ADAMS RESOURCES & ENERGY, INC. ANNOUNCES ACQUISITION OF LAND FOR PHOENIX OIL RELOCATION AND EXPANSION
HOUSTON, May 4, 2023 /PRNewswire/ -- Adams Resources & Energy, Inc. (NYSE AMERICAN: AE) ("Adams" or the "Company") today announces that its subsidiary, Phoenix Oil, Inc. acquired approximately 10.6 acres of land in the Gulf Inland Industrial Park, located in Dayton, TX, to build a new processing facility with rail spur and siding, product storage, and truck rack. Phoenix will build new infrastructure to service its existing customers and to create opportunities for growing the business. This location is closer to the refining and petrochemical centers and provides Phoenix with ideal logistics to better serve their customers. In addition, Phoenix will relocate its headquarters from Humble, Texas to this new location.
Greg Mills, President of GulfMark Asset Holdings, LLC, commented, "Phoenix has been focused on this project for some time now, and we are very excited about the opportunities that this new location offers, including the overall cost savings that owning our own rail spur will provide once it is completed."
"I am pleased to see the Phoenix team execute this piece of their strategic plan. Joining Adams has enabled them to expedite this transaction, which will allow us to add services and flexibility to our continually evolving industry. We look forward to developing this property over the next few years to create additional long-term value for our customers and our shareholders," said Kevin Roycraft, Adams' Chief Executive Officer and President.
About Adams Resources & Energy, Inc.
Adams Resources & Energy, Inc. is engaged in crude oil marketing, transportation, terminalling and storage, tank truck transportation of liquid chemicals and dry bulk and recycling and repurposing of off-spec fuels, lubricants, crude oil and other chemicals through its subsidiaries, GulfMark Energy, Inc., Service Transport Company, Victoria Express Pipeline, L.L.C., GulfMark Terminals, LLC, Phoenix Oil, Inc., and Firebird Bulk Carriers, Inc. For more information, visit www.adamsresources.com.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "intend," "plan," "project," "estimate," "continue," "potential," "should," "could," "may," "will," "objective," "guidance," "outlook," "effort," "expect," "believe," "predict," "budget," "projection," "goal," "forecast," "target" or similar words. Statements may be forward looking even in the absence of these particular words. Where, in any forward-looking statement, the Company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, and any other risk factors included in Adams' reports filed with the Securities and Exchange Commission. However, there can be no assurance that such expectation or belief will result or be achieved. Unless legally required, Adams undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Company Contact
Tracy E. Ohmart
EVP, Chief Financial Officer
(713) 881-3609
Investor Relations Contact
John Beisler or Steven Hooser
Three Part Advisors
(214) 872-2710
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SOURCE Adams Resources & Energy, Inc.
