HOUSTON, Aug. 24,
2022 /PRNewswire/ -- Adams Resources & Energy,
Inc. (NYSE AMERICAN: AE) ("Adams" or the "Company") today announces
that its subsidiary, Victoria Express Pipeline, L.L.C. ("VEX"),
will construct a new pipeline connection to Max Midstream Texas,
LLC's ("Max Midstream") recently acquired Upper Gulf Coast Pipeline
System.
Currently, the VEX Pipeline System connects the central Eagle
Ford Shale near Cuero, TX to the
GulfMark Terminals, LLC ("GMT") Cuero terminal facility and to the GMT POV
terminal facility at the Port of Victoria, Texas. Max Midstream's Upper Gulf
Coast Pipeline System spans points both upstream and downstream of
the VEX Pipeline System, providing incremental crude oil supply
potential, as well as new market delivery points to VEX customers
to the dock at Point Comfort via
the Max Midstream system. Potential future connection points via
the Max Midstream system include the Kinder Morgan Crude &
Condensate pipeline, P66 Gray Oak Pipeline and the Taft Hub near
the Port of Corpus Christi.
Greg Mills, President of GulfMark
Energy, Inc. commented, "The connection to the Max Midstream system
will allow VEX to provide shippers with more diversity of supply,
and through the Max Midstream system, access to important
additional crude oil markets, which will complement the existing
Port of Victoria market which the
VEX Pipeline serves today."
"I am pleased to see the GulfMark team continue to execute on
the strategic plans surrounding the VEX Pipeline System. This
connection with Max Midstream is the next step toward maximizing
this asset's potential," said Kevin
Roycraft, Adams' Chief Executive Officer and President.
Construction of the new pipeline connection will begin in
September 2022, and we anticipate the
connection being complete by the end of the year, with new volume
anticipated on the pipeline as early as the first quarter to the
first half of 2023.
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
Gary Guyton or Steven Hooser
Three Part Advisors
(214) 442-0016
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SOURCE Adams Resources & Energy, Inc.