Oil & Gas Equipment & Services M&A » By The Online Investor Staff, updated Fri., Apr. 19, 8:20 PM
Recent mergers and acquisitions in the Oil & Gas Equipment & Services M&A category.
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Slide #38. Sprague Resources LP — Hess' Commercial Fuels Business
Acquirer:
Sprague Resources LP (SRLP)
Acquiree:
Hess' Commercial Fuels Business
Details:
Sprague Resources LP (NYSE: SRLP) ("Sprague") announced today it has signed an agreement to acquire the Commercial Fuels business of Hess Corporation ("Hess") outside of the New York City service area. The Commercial Fuels business is one of the largest marketers of refined products on the East Coast of the United States, serving commercial, industrial and government accounts through both former Hess terminal locations and third-party facilities. The transaction is expected to be finalized prior to the end of the year.
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 customers; 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 and commercial trucking activities.
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