Energy and Materials handling service provider Sprague Resources LP has put the final signature on its acquisition of Hess Corporation’s commercial fuels business. The purchase includes an estimated 10 million gallons of fuel product and all existing supply contracts held by Hess. The total inventory is worth approximately $30 million, and the contracts represent approximately 90 million gallons of refined products (i.e. gasoline, diesel, kerosene, heating oil, etc.) per year.
The new customers Sprague gets in the deal span both the public and private sectors. They include several transit authorities and school districts, as well as commercial fleets.
Five Energy Winners for 2014
It wouldn’t be too optimistic or unrealistic to say that 2014 is going to be a good year to be an underdog. What does that mean? Well, it’s fair to say that all the spoils will not go directly to big oil barons. 2014 will benefit new groups of people, and maybe even upset some incumbent cachet.