Tulsa Heaters Midstream - Comprehensive Analysis Report

Summary

Tulsa Heaters Midstream (THM), established in 2014 as a spin-off from Tulsa Heaters Inc., specializes in custom-engineered industrial heating solutions for the midstream oil and gas industry, as well as upstream, refinery, petrochemical, and power applications. The company builds on expertise in the original SHO heater line, developed since 2010. THM's core mission is centered on a "servant mindset," prioritizing customer service, team development, and community engagement. They aim to be a reliable and flexible provider of high-quality, responsive, and affordable heating solutions. Their background in demanding sectors like refining and petrochemicals provides a distinct advantage, emphasizing robust design and quality in their product offerings.

1. Strategic Focus & Objectives

Core Objectives

Tulsa Heaters Midstream's core objectives are centered on delivering exceptional customer experience through responsiveness and product quality. Internally, they aim to foster a positive and supportive work environment for their team members. Additionally, they are committed to contributing positively to the community. These objectives underpin their operations, aiming to establish THM as a go-to provider for specialized heating solutions.

Specialization Areas

THM specializes in several key heating technologies:

SHO (Standard Heater Option) Heaters: Custom-engineered fired heaters designed to API 530/560 guidelines, featuring ultra-low NOx burners and custom convection sections for high efficiency (often guaranteeing over 85%). These modular units are designed for faster installation.

HydroFlux Heaters: This line includes both indirect-fired (bath heaters) and direct-fired options. Indirect-fired units are used for line heating of natural gas and crude oil, fuel gas heating, gas vaporization, dew point heating, and condensate stabilizing, utilizing various bath mediums. Direct-fired models are employed as amine or glycol (TEG) reboilers and for asphalt or tank heating, adhering to API 12K design standards.

Electric Heaters: Flameless, nearly 100% efficient solutions producing no local NOx or CO2 emissions. They operate on low voltage (480V) and are suitable for hot oil, regen gas, line heaters, treaters, and reboilers requiring precise temperature control.

Thermal Oxidizers: The VCU line provides robust solutions for incinerating liquid and gas waste streams, including acid gas residue, flash gas residue, sulfur compounds, carbon monoxide, hydrocarbons, and BTEX. Both direct-fired and recuperative designs are offered.

Auxiliary Equipment: Includes Combustion Management Systems (CMS), also known as Burner Management Systems (BMS), for heat releases up to 75 MMBtu/hr, and Oil Circulation Skids (pump skids) for hot oil applications. These are often skid-mounted and pre-engineered for quick installation.

Target Markets

Tulsa Heaters Midstream primarily targets the midstream gas processing industry. Their solutions also extend to upstream (pipeline), refinery, petrochemical, and power generation applications. Their products are found in diverse settings, including natural gas facilities, cryoplants, and frac plants.

2. Financial Overview

Tulsa Heaters Midstream LLC is a privately held company. Specific financial details, including funding history, total funds raised, notable investors, or public revenue figures, are not publicly available.

3. Product Pipeline

Key Products/Services

SHO Heaters:

Description: Custom-engineered, industrial-quality fired heaters designed to API 530/560 guidelines, featuring ultra-low NOx burners and custom convection sections.

Development Stage: Commercialized and actively deployed.

Target Market/Condition: Midstream gas processing, refinery, petrochemical, and power applications requiring high efficiency and compliance with environmental regulations for NOx emissions.

Key Features and Benefits: Guaranteed over 85% efficiency, ultra-low NOx emissions without external flue gas recirculation, modular design for faster installation.

HydroFlux Heaters:

Description: Indirect-fired (bath heaters) and direct-fired options, custom-engineered based on predesigned models and adhering to API 12K design standards.

Development Stage: Commercialized and actively deployed.

Target Market/Condition: Natural gas line heating, crude oil heating, fuel gas heating, gas vaporization, gas dew point heating, condensate stabilizing, amine/glycol (TEG) reboilers, asphalt heating, and tank heating.

Key Features and Benefits: Utilizes various bath mediums (water, water/glycol, hot oil), custom-designed removable process coils, various metallurgies, diverse burner options (natural/forced draft, ultra-low/standard NOx).

Electric Heaters:

Description: Flameless, highly efficient heating solutions operating on low voltage (480V) electricity.

Development Stage: Commercialized and actively deployed.

Target Market/Condition: Applications requiring precise temperature control, such as hot oil, regen gas, line heaters, heater treaters, and reboilers, especially where flameless operation and zero local emissions are critical.

Key Features and Benefits: Nearly 100% efficiency, no local NOx or CO2 emissions, fewer moving parts, precise temperature control.

Thermal Oxidizers (VCU line):

Description: Solutions for incinerating both liquid and gas waste streams.

Development Stage: Commercialized and actively deployed.

Target Market/Condition: Handling acid gas residue, flash gas residue, sulfur compounds, carbon monoxide, hydrocarbons, and BTEX in industrial processes.

Key Features and Benefits: Robust designs, offered in both direct-fired and recuperative configurations.

Auxiliary Equipment (CMS/BMS and Oil Circulation Skids):

Description: Combustion Management Systems (CMS) up to 75 MMBtu/hr and Oil Circulation Skids.

Development Stage: Commercialized and actively deployed.

Target Market/Condition: Integration with THM heater systems for enhanced control and fluid circulation in hot oil applications.

Key Features and Benefits: Skid-mounted and pre-engineered for quick installation, reduction of overall project costs and effort, includes BMS simulator for training.

4. Technology & Innovation

Technology Stack

Tulsa Heaters Midstream leverages robust industry standards and innovative design principles across its product lines.

Core Platforms and Technologies:

API 530/560 Guidelines: Employed for SHO fired heaters, ensuring adherence to established design standards validated in the demanding refining and petrochemical sectors.

API 12K Design Standards: Utilized for HydroFlux heater lines, guiding the design for industrial heater applications.

Ultra-low NOx Burner Technology: Integrated into SHO heaters, allowing the company to guarantee minimal emissions without external flue gas recirculation, aiding clients in meeting environmental regulations.

Proprietary Convection Section Designs: Custom-designed convection sections maximize heat transfer efficiency in SHO heaters, often guaranteeing over 85% efficiency.

Custom-designed Process Coils: For HydroFlux heaters, offering removability and various metallurgies for specific project needs.

Combustion Management System (CMS): Incorporates typical Burner Management System (BMS) functions for comprehensive control.

BMS Simulator: Available for hands-on training at their Heater School, enhancing operational readiness.

Proprietary Developments:

"Packaged Heaters" Concept: Includes the burner management system and blower in a pre-engineered set, streamlining installation and reducing field effort.

Technical Capabilities:

Precise Temperature Control: Particularly notable with electric heaters, which offer nearly 100% efficiency and exact thermal management.

Waste Stream Incineration: Through their VCU line of thermal oxidizers, capable of handling complex liquid and gas waste streams.

Diverse Burner Options: For HydroFlux heaters, accommodating natural and forced draft, as well as ultra-low and standard NOx emissions levels.

5. Leadership & Management

Executive Team

Justin Forth:

Position: President

Professional Background: Served as Vice President before transitioning to President in January 2023. Has been with THM since its inception in 2014, contributing to sales and engineering.

Notable Achievements: Over 15 years of experience in the oil and gas industry, specializing in heat transfer and combustion-related equipment.

Key Contributions to the Company: Spearheads company leadership and strategic direction following his promotion.

Doyle Bishop:

Position: Founder and Strategic Consulting Role

Professional Background: Founded THM in 2014 and served as President for over nine years.

Notable Achievements: Established the company and led its growth for nearly a decade. Active in mentoring and supporting local non-profit organizations.

Key Contributions to the Company: Continues to service key client accounts and contributes to new product development in his strategic consulting role.

Eric Hall:

Position: Director of Operations

Professional Background: Manages project managers, logistics, and engineers.

Key Contributions to the Company: Focuses on supporting the team to ensure effective performance in their roles, overseeing operational efficiency.

Brad Irwin:

Position: Product Manager

Key Contributions to the Company: Responsible for managing THM's product lines and their market positioning.

Madison Ohman:

Position: Procurement and Production Planner

Key Contributions to the Company: Manages procurement processes and production planning, featured in an interview on procurement best practices.

Jessica Baker:

Position: Document Control System Manager and Logistics Coordinator

Notable Achievements: Recipient of the internal "Heart of a Servant Award" in 2021 for outstanding customer service.

Key Contributions to the Company: Plays a critical role in customer service and overall company operations, managing document control and logistics.

Recent Leadership Changes

Effective January 16, 2023, Justin Forth, previously Vice President, was appointed President of Tulsa Heaters Midstream. He succeeded Doyle Bishop, the company's founder, who transitioned into a strategic consulting role. In this new capacity, Bishop remains a business partner, managing key client accounts and contributing to new product development initiatives for THM.

6. Talent and Growth Indicators

Hiring Trends and Workforce

Tulsa Heaters Midstream is characterized by a "growing team" designed to scale with customer demand. The company actively invests in its engineering, customer support, and design departments.

Key Roles Being Recruited: Recent hiring includes a new Project Manager, Gage Lehmann, indicating growth in project management capacity.

Company Growth Trajectory Indicators: The emphasis on a "growing team" and investment in key functional areas signals an ongoing expansion strategy.

Employee Sentiment and Culture Insights: Anonymized employee feedback highlights appreciation for quick, effortless responses to questions and prompt service. The company's philosophy, as articulated by founder Doyle Bishop, stresses that "great talent drives great success," underlining the importance of acquiring, retaining, and developing high-grade talent through continuous learning and mentorship.

Company Size and Expansion Metrics: Specific headcount details are not available, but the consistent hiring in critical roles suggests steady expansion.

Workforce Compensation (Approximate Annual Salaries in the US, as of December 2025):

Average Annual Salary: Approximately $86,378 (typical range: $76,085 - $97,466)

Vice President, Sales: $169,489 - $211,962

Director, Operations: $145,295 - $156,655

Manager, Engineering: $108,071 - $128,569

Project Manager: $82,639 - $99,973

Mechanical Engineer: $82,966 - $96,116

7. Social Media Presence and Engagement

Digital Footprint

Tulsa Heaters Midstream maintains an active and engaging presence across key social media platforms:

LinkedIn: [https://www.linkedin.com/company/tulsaheatersmidstreamllc/](https://www.linkedin.com/company/tulsaheatersmidstreamllc/)

Facebook: [https://www.facebook.com/tulsaheatersmidstream/](https://www.facebook.com/tulsaheatersmidstream/)

Brand Messaging and Positioning

Their content strategy focuses on sharing industry insights, company updates, leadership interviews, product deep-dives, and customer stories. Key messaging consistently highlights their commitment to innovation, engineering excellence, customer support, and providing reliable solutions for the energy sector.

Community Engagement Strategies

THM utilizes platforms to provide educational content, such as heater startup guides and discussions on various heating methods. This approach positions them as thought leaders in process heating within the midstream sector. They document and share aspects of their "servant mindset" through their "Heart of a Servant Award," which recognizes employees for outstanding customer service and living the company's values.

8. Recognition and Awards

Industry Recognition

Internal Recognition: Tulsa Heaters Midstream has an internal program, the "Heart of a Servant Award," which recognizes employees who embody the company's core values and dedication to outstanding customer service. Jessica Baker, the Document Control System Manager and Logistics Coordinator, was a recipient of this award in 2021.

9. Competitive Analysis

Major Competitors

Tulsa Heaters Inc.:

Company Overview: The original company from which THM spun off, specializing in fired heaters, waste heat recovery units, and complementary systems.

Focus Areas: Primarily serves the refining market.

Technological Capabilities: Shares a common heritage and technological foundation with THM in industrial heating.

Competitive Positioning: Directly related due to shared origins and expertise in fired heater technology.

Chromalox:

Company Overview: Provider of industrial heating solutions.

Focus Areas: Electric heaters, heat trace, and control panels for midstream oil and gas.

Technological Capabilities: Offers dependable, efficient, and zero-emission electric heaters.

Notable Achievements: Known for electric heating solutions in applications like tank heaters and skin effect heating.

Competitive Positioning: A strong competitor in the electric heating segment, offering flameless and highly efficient alternatives.

Thermon:

Company Overview: Global provider of industrial thermal management solutions.

Focus Areas: Immersion heaters, circulation heaters, heat trace systems, and process heating systems.

Technological Capabilities: Comprehensive thermal management solutions for midstream gas (line heaters) and midstream oil (tank heaters).

Competitive Positioning: Offers a broad range of heating and heat trace solutions, directly competing in process heating applications.

C5 Process Group:

Company Overview: Manufacturer of process equipment for the gas processing and midstream industries.

Focus Areas: Indirect water bath heaters, glycol dehydration equipment, and gas treatment skids.

Technological Capabilities: Heaters feature various burner options (low and ultra-low NOx) and integrate PLC-based combustion control.

Competitive Positioning: Direct competitor in the water bath heater segment with a focus on gas processing applications.

Wood PLC:

Company Overview: A global engineering and consulting company with extensive experience in fired heaters.

Focus Areas: Design, installation, and lifecycle support for fired heaters across diverse industries, including midstream.

Technological Capabilities: Legacy rooted in Foster Wheeler, having installed over 3,000 units worldwide; offers advanced technologies and digital solutions for fired heaters.

Competitive Positioning: A significant competitor with a long history and global reach in large-scale fired heater projects.

John Zink Hamworthy Combustion:

Company Overview: Manufacturer of combustion and heat transfer equipment.

Focus Areas: Combustion and heating solutions, including flares, burners, thermal oxidizers, and vapor recovery systems.

Competitive Positioning: A major player in the broader combustion equipment market, with overlap in several heating and thermal oxidizer applications.

10. Market Analysis

Market Overview

The midstream industry is experiencing robust growth and significant developments. This sector, critical for the transportation and processing of oil and natural gas, is undergoing a transformation driven by strategic investments and evolving market dynamics.

Total Addressable Market Size: The midstream sector is projected for strong growth, with considerable capital expenditure expected.

Growth Potential: High growth potential driven by renewed capital discipline, increased LNG export projects, and substantial infrastructure investments.

Key Market Trends:

Capital Discipline and Returns: The industry has moved towards capital discipline, leading to consistent and attractive investor returns, positioning midstream as a stable and profitable investment.

LNG Export Expansion: Removal of restrictions on LNG export projects has spurred ambitious developments, particularly in areas like West Texas, alleviating natural gas price compression and fostering balanced growth.

Infrastructure Investments: Large-scale projects like Cheniere's $25 billion LNG expansion in Corpus Christi and the Matterhorn Express pipeline (increasing West Texas to Gulf Coast natural gas capacity by ~15%) are monumental drivers of growth. Energy Transfer's 20-year LNG supply agreement with Chevron also signals long-term confidence.

Increased Capital Expenditure (CapEx): Strong activity levels and increased inquiries indicate 2025 will be a year of substantial CapEx across the midstream sector, as companies leverage the stable market.

Market Challenges and Opportunities: The sector faces ongoing demands for efficiency and environmental compliance. Opportunities lie in providing advanced, high-efficiency heating solutions that meet stringent NOx emission standards and supporting the massive infrastructure build-out for LNG and pipeline networks.

11. Strategic Partnerships

Tulsa Heaters Midstream engages in various collaborations to extend its reach and expertise.

Regional Representatives: Works with regional representatives, such as Heat Transfer Specialists of Louisiana, Inc., for product distribution in specific territories.