Sprague Resources LP Announces Cash Distribution for the Third Quarter of 2018 and Earnings Conference Call Schedule
October 26 2018 - 6:00AM
Sprague announces a cash distribution of $0.6675 per
unit
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 $0.6675 per unit ($2.67 per
unit on an annualized basis) for the third quarter ended September
30, 2018. The third quarter distribution is equal to the
distribution for the second quarter ended June 30, 2018, and
represents an increase of 7% over the quarterly distribution of
$0.6225 per unit for the third quarter of 2017.
The announced distribution will be paid on Tuesday, November 13,
2018 to unitholders of record as of the close of business on
November 6, 2018.
“While I’m proud of our strong track record of consistent
distribution growth, we believe it’s prudent to re-evaluate the
best use of capital in the current market environment,” said David
Glendon, President and Chief Executive Officer. “Sprague
continues to see compelling growth projects, and we expect to
maintain our practice of funding these initiatives with our credit
facility and internally generated cash flow.”
Sprague will release its third quarter 2018 financial results
before the opening of trading on the NYSE on Wednesday, November 7,
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 6157579. 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.
Forward Looking StatementsAny 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; nonperformance by major
customers or suppliers; 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; 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.
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 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:Susan Trahan+1
800.225.1560investorrelations@spragueenergy.com
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