Sprague Resources LP Announces Cash Distribution for the First Quarter of 2018 and Earnings Conference Call Schedule
April 26 2018 - 6:00AM
Sprague Resources LP (“Sprague”) (NYSE:SRLP) announced today that
the Board of Directors of its general partner, Sprague Resources GP
LLC, declared a cash distribution of $0.6525 per unit ($2.61 per
unit on an annualized basis) for the first quarter ended March 31,
2018. The first quarter distribution represents a 2% increase
over the distribution declared for the quarter ended December 31,
2017 and an increase of 10% over the quarterly distribution of
$0.5925 per unit for the first quarter of 2017.
The announced distribution will be paid on May 11, 2018 to
unitholders of record as of the close of business on May 7,
2018.
“I am pleased to announce that for the sixteenth consecutive
quarter Sprague has increased distributions to our unitholders,”
said David Glendon, President and Chief Executive Officer.
“We’re reaffirming previous guidance to continue to grow
distributions by $0.015 per unit, per quarter at least through the
end of 2019.”
Sprague will release its first quarter 2018 financial results
before the opening of trading on the NYSE on Tuesday, May 8, 2018
and will host a conference call that day 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 3985498. International callers may
join by dialing (678) 509-7612. The conference call may also
be accessed by a webcast available on 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.
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 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 to 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 14, 2018 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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