World Fuel is composed of 185+ subsidiaries, primarily in the U.S., U.K., Singapore, Netherlands, Sweden, and Costa Rica.[20]

It has 150 offices with service in 190 countries.

Services
Trading, Financial Derivatives, Terminal Wholesale, Energy Price Risk Management, 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, 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, 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

References
  1. "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. "World Fuel Investor Relations - Investor Relations". ir.wfscorp.com. Retrieved 2019-02-22.
  4. Ship; bunker.com. "World Fuel Services Growing Faster than Apple". Ship & Bunker. Retrieved 2019-02-23.
  5. "Our History | wfscorp.com". www.wfscorp.com. Retrieved 2018-07-08.
  6. "Company History". Forbes. January 26, 2017.
  7. Sparks, Riley (2013-08-02). "Lac-Mégantic lawsuit targets 11 companies". Montreal Gazette. Retrieved 2013-08-02.
  8. "The only Fortune 500 company that's grown faster than Apple". Fortune. Retrieved 2019-02-23.
  9. "World Fuel Services new owner of Bergen Energi". 2 November 2015. Retrieved 9 December 2015.
  10. "Government Fuel Cards". www.dla.mil. Retrieved 2018-10-03.
  11. "U.S. Energy Services purchased by World Fuel Services". Ethanol Producer Magazine. 16 August 2013. Retrieved 9 December 2015.
  12. "World Fuel Services - Beyond Fuel". The Maritime Executive. Retrieved 2018-10-03.
  13. "Multi Service Technology Solutions buys Avinode | Corporate Jet Investor". Retrieved 2019-02-22.
  14. Surran, SA Editor Carl (2014-12-08). "Dakota Plains to buy crude oil joint venture interests from World Fuel". Seeking Alpha. Retrieved 2019-02-23.
  15. www.sec.gov https://www.sec.gov/Archives/edgar/data/1367311/000089710113000358/dakota130305_10k.htm. Retrieved 2019-02-23. Missing or empty |title= (help)
  16. "Crude Loves Rock 'n' Rail – Bakken Oil Express, Dakota Plains, BakkenLink, & Savage | RBN Energy". rbnenergy.com. Retrieved 2019-02-23.
  17. "Multi Service Factoring Division Launches". www.linkedin.com. Retrieved 2019-03-01.
  18. "BAMFi Strengthens Offerings with Acquisition of Freight Factoring Company Multi Service Factoring". BAMfi. 2018-06-26. Retrieved 2019-03-01.
  19. "World Fuel Services seeks buyer for MSTS". PE Hub. Retrieved 2019-08-11.
  20. "Exhibit". www.sec.gov. Retrieved 2019-02-22.
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