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Sprague Resources LP (NYSE: SRLP) announced the acquisition of its General Partner and related interests by Sprague HP Holdings, LLC. This transaction grants the Buyer approximately 74.5% of Sprague's outstanding common units. The deal is indicative of strategic consolidation within the organization, potentially strengthening control and operational efficiency. Sprague operates in the purchasing, storage, and distribution of refined petroleum products and natural gas, providing essential services in the energy sector.
Sprague Resources LP (NYSE: SRLP) reported strong Q1 2021 earnings with net sales reaching $1.036 billion, a growth from $959.9 million in 2020. GAAP net income rose to $48.8 million compared to $46.7 million last year. Adjusted EBITDA surged 46% to $61.8 million driven by improved performance in Refined Products and Natural Gas segments. Refined Products volumes increased 7% to 515.8 million gallons. The company announced a quarterly distribution of $0.6675 per unit, maintaining the previous level.
Sprague Resources LP announced a cash distribution of $0.6675 per unit for the quarter ending March 31, 2021. This distribution is equivalent to an annualized rate of $2.67 per unit, matching all distributions from 2020. Payments will be made on May 10, 2021, to unitholders on record as of May 4, 2021. Additionally, Sprague will release its unaudited financial results on May 6, 2021, followed by an earnings conference call at 1:00 p.m. Eastern Time.
Sprague Resources LP (SRLP) announced a significant ownership transition, with a subsidiary of Axel Johnson Inc. selling its interests to Hartree Partners, LP. The completion of this transaction is anticipated by June 15, 2021. Hartree, which already holds over 13% of Sprague, aims to leverage its expertise to bolster Sprague's growth in traditional and clean energy markets. Sprague has historically thrived under Axel Johnson's leadership, investing over $450 million since its 2013 IPO. This change is expected to align with Sprague's strategy for future expansion.
Sprague Resources LP (NYSE: SRLP) filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, on March 4, 2021. The report can be accessed on the Investor Relations section of Sprague's website. Unitholders can also request the complete audited financial statements at no charge. Sprague Resources LP is focused on the purchase, storage, distribution, and sale of refined petroleum products and natural gas, in addition to providing storage and handling services.
Sprague Resources LP (NYSE: SRLP) reported financial results for Q4 and full year 2020. Q4 net sales were $627.4 million, down from $999.5 million in 2019. GAAP net income fell to $2.5 million from $11.8 million. Full-year net sales decreased to $2.3 billion from $3.5 billion, despite a rise in GAAP net income to $33.8 million. Adjusted EBITDA increased 10% to $116.7 million. Notable declines occurred in refined products and natural gas volumes. The company anticipates 2021 adjusted EBITDA in the range of $105 million to $120 million.
Sprague Resources LP has announced a cash distribution of $0.6675 per unit for the fourth quarter of 2020, equating to an annualized $2.67 per unit. This distribution matches the amounts declared throughout 2020. The payment will be made on February 10, 2021, to unitholders of record as of February 2, 2021. Sprague will release its Fourth Quarter 2020 financial results on March 4, 2021, prior to market opening, followed by a conference call at 1:00 p.m. Eastern time to discuss the results.
Sprague Resources LP (NYSE: SRLP) reported a net sales decrease to $390.5 million for Q3 2020, down from $582.6 million in Q3 2019. However, GAAP net income turned positive at $9.7 million compared to a net loss of $9.7 million a year prior. Adjusted gross margin rose to $56.6 million, and adjusted EBITDA increased 50% to $20.2 million. The Refined Products segment saw a 6% drop in volumes but improved margins. In contrast, Natural Gas volumes fell 15%, and adjusted gross margin plummeted 84%. A quarterly cash distribution of $0.6675 per unit was announced.
Sprague Resources LP (NYSE: SRLP) declared a cash distribution of $0.6675 per unit for Q3 2020, maintaining the previous quarter's rate. This translates to $2.67 on an annualized basis. The distribution will be paid on November 12, 2020, to unitholders recorded by November 6, 2020. Additionally, the company plans to release its unaudited financial results on November 5, 2020, followed by a conference call at 1:00 PM ET to discuss the results.
Sprague Resources LP (NYSE: SRLP) announced its second quarter financial results for 2020, reporting net sales of $358.2 million, a significant drop from $662.0 million in Q2 2019. The company faced a GAAP net loss of $25.1 million compared to a loss of $4.8 million the previous year. Despite reduced refined product and natural gas volumes, adjusted gross margin improved to $65.2 million, with adjusted EBITDA rising to $28.0 million. The company plans a distribution of $0.6675 per unit for Q2 2020, consistent with Q1 2019.
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