Sprague Resources LP Announces Cash Distribution for the Third Quarter of 2021 and Earnings Conference Call Schedule
25 Octobre 2021 - 12:00PM
Sprague Resources LP (“Sprague”) (NYSE: SRLP) announced today that
the Board of Directors of its general partner, Sprague Resources GP
LLC (the “General Partner”), declared a cash distribution of
$0.4338 ($1.73 per unit on an annualized basis) for the quarter
ended September 30, 2021. This represents a 35% reduction from
the second quarter’s cash distribution of $0.6675 per unit.
The reduction will provide approximately $25 million annually in
direct cash flow to invest in accretive growth projects while
significantly boosting Sprague’s distribution coverage ratio.
“We’re seeing a range of attractive opportunities associated with
the evolving energy landscape and believe that re-investing
additional cash flow from operations offers the best return
profile,” stated David Glendon, Sprague’s President & CEO.
“This shift in our financial strategy enables the execution of our
growth plans while maintaining leverage in our target range of
3.0-4.0x.” The company intends to provide additional details on its
upcoming Third Quarter Earnings Call (details below).
The announced distribution will be paid on Wednesday, November
10, 2021 to unitholders of record as of the close of business on
November 5, 2021.
Unaudited Third Quarter 2021 Financial Results and
Earnings Conference Call
Sprague will release its third quarter 2021 unaudited financial
results before the opening of trading on the NYSE on Thursday
November 4, 2021 and will host a conference call that day at 1:00
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 7288774.
International callers may join by dialing (678) 509-7612.
Participants can dial in up to 30 minutes prior to the start of the
call. The conference call may also be accessed live by webcast
link: https://edge.media-server.com/mmc/p/vihcsv24
This link is also 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. Certain non-GAAP
financial information included in the earnings call will be
available at the time of the call on the "Investor Relations –
Featured Documents" section of Sprague’s website
https://investors.spragueenergy.com.
Qualified NoticeThis 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.
About Sprague Resources LPSprague 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.
Investor Contact:Paul Scoff+1
800.225.1560investorrelations@spragueenergy.com
Sprague Resources (NYSE:SRLP)
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