Our Experience

With nearly 80 years of experience working with fuel oil and propane marketers and convenience store owners, Gray, Gray & Gray has established a reputation as the energy industry’s leading accounting, consulting and business advisory firm. Working with dealers from coast to coast, our professionals are intimately familiar with the market complexities and evolving challenges in the energy arena.

We have pioneered such innovative industry resources as the FuelTrack™ analysis tool, FuelExchange™ clearinghouse for buying and selling energy businesses, online delivery cost calculator and dealer margin calculator, and the emerging practice of joint ventures as a business exit strategy. Over the past three decades our annual energy industry survey has become the benchmark for financial and operational performance among fuel oil and propane companies. Our professionals are widely published in energy journals and highly sought after as speakers at energy conferences and webinars.

Our involvement with energy clients is deep, wide and consistently focused on providing the power to do more. More for their customers, more for their employees, more for their communities, and more for the owners and stakeholders who drive the business. We deliver this power by applying the experience we have gained through nearly eight decades of working in the energy industry.

As management consultants we work with clients to help them understand and successfully operate in the complex market driving supply, demand, costs and margins – all factors that impact profitability. We deliver timely and accurate information and analysis that is mission critical for the decision-making process. All supported by a range of high-level tax, audit and accounting services that establish a solid foundation for growth.

Get the advantage of the power of more by accessing the experience and expertise of the energy industry’s most complete resource for business growth and success.

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Our Services

Among our exclusive services for the energy industry are:

  • Propane Survey – Annual “snapshot” of the industry to assist propane companies with benchmarking
  • Oilheat Survey – Annual “snapshot” of the industry to assist energy companies with benchmarking
  • FuelExchangeTM – Merger & acquisition service for oilheat, petroleum, propane HVAC and plumbing businesses 
  • FuelTrack® – An exclusive management analysis tool that compares energy dealer statistics and operating results
  • Business Planning – Formulate business plans and advise on key management decisions
  • Valuations – Calculations of Business Value

We offer a full scope of management support and advisory services, along with all the traditional financial, accounting and tax services, to give you a powerful advantage in today’s market.

  • Project profitability and financial benchmarking
  • Accounting software expertise – including Sage Intacct for real-time visibility and insights into financial and operational metrics
  • Merger and Acquisition support
  • Calculations of value
  • Bank financing support
  • Loan compliance assistance
  • Succession planning
  • Cash flow forecasting
  • Business formation and structure planning
  • Wealth management services for shareholders 
  • Federal and multi-state tax planning and preparation
  • Monitor and apply changes in tax laws or accounting standards
  • Tax deferral strategies
  • Choice of entity
  • Energy tax incentives
  • IRS examination assistance
  • Capital gains strategies
  • Complex tax projections
  • Individual business owner tax preparation
  • Audits, reviews and compilations of financial statements
  • Conduct internal control reviews and recommendations
  • Benefit plan audits

Client Speaks

Gray, Gray & Gray’s 2024 Energy & Propane Industry Survey Is Open

Fueling Your Future Newsletter​

Get the latest news on ways to increase your profitability and maximize your growth with the help of Gray, Gray & Gray.
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News & Events

Our Resources

Oil Delivery Cost Calculator
Pinpoint your true delivery costs

Oilheat Margin Calculator
Calculate the Minimum Daily and Minimum Program margins required to make your company profitable

What Inflation Means for Your Company’s Operating Expenses Webinar Recording
Gray, Gray & Gray co-presents webinar with Cetane Associates, April 2022

Avoiding Catastrophic Mistakes in the Face of Unprecedented Price Volatility Webinar Recording
Gray, Gray & Gray co-presents webinar with Warm Thoughts Communications and Twin Feathers, March 2022

Price Spike Webinar Recording
Gray, Gray & Gray co-presents webinar with Warm Thoughts Communications and Angus Energy, November 2021

“Fueling Your Future” WEBINAR #2: The New Approach to Transactional & Succession Planning for Energy Companies
Gray, Gray & Gray co-presents webinar with Federated Insurance and Robinson + Cole, June 2020 

“Fueling Your Future” WEBINAR #1: Helping Energy Companies Plan for What Comes Next
Gray, Gray & Gray co-presents webinar with Warm Thoughts Communications, June 2020

NEFI Coronavirus Financial Planning Phase 2
Gray, Gray & Gray Director & Energy Practice Group Chair, joins in NEFI webinar on April 1, 2020

NEFI Coronavirus Financial Planning Phase 1
Gray, Gray & Gray Director & Energy Practice Group Chair, joins in NEFI webinar on March 23, 2020

Client Testimonials

Gray, Gray & Gray Client Success Story Spotlight

Holden Oil: Holden Oil has been fueling the North Shore region of Massachusetts since 1924. From a humble start as a corner gas station, the company has grown to become a leader in fuel oil and propane distribution, keeping countless families warm and safe all winter long.

Atlantic-Pratt Energy: Four generations of the Nogueira family have combined to make Atlantic-Pratt Energy the “go to” company for home comfort in Braintree, Massachusetts and the surrounding towns. Known for excellent, responsive service, company owner Don Nogueira was looking for the same qualities when seeking an accounting firm. He found them in Gray, Gray & Gray.

BantamWesson: BantamWesson’s goal is to make life simpler and easier for homeowners like you. Everything BantamWesson does is backed by extensive training, industry certifications, and a guarantee that their work meets the highest professional standard.

Phillips Fuel: A Personal Touch

Rhyle & Gary Stull, the third generation of a home heating family business in northeastern Pennsylvania, had considered selling the company on several occasions. But it was an encounter with Gray, Gray & Gray and our FuelExchange™ merger & acquisition service that finally convinced them it was the right time.

We knew this time we were at the right spot,” says Rhyle Stull. “A connection with Gray, Gray & Gray is one you will not be disappointed in. They are basically the whole package – the financial expertise, the handholding. I can’t say enough about our experience with them.”

Achieving Success Through an Integrated Approach to a Business Sale

“We were too big to be small, and too small to be big. The liquid fuel industry is shrinking, and we were growing increasingly uncomfortable with industry trends.” That is how Chuck Holden, President of Holden Oil, a third-generation fuel oil and propane company based in Peabody, Massachusetts, describes the situation he found his family’s business in. It was this ambiguity about the future that led to Chuck’s decision to sell his company.

While Chuck was “very familiar with and has great respect for” other business brokers in the energy industry, he understood the value of having everything integrated under one roof with Gray, Gray & Gray.

Contact Us Today!

Discover how we can give you the power to do more.

Our Organizations

In addition to our work for retailers, we are called upon by oilheat and petroleum organizations and associations to provide insight into business issues facing the industry.  Gray, Gray & Gray is an active member of the Connecticut Energy Marketers Association (CEMA), Energy Marketers Association of New Hampshire (EMANH), Energy Marketers Association of Rhode Island (EMARI), Fuel Merchants Association of New Jersey (FMANJ), Maine Energy Marketers Association (MEMA), Massachusetts Energy Marketers Association (MEMA), Mid Atlantic Propane Gas Association (MAPGA), National Propane Gas Association (NPGA), National Energy & Fuels Institute (NEFI), New Jersey Propane Gas Association (NJPGA), New York Propane Gas Association (NYPGA), Ohio Propane Gas Association (OPGA), Pennsylvania Petroleum Association (PPA), Pennsylvania Propane Gas Association (PAPGA), Propane Gas Association of New England (PGANE), Southeast Propane Alliance (SEPA), Virginia Propane Gas Association (VAPGA),  and Virginia Petroleum & Convenience Marketers Association (VPCMA).

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