Jefferson Energy Companies Executes Terminal Services Contract with ExxonMobil Oil Corporation
July 22 2021 - 6:55AM
Jefferson Energy Companies (“Jefferson Energy”), a subsidiary of
Fortress Transportation and Infrastructure Investors LLC (NYSE:
FTAI), is pleased to announce it has entered into a new contract to
expand terminal services to ExxonMobil Oil Corporation,
a wholly owned subsidiary of Exxon Mobil Corporation
(“ExxonMobil”; NYSE:XOM).
Jefferson Energy is constructing approximately
1.9 million barrels of new storage capacity at the Jefferson Energy
terminal and five connecting pipelines between the ExxonMobil
Beaumont refinery and Jefferson Energy terminal that will increase
utilization of its existing marine infrastructure. The engineering
and construction has begun for this second phase of the Jefferson
Energy terminal master plan buildout and will increase total
storage to approximately 6.2 million barrels.
“Combined with the successful completion of the
ExxonMobil Cross Channel Pipelines project in February 2021, this
project further strengthens the strong relationship between
ExxonMobil and Jefferson Energy. We are excited to again be working
with ExxonMobil to build a domestic and international refined
products hub while providing safe, best in class logistics
optionality to ExxonMobil for years to come,” said Joe Adams,
Chairman and Chief Executive Officer of FTAI.
“The expansion adds strategic value for
ExxonMobil and our Beaumont refinery complex,” said Anant Patel,
Americas Business Development Manager for ExxonMobil’s Fuels and
Lubricants division. “Increasing our logistics capability will help
us better serve our customers.”
The Jefferson Energy terminal is located on the
Neches River in the heart of ExxonMobil’s Beaumont, Texas refining
complex. The Jefferson Energy terminal has been in operation since
2012 and currently has over 4.3 million barrels of heated and
unheated storage servicing both crude oil and refined
products. In addition to the terminal’s storage and blending
capabilities, the terminal has six rail loop tracks, is triple
served by the BNSF, KCS, and Union Pacific railroads and utilizes
two marine docks for regional and global marine
movements.
Following the completion of this project,
Jefferson Energy expects to continue developing additional storage,
marine and rail capabilities, and pipeline
connectivity. Jefferson Energy is primarily owned and funded
by FTAI, a publicly traded entity specializing in infrastructure
investments globally and across North America.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements in this press release may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including, but
not limited to, statements regarding the expansion of storage
capacity at Jefferson Energy terminal, the construction of five
connecting pipelines between the ExxonMobil Beaumont refinery and
Jefferson Energy terminal, the ability to increase utilization of
marine infrastructure, increase logistics capability, providing
safe, best in class logistics optionality to ExxonMobil for years
to come, and developing additional storage, rail capabilities and
pipeline connectivity. These statements are based on management's
current expectations and beliefs and are subject to a number of
trends and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements,
many of which are beyond the Company’s control. The Company can
give no assurance that its expectations will be attained and such
differences may be material. Accordingly, you should not place
undue reliance on any forward-looking statements contained in this
press release. For a discussion of some of the risks and important
factors that could affect such forward-looking statements, see the
sections entitled “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in the
Company’s most recent Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q, which are available on the Company’s website
(www.ftandi.com). In addition, new risks and uncertainties emerge
from time to time, and it is not possible for the Company to
predict or assess the impact of every factor that may cause its
actual results to differ from those contained in any
forward-looking statements. Such forward-looking statements speak
only as of the date of this press release. The Company expressly
disclaims any obligation to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company's expectations with regard
thereto or change in events, conditions or circumstances on which
any statement is based. This release shall not constitute an offer
to sell or the solicitation of an offer to buy any securities.
About Fortress Transportation and
Infrastructure Investors LLC
Fortress Transportation and Infrastructure
Investors LLC owns and acquires high quality infrastructure and
equipment that is essential for the transportation of goods and
people globally. FTAI targets assets that, on a combined basis,
generate strong and stable cash flows with the potential for
earnings growth and asset appreciation. FTAI is externally managed
by an affiliate of Fortress Investment Group LLC, a leading,
diversified global investment firm.
For further information, please
contact:Alan AndreiniInvestor RelationsFortress
Transportation and Infrastructure Investors LLC(212)
798-6128aandreini@fortress.com
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