The oil and gas exploration business of Houston’s Adams Resources & Energy will file for bankruptcy.
The 70-year-old energy company said its Adams Resources Exploration Corp. subsidiary will file for Chapter 11 bankruptcy protection and prepare to sell its ownership stake in about 470 wells located in the Permian Basin, the Haynesville Shale and across the Gulf Coast.
Adams was formed by K.S. “Bud” Adams, who later would help found the Houston Oilers. The company focuses on the marketing and transportation of crude oil and petrochemicals. Adams led the company until he died in 2013.
In recent years, Adams Resources has focused more on its distribution and trucking businesses, GulfMark Energy and Service Transport, and de-emphasized its oil and gas exploration operations.