Jacobs Announces Ownership of DM Petroleum Operations Company
PASADENA, Calif., July 17, 2012 /PRNewswire/ -- Jacobs Engineering Group Inc. (NYSE: JEC) announced today that it has acquired a majority ownership of DM Petroleum Operations Company (DM) headquartered in New Orleans, Louisiana.
DM manages and operates the Strategic Petroleum Reserve (SPR) under contract to the U.S. Department of Energy (DOE). The SPR is the world's largest reserve of emergency crude oil, and DM has been the SPR Management and Operating (M&O) contractor since 1993. The company manages four storage sites: two in Louisiana and two in Texas. Jacobs now owns 80 percent of DM, and International Matex Tank Terminal (IMTT) of New Orleans owns 20 percent.
In making the announcement, Jacobs Group Vice President Terry Hagen said, "This is a significant transaction building on our locally-based petroleum operations and maintenance expertise. We are delighted to continue our in-depth work in the area of commercial hydrocarbons, and to combine our extensive M&O experience with DM's to deliver safe, secure, environmentally responsible and cost effective SPR operations."
Jacobs is one of the world's largest and most diverse providers of technical, professional, and construction services.
Statements made in this release that are not based on historical fact are forward-looking statements. We base these forward-looking statements on management's current estimates and expectations as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements. For a description of some of the factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our 2011 Form 10-K, and in particular the discussions contained under Items 1 - Business, 1A - Risk Factors, 3 - Legal Proceedings, and 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations. We do not undertake to update any forward-looking statements made herein.
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