Sprague Resources LP Announces Fourteenth Consecutive Increased Cash Distribution for the Third Quarter of 2017 and Earnings ...
October 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 $0.6225 per unit ($2.49
per unit on an annualized basis) for the quarter ended September
30, 2017. The third quarter distribution represents a 2%
increase over the distribution declared for the quarter ended June
30, 2017 and an increase of 11% over the quarterly distribution of
$0.5625 per unit paid in November 2016.
The announced distribution will be paid on November 13, 2017 to
unitholders of record as of the close of business on November 6,
2017.
“I am pleased to announce that Sprague has again increased
distributions to our unitholders,” said David Glendon, President
and Chief Executive Officer. “We remain confident that our
distributions will continue to grow by $0.015 per unit, per quarter
at least through the end of 2019.”
Sprague will release its third quarter 2017 financial results
before the opening of trading on the NYSE on Tuesday, November 7,
2017. The company will host a conference call on November 7,
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
87326969. 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.
Any statements in this press release about future expectations,
plans and prospects for Sprague Resources LP or about Sprague
Resources LP’s future expectations, beliefs, goals, plans or
prospects, constitute forward-looking statements within the meaning
of Section 21E of the Securities Exchange Act of 1934. Any
statements that are not statements of historical fact (including
statements containing the words “believes,” “plans,” “anticipates,”
“expects,” “estimates” and similar expressions) should also be
considered 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; adverse weather conditions; changes in supply
or demand for our products or services; changes in operating
conditions and costs; changes in the level of environmental
remediation spending; potential equipment malfunction and
unexpected capital expenditures; our ability complete organic
growth and acquisition projects; our ability to integrate acquired
assets; potential labor issues; the legislative or regulatory
environment; terminal construction/repair delays; nonperformance by
major customers or suppliers; political and economic conditions;
and, the impact of security risks including terrorism,
international hostilities and cyber-risk. These are not all of the
important factors that could cause actual results to differ
materially from those expressed in forward looking
statements. 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
603.766.7401karthur@spragueenergy.com
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