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Slide #32. 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 business segments include: refined products, which purchases heating oil, diesel fuel, residual fuel oil, kerosene, jet fuel, gasoline and asphalt, and sells them to its customers; natural gas, which purchases, sells and distributes natural gas to commercial and industrial customers; materials handling, which offloads, stores and/or prepares for delivery customer owned products, including asphalt, crude oil, clay slurry, salt, gypsum, coal, petroleum coke, caustic soda, tallow, pulp and heavy equipment; and other operations, which includes the marketing and distribution of coal conducted in its Portland, ME terminals.
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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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