Susser Petroleum Partners Announces 3.5% Increase in Quarterly Distribution
Susser Petroleum Partners LP (NYSE: SUSP), a wholesale distributor of motor fuels, announced today that the Board of Directors of its general partner has approved a quarterly distribution for the fourth quarter of 2013 of $0.4851 per unit. This amount corresponds to $1.94 per unit on an annualized basis and represents a 3.5 percent increase compared to the distribution for the previous quarter. This distribution is 10.9 percent above the minimum quarterly distribution. The total distribution amount is approximately $10.7 million.
The distribution will be paid on February 28, 2014 to unitholders of record on February 18, 2014. Immediately prior to the distribution, there are expected to be 21,955,096 common and subordinated units outstanding.
About Susser Petroleum Partners LP
Houston-based Susser Petroleum Partners LP is a publicly traded partnership formed by Susser Holdings Corporation (NYSE: SUSS) to engage in the primarily fee-based wholesale distribution of motor fuels to Susser Holdings and third parties. Susser Petroleum Partners distributes approximately 1.6 billion gallons of motor fuel annually from major oil companies and independent refiners to Susser Holdings' Stripes® convenience stores, independently operated consignment locations, convenience stores and retail fuel outlets operated by independent operators and other commercial customers in Texas, New Mexico, Oklahoma and Louisiana.
This news release contains "forward-looking statements." These statements are based on current plans and expectations and involve a number of risks and uncertainties that could cause actual results and events to vary materially, including but not limited to: Susser Holdings' business strategy, operations and conflicts of interest with us; our ability to renew or renegotiate our long-term distribution contracts with our customers; changes in the price of and demand for the motor fuel that we distribute; our dependence on two principal suppliers; competition in the wholesale motor fuel distribution industry; seasonal trends; increased costs; our ability to make acquisitions; environmental laws and regulations; dangers inherent in the storage of motor fuel; our reliance on SHC for transportation services; and other unforeseen factors. For a full discussion of these and other risks and uncertainties, refer to the "Risk Factors" section of the Partnership's most recently filed annual report on Form 10-K and subsequent quarterly filings. These forward-looking statements are based on and include our estimates as of the date hereof. Subsequent events and market developments could cause our estimates to change. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if new information becomes available, except as may be required by applicable law.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100 percent of Susser Petroleum Partners' distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Susser Petroleum Partners' distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.