Sprague Resources LP Announces Cash Distribution for the First Quarter of 2018 and Earnings Conference Call Schedule
Sprague increases cash distribution from $0.6375 to $0.6525 per unit
PORTSMOUTH, N.H., April 26, 2018 (GLOBE NEWSWIRE) -- 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.
