Sprague Resources LP Investor Update November 2014 1
Sprague Overview Sprague Resources LP (Sprague) was founded in 1870 and remains one of the largest suppliers of energy and materials handling services in the Northeast Completed a 153 million initial public offering (42%) in October…
Key Considerations Experience in unique logistical challenges of the Northeast energy markets (waterborne refined products supply, natural gas pipeline constraints), leveraging our proprietary assets Terminaling, Reputation for…
Margin Diversity Adjusted Gross Margin for Year Ended 2013: 161 million(1) Natural Gas Refined Products 25% 56% Materials Handling 18% Adjusted Gross Margin: Gross Margin: Refined Products Materials Handling Other…
YTD 2014 Financial Performance Third quarter results were strong YTD 2014 results excellent compared to pro forma 2013: Adjusted gross margin increased 31% Adjusted EBITDA increased 49% Distributable cash flow increased 145% Second…
Strong Financial Performance and Growth Adjusted Gross Margin (1) Key 2014 Events ( millions) Refined Products - Colder than normal 2013/2014 winter led to higher volumes 210 196.5 and gross margin, including customers exercising…
Sprague Terminal Network Terminal Summary Storage Tanks: 165 Tank Capacity (1): 10.0 MMbbl Dry Storage Summary 18 Pads: 1,226,000 ft2 10 Warehouses: 316,000 ft2 In addition to its 17 owned and/or controlled terminals, Sprague…
Refined Products Business Sprague stores and markets refined products to over 1,500 wholesale, commercial and industrial customers through its own proprietary terminals and third-party locations. Spragues value-added marketing services…
Natural Gas Value Chain Exploration / Production Processing Storage Transportation Local Distribution (Utility) Customers Power Generators Manufacturers Retailers Education Government Schedules delivery on Delivers gas to…
Natural Gas Service Area (incl. Metromedia Energy) Supply Summary Pipelines: 18 States/Utilities: 13/52 Volume Summary MMBtus (2013): 67,000,000 Customer Accounts: 14,000 Sprague transportation rights: - Algonquin Gas…
Natural Gas Business Sprague transports and markets natural gas to more than 5,500 small commercial and industrial customer locations in 10 states seeking an alternative to utility service. Flexible pricing programs and fuel switching…
Materials Handling Value Chain INBOUND Source Transport Offload Storage Load Customers South America, Inbound E.g., E.g., Gypsum, E.g., Gypsum E.g., Paper Europe, Asia, Canada ship Offloading fly ash in silos loaded by mills,…
Terminal Example - Searsport, Maine Available for Development Third-party storage Third Party Road Salt Clay Slurry Tanks Pads Coal / Petcoke Third Party Tanks Food Grade Warehouses Rail connection to CP, CMQ and Pan…
Materials Handling Business Sprague serves customers at 12 of its proprietary terminals with extensive third-party handling services. The diverse product and customer slate delivers revenue consistency via long-term ratable, fee-based…
Spragues Recent Transactions Recent transactions demonstrate Spragues ability to execute growth plan Providence, RI and New Bridgeport, CT Terminal Hess Commercial Fuels Haven, CT Terminals 1.1 million barrels of active storage…
Metromedia Transaction Purchase closed October 1st, 2014 Natural gas marketing business with over 15 Bcf annual volume, 8,500+ customer locations Strengthens core market footprint in Mid-Atlantic and Northeast Geographic…
Castle Oil Transaction Announced November 4th, 2014 Largest deep water petroleum products terminal in New York City with multiple berths 900 MB of total storage capacity for heating oil, diesel fuel, residual fuel oil, asphalt and…
Credit Facility Summary Total Facility Size - 1.0 billion (Committed 5 years, expiring October 2018) 750 million Working Capital Facility 250 million Acquisition Facility Accordions: Working Capital facility - 200 million…
Sprague Consolidated Condensed Balance Sheet As of September 30, 2014 (In thousands) (Unaudited) 09/30/14 12/31/13 09/30/14 12/31/13 Assets Liabilities and unitholders equity Current assets: Current liabilities: Cash and cash…
Kildair Overview Overview of Kildair Operations Kildair base footprint includes 1.7 million barrels heated storage with extensive blending capabilities, railcar unloading stations, polymer modified asphalt plant, loading racks,…
Kildair Overview (cont.) Terminal Upgrade Project 30 million expansion project to support crude handling activities for approximately one- third of total terminal storage capacity completed on budget and ahead of schedule Investment…
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