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Sprague Resources Reports Higher Margins in Natural Gas Retail Supply Business

November 12, 2014

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Copyright 2010-14 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com

In announcing earnings this morning, Sprague Resources LP announced "marginally higher" unit margins.

The Natural Gas segment's adjusted gross margin increased 4% to $4.6 million for the third quarter of 2014, compared to $4.4 million for the third quarter of 2013. Natural Gas segment volumes increased 3% to 10.3 Bcf in the third quarter 2014, compared to 10.0 Bcf in the third quarter of 2013.

"Our Natural Gas business posted performance results slightly above last year's third quarter. Volumes and unit margins were both marginally higher, producing a 4% increase in our Natural Gas adjusted gross margin," said Sprague CEO David Glendon

"In addition to posting good results for the quarter, the Natural Gas business announced the purchase of Metromedia Energy in September, positioning Sprague as an even stronger leader in Mid-Atlantic and Northeast natural gas marketing. Successfully closed on October 1, 2014, Metromedia brought with it over 8,500 natural gas customer accounts, a service territory expansion into Maryland, Virginia and the District of Columbia, and an electricity brokerage business with a national footprint. Sprague's natural gas customer account total has more than doubled to over 14,000 with approximately 30% volume growth, and we will assist more than 7,000 commercial and industrial customers with procuring their electricity requirements. Our Natural Gas commercial and supply teams have been integrating the new business and looking forward to the opportunities it will bring this coming winter," Glendon said.

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