Adams Resources & Energy subsidiary Phoenix Oil recently purchased 10.6 acres of land in the Gulf Inland Industrial Park in Dayton, Texas, where it plans to build a new processing facility with rail spur and siding, product storage, and a truck rack.
The new infrastructure will serve existing customers and create new opportunities for growing the business, Adams said. The Dayton location, on the east side of Houston, is situated close to refining and petrochemical centers, providing Phoenix with ideal logistics proximity to better serve its customers. Phoenix also will relocate its headquarters from Humble, Texas, to the new location.
“Phoenix has been focused on this project for some time now, and we are very excited about the opportunities that this new location offers, including the overall cost savings that owning our own rail spur will provide once it is completed,” Greg Mills, president of GulfMark Asset Holding, said in a news release.
Adams acquired Phoenix Oil and sister company Firebird Bulk Haulers for approximately $33 million in August 2022. Firebird is an interstate bulk carrier of crude oil, condensate, fuels, oils, and other petroleum products.
“I am pleased to see the Phoenix team execute this piece of their strategic plan,” said Kevin Roycraft, Adams CEO and president. “Joining Adams has enabled them to expedite this transaction, which will allow us to add services and flexibility to our continually evolving industry. We look forward to developing this property over the next few years to create additional long-term value for our customers and our shareholders.”