HOUSTON, March 30, 2020 /PRNewswire/ -- Adams
Resources & Energy, Inc. (NYSE AMERICAN: AE) ("Adams" or the "Company") today announced that
Greg L. Mills has been appointed
President of GulfMark Energy, Inc. ("GulfMark"), a wholly owned
subsidiary of Adams, effective
March 30, 2020. Kevin J. Roycraft has resigned his position as
Interim President of GulfMark, and remains Chief Executive Officer
and President of Adams.
Mr. Mills has over 20 years of experience in the midstream
business, including significant expertise and leadership in crude
oil marketing and related operations. Mr. Mills most recently
served as Executive Vice President, Commercial Operations at Energy
Transfer Partners where he was responsible for a
multi-billion-dollar crude oil business spanning the Dakotas,
Oklahoma, Texas, Midwest and Gulf Coast. Prior to this
role, he spent over 19 years at Enterprise Products Partners where
he held positions of increasing responsibility that culminated in
his role as Vice President, Crude Oil Pipelines & Terminals.
Mr. Mills holds a Bachelor of Business Administration in Marketing
from Northeastern State University.
Mr. Roycraft commented, "We are pleased to have Greg join the
Adams team and assume leadership
of GulfMark. We look forward to benefiting from his significant
experience as we capitalize on additional opportunities to further
position GulfMark for continued
The Company also today provided a business update concerning the
evolving COVID-19 pandemic. Adams'
businesses are considered essential to U.S. infrastructure and are
continuing to perform transportation operations at full capacity.
The Company has implemented several initiatives designed to further
promote a healthy workplace and is committed to providing ongoing
safe and seamless customer service. Adams will continue to monitor safety
guidelines from the Centers for Disease Control, World Health
Organization and state and local governments and adjust its
protocols and procedures as necessary.
"We place the highest priority on the health and safety of our
employees, our customers and the general public," said Mr.
Roycraft. "While the COVID-19 situation is delivering unprecedented
challenges, our best-in-class drivers and other workforce is
responding through continued delivery of materials that are vital
for this country's infrastructure. I want to personally thank all
of our employees for their hard work and dedication and the ongoing
confidence of our customers. Supporting our efforts is a strong
financial position – including no debt and substantial cash on hand
– that will continue to serve us
About Adams Resources & Energy, Inc.
Adams Resources & Energy, Inc. is primarily engaged in the
business of crude oil marketing, transportation and storage and
tank truck transportation of liquid chemicals and dry bulk through
its two subsidiaries, GulfMark Energy, Inc. and Service Transport
Company, respectively. For more information, visit
Cautionary Statement Regarding Forward-Looking
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. 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.
Further information about the risks and uncertainties that may
impact the Company are set forth in the Company's 2019 Form 10-K
(including without limitation in the "Risk Factors" section), and
in the Company's other SEC filings and publicly available
Tracy E. Ohmart
EVP, Chief Financial Officer
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SOURCE Adams Resources & Energy, Inc.