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Sunoco LP (NYSE: SUN) is a leading energy infrastructure and fuel distribution master limited partnership operating across 47 U.S. states, Puerto Rico, Europe, and Mexico. For over 125 years, the Sunoco brand has symbolized excellence and quality, laying a rich foundation that continues to guide the company's growth. Sunoco LP is primarily engaged in the distribution of motor fuels to independent dealers, distributors, and commercial customers, as well as end-use customers through retail sites run by commission agents.
Every year, Sunoco LP transports millions of gallons of transportation fuel, crude oil, and other products through its extensive logistics network. The company's retail operations span 24 states, delivering convenience and speed to customers. Sunoco LP operates through the Fuel Distribution and Marketing segment, with convenience stores under brands such as APlus, Stripes, Aloha Island Mart, and Tigermarket.
Sunoco is not just a name in fuel distribution; it is also the official fuel of NASCAR®, serving as the authorized gasoline manufacturer for over 50 racing series, including NASCAR's Sprint Cup Series™, Nationwide Series™, and Camping World Truck Series™.
In April 2024, Sunoco LP made significant strides by acquiring liquid fuel terminals from Zenith Energy and divesting 204 convenience stores to 7-Eleven, Inc. These strategic moves are expected to be immediately accretive to unitholders' value. The acquisition of Zenith Energy Netherlands Amsterdam B.V. positions Sunoco at a critical hub in Europe's energy market, enhancing supply chain efficiencies for its U.S. East Coast operations.
Financially, Sunoco LP reported robust results for the first quarter of 2024, with a net income of $230 million, a significant increase from $141 million in the first quarter of 2023. The company sold over 2.1 billion gallons of fuel, marking a 9% increase from the previous year. With an upgraded credit rating and improved leverage ratio, Sunoco LP continues to show strong financial health and growth potential.
Sunoco LP’s general partner is owned by Energy Transfer LP (NYSE: ET). The company constantly innovates and evolves, staying committed to helping its customers reach their destinations efficiently.
Sunoco LP (SUN) reported its financial results for Q4 and the full year 2020, with net income of $83 million for Q4, unchanged from Q4 2019. Adjusted EBITDA for Q4 was $159 million, down from $168 million. Full-year net income fell to $212 million from $313 million in 2019. However, adjusted EBITDA increased to $739 million, up 11% year-over-year. Fuel volume sold decreased by 12% to 1.8 billion gallons in Q4, with a fuel margin of 9.2 cents per gallon. The Partnership announced a distribution of $0.8255 per unit for Q4 2020, payable on February 19, 2021.
Sunoco LP (NYSE: SUN) has declared a quarterly distribution of $0.8255 per common unit for Q4 2020, equivalent to $3.3020 annually. This distribution will be paid on February 19, 2021, to unitholders of record by February 8, 2021. Additionally, the company will publish its Q4 2020 financial results on February 17, followed by a conference call on February 18 at 8:00 a.m. Central Time. Sunoco operates in fuel distribution across over 30 states, serving thousands of customers.
Sunoco LP (NYSE: SUN) announced the early tender results for its cash tender offer for all outstanding 4.875% Senior Notes due 2023. As of November 23, 2020, $563,593,000 of the Notes have been validly tendered. The total consideration for each $1,000 of Notes tendered is $1,017.50, including an early tender payment of $30. The offer expires on December 8, 2020. Payment for accepted Notes is anticipated for November 24, 2020. Credit Suisse and Barclays are the lead dealer managers for the offer.
On November 9, 2020, Sunoco LP (NYSE: SUN) announced the removal of the $500 million cap for its cash tender offer for its 4.875% Senior Notes due 2023. The tender offer will now cover all outstanding notes, funded by proceeds from an upsized senior notes offering of $800 million and borrowings from its credit facility. All other terms of the tender offer remain unchanged. Credit Suisse and Barclays are the lead dealer managers, and the press release emphasizes that it does not constitute a notice of redemption or an offer to buy securities.
Sunoco LP (NYSE: SUN) has successfully priced an upsized private offering of $800 million in 4.500% senior notes due 2029. The offering will close on November 24, 2020, pending standard conditions. Sunoco aims to utilize the net proceeds, alongside borrowings from its revolving credit facility, to fund a tender offer for its existing 4.875% senior notes due 2023, with potential partial redemption included. The notes will be offered to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S, remaining unregistered under the Securities Act.
Sunoco LP (NYSE: SUN) announced a cash tender offer to buy up to $500 million of its outstanding 4.875% Senior Notes due 2023. The tender offer, which will expire on December 8, 2020, is being funded through a proposed $500 million debt securities offering and cash on hand. Holders can receive up to $1,017.50 for each $1,000 principal amount depending on when they tender their notes. If oversubscribed, purchases will occur on a prorated basis. Conditions apply, and the offer may be extended or terminated.
Sunoco LP (NYSE: SUN) announced a private offering of senior notes totaling $500 million, due in 2029. The funds will be used alongside cash on hand for a tender offer for its existing 4.875% senior notes maturing in 2023. The offering is aimed at qualified institutional buyers under Rule 144A and non-U.S. entities under Regulation S. Notably, the notes are not registered under the Securities Act, which limits their offering in the U.S.
Sunoco LP (NYSE: SUN) reported a net income of $100 million for Q3 2020, up from $66 million in Q3 2019. Adjusted EBITDA was $189 million, slightly down from $192 million year-over-year. The Partnership sold 1.9 billion gallons, a 12% decline from last year, but reported improved fuel margins of 12.1 cents per gallon. A distribution of $0.8255 per unit was declared for Q3 2020, payable on November 19, 2020. SUN maintained liquidity of $1.4 billion and a leverage ratio of 3.93 times. Full-year adjusted EBITDA is expected to exceed $740 million.
Sunoco LP (NYSE: SUN) has appointed Dylan Bramhall as Chief Financial Officer, effective immediately. Bramhall, with over 14 years of experience, previously served as Senior VP of Finance and Treasurer at Energy Transfer (NYSE: ET). His responsibilities included oversight of financial planning and risk management. President & CEO Joe Kim expressed confidence in Bramhall's ability to strengthen Sunoco’s financial foundation. Sunoco operates a broad distribution network and is a subsidiary of Energy Transfer, which emphasizes its substantial market presence in fuel distribution across over 30 states.
Sunoco LP (NYSE: SUN) announced a quarterly distribution of $0.8255 per common unit for Q3 2020, equating to $3.3020 annualized. This payment is scheduled for November 19, 2020, to unitholders recorded by November 6, 2020. The company will disclose its Q3 financial and operational results post-market on November 4, 2020, followed by a conference call on November 5, 2020, at 8:00 a.m. CT. Sunoco operates in fuel distribution across over 30 states, serving around 10,000 retail locations.
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