Sprague Operating Resources LLC: Company Profile

Background

Overview

Sprague Operating Resources LLC, established in 1870, is a leading provider of energy solutions and material handling services across the Northeastern United States and Quebec. The company offers a diverse portfolio of products and services, including fuel storage, fuel delivery, electricity, material handling, material storage, natural gas, and solar energy solutions. Sprague serves a wide range of customers, including commercial, industrial, wholesale, and government entities.

Mission and Vision

Sprague's mission is to deliver innovative energy solutions and material handling services that meet the evolving needs of its customers. The company is committed to sustainability and has been recognized as a BQ-9000 Certified Biodiesel Terminal Marketer, reflecting its dedication to environmentally friendly practices.

Industry Significance

With over 150 years of experience, Sprague has established itself as a significant player in the energy sector, particularly in the Northeastern U.S. and Quebec. The company's extensive infrastructure and diverse service offerings make it a key contributor to the region's energy supply and material handling capabilities.

Key Strategic Focus

Core Objectives

Sprague aims to expand its market presence, enhance service offerings, and drive sustainable growth through strategic acquisitions and partnerships. The company focuses on delivering comprehensive energy solutions that cater to the diverse needs of its clientele.

Areas of Specialization

Natural Gas Services: Sprague has developed a robust natural gas business, serving nearly 30,000 commercial, government, and industrial accounts across the Northeast.

Renewable Energy Solutions: The company has introduced renewable diesel to the New York metropolitan area, offering customers a cleaner alternative to traditional diesel fuels.

Key Technologies Utilized

Sprague employs advanced technologies in fuel storage, delivery systems, and material handling to ensure efficiency and safety. The company also invests in renewable energy technologies to support its sustainability initiatives.

Primary Markets Targeted

Sprague primarily serves the Northeastern United States and Quebec, focusing on commercial, industrial, wholesale, and government sectors. The company has a significant presence in New York City and Long Island, providing energy solutions to a diverse customer base.

Financials and Funding

Funding History

Sprague is a publicly traded company listed on the New York Stock Exchange under the ticker symbol SRLP. The company has a history of strategic acquisitions to expand its service offerings and market reach.

Recent Funding Rounds

Specific details regarding recent funding rounds are not publicly disclosed.

Notable Investors

Sprague's parent company, Hartree Partners, LP, has played a significant role in supporting Sprague's growth and expansion initiatives.

Utilization of Capital

Capital raised through public offerings and strategic partnerships has been utilized for acquisitions, infrastructure development, and expansion of service offerings. For instance, the acquisition of Coen Energy in 2017 expanded Sprague's footprint in Pennsylvania, Ohio, and West Virginia, while the purchase of L.E. Belcher's terminal assets in Springfield, Massachusetts, strengthened its position in central New England.

Pipeline Development

Key Pipeline Candidates

Sprague's pipeline development focuses on enhancing its natural gas distribution network and integrating renewable energy sources into its infrastructure.

Stages of Development

The company is in the implementation phase of expanding its natural gas services and integrating renewable energy solutions into its operations.

Target Conditions

Sprague aims to provide reliable and sustainable energy solutions to meet the growing demand for cleaner energy alternatives.

Anticipated Milestones

The company plans to achieve significant milestones in expanding its renewable energy offerings and enhancing its natural gas distribution network in the coming years.

Technological Platform and Innovation

Proprietary Technologies

Sprague has developed proprietary technologies in fuel storage and delivery systems to ensure efficiency and safety. The company also invests in renewable energy technologies to support its sustainability initiatives.

Significant Scientific Methods

Sprague employs advanced logistical and scheduling algorithms to optimize its natural gas supply chain, enhancing service reliability and cost-effectiveness.

Leadership Team

Executive Profiles

Dave Glendon: Former President and CEO, transitioned to Chairman in July 2025. Glendon focuses on maximizing the value of Sprague's asset base.

Brian Weego: Co-President, instrumental in the growth of Sprague's Natural Gas business, serving nearly 30,000 commercial, government, and industrial accounts across the Northeast.

Karl Schmidt: Co-President, brings experience from Hartree Partners, LP, where he built successful businesses including fuel oil, metals, and an international bunker fuels platform.

Leadership Changes

In July 2025, Sprague announced strategic leadership changes:

Dave Glendon transitioned from President and CEO to Chairman, focusing on asset value maximization.

Brian Weego was appointed Co-President, continuing to lead the Natural Gas business.

Karl Schmidt joined as Co-President, bringing expertise from Hartree Partners, LP.

Competitor Profile

Market Insights and Dynamics

The energy sector in the Northeastern United States and Quebec is characterized by a shift towards renewable energy sources, increased demand for sustainable solutions, and a competitive landscape with several key players.

Competitor Analysis

Irving Oil: A privately held company with approximately 5,000 to 10,000 employees and annual revenue of $10.3 billion.

Husky Energy: A public company with 1,000 to 5,000 employees and annual revenue of $24.2 billion.

Enbridge Pipelines: A public company with 10,000 to 50,000 employees and annual revenue of $47.9 billion.

Suncor: A public company with 10,000 to 50,000 employees and annual revenue of $21.1 billion.

Chevron: A public company with 10,000 to 50,000 employees and annual revenue of $119.3 billion.

Strategic Collaborations and Partnerships

Sprague has engaged in strategic partnerships to enhance its market position:

New York State Hospitality & Tourism Association (NYSHTA): In January 2024, Sprague was designated as the Exclusive Energy Partner for NYSHTA, supplying tailored energy solutions to the hospitality and tourism sector.

Operational Insights

Sprague differentiates itself through its extensive infrastructure, diverse service offerings, and commitment to sustainability, positioning it as a key player in the Northeastern U.S. and Quebec energy markets.

Strategic Opportunities and Future Directions

Strategic Roadmap

Sprague plans to expand its renewable energy offerings, enhance its natural gas distribution network, and pursue strategic acquisitions to strengthen its market presence.

Future Business Directions

The company aims to lead in providing sustainable energy solutions, leveraging its infrastructure and expertise to meet evolving customer needs.

Opportunities for Expansion

Sprague sees opportunities in expanding its renewable energy services, entering new markets, and forming additional strategic partnerships to drive growth.

Positioning for Future Objectives

Sprague's commitment to innovation, sustainability, and customer service positions it well to achieve its future objectives in the evolving energy landscape.