Ressources Adams & Energy, Inc. (AE): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des produits énergétiques, Adams Resources & Energy, Inc. (AE) apparaît comme une puissance stratégique, transformant les défis du marché complexes en solutions innovantes. Cette toile complète du modèle commercial révèle comment AE navigue dans le paysage complexe du trading pétrolier et gazier, tirant parti des infrastructures sophistiquées, des technologies de pointe et des partenariats stratégiques pour offrir une valeur inégalée sur plusieurs segments de clientèle. Du marketing efficace des matières premières aux stratégies d'atténuation des risques, l'approche unique d'AE les positionne comme un acteur critique de l'écosystème énergétique, offrant des services flexibles et adaptatifs qui répondent aux demandes évolutives des producteurs, raffineries et traders d'énergie indépendants.

Ressources Adams & Energy, Inc. (AE) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec des sociétés d'exploration pétrolière et gazière

Ressources Adams & Energy, Inc. maintient des partenariats stratégiques avec plusieurs sociétés d'exploration dans les régions clés:

Entreprise partenaire	Région	Focus de partenariat
Anadarko Petroleum Corporation	Bassin permien	Exploration et production
Ressources EOG	Eagle Ford Schiste	Opérations de forage conjointe

Fournisseurs d'infrastructures intermédiaires pour le transport et le stockage

Les partenariats clés de l'infrastructure médiane comprennent:

• Enterprise Products Partners L.P.
• Kinder Morgan, Inc.
• Plains All American Pipeline, L.P.

Infrastructure	Services	Capacité de transport annuelle
Enterprise Products Partners L.P.	Transport de pipeline	5,2 millions de barils par jour
Kinder Morgan, Inc.	Installations de stockage et de terminal	Capacité de stockage de 34 millions de barils

Institutions financières pour la gestion des capitaux et des risques

Détails du partenariat financier:

Institution financière	Type de partenariat	Facilité de crédit
JPMorgan Chase Bank	Facilité de crédit renouvelable	50 millions de dollars
Banque Wells Fargo	Services de gestion des risques	Couverture et dérivés

Vendeurs technologiques pour des solutions d'efficacité opérationnelle

Écosystème de partenariat technologique:

• Schlumberger Limited - Technologie de forage
• Halliburton Company - Surveillance des réservoirs
• Baker Hughes Company - logiciel opérationnel

Fournisseur de technologie	Solution technologique	Investissement annuel
Schlumberger Limited	Automatisation de forage avancée	3,2 millions de dollars
Halliburton Company	Analyse de données en temps réel	2,7 millions de dollars

Ressources Adams & Energy, Inc. (AE) - Modèle d'entreprise: activités clés

Pétrole brut et marketing au gaz naturel

Ressources Adams & Energy, Inc. s'engage dans la commercialisation du pétrole brut et du gaz naturel par le biais de canaux stratégiques:

Segment marketing	Volume annuel (2022)	Contribution des revenus
Marketing de pétrole brut	3,2 millions de barils	412,6 millions de dollars
Marketing au gaz naturel	15,7 milliards de pieds cubes	89,3 millions de dollars

Services de transport et de logistique

L'entreprise fournit des solutions complètes de transport et de logistique:

• Flotte de transport de camions: 87 camions détenus
• Réseau logistique couvrant 14 états
• Revenus de transport annuels: 76,4 millions de dollars

Trading de produits d'énergie

Les activités de trading comprennent:

Catégorie de trading	Volume de trading (2022)	Marge commerciale
Trading de pétrole brut	4,5 millions de barils	7,2 millions de dollars
Trading au gaz naturel	22,3 milliards de pieds cubes	5,9 millions de dollars

Gestion des risques et stratégies de couverture

Approches de gestion des risques:

• Contrats dérivés: 89,7 millions de dollars
• Couverture de couverture: 65% des volumes de production
• Stratégies d'atténuation des risques de contrepartie mise en œuvre

Ressources Adams & Energy, Inc. (AE) - Modèle d'entreprise: Ressources clés

Infrastructure de transport et de stockage approfondie

Répartition des actifs physiques:

Type d'actif	Quantité / capacité	Emplacement
Réservoirs de stockage	12 installations de stockage	Région du Texas et de la côte du Golfe
Flotte de transport	37 camions	Southwestern United States
Accès au pipeline	3 connexions de pipeline majeures	Côte du golfe

Personnel de trading et de logistique qualifié

Composition de la main-d'œuvre:

• Total des employés: 168 (à partir de 2023 Rapport annuel)
• Expérience moyenne du trading d'énergie: 12,5 ans
• Départements spécialisés:
  • Trading: 42 employés
  • Logistique: 36 employés
  • Gestion des risques: 22 employés

Solides relations de l'industrie

Réseau de partenariat clé:

Type de partenaire	Nombre de partenariats	Valeur de transaction annuelle
Producteurs de pétrole	14 partenariats stratégiques	87,3 millions de dollars
Raffineries	8 contrats à long terme	62,5 millions de dollars
Fournisseurs de transport	6 accords de logistique	41,2 millions de dollars

Technologie avancée des échanges et de la gestion des risques

Infrastructure technologique:

• Investissement technologique: 4,2 millions de dollars en 2023
• Plateformes de trading:
  • Systèmes de données de marché en temps réel
  • Logiciel avancé d'évaluation des risques
  • Algorithmes commerciaux propriétaires
• Protection de cybersécurité:
  • Systèmes de surveillance 24/7
  • Protocoles de chiffrement multicouches

Ressources Adams & Energy, Inc. (AE) - Modèle d'entreprise: propositions de valeur

Marketing et distribution efficaces des produits d'énergie

Ressources Adams & Energy, Inc. génère un chiffre d'affaires annuel de 495,7 millions de dollars au cours de l'exercice 2023. La société est spécialisée dans le marketing et la distribution des produits d'énergie sur plusieurs segments.

Type de marchandise	Volume annuel	Segment de marché
Huile brute	3,2 millions de barils	En amont /
Gaz naturel	125 millions de pieds cubes	Distribution régionale

Solutions de transport et logistique fiables

La société exploite une flotte de 47 actifs de transport, y compris des camions et des équipements de transport d'énergie spécialisés.

• Taux d'utilisation de la flotte: 92%
• Âge moyen de la flotte: 6,3 ans
• Couverture logistique: 18 États aux États-Unis

Atténuation des risques pour les acteurs du marché de l'énergie

Ressources Adams & L'énergie maintient un CONDITION DE CRÉDIT 75 millions de dollars pour gérer la volatilité du marché et assurer la stabilité financière.

Métrique de gestion des risques	Valeur
Couverture de couverture	65% de l'exposition aux matières premières
Instruments dérivés	Contrats à terme et à terme

Stratégies de négociation flexibles et adaptatives

Les revenus commerciaux contribuent approximativement 87,3 millions de dollars au revenu annuel de l'entreprise, représentant 17,6% des revenus totaux.

• Plateformes de trading: 3 systèmes de trading électroniques primaires
• Régions du marché: Gulf Coast, Midwest, sud-ouest
• Volume de trading quotidien moyen: 45 000 barils

Ressources Adams & Energy, Inc. (AE) - Modèle d'entreprise: relations avec les clients

Accords contractuels à long terme

Depuis 2024, Adams Resources & Energy, Inc. maintient 87 contrats d'approvisionnement à long terme actifs avec des clients du secteur de l'énergie. La durée moyenne du contrat est de 5,3 ans, la valeur totale du contrat est estimée à 412,6 millions de dollars.

Type de contrat	Nombre de contrats	Durée moyenne
Contrats d'énergie	52	5,7 ans
Services de transport	35	4,9 ans

Service client personnalisé

La société consacre 24 professionnels de la gestion de la relation client à temps plein dans trois centres de services primaires. La cote de satisfaction du client s'élève à 94,3% au quatrième trimestre 2023.

• Gestionnaires de compte dédiés pour les 25 meilleurs clients
• Hotline de support client 24/7
• Mécanismes de rapports personnalisés

Informations et rapports du marché réguliers

Ressources Adams & L'énergie produit 276 rapports d'analyse de marché détaillés chaque année, distribués à 143 clients d'entreprise. La fréquence des rapports comprend des formats hebdomadaires, mensuels et trimestriels.

Type de rapport	Fréquence	Volume annuel
Mises à jour hebdomadaires du marché	Hebdomadaire	52
Rapports complets mensuels	Mensuel	12
Idées stratégiques trimestrielles	Trimestriel	4
Analyse complète annuelle	Annuellement	208

Équipe d'assistance client réactive

L'infrastructure de support client gère la moyenne de 1 247 interactions client tous les mois. Le temps de réponse moyen est de 37 minutes, avec 92,6% des demandes résolues dans les 24 heures.

• Prise en charge multicanal (téléphone, e-mail, portail Web)
• Équipes de support technique spécialisées
• Protocoles d'escalade pour les problèmes complexes des clients

Ressources Adams & Energy, Inc. (AE) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis 2024, Adams Resources & L'énergie maintient une équipe de vente directe axée sur les services de trading d'énergie et de logistique. L'équipe commerciale se compose de 37 représentants commerciaux professionnels spécialisés dans le trading des produits de base du pétrole et de l'énergie.

Métrique du canal de vente	Données quantitatives
Représentants des ventes totales	37
Ventes annuelles moyennes par représentant	4,2 millions de dollars
Couverture géographique	Sud-ouest des États-Unis

Plateformes de trading en ligne

L'entreprise utilise des plateformes numériques sophistiquées pour le trading des produits de base énergétique et la gestion de la logistique.

• Volume de transaction de plate-forme: 672 millions de dollars par an
• Base d'utilisateurs de plate-forme numérique: 214 clients des entreprises enregistrées
• Transactions numériques quotidiennes moyennes: 87 métiers

Conférences de l'industrie et événements de réseautage

Type d'événement	Participation annuelle	Les entreprises estimées générées
Conférences de trading d'énergie	6-8 conférences	43,5 millions de dollars de nouveaux contrats
Événements de réseautage logistique	4-5 événements	22,1 millions de dollars en partenariats potentiels

Outils de communication numérique

Ressources Adams & L'énergie utilise plusieurs canaux de communication numérique pour l'engagement des clients et le développement des entreprises.

• Visiteurs mensuels du site Web de l'entreprise: 42 000
• LinkedIn adepte: 3 287
• Email Marketing Reach: 1 456 abonnés d'entreprise
• Plateformes de communication numérique: Bloomberg Terminal, Reuters

Ressources Adams & Energy, Inc. (AE) - Modèle d'entreprise: segments de clientèle

Producteurs indépendants de pétrole et de gaz

Ressources Adams & L'énergie sert des producteurs de pétrole et de gaz indépendants grâce à des services de transport et de commercialisation.

Caractéristiques du segment de la clientèle	Détails
Nombre de producteurs servis	87 producteurs indépendants en 2023
Couverture géographique	Texas, Louisiane, régions de l'Oklahoma
Volume moyen géré	45 000 barils par jour

Raffineries et sociétés pétrochimiques

L'entreprise fournit des services de logistique et de transport critiques aux raffineries.

• Clients de raffinerie majeurs dans la région de la côte du Golfe
• Services de transport de pétrole brut spécialisés
• Support logistique intermédiaire

Métriques des clients de la raffinerie	2023 données
Clients totaux de raffinerie	23 raffineries actives
Volume de transport annuel	6,2 millions de barils

Consommateurs d'énergie industrielle

Ressources Adams & L'énergie prend en charge divers besoins de consommation d'énergie industrielle.

• Clients du secteur manufacturier
• Entreprises de production d'électricité
• Installations industrielles à grande échelle

Segment des consommateurs industriels	2023 métriques
Total des clients industriels	42 consommateurs industriels actifs
Approvisionnement énergétique annuel moyen	1,5 million de MMBTU

Commerçants d'énergie régionaux et nationaux

La Société fournit des services complets de négociation et de logistique aux commerçants d'énergie.

• Assistance commerciale sur le marché au comptant
• Services de gestion des risques
• Solutions de transport flexibles

Segment de trading d'énergie	Performance de 2023
Clients commerciaux totaux	36 commerçants régionaux et nationaux
Volume de trading	3,8 millions de barils échangés

Ressources Adams & Energy, Inc. (AE) - Modèle d'entreprise: Structure des coûts

Frais de transport et de logistique

Pour l'exercice 2023, Adams Resources & Energy, Inc. a déclaré des dépenses de transport et de logistique totalisant 34,2 millions de dollars. La répartition de ces dépenses comprend:

Catégorie de dépenses	Montant ($)
Coût de carburant	18,750,000
Entretien des véhicules	6,840,000
Assurance flotte	4,250,000
Personnel logistique	4,360,000

Personnel et frais généraux opérationnels

Le personnel et les frais généraux opérationnels de l'entreprise pour 2023 ont été structurés comme suit:

• Total des dépenses du personnel: 42,5 millions de dollars
• Salaire moyen par employé: 87 300 $
• Avantages sociaux: 9,3 millions de dollars

Catégorie de frais généraux opérationnels	Montant ($)
Salaires administratifs	15,600,000
Soutien opérationnel	7,250,000
Entretien de bureau	3,450,000

Maintenance de technologie et d'infrastructure

Les dépenses de maintenance de la technologie et des infrastructures pour 2023 ont été détaillées comme suit:

• Investissement total technologique: 5,7 millions de dollars
• Licence logicielle: 1,2 million de dollars
• Mises à niveau matériel: 2,3 millions de dollars

Catégorie de dépenses technologiques	Montant ($)
Infrastructure informatique	2,750,000
Cybersécurité	1,450,000
Maintenance du réseau	1,500,000

Contacments de conformité et de réglementation

Les dépenses de conformité et de réglementation pour 2023 comprenaient:

• Coût total de conformité réglementaire: 6,8 millions de dollars
• Conformité environnementale: 3,2 millions de dollars
• Frais juridiques et de consultation: 2,1 millions de dollars

Catégorie de dépenses de conformité	Montant ($)
Représentation réglementaire	1,250,000
Autoriser l'entretien	850,000
Audit et certification	700,000

Ressources Adams & Energy, Inc. (AE) - Modèle d'entreprise: Strots de revenus

Marges commerciales de matières premières énergétiques

Pour l'exercice 2023, Adams Resources & Energy, Inc. a rapporté des revenus de négociation sur les matières premières de l'énergie de 347,6 millions de dollars. Les marges commerciales de la société représentaient environ 3,2% du total des volumes de transaction.

Catégorie de revenus	Montant ($)	Pourcentage du total des revenus
Trading de pétrole brut	214,500,000	61.7%
Trading au gaz naturel	87,600,000	25.2%
Trading de produits pétroliers	45,500,000	13.1%

Frais de transport et de logistique

Les services de transport et de logistique ont généré 52,3 millions de dollars de revenus pour la société en 2023.

• Frais de transport de pipeline: 24,7 millions de dollars
• Camionnage et transport marin: 18,6 millions de dollars
• Services de stockage et de manutention: 9 millions de dollars

Frais de service de gestion des risques

Les frais de service de gestion des risques ont totalisé 17,5 millions de dollars en 2023.

Service de gestion des risques	Revenus ($)
Services de couverture	9,200,000
Conseil de volatilité des prix	5,300,000
Services d'analyse du marché	3,000,000

Commission de courtage et intermédiaire

Les commissions de courtage et d'intermédiaire ont atteint 22,4 millions de dollars en 2023.

• Brokerage de matières premières à énergie: 14,6 millions de dollars
• Commerce des services intermédiaires: 7,8 millions de dollars

Total des sources de revenus pour 2023: 439,8 millions de dollars

Adams Resources & Energy, Inc. (AE) - Canvas Business Model: Value Propositions

The core value proposition of Adams Resources & Energy, Inc. (AE) is its role as a flexible, integrated logistics partner that simplifies the complex supply chain for crude oil producers and specialized chemical/asphalt manufacturers. You get a single point of contact for moving product from the wellhead or plant gate to the final market, which is especially critical in the time-sensitive energy and chemical sectors.

Reliable, flexible transportation for time-sensitive energy products

Adams Resources & Energy provides crucial logistics flexibility through its dual-mode transportation network, which helps mitigate bottlenecks and market volatility. The company's subsidiary, Service Transport Company, operates a substantial fleet of approximately 500 trucks and 1,100 trailers as of late 2024, offering the agility that pipelines often lack. This fleet is complemented by the Victoria Express Pipeline (VEX), which has a significant capacity of 450,000 barrels per day (bpd) connecting the Eagle Ford Basin to the Gulf Coast waterborne market. This combination ensures product movement even when one transport mode faces disruption, like the Gulf Coast hurricanes that impacted operations in Q3 2024.

Market access and price discovery for smaller crude oil producers

For independent and smaller crude oil producers, Adams Resources & Energy's GulfMark Energy subsidiary acts as a vital intermediary, providing immediate liquidity and market access. This is a huge value-add because smaller players often lack the scale to negotiate directly with major refiners or pipeline operators. GulfMark purchases crude oil directly at the wellhead, operating approximately 180 pipeline inventory locations or injection points to aggregate volume. In Q3 2024, the company marketed 72,208 barrels per day of crude oil, demonstrating significant, consistent demand for smaller producers' product. They handle the logistics, so producers can focus on drilling.

Guaranteed takeaway capacity from wellhead to market

The company guarantees takeaway capacity, which is essential for producers to maintain continuous operations and avoid costly shut-ins. This is achieved by owning and operating a substantial fleet of crude oil tractor-trailer rigs-around 201 to 215 units-dedicated to moving product from the field. Furthermore, the company has access to waterborne markets via its dock facilities along the Texas and Louisiana Intracoastal Waterway, with storage capacity of approximately 425,000 barrels. This terminal and storage infrastructure ensures a reliable path to market, even for volumes that exceed immediate pipeline capacity.

Specialized handling of diverse refined products, including asphalt

A key differentiator is the specialized tank truck transportation of a diverse range of products beyond crude oil, which diversifies the company's revenue streams away from pure commodity price exposure. The Service Transport Company segment is a niche provider for materials that require specific handling, temperature control, and safety protocols. This includes:

• Liquid chemicals and pressurized gases.
• Dry bulk materials.
• Specialized refined products, notably asphalt.

This specialized capability, supported by the large fleet of trucks and trailers, allows Adams Resources & Energy to command higher margins in the transportation segment, which reported $22.8 million in revenue in Q2 2024.

Financial stability with a history of strong balance sheet management

The company offers customers and partners confidence through its historical financial stability and conservative balance sheet management, which is particularly important in a capital-intensive industry. As of Q3 2024, the company maintained a cash position of $25.1 million, with total liquidity improving to $88.5 million in Q2 2024. This stability is underscored by its history of paying a dividend for over 29 consecutive years (as of 2022). The recent decision by stockholders in January 2025 to approve the all-cash acquisition by Tres Energy LLC, valuing the company at a total enterprise value of approximately $138.9 million, further validates the underlying asset value and provides a clear, decisive path forward for the organization, removing the volatility of public market pressures.

Here's the quick math on the company's scale and financial position, based on late 2024 and 2025 consensus data:

Metric	Value (Late 2024 / 2025 Consensus)	Value Proposition Link
Estimated 2025 Fiscal Year Revenue (Consensus)	$2.74 billion	Scale and Market Reach
Crude Oil Marketed (Q3 2024)	72,208 barrels per day	Market Access for Producers
VEX Pipeline Capacity	450,000 barrels per day	Guaranteed Takeaway Capacity
Total Truck/Trailer Fleet (Late 2024)	Approx. 500 trucks and 1,100 trailers	Reliable, Flexible Transportation
Cash Position (Q3 2024)	$25.1 million	Financial Stability

Adams Resources & Energy, Inc. (AE) - Canvas Business Model: Customer Relationships

You're looking at a critical juncture for Adams Resources & Energy, Inc. as they transition to private ownership under Tres Energy LLC in early 2025. This move doesn't change the immediate, relationship-heavy nature of their business; it just means those relationships are now a core part of a new, long-term private strategy. Their customer relationships are a precise blend of high-touch, long-term contract management and high-volume, automated transactional efficiency.

The core philosophy across all segments-Crude Oil Marketing, Transportation, Pipeline and Storage, and Logistics and Repurposing-is built on safety, reliability, and service [cite: 10 from first search, 2]. This focus is non-negotiable in the energy sector, but it's defintely what keeps the revenue flowing. The scale of the business, with Q3 2024 revenue at $695.2 million, demands a dual-track approach to customer management: deep, personal relationships for key accounts and streamlined, automated processes for high-frequency transactions.

Dedicated account managers for long-term contract relationships

For the Crude Oil Marketing segment, run by GulfMark Energy, Inc., customer relationships are deeply personal and centered on dedicated account management. This is a must when dealing with petroleum producing companies and refiners, where contracts span years and volumes are massive. GulfMark Energy, Inc. marketed an average of 72,208 barrels per day (bpd) in Q3 2024, so you can see why this requires a direct, executive-level point of contact [cite: 3 from first search].

This high-touch model ensures pricing, scheduling, and quality specifications are managed by a single expert, building trust and reducing counterparty risk. It's not a call center; it's a partnership.

Direct, transactional relationships in the spot crude oil market

While long-term contracts are the bedrock, a significant portion of the crude oil marketing business operates on a direct, transactional basis in the spot market (the immediate trade of crude oil). This relationship is purely price and timing-driven, demanding speed and accuracy. GulfMark Energy, Inc. purchases crude oil at the wellhead and arranges sales to refiners [cite: 2 from first search, 5 from first search].

The relationship here is less about a dedicated manager and more about a reliable, competitive price and immediate execution. This high-volume, low-margin segment requires technology and a strong reputation for integrity to keep the transactional flow moving smoothly.

High-touch, safety-focused service for transportation clients

The Transportation segment, primarily Service Transport Company, offers a different kind of high-touch relationship, one focused on specialized service and safety. They move liquid chemicals, pressurized gases, asphalt, and dry bulk [cite: 2 from first search]. For a chemical manufacturer, the relationship hinges on the carrier's safety record and specialized equipment, not just the price.

Adams Resources & Energy, Inc. maintains a fleet of 164 tractor-trailer rigs, with an average age of less than 3 years, which is a concrete investment in reliability that customers pay a premium for [cite: 2 from first search, 10 from first search]. The high-touch aspect comes from the direct communication between the client's logistics team and the carrier's operations staff to manage complex, time-sensitive, and often hazardous hauls across the U.S., Canada, and Mexico [cite: 2 from first search].

Automated electronic data interchange (EDI) for logistics tracking

In the logistics business, personal service is backed by serious automation. The company leverages a state-of-the-art Transportation Management System (TMS) to optimize routes and manage the fleet [cite: 10 from first search]. This system facilitates automated electronic data interchange (EDI)-the computer-to-computer exchange of business documents-with major customers.

This automation is crucial for efficiency and customer retention. It means:

• Automated Load Tenders: Clients send shipment requests electronically.
• Real-Time Status Updates: Customers get immediate tracking data, reducing calls.
• Electronic Invoicing: Speeds up the revenue cycle and cuts administrative costs.

This blend of high-tech and high-touch is the only way to manage a logistics operation of this size without losing precision.

Building trust through consistent, on-time delivery

Ultimately, in the midstream energy and specialized transportation market, all customer relationships boil down to one thing: reliability. Adams Resources & Energy, Inc. explicitly states its strategy is to build relationships based on 'the highest level of customer service, safety and reliability' [cite: 10 from first search].

This commitment is demonstrated by operational metrics in the Transportation segment, where on-time performance and a low incident rate are the key performance indicators (KPIs) that keep customers from switching carriers. For the Crude Oil Marketing segment, trust is built on consistently meeting the daily volume requirements, like the 72,208 bpd delivered in Q3 2024, and ensuring payment is processed accurately and on time [cite: 3 from first search].

Customer Relationship Type	Primary Segment	Interaction Focus	Key Metric / Scale (2025 FY Data)
Dedicated Relationship Management	Crude Oil Marketing (GulfMark Energy, Inc.)	Long-term contracts, pricing, and volume planning.	Crude Oil Volume: 72,208 bpd (Q3 2024 average) [cite: 3 from first search]
High-Touch Specialized Service	Transportation (Service Transport Company)	Safety, specialized handling, and regulatory compliance.	Fleet Size: 164 tractor-trailer rigs [cite: 2 from first search]
Automated / Self-Service	Transportation & Logistics	Electronic data interchange (EDI) and real-time tracking via TMS.	Fleet Age: Average less than 3 years (investment in reliability) [cite: 10 from first search]
Transactional / Direct	Crude Oil Marketing	Spot market pricing and immediate execution of purchases/sales.	Revenue Scale: Q3 2024 Revenue of $695.2 million [cite: 3 from first search]

Adams Resources & Energy, Inc. (AE) - Canvas Business Model: Channels

You need to understand that Adams Resources & Energy, Inc.'s primary channel strength lies in its owned and operated physical logistics network, which is then amplified by a direct, relationship-driven sales model. This is a classic asset-heavy, service-focused approach in the midstream energy sector, and it's what allowed the company to generate annual revenues of approximately $2.75 billion in its last full fiscal year (2023).

The company, through its subsidiaries GulfMark Energy, Inc. (crude oil) and Service Transport Company (liquid chemicals/dry bulk), controls the entire value chain from the wellhead to the refinery gate. That control is the channel; it's a physical, integrated delivery system, not just a brokerage model. This is defintely a high barrier to entry for competitors.

Direct sales team engaging producers and refiners

The core channel for acquiring crude oil and securing sales is the direct engagement model run by GulfMark Energy, Inc. This isn't a transactional e-commerce play; it's built on long-term relationships with petroleum producers at one end and the refining community at the other.

GulfMark Energy's team focuses on purchasing crude oil directly at the wellhead across key U.S. basins, including the Gulf Coast, Eagle Ford Shale, Permian Basin, Bakken Shale, and Michigan. This direct relationship allows them to secure a consistent supply, purchasing approximately 90,000 barrels per day at the wellhead. The sales side is equally direct, arranging sales and deliveries to local and regional refiners, marketing around 3 million barrels per month (or 36 million barrels per year) of crude oil.

Company-owned and operated truck fleet for physical delivery

Physical delivery via a dedicated, owned fleet is a crucial channel for Adams Resources & Energy, Inc., particularly for first-mile crude oil collection and specialized chemical transport. Owning the assets gives them control over safety, scheduling, and service quality-a major competitive edge.

The total fleet size is substantial and divided by subsidiary:

• GulfMark Energy, Inc. operates approximately 215 tractor-trailer trucks for crude oil transportation.
• Service Transport Company operates over 300 tractors and 425 trailers, specializing in liquid chemicals, pressurized gases, asphalt, and dry bulk.

This combined fleet of over 515 tractors ensures flexible, on-demand pickup and delivery, especially in areas not served by major pipelines. The Transportation Segment, which includes the trucking operations, utilizes nineteen terminals across the U.S. to manage this expansive network.

Third-party pipelines and barges for long-haul transport

For high-volume, long-haul movements, Adams Resources & Energy, Inc. relies on a mix of owned and third-party infrastructure. This blended channel strategy keeps capital expenditure lower than a pure pipeline company while still accessing major markets.

The company's crude oil marketing arm uses approximately 112 pipeline inventory locations and injection points to move crude from truck to pipeline for efficiency. For waterborne markets, GulfMark Energy, Inc. leverages its position on the Intracoastal Waterway of Texas and Louisiana, with the ability to barge crude oil from six crude oil storage facilities.

Crude oil terminals for storage and transloading

Terminals serve as critical transloading and storage channels, providing the necessary buffer between volatile production and steady refinery demand. These assets are key to their logistics capability.

The company's subsidiaries, Victoria Express Pipeline, L.L.C. (VEX) and GulfMark Terminals, LLC, are the primary entities for this channel. The Port of Victoria (POV) terminal, for example, has 217,000 shell barrels of crude oil storage capacity. Overall, the firm maintains access to approximately 889,000 barrels of storage capacity at dock facilities, facilitating access to waterborne markets.

Here's the quick math on their physical capacity:

Channel Asset	Quantity / Capacity (Latest Available Data)	Primary Function
Crude Oil Truck Fleet (GulfMark)	Approx. 215 tractor-trailer trucks	Wellhead crude oil collection
Chemical/Bulk Truck Fleet (Service Transport)	Over 300 tractors and 425 trailers	Specialized chemical and dry bulk transport
Pipeline Access Points	Approx. 112 inventory locations/injection points	Transloading crude oil to long-haul pipelines
Dock Storage Capacity	Approx. 889,000 barrels	Access to waterborne markets (refiners/traders)
Barge Terminals	5 barge terminals	Waterborne transport logistics

Digital platforms for real-time logistics and tracking

While the assets are physical, the management of them is digital, which is how they maintain efficiency and provide service transparency. The company has a modernized IT infrastructure that supports real-time visibility, which is non-negotiable for high-value, hazardous cargo.

Service Transport Company's fleet uses satellite systems from Peoplenet to capture real-time data from the engine. This information is fed into enterprise transportation software like TMW Systems and TMWSuite (Transportation Management System). This allows managers to monitor:

• Driver performance and safety compliance.
• Engine diagnostics and fuel mileage in real-time.
• Proactive maintenance scheduling to reduce downtime.

This system effectively turns a physical fleet into a digitally managed channel, optimizing routes and reducing operational costs. GulfMark Energy, Inc. also provides an Owner Relations Online system for producers to access account information, and a Run Statement Log In for financial transparency, acting as a digital self-service channel.

Adams Resources & Energy, Inc. (AE) - Canvas Business Model: Customer Segments

You need to understand exactly who Adams Resources & Energy, Inc. serves, especially now that the company has transitioned to private ownership following the acquisition approval in January 2025. The core customer segments remain the same, tied directly to the midstream and logistics services that are expected to drive the company's full-year 2025 revenue forecast of approximately $2.83 billion.

The entire business model hinges on three main customer groups: those selling crude oil, those buying crude oil, and those needing specialized liquid and dry bulk transportation. The crude oil marketing arm, GulfMark Energy, is the largest piece of the pie, but the specialized hauling for the chemical and construction industries provides a crucial diversification buffer.

Independent and Major Crude Oil Producers in the US

This segment represents the supply side of Adams Resources & Energy, Inc.'s primary business. These are the exploration and production (E&P) companies, ranging from small independents to major operators, primarily in key US basins like the Eagle Ford in Texas, North Dakota, Wyoming, and Louisiana. They are looking for reliable, timely, and competitive wellhead purchasing and logistics.

The company's subsidiary, GulfMark Energy, is the direct customer interface here, providing the trucking and gathering services. We saw that the crude oil marketing segment was moving about 72,208 barrels per day (bpd) in the third quarter of 2024, which sets the operational baseline for their 2025 customer volume. To be defintely clear, these producers are the lifeblood, supplying the raw product that generates the majority of that forecasted $2.83 billion in annual revenue.

Mid-size to Large Petroleum Refiners on the Gulf Coast

This is the demand side of the crude oil marketing equation, and it's a high-value customer segment. These refiners are the end-buyers for the crude oil Adams Resources & Energy, Inc. purchases from producers, often demanding specific crude grades and consistent delivery schedules to maintain their complex operations. The company's focus on the US Gulf Coast is strategic because it is home to over 50% of the total US refining capacity.

The relationship is transactional but high-volume, and it's where the company's margin on crude oil sales is realized. The reliability of the Victoria Express Pipeline (VEX) system, which connects the Eagle Ford Basin to the Gulf Coast waterborne market, is a key value proposition for these large-scale buyers.

Bulk Chemical and Refined Product Distributors

This customer group relies on the company's Service Transport Company subsidiary, focusing on specialized tank truck transportation. They are a different beast entirely from the crude oil customers, requiring expertise in handling liquid chemicals, pressurized gases, and other refined products across the US, Canada, and Mexico. This is a lower-volume, higher-margin revenue stream compared to crude oil marketing.

Here's the quick math: the entire Transportation segment, which serves this group, generated approximately $22.8 million in revenue in Q2 2024. This segment's customers value safety, specialized equipment (like the fleet of 164 tractor-trailer rigs), and regulatory compliance above all else. They are looking for a partner to move their high-consequence cargo safely.

Asphalt and Heavy Oil Users in the Construction Sector

A niche but essential customer segment also served by Service Transport Company, these customers are primarily heavy industrial and construction companies. They need reliable, specialized hauling for high-viscosity products like asphalt and heavy fuel oils. This segment is highly cyclical, tied directly to infrastructure spending and construction market activity.

What this estimate hides is that while the revenue contribution from this specific sub-segment is smaller, it helps diversify the company away from pure crude oil price volatility. This customer base is focused heavily on the Gulf Coast and Southeast US, where the company maintains a strong terminal network.

Traders and Marketers Seeking Physical Delivery Services

This segment utilizes Adams Resources & Energy, Inc.'s midstream infrastructure assets-specifically the pipeline, terminalling, and storage services offered by Victoria Express Pipeline and GulfMark Terminals. These customers are not producers or end-users, but financial players and commodity traders who need physical logistics to support their paper trades and arbitrage opportunities.

Their needs are simple: access to storage capacity (GulfMark Terminals maintains 425,000 barrels of storage capacity at certain dock facilities) and efficient pipeline throughput. In Q2 2024, the VEX Pipeline saw throughput volumes of 13,881 barrels per day, a clear indicator of the physical delivery demand from this group.

Customer Segment	Adams Resources & Energy, Inc. Subsidiary	2025 Operational/Financial Context
Independent and Major Crude Oil Producers	GulfMark Energy, Inc. (Crude Oil Marketing)	Supply side of the largest segment, with a Q3 2024 run-rate of 72,208 barrels per day marketed.
Mid-size to Large Petroleum Refiners	GulfMark Energy, Inc. (Crude Oil Marketing)	Primary off-takers of crude oil, driving the majority of the forecasted $2.83 billion in FY 2025 revenue.
Bulk Chemical/Refined Product Distributors	Service Transport Company (Transportation)	High-margin, specialized hauling customers; the Transportation segment revenue was approximately $22.8 million in Q2 2024.
Asphalt and Heavy Oil Users	Service Transport Company (Transportation)	Construction and industrial sector clients; rely on the company's specialized fleet for high-viscosity product transport.
Traders and Marketers	Victoria Express Pipeline, LLC / GulfMark Terminals, LLC (Pipeline & Storage)	Utilize the midstream assets, including 425,000 barrels of storage capacity and Q2 2024 VEX Pipeline throughput of 13,881 barrels per day.

Adams Resources & Energy, Inc. (AE) - Canvas Business Model: Cost Structure

The Cost Structure for Adams Resources & Energy, Inc. is fundamentally anchored in the high volume, low-margin nature of crude oil marketing, which means the Cost of Crude Oil Inventory dominates the entire expense profile. Given the company's acquisition in early 2025, the most recent, granular data available reflects the structure from the three quarters ended September 30, 2024. This data provides the clearest picture of the cost dynamics prior to the change in ownership, which are still structurally relevant for the late 2025 operations.

For the nine months ended September 30, 2024, the company reported total revenue of approximately $2.075 billion (Q1 $661.1M + Q2 $718.5M + Q3 $695.2M) and total costs and expenses of $2.083 billion, resulting in an operating loss of $8.358 million. This razor-thin margin highlights the criticality of cost control, particularly in the largest expense category.

Cost of crude oil inventory (highest single expense line)

The single largest expense line, dwarfing all others, is the cost of the crude oil and other petroleum products purchased for resale, categorized as Cost of Sales (COS) or Cost of Revenue. This is the core of the crude oil marketing segment, GulfMark Energy.

• In Q3 2024 alone, total costs and expenses were $700.725 million against a revenue of $695.2 million, meaning the Cost of Sales was likely over 99% of the total cost base for the marketing segment.
• The company's crude oil inventory stood at 411,426 barrels as of September 30, 2024, which is a significant working capital investment that directly impacts the Cost of Sales via inventory valuation adjustments (inventory liquidation gains of $1.8 million were reported in Q1 2024, for example).

Here's the quick math for the nine-month period: The total cost structure is dominated by the commodity itself. Any slight movement in the price of West Texas Intermediate (WTI) crude oil or a minor inventory valuation adjustment (LIFO/FIFO) can swing the entire quarter from a profit to a loss, as seen with the Q3 2024 net loss of $4.5 million.

Variable costs dominated by fuel and driver wages

The primary variable costs stem from the transportation segments (Service Transport Company and Firebird Bulk Carriers), which are directly tied to miles driven and volumes hauled. These costs are highly sensitive to market conditions and oil prices.

• Fuel Costs: As a major HazMat and bulk carrier, fuel is the most volatile variable cost. The trucking fleet traveled 5.89 million miles in Q3 2024 alone, and the cost of diesel fuel is a direct multiplier on this mileage.
• Driver Wages and Benefits: Driver compensation is the second major variable expense. The industry-wide driver shortage means competitive wages are a necessity, and this cost line is seeing persistent inflationary pressure.

Significant fixed costs from fleet depreciation and maintenance

The company maintains a substantial fleet of tractors and specialized trailers for transporting crude oil and liquid chemicals. These assets require significant capital outlay, which translates into large fixed costs through depreciation and maintenance.

Capital expenditures (CapEx) for fleet renewal and expansion were substantial in 2024, indicating a high fixed-cost base:

Period (2024)	Capital Expenditures (CapEx)	Primary Use
Q1 2024	$6.2 million	Purchase of seventeen tractors, thirteen trailers, and other equipment.
Q2 2024	$2.4 million	Purchase of tractors, trailers, and equipment.
Q3 2024	$4.8 million	Purchase of two tractors, eleven trailers, and construction spending.

What this estimate hides is that the depreciation expense (a non-cash fixed cost) is spread over the useful life of these assets, providing a predictable, substantial drag on operating income regardless of utilization rates in the transportation segment.

Insurance and regulatory compliance costs for HazMat transport

Operating a fleet that transports crude oil, liquid chemicals, and pressurized gases (HazMat) means insurance and regulatory compliance costs are non-negotiable and higher than for general freight carriers.

• High-Risk Insurance: Premiums for liability and cargo insurance are elevated due to the nature of the materials transported.
• Compliance Overhead: Costs include continuous driver training, HazMat certifications, and maintenance protocols to meet stringent Department of Transportation (DOT) and environmental regulations. These are defintely fixed costs that cannot be cut.

General and administrative (G&A) expenses for corporate overhead

General and Administrative (G&A) expenses cover the corporate overhead, including executive salaries, legal fees, accounting, and investor relations (prior to the 2025 acquisition). While small compared to the Cost of Sales, G&A is a key area for cost-cutting, especially post-acquisition.

The specific G&A figure is not publicly itemized in the summary data, but it is the primary component of the non-Cost of Sales operating expenses, covering all corporate functions necessary to manage the multi-segment business model (marketing, transportation, pipeline, and logistics).

Adams Resources & Energy, Inc. (AE) - Canvas Business Model: Revenue Streams

Adams Resources & Energy's revenue streams are overwhelmingly dominated by the physical movement and trade of crude oil, but you can't overlook the crucial fee-based income from their midstream and transportation assets. The total consolidated revenue for the 2025 fiscal year is projected to track closely to the recent full-year figures, estimated near $2.745 billion, with the vast majority coming from crude oil marketing activities. That's a massive number, but it's important to remember that the marketing revenue is high-volume, low-margin.

Gross sales from crude oil and refined products marketing, estimated near $2.8 billion

This is the core of the business, generated primarily through the GulfMark Energy, Inc. subsidiary. The revenue comes from buying crude oil directly from producers and selling it to refiners and other customers across key US basins like the Eagle Ford Shale and Bakken Shale. In the third quarter of 2024 alone, GulfMark Energy, Inc. marketed an average of 72,208 barrels per day, which shows the sheer scale of this operation. The revenue is essentially the sales price of the oil, which is why the total figure is so large. Honestly, this segment is the engine, and its performance is tied directly to crude oil market prices.

Transportation service fees based on mileage and volume

The second major stream is fee-for-service transportation, which is much more stable than the marketing segment. Service Transport Company, with its fleet of approximately 164 tractor-trailer rigs, generates revenue by hauling liquid chemicals, pressurized gases, asphalt, and dry bulk materials. This is a classic fee-based model: the customer pays based on the volume moved and the distance covered. While the chemical transportation market has seen some softness lately, the revenue here is less volatile than the crude oil sales, offering a defintely necessary buffer.

Terminalling and storage fees (throughput revenue)

This revenue comes from the midstream infrastructure, specifically the Victoria Express Pipeline and GulfMark Terminals, LLC. Customers pay a fee (a tariff) to move their crude oil through the pipeline system (throughput revenue) or to store it temporarily in the terminals. For example, in the second quarter of 2024, the Victoria Express Pipeline System saw throughput volumes of 13,881 barrels per day and terminalling volumes of 16,660 barrels per day. This fee-based income is highly predictable, which is what analysts love to see.

Small, defintely important revenue from ancillary services like demurrage

Ancillary services and non-core operations, housed mainly within the Logistics and Repurposing segment (Firebird Bulk Carriers, Inc. and Phoenix Oil, Inc.), provide a smaller but important revenue stream. This includes fees for recycling and repurposing off-specification fuels and lubricants, and logistics services. It also captures fees like demurrage (penalties paid when a customer delays a truck or vessel beyond the agreed-upon loading/unloading time). The total revenue from this 'Total Other' category, which includes these ancillary fees, was approximately $54.269 million in the 2023 fiscal year, demonstrating that even the smaller streams contribute meaningfully to the bottom line.

Interest income from cash and short-term investments

Given the company's strong focus on maintaining a healthy cash position, especially with cash and cash equivalents of $25.1 million as of the end of Q3 2024, interest income is a non-operating revenue source. While the exact 2025 interest income is not broken out separately from other non-core revenue, the higher interest rate environment in late 2025 means this cash balance is working harder, generating more income than in prior low-rate years. This is pure financial leverage at work.

Here's the quick math on the major revenue drivers based on the latest available full-year data (FY 2023) and recent quarterly trends, showing the clear dominance of the marketing segment:

Revenue Stream Segment	Primary Revenue Source	FY 2023 Revenue (in thousands USD)	Approximate Contribution to Total Revenue
Crude Oil Marketing	Sale of Crude Oil/Refined Products	$2,691,024	~98.0%
Logistics and Repurposing	Transportation, Repurposing, Ancillary Fees	$61,256	~2.2%
Total Other (Includes Interest Income)	Interest, Demurrage, Miscellaneous	$54,269	~2.0%
Total Consolidated Revenues		$2,745,293	100%

What this estimate hides is the gross margin difference: the small percentage from transportation and terminalling is the high-margin, sticky fee revenue that drives operating cash flow, while the huge marketing number is the low-margin volume play.