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Adams Resources & Energy Inc. (NYSE American: AE) is a prominent company specializing in several key areas of the energy sector, including crude oil marketing, transportation, logistics, and repurposing of petroleum products. Headquartered in Humble, Texas, Adams Resources operates through four primary business segments: crude oil marketing, tank truck transportation, pipeline and storage, and logistics and repurposing.
The Crude Oil Marketing segment is a major revenue driver for the company, offering services that include the marketing of crude oil and related activities. The Transportation segment covers the tank truck transportation of liquid chemicals, pressurized gases, asphalt, and dry bulk materials. The Pipeline and Storage segment includes pipeline transportation, terminalling, and storage of crude oil, ensuring a seamless supply chain. Lastly, the Logistics and Repurposing segment focuses on interstate bulk transportation logistics of various petroleum products and the recycling of off-specification fuels, lubricants, and other chemicals.
Adams Resources has a range of subsidiaries, including GulfMark Energy, Inc., Service Transport Company, Victoria Express Pipeline, LLC, GulfMark Terminals, LLC, Firebird Bulk Carriers, Inc., and Phoenix Oil, Inc.. These subsidiaries help diversify the company's portfolio and enhance its ability to meet the energy needs of various industries.
Recent developments highlight the company's commitment to growth and innovation. For instance, Phoenix Oil, a subsidiary of Adams Resources, has acquired 11 acres at the Gulf Inland Logistics Park to expand its operations. This strategic move offers logistical advantages due to its proximity to the Port of Houston and major roadways, thereby boosting the company’s operational efficiency.
Financially, Adams Resources has demonstrated resilience and adaptability. As of the most recent quarterly reports, the company posted a net earnings increase and maintained a solid cash position. Liquidity has also improved, reaching $83.6 million by the end of the first quarter of 2024, reflecting strong operational cash flow management.
In addition to financial performance, Adams Resources continues to prioritize shareholder returns. The company has consistently paid quarterly dividends, showcasing its commitment to delivering long-term value to its investors.
Overall, Adams Resources & Energy Inc. stands as a robust player in the energy sector, leveraging its diversified operations to navigate market challenges and capitalize on growth opportunities.
Adams Resources & Energy, Inc. (NYSE AMERICAN: AE) reported Q3 2021 financial results, with net earnings of $1.5 million, or $0.36 per diluted share, from revenues of $568.2 million. This marks a decrease in earnings compared to $3.1 million, or $0.72 per share, on revenues of $266.9 million in Q3 2020. The company declared a cash dividend of $0.24 per share, payable on December 17, 2021. Cash and equivalents rose to $95.6 million, a 143% increase year-over-year. Despite operational challenges from Hurricane Ida, GulfMark maintained steady performance, marketing 91,941 bpd of crude oil.
On October 26, 2021, Adams Resources & Energy, Inc. (NYSE AMERICAN: AE) announced a presentation by CEO Kevin Roycraft and CFO Tracy Ohmart at a Singular Research Webinar scheduled for October 27, 2021, at 3 p.m. ET. The event will be available online, and interested participants can contact Singular Research for details. A slide presentation will be accessible on the company's Investor Relations page before the webinar. Adams Resources specializes in crude oil marketing, transportation, and storage through its subsidiaries.
Adams Resources & Energy, Inc. (NYSE AMERICAN: AE) reported Q2 2021 financial results with net earnings of $4.7 million, or $1.10 per diluted share, on revenues of $486.7 million, a significant increase from $3.5 million in Q2 2020. The company declared a quarterly cash dividend of $0.24 per share, payable on September 17, 2021. Notably, operating cash flow rose to $29.1 million compared to a negative cash flow in the same period last year. The company maintained $88.7 million in cash and cash equivalents, reflecting a 126% increase year-over-year.
Adams Resources & Energy reported Q1 2021 results, declaring a quarterly cash dividend of $0.24 per share, payable on June 18, 2021. The company achieved net earnings of $2.8 million on revenues of $325.5 million, reversing a net loss of $11.4 million in Q1 2020. Operating cash flow increased to $23.0 million, up from a loss in the prior year. The severe winter storm negatively impacted operations, causing downtime, while cash and equivalents rose 50% to $59.0 million. A new $40 million credit facility enhances financial flexibility.
On April 12, 2021, Adams Resources & Energy (NYSE AMERICAN: AE) announced its participation in the Singular Research 2021 Webinar. CEO Kevin Roycraft and CFO Tracy Ohmart will present on April 14, 2021, at 12 p.m. ET. Interested attendees can register for the live webcast on Singular Research's website. A slide presentation will be available on Adams' Investor Relations page shortly before the webinar. Adams Resources specializes in crude oil marketing, transportation, and storage through its subsidiaries.
Adams Resources & Energy reported a fourth quarter 2020 net earnings of $5.8 million ($1.37 per diluted share) on revenues of $249.8 million, up from a $2.7 million net profit in Q4 2019. For the full year 2020, earnings fell to $1.0 million ($0.23 per share) on revenues of $1.02 billion, a decline from $8.2 million in 2019. Adjusted net earnings improved significantly, showing a 199% growth in Q4. The company maintained a solid balance sheet with $39.3 million in cash. Strategic acquisitions in 2020 are expected to drive future growth.
On February 19, 2021, Adams Resources & Energy (NYSE AMERICAN: AE) declared a quarterly cash dividend of $0.24 per common share for Q4 2020. This dividend will be payable on March 19, 2021, to shareholders on record as of March 5, 2021. CEO Kevin J. Roycraft emphasized the company's commitment to ensuring financial stability, noting that Adams has paid dividends consistently for over 25 years.
Adams Resources & Energy reported Q3 2020 net earnings of $3.1 million ($0.72/share) on revenues of $266.9 million, down from $0.6 million ($0.15/share) on $450.3 million in Q3 2019. Cash used in operations was $19.6 million, compared to a $9.4 million inflow in Q3 2019. The company declared a quarterly dividend of $0.24 per share, payable December 18, 2020. Cash and equivalents were $53.1 million as of September 30, 2020. GulfMark Energy marketed 90,896 bpd of crude, a decrease from 105,801 bpd in Q3 2019. The company achieved a 75% revenue growth from Q2 2020.
Adams Resources & Energy, Inc. (NYSE: AE) announced the acquisition of Victoria Express Pipeline, LLC and related assets from EnLink Midstream Operating, L.P. The VEX Pipeline System enhances GulfMark's crude oil marketing capabilities, connecting the Eagle Ford Basin to the Gulf Coast. This system spans 56 miles with a capacity of 90,000 barrels per day and includes significant storage and terminal facilities. The acquisition aims to expand GulfMark's reach and generate long-term cash flow, supporting growth initiatives in the midstream oil sector.
Adams Resources & Energy, Inc. (AE) reported its Q2 2020 operational and financial results, declaring a quarterly cash dividend of $0.24 per share. The company achieved net earnings of $3.5 million on revenues of $152.3 million, a significant drop from $0.1 million on revenues of $484.4 million in Q2 2019. Although there were inventory liquidation gains of $6.0 million due to a crude oil price recovery, net cash used in operations was $6.6 million, contrasting with $12.7 million generated in the prior year. The company maintains a strong balance sheet with $70.2 million in cash and no debt.
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