Sprague Resources LP Announces the Cash Distribution and Financial Results Release Date for the Second Quarter of 2022

Rhea-AI Summary

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.

Positive

• Quarterly cash distribution of $0.4338 per unit, equal to the previous quarter.
• Annualized distribution rate of $1.73 per unit.

Negative

• No financial guidance provided due to pending merger.
• Absence of a conference call for earnings discussion.

Sprague announces a cash distribution of $0.4338 per unit

PORTSMOUTH, N.H., July 25, 2022 (GLOBE NEWSWIRE) -- Sprague Resources LP (“Sprague” or the “Partnership”) (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 per unit ($1.73 per unit on an annualized basis) for the quarter ended June 30, 2022, and is equal to the previous quarter’s distribution.   The announced distribution will be paid on Wednesday, August 10, 2022, to unitholders of record as of the close of business on Friday, August 5, 2022.

As announced and described in our Form 8-K filing with the Securities and Exchange Commission on June 2, 2022, Sprague, and its general partner, Sprague Resources GP LLC, entered into an Agreement and Plan of Merger with Sprague HP Holdings, LLC, a wholly owned subsidiary of Hartree Partners, LP, and Sparrow HP Merger Sub, LLC, pursuant to which Sparrow HP Merger Sub, LLC will merge with and into the Partnership, with the Partnership surviving as a direct wholly owned subsidiary of the Sprague Resources GP LLC and Hartree Partners, LP (the “Merger”).

Unaudited Second Quarter 2022 Financial Results
Sprague will release its second quarter 2022 unaudited financial results before the opening of trading on the NYSE on Thursday, August 4, 2022. 

Earnings Conference Call
In light of the proposed Merger, and as is customary during the pendency of a merger, Sprague Resources LP will not be hosting a conference call or providing financial guidance in conjunction with its second quarter 2022 earnings release.

Qualified Notice
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.

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.

Investor Contact:
Paul Scoff
+1 800.225.1560
investorrelations@spragueenergy.com 

FAQ

What is the cash distribution announced by Sprague Resources LP for Q2 2022?

Sprague Resources LP announced a cash distribution of $0.4338 per unit for the quarter ended June 30, 2022.

When will the cash distribution be paid to unitholders of Sprague Resources LP?

The cash distribution will be paid on August 10, 2022, to unitholders recorded by August 5, 2022.

Will Sprague Resources LP provide earnings guidance for Q2 2022?

No, Sprague will not provide financial guidance due to the pending merger.

When will Sprague Resources LP release its financial results for Q2 2022?

The financial results will be released before trading on the NYSE on August 4, 2022.