The True companies

What The True companies does

True Companies LLC is a privately held, family-owned diversified conglomerate headquartered in Casper, Wyoming, operating across energy, transportation, banking, agriculture, real estate, and technology. Founded over 75 years ago by H.A. "Dave" True, Jr. and Jean True, the company employs 501–1,000 people and operates 11 wholly-owned subsidiaries, including Bridger Pipeline (crude oil midstream), Eighty-Eight Oil (crude marketing and logistics), True Drilling (contract drilling), True Fuels (fuel distribution), True Oil (exploration and production), True Pipe & Supply (tubular goods), Black Hills Trucking (logistics), Hilltop Bank (community banking), Brick & Bond (commercial real estate), Flowstate (pipeline leak-detection software), and True Ranches (agricultural operations).

The core product set spans the energy value chain from upstream exploration through midstream transportation to downstream fuel sales, supplemented by ancillary financial, real estate, and agricultural holdings. Bridger Pipeline, the franchise's flagship, is developing the "Keystone Light" 647-mile pipeline from Montana to Wyoming with an initial 550,000 bpd capacity expandable to over 1 million bpd, at an estimated project cost of $2 billion and under a presidential permit secured in 2026. Flowstate provides AI-driven leak detection software applied to pipeline monitoring.

True Companies generates revenue predominantly through transaction-fee models: pipeline transportation tariffs tied to volume shipped, contract drilling fees, crude oil marketing margins, and fuel product sales. Hilltop Bank contributes recurring subscription-style revenue through community banking deposits and lending. The company has incurred 42 pipeline spills since 2010 and $12.5 million in Clean Water Act penalties, underscoring material operational and regulatory risk within the midstream business. As a private family enterprise, True Companies does not disclose financial statements.

Name

The True companies

Legal name

True Companies LLC

Website

https://truecos.com

Company type

Private

Founded year

1950

Operating status

Operating

Headcount range

11–50 employees

Short description

The True Companies is a privately held, Wyoming-based family conglomerate operating 11 wholly-owned subsidiaries across crude oil pipelines (Bridger), drilling, fuels, trucking, community banking (Hilltop Bank), real estate, ranching, and pipeline leak-detection technology (Flowstate).

Ownership category

akta.pro rank

Product category

Energy Infrastructure Services

NAICS

Crude Petroleum Extraction (21112), Petroleum and Petroleum Products Merchant Wholesalers (4247), Oil and Gas Field Machinery and Equipment Manufacturing (333132)

SIC

Pipe Lines (No Natural Gas) (4610), Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (5172), Crude Petroleum & Natural Gas (1311), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Branded Fuels Wholesaling & Jobber Distribution (EUALAIAB)

Keywords

• Crude oil pipelines
• Contract drilling services
• Community banking services
• Commercial real estate development
• Ranching operations

Headquarters

HQ city

Casper

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Technology or R&D

Revenue model

1. Pipeline Transportation Services: Bridger Pipeline operates crude oil pipeline networks connecting production and refining regions, transporting oil from Canada's tar sands to U.S. refining hubs. Revenue generated through transportation fees based on volume shipped.
2. Oil and Gas Exploration and Production: True Oil focuses on exploration and production of oil and gas resources with decades of operational experience.
3. Crude Oil Marketing and Logistics: Eighty-Eight Oil provides crude oil marketing and logistics services across the U.S., combining operational expertise with industry relationships.
4. Contract Drilling Services: True Drilling provides contract drilling services for oil and gas operations with focus on safety and technical precision.
5. Fuel Products Sales: True Fuels supplies quality fuel products to commercial and industrial customers.
6. Banking and Financial Services: Hilltop Bank offers personal and commercial financial services as a Wyoming-based community bank.
7. Commercial Real Estate: Brick & Bond develops and manages commercial real estate properties for long-term investment and responsible growth.
8. Ranching and Agriculture Operations: True Ranches operates agricultural and ranching businesses focused on land stewardship and livestock productivity.

Distribution channels3 records

Marketing channels2 records

Core offering

True Companies is a family of independent businesses operating across energy, transportation, banking, agriculture, real estate, and technology. Its core offerings include crude oil pipeline transportation (Bridger Pipeline), oil and gas exploration and production (True Oil), contract drilling (True Drilling), fuel supply (True Fuels), tubular goods (True Pipe & Supply), trucking/logistics (Black Hills Trucking), crude oil marketing (Eighty-Eight Oil), community banking (Hilltop Bank), commercial real estate (Brick & Bond), ranching (True Ranches), and pipeline leak detection software (Flowstate).

Product overview

True Companies is a family of independent businesses operating across energy, transportation, banking, agriculture, real estate, and technology sectors. The portfolio includes energy-focused companies such as Bridger Pipeline (crude oil pipeline network), Eighty-Eight Oil (crude oil marketing and logistics), True Drilling (contract drilling services), True Fuels (fuel product supply), True Oil (exploration and production), and True Pipe & Supply (tubular goods and supplies). Logistics operations are served by Black Hills Trucking, while financial services include Hilltop Bank. Real estate needs are addressed by Brick & Bond, technology services by Flowstate (leak detection software), and agricultural operations by True Ranches.

Differentiator

Problem solved

Functional benefit

Products and services

• Bridger Pipeline

Quantifiable outcome

• Pipeline capacity expansion to over 1 million barrels per day potential

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature2 records

Partnerships

One partnership is on record.

• Bridger Pipeline LLCcoreStrategic or Co-development PartnerBridger Pipeline LLC is a subsidiary of True Companies that operates crude oil pipelines and is leading the Bridger Pipeline Expansion (Keystone Light) project. The pipeline will transport oil from Canada's tar sands to Wyoming, spanning 647 miles with initial capacity of 550,000 barrels per day expandable to over 1 million barrels daily.

Scale indicators7 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• HF Sinclair Corporation: Integrated downstream and midstream company combining refining, crude logistics, and branded/unbranded fuel marketing. Comparable integrated energy value chain spanning crude logistics and fuel marketing similar to True Oil + Eighty-Eight Oil + True Fuels.
• Mansfield Energy: Privately held regional fuel and lubricant distributor supplying commercial, industrial, and government customers. Comparable B2B fuel distribution model and customer base to True Fuels, with similar family/private-ownership operating culture as True Companies.
• ONEOK: Midstream operator focused on natural gas liquids and crude/petroleum gathering and transportation across U.S. producing basins. Highly comparable midstream asset base and fee-based revenue model to Bridger Pipeline.
• Plains All American Pipeline: Large-scale crude oil midstream pipeline operator transporting production to refining hubs, with crude oil marketing and logistics arms. Directly comparable to Bridger Pipeline's crude transportation plus Eighty-Eight Oil's crude marketing activities.
• Crestwood Equity Partners: Midstream operator providing gathering, processing, and transportation services to producers in U.S. shale basins with a focus on crude oil logistics. Comparable crude-focused midstream fee-based revenue model similar to Bridger Pipeline's operations.
• Magellan Midstream Partners: Midstream operator transporting crude oil and refined products through long-haul pipelines and terminals. Comparable pipeline-centric model with fee-based transportation revenue similar to Bridger Pipeline.
• EnLink Midstream: Integrated midstream provider of natural gas, natural gas liquids, and crude oil gathering, processing, and transportation services. Directly comparable midstream fee-based business model to Bridger Pipeline's transportation operations.
• Targa Resources: Midstream operator with natural gas processing and NGL transportation infrastructure serving U.S. production basins. Comparable midstream fee-based business model with operational focus on hydrocarbons logistics similar to True Companies' energy subsidiaries.

Broad incumbents

• Kinder Morgan: Largest U.S. midstream energy infrastructure operator with pipelines, terminals, and CO2 operations. Operates broadly across the same pipeline transportation space as Bridger but at much greater scale and with a diversified portfolio approach similar to True Companies.
• Pilot Travel Centers (Pilot Flying J): Travel center and fuel marketing operator providing diesel and gasoline to commercial trucking fleets and retail customers. Comparable commercial/industrial fuel distribution model to True Fuels with ancillary retail and logistics services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/bridger-pipeline-llc

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The True companies