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.