PASADENA, Calif., July 17, 2012 /PRNewswire/ -- Jacobs
Engineering Group Inc. (NYSE: JEC) announced today that it has
acquired a majority ownership of DM Petroleum Operations Company
(DM) headquartered in New Orleans,
Louisiana.
DM manages and operates the Strategic Petroleum Reserve (SPR)
under contract to the U.S. Department of Energy (DOE). The SPR is
the world's largest reserve of emergency crude oil, and DM has been
the SPR Management and Operating (M&O) contractor since 1993.
The company manages four storage sites: two in Louisiana and two in Texas. Jacobs now owns 80 percent of DM, and
International Matex Tank Terminal (IMTT) of New Orleans owns 20 percent.
In making the announcement, Jacobs Group Vice President
Terry Hagen said, "This is a
significant transaction building on our locally-based petroleum
operations and maintenance expertise. We are delighted to continue
our in-depth work in the area of commercial hydrocarbons, and to
combine our extensive M&O experience with DM's to deliver safe,
secure, environmentally responsible and cost effective SPR
operations."
Jacobs is one of the world's largest and most diverse providers
of technical, professional, and construction services.
Statements made in this release that are not based on historical
fact are forward-looking statements. We base these forward-looking
statements on management's current estimates and expectations as
well as currently available competitive, financial and economic
data. Forward-looking statements, however, are inherently
uncertain. There are a variety of factors that could cause business
results to differ materially from our forward-looking
statements. For a description of some of the factors which may
occur that could cause actual results to differ from our
forward-looking statements please refer to our 2011 Form 10-K, and
in particular the discussions contained under Items 1 - Business,
1A - Risk Factors, 3 - Legal Proceedings, and 7 - Management's
Discussion and Analysis of Financial Condition and Results of
Operations. We do not undertake to update any forward-looking
statements made herein.
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For
additional information contact:
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Michelle
Jones
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626.578.6968
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SOURCE Jacobs Engineering Group Inc.