Hensel Phelps Construction Company Selects Matrix Service for EPC of Three Storage Tanks to Expand Jet Fuel Capacity at Houston Hobby Airport
Matrix Service Company (Nasdaq: MTRX) announced its subsidiary, Matrix Service Inc., has secured a contract from Hensel Phelps for the engineering, procurement, and construction of three jet fuel storage tanks at Houston Hobby Airport. This expansion will increase fuel capacity by 120,000 barrels. Construction is set to begin in early July 2022, with all tanks operational by late 2022. CEO John R. Hewitt emphasized their commitment to safety and quality, marking a significant first collaboration with Hensel Phelps.
- Secured contract for three jet fuel storage tanks at Houston Hobby Airport.
- Expansion will add 120,000 barrels of fuel capacity.
- Construction to commence in early July 2022, with completion by late 2022.
- Strengthens long-term client relationship with Hensel Phelps.
- None.
TULSA, Okla., May 10, 2022 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) announced today that its subsidiary, Matrix Service Inc., has been selected by Hensel Phelps Construction Company (“Hensel Phelps”) for the engineering, procurement, and construction (EPC) of three storage tanks for jet fuel at Houston Hobby Airport. The project is part of an expansion at an existing fuel facility and will add an additional 120,000 barrels in capacity.
Construction is expected to begin in early July 2022, with all three tanks in-service by late 2022.
“As an industry leader in storage and terminal solutions, we are pleased to be partnering with Hensel Phelps on this project to increase capacity at their client’s fuel facility and to have the opportunity to build a strong, long-term client relationship,” said Matrix Service Company President and CEO, John R. Hewitt. “We are very proud of our reputation for delivery of safe, quality work, appreciate the trust and confidence Hensel Phelps has placed in Matrix on this first award with their company, and look forward to fulfilling our contract obligations safely, on-time, and on budget.”
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 inaugural Sustainability Report.
For more information about Matrix, please contact:
| Kevin S. Cavanah | Kellie Smythe |
| Matrix Service Company | Matrix Service Company |
| Vice President and CFO | Senior Director, Investor Relations |
| T: 918-838-8822 | T: 918-359-8267 |
| Email: ir@matrixservicecompany.com | 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.
FAQ
What is the significance of the contract secured by Matrix Service Company on May 10, 2022?
When will construction for the jet fuel storage tanks begin?
What is the expected completion date for the Houston Hobby Airport tanks?
How does this contract impact Matrix Service Company and its stock (MTRX)?
