Enterprise Products Awards Matrix Service EPC for Ethane Storage Tank Along the Texas Gulf Coast
Matrix Service Company (Nasdaq: MTRX) has announced that its subsidiary has secured a significant contract for a 600,000 barrel cryogenic ethane storage tank for Enterprise Products, located along the Texas Gulf Coast. This project, included in the company’s backlog for the first quarter of Fiscal 2023, supports the rising global demand for ethane as a petrochemical feedstock. Engineering work will be performed by Matrix PDM Engineering. The CEO noted the ongoing trust from Enterprise and emphasized the company’s leadership in cryogenic infrastructure and growing downstream project opportunities.
- Secured contract for a 600,000 barrel cryogenic ethane storage tank, enhancing backlog.
- Alignment with rising global demand for ethane, supporting future revenue growth.
- Continued trust from Enterprise Products strengthens relationships and market position.
- None.
TULSA, Okla., Feb. 01, 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 600,000 barrel cryogenic ethane storage tank for Enterprise Products along the Texas Gulf Coast. The project, which was taken into Matrix’s backlog in the first 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 President and CEO John R. Hewitt. “The global demand for ethane from the U.S. continues to increase because of 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. As a leader in the engineering, construction, and maintenance of cryogenic infrastructure, Matrix is fielding a growing number of downstream project opportunities, including those for both ethane and ethylene.”
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. Cavanah Matrix Service Company Vice President and CFO T: 918-838-8822 Email: ir@matrixservicecompany.com | Kellie Smythe Matrix Service Company Senior Director, Investor Relations T: 918-359-8267 Email: 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.
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