Matrix Service Co. capitalizes on demand for energy infrastructure, services

Matrix, which started out in a Tulsa garage, now has more than 4,000 employees working in the electrical infrastructure, repairs and storage market segments.
by Paul Monies Published: November 11, 2012

Matrix Service Co. unveiled a new logo and corporate motto this year as it hopes to capitalize on the demand for energy infrastructure and services.

But its financial performance has needed no makeover. The Tulsa company's revenue and earnings growth boosted it to No. 6 on this year's list of best-performing public companies in Oklahoma, up from No. 19 last year.

Matrix had revenue growth of almost 19 percent and an increase of 135 percent in earnings per share in the last year, according to an S&P Capital IQ analysis for The Oklahoman.

“The energy markets have been very strong for Matrix Service Company,” said John R. Hewitt, president and chief executive officer. “We anticipate that the markets will remain robust for the coming years as more oil, gas and gas liquids are found, developed and the build out of logistics required to get these energy resources to market become a national focus.

“Downstream opportunities will remain strong as the North American energy supply drives strong operations and profits in refining and chemical markets.”

Matrix got its start as a tank repair company operating out of a Tulsa garage in 1984. It has since grown to more than 3,600 employees, including 750 people in Oklahoma. Matrix operates in four main segments: electrical infrastructure; oil, gas and chemical; storage solutions; and industrial.

“Our electrical infrastructure segment continues to provide solid margins and consistent work in the Northeastern region of the United States,” Hewitt said. “We are gaining a strong reputation in storm damage repair work across North America.”

Matrix has a fabrication yard in Catoosa that is heavily involved in the crude oil storage hub in Cushing. Nearly 90 percent of the tanks and storage facilities at Cushing were built by Matrix. The company recently was awarded a large tank package in Cushing to support the southern leg of the Keystone XL pipeline.

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