CrossAmerica Partners LP (NYSE:CAPL) ("CrossAmerica" or the
"Partnership"), headquartered in Allentown, PA, a leading wholesale
fuels distributor, convenience store operator, and owner and lessor of
real estate used in the retail distribution of motor fuels, today
reiterated its guidance following the announcement that the Board of
Directors of CST Brands, Inc., the owner of the general partner of the
Partnership, will be exploring strategic alternatives.
Jeremy Bergeron, President of CrossAmerica, said, “While the Board of
Directors at CST conducts its review of strategic alternatives, we
intend to continue to execute on our strategic plans for growth,
including our acquisition of 31 convenience stores from SSG Corporation
expected to close later this month. We are reaffirming our guidance on
distribution per unit growth this year of 5%-7% and long term coverage
ratio of 1.1x.”
About CrossAmerica Partners LP
CrossAmerica Partners is a leading wholesale distributor of motor fuels
and owner and lessee of real estate used in the retail distribution of
motor fuels. Its general partner, CrossAmerica GP LLC, is a wholly owned
subsidiary of CST Brands, Inc., one of the largest independent retailers
of motor fuels and convenience merchandise in North America. Formed in
2012, CrossAmerica Partners LP is a distributor of branded and unbranded
petroleum for motor vehicles in the United States and distributes fuel
to more than 1,200 locations and owns or leases more than 800 sites.
With a geographic footprint covering 25 states, the Partnership has
well-established relationships with several major oil brands, including
ExxonMobil, BP, Shell, Chevron, Sunoco, Valero, Gulf, Citgo and
Marathon. CrossAmerica Partners ranks as one of ExxonMobil’s largest
distributors by fuel volume in the United States and in the top 10 for
additional brands. For additional information, please visit www.crossamericapartners.com.
Safe Harbor Statement
Statements contained in this release that state the Partnership’s or
management’s expectations or predictions of the future are
forward-looking statements. The words “believe,” “expect,” “should,”
“intends,” “estimates,” and other similar expressions identify
forward-looking statements. It is important to note that actual results
could differ materially from those projected in such forward-looking
statements. For more information concerning factors that could cause
actual results to differ from those expressed or forecasted, see
CrossAmerica’s Forms 10-Q or Form 10-K filed with the Securities and
Exchange Commission, and available on the CrossAmerica’s website at www.crossamericapartners.com.
The Partnership undertakes no obligation to publicly update or revise
any statements in this release, whether as a result of new information,
future events or otherwise.
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