Sprague Resources LP Announces Thirteenth Consecutive Increased Cash Distribution for the Second Quarter of 2017 and Earnings...
July 26 2017 - 6:00AM
Sprague Resources LP (“Sprague”) (NYSE:SRLP) announced today that
the Board of Directors of its general partner, Sprague Resources GP
LLC, has declared a cash distribution of $0.6075 per unit ($2.43
per unit on an annualized basis) for the quarter ended June 30,
2017. The second quarter distribution represents a 3%
increase over the distribution declared for the quarter ended March
31, 2017 and an increase of 11% over the quarterly distribution of
$0.5475 per unit paid in August 2016.
The announced distribution will be paid on August 11, 2017 to
unitholders of record as of the close of business on August 7,
2017.
“I am pleased to announce that for the thirteenth consecutive
quarter Sprague has increased distributions to our unitholders,”
said David Glendon, President and Chief Executive Officer.
“As noted previously, we’re confident that distributions will
continue to grow at $0.015 per unit, per quarter through the end of
2019, before taking into account any additional acquisitions.”
Sprague will release its second quarter 2017 financial results
before the opening of trading on the NYSE on Wednesday, August 9,
2017. The company will host a conference call on August 9,
2017 at 1 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
37160764. International callers may join by dialing (678)
509-7612. The conference call may also be accessed by a
webcast available on the "Investor Relations" page of Sprague's
website at www.spragueenergy.com and will be archived on our
website for one year from the date of webcast.
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.
This press release may include forward-looking statements. These
forward-looking statements involve risks and uncertainties and
other factors that are difficult to predict and many of which are
beyond management’s control. Although Sprague believes that the
assumptions underlying these statements are reasonable, investors
are cautioned that such forward-looking statements are inherently
uncertain and involve risks that may affect our business prospects
and performance causing actual results to differ from those
discussed in the foregoing release. Such risks and
uncertainties include, by way of example and not of limitation:
increased competition for our products or services; changes in
supply or demand for our products; changes in operating conditions
and costs; changes in the level of environmental remediation
spending; potential equipment malfunction; potential labor issues;
the legislative or regulatory environment; terminal
construction/repair delays; nonperformance by major customers or
suppliers; and political and economic conditions, including the
impact of potential terrorist acts and international hostilities.
These and other applicable risks and uncertainties have been
described more fully in Sprague’s most recent Annual Report on Form
10-K filed with the U.S. Securities and Exchange Commission (“SEC”)
on March 10, 2017 and in the Partnership's subsequent Form 10-Q,
Form 8-K and other documents filed with the SEC. Sprague undertakes
no obligation and does not intend to update any forward-looking
statements to reflect new information or future events. You
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press
release.
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.
Investor Contact:
Kory Arthur
+1 603.766.7401
karthur@spragueenergy.com
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