Fuel business roars out of the Great Recession

By Michael J. DeCicco
Contributing Writer
Warren Equities Inc. has fueled its rise as one of the fastest-growing companies in Rhode Island with its successful marketing of petroleum products throughout the Northeast, driven by its founder’s unique business sense. More

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FASTEST-GROWING & INNOVATIVE COMPANIES

Fuel business roars out of the Great Recession

By Michael J. DeCicco
Contributing Writer
Posted 9/16/13

Warren Equities Inc. has fueled its rise as one of the fastest-growing companies in Rhode Island with its successful marketing of petroleum products throughout the Northeast, driven by its founder’s unique business sense.

The Providence-based company’s annual revenue nearly hit $2 billion in 2012, helping it make the Forbes Magazine list of the nation’s top 500 privately owned companies.

Warren Equities is the holding company for three operating entities: XtraMart gas and convenience stores, the Warren Terminals Corp., and Drake Petroleum Inc.

Asked about the company’s strong growth, President & CEO August (Gus) R. Schiesser said, “We have always been a growth-oriented company, constantly pursuing new opportunities. Our assets are strategically positioned and have benefited from increased economic activity as we emerge from the Great Recession.”

When Schiesser was appointed company president, he said, “I encourage everyone to make a difference, one idea, one initiative and one customer at a time. These are changing and demanding times in our business. We need to work harder, think smarter and be more innovative to stay ahead of our competition.”

Warren’s website notes that Drake, since it began operations in 1958, has been one of the largest independent distributors of gasoline and diesel fuels throughout Connecticut, Massachusetts and Maine. Warren Terminals has distributed petroleum products in New York, New Jersey, Pennsylvania and Connecticut for 50 years. •

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