Adams Resources Announces First Quarter 2017 Results

HOUSTON, May 8, 2017

First Quarter 2017 Highlights:

• Gross revenues of over $303 million for the first quarter ended March 31, 2017
• Adams Resources & Energy, Inc.'s crude oil marketing and transportation subsidiary, GulfMark Energy, Inc., marketed approximately 66,360 barrels of oil per day during the first quarter of 2017
• Continued effort to diversify offerings at the transportation subsidiary, Service Transport Company, Inc., with plans to begin ISO tank storage and transportation toward the end of the second quarter of 2017
• Over $158 million of liquidity ($98 million of cash and cash equivalents and $60 million of undrawn letter of credit facility) as of March 31, 2017
• Generated positive free cash flow (cash flow from operations before changes in working capital less capital expenditures and dividends)
• Dividend of $0.22 per share for the first quarter of 2017
• No short or long term debt as of March 31, 2017

"Adams is off to a decent start in 2017 as our first quarter results saw meaningful increases in activity in March 2017.  Our crude oil marketing and transportation subsidiary was negatively impacted by Frost Laws in North Dakota and Michigan during the first quarter of 2017, but saw volumes return in March 2017 as weather related downtime was reduced.  The Company experienced a noticeable uptick in activity at our Service Transport subsidiary during March 2017.  We are encouraged by the activity that we saw late in the first quarter of 2017 and look forward to executing our strategy during the year," said Thomas S. Smith, President and Chief Executive Officer.

Capital Investments and Dividends

During the first quarter of 2017, the Company invested approximately $1.0 million of capital and paid dividends of $0.9 million ($0.22 per share). The majority of the capital during the first quarter of 2017 was invested in the upstream oil and gas exploration and production subsidiary as the Company participated in several wells in the Permian Basin and Haynesville Shale.  On April 20, 2017, the Company announced the conclusion of its review of strategic alternatives associated with the oil and gas exploration and production division and voluntarily filed a petition of reorganization under Chapter 11 of the Bankruptcy Code in Delaware.  The Company has retained Oil & Gas Asset Clearinghouse, LLC to advise us with respect to the sale process of its oil and gas exploration and production subsidiary.

Josh C. Anders
(281) 974-9442