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Enterprise Products Awards Matrix Service EPC For A Second Ethane Storage Tank Along The Texas Gulf Coast

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Matrix Service Company (Nasdaq: MTRX) announced the award of a greenfield project to build a second 600,000-barrel cryogenic ethane storage tank for a subsidiary of Enterprise Products Partners L.P. This project is significant for supporting the growing demand for ethane, a crucial petrochemical feedstock. The project has been added to Matrix's backlog in Q2 of Fiscal 2023. The engineering will be handled by Matrix PDM Engineering, leveraging over 65 years of experience in cryogenic infrastructure. This initiative aligns with Matrix's strategic focus on downstream project opportunities, including ethane and ethylene storage.

Positive
  • Awarded a significant greenfield project for the construction of a 600,000-barrel cryogenic ethane storage tank.
  • Demonstrates a growing backlog, reflecting healthy demand for ethane in the global market.
  • Utilizes over 65 years of expertise in engineering cryogenic infrastructure.
Negative
  • None.

TULSA, Okla., March 29, 2023 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) announced today its subsidiary, Matrix Service, has been awarded the greenfield engineering, procurement, and construction of a second 600,000-barrel cryogenic ethane storage tank for a subsidiary of Enterprise Products Partners L.P. along the Texas Gulf Coast. The project, which was taken into Matrix’s backlog in the second quarter of Fiscal 2023, supports a continued demand for ethane in the global marketplace. Engineering for the storage tank will be completed by Matrix PDM Engineering.

“We value our long-standing relationship with Enterprise and appreciate their trust and confidence in us to engineer and construct this critical infrastructure,” Matrix Service Company President and CEO John R. Hewitt. “The global need for ethane continues to account for an increasing share of total U.S. production for its value as a petrochemical feedstock that can be broken down into ethylene, used in a wide variety of industrial, agricultural, and other applications. This greenfield infrastructure helps support that demand.

“With more than 65 years of legacy expertise in the engineering and design of cryogenic infrastructure, and as a leader in cryogenic storage and terminal solutions, Matrix is fielding a growing number of downstream project opportunities, including those for both ethane and ethylene, LNG, hydrogen, ammonia and propane.”

About Matrix Service Company        

Matrix Service Company (Nasdaq: MTRX), through its subsidiaries, is a leading North American industrial engineering, construction, and maintenance contractor headquartered in Tulsa, Oklahoma with offices located throughout the United States and Canada, as well as Sydney, Australia and Seoul, South Korea.

The Company reports its financial results in three key operating segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.

With a focus on sustainability, building strong Environment, Social and Governance (ESG) practices, and living our core values, Matrix ranks among the Top Contractors by Engineering-News Record, has been recognized for its Board diversification, is an active signatory to CEO Action for Diversity and Inclusion, and is recognized as a Great Place to Work®. To learn more about Matrix Service Company, visit www.matrixservicecompany.com and read our Fiscal 2022 Sustainability Report.

For more information about Matrix, please contact:

Kevin S. CavanahKellie Smythe
Matrix Service CompanyMatrix Service Company
Vice President and CFOSenior Director, Investor Relations
T: 918-838-8822T: 918-359-8267
Email:ir@matrixservicecompany.comEmail:ksmythe@matrixservicecompany.com

This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including those factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release.


FAQ

What recent project did Matrix Service Company (MTRX) announce in March 2023?

Matrix Service Company announced the construction of a second 600,000-barrel cryogenic ethane storage tank for a subsidiary of Enterprise Products Partners L.P.

When was the ethane storage tank project added to Matrix Service Company's backlog?

The project was added to the backlog in the second quarter of Fiscal 2023.

Why is the cryogenic ethane storage tank important for Matrix Service Company (MTRX)?

The storage tank supports the increasing global demand for ethane, which is vital for petrochemical production.

Who will handle the engineering for the ethane storage tank project?

The engineering will be completed by Matrix PDM Engineering.

Matrix Service Co

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