Sprague Resources LP (NYSE:SRLP) announced today that the Board of Directors of its general partner, Sprague Resources GP LLC, has declared a cash distribution of $0.5625 per unit ($2.25 per unit on an annualized basis) for the quarter ended September 30, 2016. The third quarter distribution represents a 3% increase over the distribution declared for the quarter ended June 30, 2016 and an increase of 12% over the quarterly distribution of $0.5025 per unit paid in October 2015.
The announced distribution will be paid November 14, 2016 to unitholders of record as of the close of business on November 8, 2016.
“I am excited to announce Sprague’s tenth consecutive quarter of consistent distribution growth for unitholders,” said David Glendon, President and Chief Executive Officer. “We continue to build a strong track record of double-digit annual distribution growth by focusing on operational excellence, the successful pursuit of strategic acquisitions in each business segment, and a healthy balance sheet supporting higher distributions while simultaneously maintaining strong coverage and low leverage.”
Sprague will release its third quarter 2016 financial results before the opening of trading on the NYSE on Monday, November 7, 2016. The company will host a conference call on November 7, 2016 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 97948815. International callers may join by dialing (678) 509-7612. The conference call may also be accessed by a webcast available on the “Investor Relations” page of Sprague’s website at www.spragueenergy.com and will be archived on our website for one year from the date of webcast.
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.