MRC Global Selected as Primary Provider of Pipe, Valves, and Fittings for ExxonMobil in North America
Rhea-AI Summary
MRC Global (NYSE: MRC) announced on June 13, 2024, that it has been selected as the primary provider of pipe, valves, and fittings (PVF) products and services for ExxonMobil in North America. The agreement encompasses both upstream and downstream facilities, covering maintenance, repair, operations, and project work. MRC Global has been a long-term partner of ExxonMobil for over 35 years. Rob Saltiel, MRC Global's President & CEO, expressed enthusiasm about the continued partnership. John Rudisill, ExxonMobil's Head of Procurement Global Upstream, highlighted MRC Global's product and service breadth, technical expertise, and extensive geographic coverage as key reasons for the selection.
Positive
- MRC Global secures a significant contract with ExxonMobil, a major industry player.
- The agreement includes comprehensive services for both upstream and downstream facilities.
- MRC Global has a longstanding relationship with ExxonMobil, spanning over 35 years.
- The partnership is expected to streamline and standardize ExxonMobil's PVF supply chain.
- Potential for increased revenue for MRC Global due to the expanded scope of services.
Negative
- Dependence on a single major client like ExxonMobil could pose risks if the partnership changes or ends.
- No specific financial terms or expected revenue impacts were disclosed in the announcement.
- Potential increased operational costs to meet the expanded service requirements for ExxonMobil.
News Market Reaction
On the day this news was published, MRC declined 2.12%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
HOUSTON, June 13, 2024 (GLOBE NEWSWIRE) -- MRC Global Inc. (NYSE: MRC) announced today that its subsidiary, MRC Global (US) Inc., has signed an agreement to be the primary provider of pipe, valves and fitting (PVF) products and services to ExxonMobil in North America. The agreement includes all of ExxonMobil’s North America upstream and downstream facilities for maintenance, repair and operations as well as project work.
“We are very pleased that ExxonMobil has entrusted us with this important part of their business,” commented Rob Saltiel, MRC Global President & CEO. “MRC Global is proud to have supported ExxonMobil for more than 35 years, and we look forward to supporting their growth for years to come with a full range of PVF products and related services.”
“MRC Global is the best strategic supplier for ExxonMobil in the PVF product category because of their product and service breadth, technical expertise, and geographic coverage,” said John Rudisill, Head of Procurement Global Upstream for ExxonMobil. “This agreement allows us to streamline and standardize our PVF supply chain and leverage our scale across our growing North America business.”
About MRC Global Inc.
Headquartered in Houston, Texas, MRC Global (NYSE: MRC) is the leading global distributor of pipe, valves, fittings (PVF) and other infrastructure products and services to diversified end-markets including the gas utilities, downstream, industrial and energy transition, and production and transmission sectors. With over 100 years of experience, MRC Global has provided customers with innovative supply chain solutions, technical product expertise and a robust digital platform from a worldwide network of 214 locations including valve and engineering centers. The company’s unmatched quality assurance program offers over 300,000 SKUs from over 8,500 suppliers, simplifying the supply chain for approximately 10,000 customers. Find out more at www.mrcglobal.com.
Contact:
| Monica Broughton VP, Investor Relations & Treasury |
| MRC Global Inc. |
| Monica.Broughton@mrcglobal.com |
| 832-308-2847 |
FAQ
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