Sprague Resources LP Declares Increased Cash Distribution for the First Quarter of 2015
Sprague Resources LP (“Sprague”) (SRLP) announced today that the Board of Directors of its general partner, Sprague Resources GP LLC, has declared a cash distribution of $0.4725 per unit for the quarter ended March 31, 2015, representing a 3.3% increase over the distribution declared for the quarter ended December 31, 2014. The distribution will be paid on May 15, 2015 to unitholders of record as of the close of business May 11, 2015.
“Sprague’s fourth consecutive distribution increase to unitholders is consistent with our guidance of continued steady distribution growth,” said David Glendon, President and Chief Executive Officer. “Outstanding execution of our business strategy and full-quarter contributions from all three of our recent acquisitions have enabled 14.5% year-over-year distribution growth while maintaining high coverage.”
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 atwww.spragueenergy.com.
This press release may include forward-looking statements. These forward-looking statements involve risks and uncertainties. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Sprague’s prospectus and SEC filings. Sprague undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. 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.