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Slide #89. Sprague Resources LP — Hess' Commercial Fuels Business
Sprague Resources LP (NYSE:SRLP)
Hess' Commercial Fuels Business
Sprague Resources LP (NYSE: SRLP) ("Sprague") announced today that it has completed the acquisition of the Commercial Fuels business of Hess Corporation ("Hess") outside of the New York City service area for the purchase of inventory valued at $30 million on December 30, 2013. The transaction includes approximately 10 million gallons of inventory; refined product purchase, sale and storage agreements; and the assumption of existing supply contracts to former Hess customers in 13 states along the East Coast. The assumed contracts represent an estimated 90 million gallons per year of refined product sales. Newly acquired customers include state and municipal transportation authorities, school districts, commercial customers and several major fleet operators.
Sprague Resources is a wholesale distributor of refined products. Co.'s segments include: refined products, in which Co. purchases a variety of refined products, such as heating oil, diesel fuel, residual fuel oil, kerosene, jet fuel and gasoline, and sells them to its customers; natural gas, in which Co. purchases natural gas from natural gas producers and trading companies and sells and distributes natural gas to commercial and industrial customer; materials handling, in which Co. offloads, stores and/or prepares for delivery a variety of customer-owned products; and other operations, which include the marketing and distribution of coal conducted in its Portland, ME terminal.
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Hold (1.50 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on Zacks ABR data;
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