Jacobs Announces Ownership of DM Petroleum Operations Company

Jacobs Engineering Group Inc.

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.