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https://dd7pmep5szm19.cloudfront.net/2307/0000002178-23-000082.pdf
Reported a solidly profitable Q2 and the CEO stated in the earnings call:
“Overall, we believe Adams is well-positioned for any potential challenges that lie ahead in 2023. The connection for the VEX Pipeline System to Max Midstream is nearly complete and should begin flowing later this summer. We expect continued challenges through the second quarter as GulfMark works to realize the benefits of their cost cutting efforts and improving margins. Customer activity for Service Transport suggests we will benefit from a stronger second half of the year. Adams has been built on a solid foundation. We have a growing cash position, and our fundamentals remain strong. Our acquisitions of Phoenix and Firebird highly complement our other segments and will allow us to succeed even in challenging markets. We expect improved performance as the year progresses, especially in the second half of the year”.
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