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Sprague Resources LP announced the completion of its merger with Hartree Partners, LP, effective November 1, 2022. This transaction transitions Sprague from a publicly traded entity to a private company wholly owned by Hartree Partners. The common units of Sprague will no longer be listed on the NYSE. Hartree, established in 1997, is a notable global merchant commodities firm focusing on energy and related industries.
Sprague Resources LP (NYSE: SRLP) announced the anticipated closure of its merger with Hartree Partners, LP affiliates on or about November 1, 2022. Upon completion, Sprague will become a wholly owned subsidiary and its common units will be delisted from the NYSE and deregistered under the Securities Exchange Act of 1934. The merger follows an agreement dated June 2, 2022, and marks a significant strategic shift for the Partnership as it exits public trading.
Sprague Resources LP (NYSE: SRLP) declared a cash distribution of $0.4338 per unit for the quarter ending September 30, 2022, maintaining the same rate as the previous quarter. This annualizes to $1.73 per unit. The distribution will be paid on October 31, 2022, to unitholders of record by October 27, 2022. In addition, an unaudited financial results release is scheduled for November 8, 2022, pending the completion of a merger with Hartree Partners. No earnings conference call will be held as part of this release.
TortoiseEcofin announced that Sprague Resources LP (NASDAQ:SRLP) will be removed from the Tortoise MLP Index and the Tortoise North American Pipeline Index due to its merger with Hartree Partners LP. This removal takes effect at market open on September 1, 2022, without special rebalancing. The decision follows criteria for corporate actions that affect index constituents. Both indices are focused on energy infrastructure and related services.
Sprague Resources LP (NYSE: SRLP) announced an amendment to its merger agreement with Hartree Partners, LP. The amendment adjusts key dates, extending the closing period to November 28, 2022, and allowing termination until March 2, 2023. In addition to the previously agreed $19.00 per common unit, unitholders will receive an extra $1.00 per unit for the amendment. A cash distribution of at least $0.4338 per unit is guaranteed for unitholders for Q3 2022, regardless of merger closing timing. The merger closure is anticipated in Q4 2022.
Sprague Resources LP (NYSE: SRLP) has announced the anticipated closing date for its merger with Hartree Partners, LP, set for on or about September 1, 2022. Following this merger, Sprague will become a wholly-owned subsidiary of Hartree, and its common units will be delisted from the NYSE and deregistered under the Securities Exchange Act of 1934. This merger aims to enhance Sprague's operational capabilities in the refined petroleum products and natural gas sectors.
Sprague Resources LP (NYSE: SRLP) announced its second-quarter financial results for 2022, reporting net sales of $1,278.3 million, up from $657.7 million in Q2 2021. The GAAP net loss was $45.3 million, slightly improved from $45.6 million a year ago. Adjusted gross margin increased to $51.1 million, while adjusted EBITDA rose to $7.0 million. The company noted strong performance in its Refined Products segment, despite challenges in the natural gas market, which saw a volume decline of 7%. A distribution of $0.4338 per unit was declared for unitholders.
Sprague Resources LP (NYSE: SRLP) declared a cash distribution of $0.4338 per unit for the quarter ended June 30, 2022, matching the previous quarter’s distribution. The annualized rate stands at $1.73 per unit. This distribution will be paid on August 10, 2022, to unitholders on record as of August 5, 2022. The company also plans to release its second quarter 2022 financial results before the NYSE opens on August 4, 2022. Notably, due to a pending merger with Hartree Partners, Sprague will not conduct a conference call or provide financial guidance for this earnings release.
Sprague Resources LP (SRLP) announced a definitive agreement with Hartree Partners for an all-cash acquisition of its outstanding common units at $19.00 per unit. This price reflects a 27.3% premium based on the closing price before Hartree's January offer and an 18.9% premium as of June 1, 2022. Hartree owns approximately 74.5% of the units, facilitating swift approval without a unitholder meeting. The transaction is set to close by the end of Q3 2022, subject to customary conditions, marking a significant strategic move for both companies.
Sprague Resources LP (NYSE: SRLP) reported strong first-quarter 2022 results, with net sales reaching $1,813.3 million, up from $1,036.1 million in Q1 2021. However, GAAP net income decreased to $17.9 million from $48.8 million year-over-year. Adjusted gross margin improved to $141.5 million from $106.2 million, and adjusted EBITDA rose to $89.6 million from $61.8 million. Refined Products volumes increased 10%, while Natural Gas volumes fell 6%. A distribution of $0.4338 per unit was announced for Q1 2022.
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