0000002178-17-000027.txt : 20170424 0000002178-17-000027.hdr.sgml : 20170424 20170424163255 ACCESSION NUMBER: 0000002178-17-000027 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170421 ITEM INFORMATION: Bankruptcy or Receivership FILED AS OF DATE: 20170424 DATE AS OF CHANGE: 20170424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADAMS RESOURCES & ENERGY, INC. CENTRAL INDEX KEY: 0000002178 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-PETROLEUM & PETROLEUM PRODUCTS (NO BULK STATIONS) [5172] IRS NUMBER: 741753147 STATE OF INCORPORATION: DE FISCAL YEAR END: 0926 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07908 FILM NUMBER: 17778572 BUSINESS ADDRESS: STREET 1: 17 S. BRIAR HOLLOW LN. CITY: HOUSTON STATE: TX ZIP: 77027 BUSINESS PHONE: 7138813600 MAIL ADDRESS: STREET 1: P O BOX 844 CITY: HOUSTON STATE: TX ZIP: 77001 FORMER COMPANY: FORMER CONFORMED NAME: ADAMS RESOURCES & ENERGY INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ADA RESOURCES INC DATE OF NAME CHANGE: 19790620 8-K 1 form8-k.htm FORM 8-K CH 11 APRIL 21, 2017

SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549

________________________________________

FORM 8-K

CURRENT REPORT


Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  April 21, 2017

 
ADAMS RESOURCES & ENERGY, INC.
  
 
(Exact name of registrant as specified in its charter)
  
       
       
Delaware
  
1-7908
  
74-1753147
  
(State or other jurisdiction of incorporation)
  
(Commission file number)
  
(IRS employer
identification no.)
  
       
       
17 South Briar Hollow Lane, Suite 100
Houston, Texas
  
 
77027
  
(Address of principal executive offices)
  
(Zip code)
  
       
   
(713) 881-3600
      
   
(Registrant’s telephone number, including area code)
      

 Item 1.03  Bankruptcy or Receivership.

On April 21, 2017,  Adams Resources Exploration Corporatuion (“AREC”), a wholly owned subsidiary of Adams Resources & Energy, Inc. (the “Company”), filed a petition under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.   The case has been assigned to Judge Kevin Gross and has the associated case number 17-10866(KG).  The Company does not expect this Chapter 11 filing by AREC to have a material adverse impact on any of the Company’s core businesses.  The Company continues to have no debt and held approximately $87 million in cash at the end of the year ended December 31, 2016.

The Company issued a news release announcing the Chapter 11 filing and the conclusion of strategic alternatives related to AREC.  A copy of the news release is filed as Exhibit 99.1 to this report.

Item 9.01  Financial Statements and Other Exhibits

(d)  Exhibits

Exhibit No.
Description

99.1
News release issued April 20, 2017

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
ADAMS RESOURCES & ENERGY, INC.
   
   
   
Date:  April 24, 2017
By:/s/ Josh C. Anders
 
Josh C. Anders
 
Chief Financial Officer
EX-99.1 CHARTER 2 exhibit99-1.htm EXHIBIT 99.1 CH 11 APRIL 21, 2017

EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Contact:  Josh C. Anders (281) 974-9442


ADAMS RESOURCES ANNOUNCES THE CONCLUSION OF STRATEGIC ALTERNATIVES RELATED TO ITS EXPLORATION AND PRODUCTION SUBSIDIARY


Houston, Texas (April 20, 2017)--Adams Resources & Energy, Inc. (NYSE MKT: AE) (the “Company”) announced that it has concluded its review of strategic alternatives related to the Company’s exploration and production subsidiary, Adams Resources Exploration Corporation (“AREC”).  AREC plans to file a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware and plans to conduct a sale process.  AREC has retained Oil and Gas Asset Clearinghouse, LLC to advise it with respect to the sale process.  AREC primarily holds non-operated working interest in approximately 470 wells located in the Permian Basin, Haynesville Shale and across the Gulf Coast.

Over the past few years, the Company has de-emphasized its upstream operations.  The Company does not expect this Chapter 11 filing by its subsidiary to have a material adverse impact on any of its core businesses.  The Company plans to direct its attention to its core businesses or other business development initiatives.   The Company continues to have no debt and held approximately $87 million in cash at the end of the fiscal year ended December 31, 2016.

The Company expects to announce its first quarter 2017 earnings during the week of May 8, 2017.
……………………………………………….
The information in this release includes certain forward-looking statements that are based on assumptions that in the future may prove not to have been accurate. A number of factors could cause actual results or events to differ materially from those anticipated.  Such factors include, among others, (a) general economic conditions, (b) fluctuations in hydrocarbon prices and margins, (c) variations between commodity contract volumes and actual delivery volumes, (d) unanticipated environmental liabilities or regulatory changes, (e) counterparty credit default, (f) inability to obtain bank and/or trade credit support, (g) availability and cost of insurance, (h) changes in tax laws, (i) the availability of capital, (j) changes in regulations, (k) results of current items of litigation, (l) uninsured items of litigation or losses, (m) uncertainty in reserve estimates and cash flows, (n) ability to replace oil and gas reserves, (o) security issues related to drivers and terminal facilities, (p) commodity price volatility, (q) demand for chemical based trucking operations, (r) successful completion of drilling activity, (s) financial soundness of customers and suppliers,  (t) adverse world economic conditions, and (u) successful completion of the sale process of AREC.  The majority of these risks are described in the Company’s reports that are on file with the Securities and Exchange Commission.