GulfMark Energy to Expand Oil Hauling Fleet With Red River Acquisition
Adams Resources & Energy Inc., the Houston-based corporate parent of oil marketing firm GulfMark Energy and petroleum and chemical hauler Service Transport Co., has agreed to acquire Red River Vehicle Holdings, a crude oil transportation firm operating in Oklahoma and Texas, for approximately $10 million.
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The deal is contingent upon regulatory approvals and the satisfaction of certain closing conditions, but is expected to close sometime in the fourth quarter, according to a statement issued by the company on Aug. 15.
“This acquisition greatly expands our operating area into one of the most active drilling regions in the United States and will be immediately accretive to earnings,” said Geoff Griffith, president of GulfMark Energy.
A spokesman for Adams Resources said GulfMark will take over Red River’s fleet of 113 tractors and 126 trailers once the transaction is complete. Red River, which was based in Hennessey, Okla., was acquired from ARB Oklahoma Holdings, according to documents filed by Adams Resources with the U.S. Securities and Exchange Commission.
GulfMark Energy, which buys crude oil and arranges for deliveries to refiners and other customers, operates its own fleet of 115 tractors and 145 trailers, plus four barge terminals and 42 loading stations in Texas, Oklahoma, North Dakota, Michigan and Louisiana.
Service Transport operates separately as a for-hire carrier and transports liquid chemicals and dry bulk products throughout the continental United States, Canada and Mexico. The company ranks No. 19 on the Transport Topics list of largest for-hire carriers in the tank/bulk sector.
Adams Resources reported total revenue of $1.3 billion in 2017, of which only $53.4 million came from its for-hire truck transportation business.
