Adams Resources & Energy, Inc. (NYSEAM:AE) announces an Equity Buyback for 1,942,433 shares, for $69.9 million.
November 01, 2022 at 08:05 am EDT
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Adams Resources & Energy, Inc. (NYSEAM:AE) announces a share repurchase program. Under the program, the company will repurchase up to 1,942,433 shares of its common stock for an aggregate purchase price of $69.9 million, at a price per share of $36.00 per share from KSA Industries, Inc. (“KSAI”) and certain members of the family of the late Kenneth Stanley Adams, Jr., the Company's founder. The repurchase will be funded with the proceeds of the $25 million term loan under the company's new credit facility with Cadence Bank and the balance will be funded with cash on hand.
Adams Resources & Energy, Inc. is engaged in crude oil marketing, truck, and pipeline transportation, terminalling and storage in various crude oil and natural gas basins in the lower 48 states of the United States. The Company also conducts tank truck transportation of liquid chemicals, pressurized gases, asphalt, and dry bulk primarily in the lower 48 states of the United States, with deliveries into Canada and Mexico, and with 17 terminals across the United States. Its segments include crude oil marketing, transportation, and storage; tank truck transportation of liquid chemicals, pressurized gases, asphalt, and dry bulk; pipeline transportation, terminalling and storage of crude oil, and interstate bulk transportation logistics of crude oil, condensate, fuels, oils and other petroleum products and recycling and repurposing of off-specification fuels, lubricants, and other chemicals. Its subsidiaries include Service Transport Company, Ada Resources, Inc., and Phoenix Oil, Inc.
ADAMS RESOURCES & ENERGY, INC. 
