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Founded in 1870 as the Charles H. Sprague Company, Sprague is one of the largest independent wholesale suppliers of energy and materials handling services in the Northeast. Sprague offers an extensive range of liquid distillate (e.g., heating oil and diesel), gasoline and residual fuel products and services as well as competitive natural gas supply and materials handling capabilities. Sprague's customers benefit from its extensive network of owned and operated terminals throughout the Northeast and the company’s investment in customized products and solutions. Sprague offers a diversity of offerings that is unmatched in its service territories and it is constantly searching for ways to expand its capabilities.
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Sprague Resources LP Announces Cash Distribution for the Third Quarter of 2019 and Earnings Conference Call Schedule
Company News
October 25, 2019
Sprague announces a cash distribution of $0.6675 per unit
PORTSMOUTH, N.H., Oct. 25, 2019 (GLOBE NEWSWIRE) -- Sprague Resources LP (“Sprague”) (NYSE: SRLP) announced today that the Board of Directors of its general partner, Sprague Resources GP LLC (the “General Partner”), declared a cash distribution of $0.6675 per unit ($2.67 per unit on an annualized basis) for the quarter ended September 30, 2019. The third quarter distribution is equal to the distribution for the quarter ended June 30, 2019. Sprague also announced that Sprague Resources Holdings LLC, a wholly owned subsidiary of Axel Johnson Inc. and the owner of Sprague’s General Partner, agreed to waive its right to receive payment in respect of the incentive distribution rights with respect to the quarter ended September 30, 2019. Such waived payment may be payable in the future, without interest, if certain conditions are met.
“I appreciate the sponsor’s support of our continued efforts to build coverage of the LP distributions, as well as their confidence in the business’ long-term prospects,” said David Glendon, President and CEO.
The announced distribution will be paid on Tuesday, November 12, 2019, to unitholders of record as of the close of business on November 5, 2019.
Unaudited Third Quarter 2019 Financial Results and Earnings Conference Call
Sprague will release its third quarter 2019 unaudited financial results before the opening of trading on the NYSE on Thursday, November 7, 2019 and will host a conference call that day at 1:00 p.m. Eastern time to discuss its financial results. Those interested in hearing the discussion can access the call by dialing (866) 516-2130, and using participation code 2687885. International callers may join by dialing (678) 509-7612. The conference call may also be accessed by a webcast available in the "Investor Relations-Calendar of Events" page of Sprague's website at www.spragueenergy.com and will be archived on our website for one year. Certain non-GAAP financial information included in the earnings call will be available at the time of the call on the "Investor Relations – Featured Documents" section of Sprague’s website https://investors.spragueenergy.com.
Qualified Notice
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of Sprague’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Sprague’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
About Sprague Resources LP
Sprague Resources LP is engaged in the purchase, storage, distribution and sale of refined petroleum products and natural gas. The company also provides storage and handling services for a broad range of materials. More information concerning Sprague can be found at
www.spragueenergy.com.
Investor Contact:
Paul Scoff
+1 800.225.1560
investorrelations@spragueenergy.
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Investor Contact
Sprague Operating Resources LLC
185 International Drive
Portsmouth, NH 03801
Phone: 1.800.225.1560
Email:
investorrelations@spragueenergy.com
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