Matrix Announces Award for Front-End Engineering and Design on America First Refining Storage Tank Farm in Brownsville, Texas
Matrix Service Company (MTRX) was awarded front-end engineering and design (FEED) work for the storage tank farm at America First Refining’s planned large-scale refinery in Brownsville, Texas.
Rhea-AI Summary
Matrix Service Company (MTRX) was awarded front-end engineering and design (FEED) work for the storage tank farm at America First Refining’s planned large-scale refinery in Brownsville, Texas.
The AFR facility is expected to process about 60 million barrels of domestic crude annually and would be the first new major U.S. refinery in more than 50 years. Matrix will design critical tank farm infrastructure to support safe, reliable and efficient storage and movement of feedstocks and refined products.
Positive
- FEED contract awarded for AFR’s storage tank farm at a new large refinery project
- Project tied to refinery expected to process 60 million barrels of domestic crude per year
Negative
- None.
News Explained
The disclosed milestone is Matrix’s award of front-end engineering and design work for the tank farm; the company describes it as advancing America First Refining toward Final Investment Decision, so FID and construction remain later project milestones.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 18 | FY26 results date | Neutral | -1.9% | Company scheduled fourth-quarter and full-year results release and conference call. |
| May 21 | Conference participation | Neutral | -0.9% | Senior leaders announced participation in the Stifel Cross-Sector Insight Conference. |
| May 6 | Q3 earnings report | Negative | -11.9% | Quarterly results included lowered full-year revenue guidance and a negative price reaction. |
| Apr 30 | CFO transition | Neutral | +0.0% | CFO departure and executive search were announced without accounting or control disagreements. |
| Apr 21 | Q3 results date | Neutral | +0.1% | Company scheduled fiscal third-quarter results release and conference call. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent history included three negative reactions, one zero reaction and one positive reaction; Q3 results were followed by a -11.88% move.
Key Terms
front-end engineering and design technical
final investment decision financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
HOUSTON, Sept. 02, 2026 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) announced today that America First Refining (AFR) has awarded the Company the front-end engineering and design (FEED) of the storage tank farm for AFR’s large-scale refining facility in Brownsville, Texas, a major step for AFR in reaching Final Investment Decision (FID).
The AFR facility, the first new major refinery to be constructed in the United States in more than 50 years, is expected to process approximately 60 million barrels annually of domestic crude. The storage tank farm serves as critical infrastructure supporting the refinery’s operations, ensuring the safe, reliable and efficient movement and storage of feedstocks and refined products while strengthening America’s energy supply chain and supporting the production of cleaner fuels.
Said Matrix President and Chief Executive Officer, Shawn P. Payne: “We are proud to have been selected by America First Refining for this critical step in advancing this landmark project, which draws on our expertise in storage terminals and supports our commitment to building the foundation for America’s energy future. By delivering essential infrastructure, we are powering progress and resilience across the industry.”
“We are proud to welcome Matrix as another world-class partner helping bring this historic project to life,” said John Calce, Founder and Chairman of America First Refining. “With Matrix’s proven expertise, we are continuing to assemble the team and infrastructure needed to build the first new major U.S. refinery in more than 50 years, strengthen America’s energy independence, and reinforce our nation’s energy leadership.”
About America First Refining
America First Refining (AFR) is building a state-of-the-arty refinery in Brownsville, Texas, leveraging commercially proven technologies in a uniquely integrated design to produce high-octane, cleaner fuels. Led by a world-class team of industry veterans, this project embodies the ingenuity, determination, and excellence that define American energy leadership and strengthen our nation’s energy independence. The first new major U.S. refinery in nearly five decades, the facility will be specifically engineered to process
About Matrix Service Company
Matrix Service Company (Nasdaq: MTRX) is a leading heavy industrial contractor that engineers, constructs, and maintains critical energy, power, and industrial infrastructure. Our commitment to safety, quality, and integrity has earned the Company a leadership position in providing infrastructure solutions across multiple end markets. Our work is foundational to helping our energy, power, and industrial clients achieve their objectives, positively impact quality of life through the products they provide and improve the efficiency and resilience of their critical infrastructure. We pride ourselves on our commitment to our culture and core values, offering an inclusive and respectful work environment, and being certified as a Great Place To Work®.
The Company maintains its principle executive offices in Houston, Texas with offices located throughout the United States and Canada, as well as Sydney, Australia, and Seoul, South Korea. The Company reports its financial results in three key operating segments: Storage and Terminal Solutions, Utility and Power Infrastructure, and Process and Industrial Facilities. To learn more about Matrix Service Company, visit matrixservicecompany.com.
For more information please contact:
Patrick Roberts
Matrix Service Company
Director, Corporate Development & Investor Relations
T: 918 359-8249 | Email: ir@matrixservicecompany.com
Forward-Looking Statements
This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance, financial guidance, sustained profitable growth and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including the successful implementation of the Company's business improvement plan and the factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release, except as required by law.
Investors should note that the Company announces material financial information in SEC filings, press releases, presentations and public conference calls. Based on guidance from the SEC, the Company may use the Investors section of its website (www.matrixservicecompany.com) to communicate with investors, and the Company intends to post presentations there, among other things. It is possible that the financial and other information posted there could be deemed to be material information. The information on the Company’s website is not part of, and is not incorporated into, this release.
