- Delivers record full-year 2024 financial and operating results
- Net income of $874 million
- Adjusted EBITDA(1), excluding one-time
transaction-related expenses(2), of $1.56 billion
- Fuel volume of 8.6 billion gallons
- Increases quarterly distribution, targeting a distribution
growth rate of at least 5% for 2025
- Expects full-year 2025 Adjusted EBITDA(1)(3) to be
in a range of $1.90 billion to
$1.95 billion
DALLAS, Feb. 11,
2025 /PRNewswire/ -- Sunoco LP (NYSE: SUN) ("SUN" or
the "Partnership") today reported financial and operating results
for the quarter and year ended December 31,
2024.
Financial and Operational Highlights
Net income for the fourth quarter of 2024 was $141 million compared to a net loss of
$106 million in the fourth quarter of
2023.
Adjusted EBITDA(1) for the fourth quarter of 2024 was
$439 million compared to $236 million in the fourth quarter of 2023.
Adjusted EBITDA(1) for the fourth quarter of 2024
includes approximately $7 million of
one-time transaction-related expenses(2).
Distributable Cash Flow, as adjusted(1), for the
fourth quarter of 2024 was $261
million compared to $148
million in the fourth quarter of 2023.
Adjusted EBITDA(1) for the Fuel Distribution segment
for the fourth quarter of 2024 was $192
million compared to $209
million in the fourth quarter of 2023. The segment sold
approximately 2.2 billion gallons of fuel in the fourth quarter of
2024. Fuel margin for all gallons sold was 10.6 cents per gallon for the fourth quarter of
2024.
Adjusted EBITDA(1) for the Pipeline Systems segment
for the fourth quarter of 2024 was $188
million. Adjusted EBITDA(1) for the fourth
quarter of 2024 includes approximately $5
million of one-time transaction-related
expenses(2). The segment averaged throughput volumes of
approximately 1.4 million barrels per day in the fourth quarter of
2024.
Adjusted EBITDA(1) for the Terminals segment for
the fourth quarter of 2024 was $59
million compared to $25
million in 2023. Adjusted EBITDA(1) for the
fourth quarter of 2024 includes approximately $2 million of one-time transaction-related
expenses(2). The segment averaged throughput volumes of
approximately 590 thousand barrels per day in the fourth quarter of
2024.
For the year ended December 31,
2024, net income was $874
million compared to $394
million in 2023.
Adjusted EBITDA(1) for the year ended December 31, 2024 was $1.46 billion compared to $964 million in 2023. Adjusted
EBITDA(1) for the year ended December 31, 2024 includes $106 million in one-time transaction-related
expenses(2).
Distributable Cash Flow, as adjusted(1), for the year
ended December 31, 2024 was
$1.08 billion, compared to
$664 million in 2023.
Distribution
On January 27, 2025, the Board of
Directors of SUN's general partner declared a distribution for the
fourth quarter of 2024 of $0.8865 per
unit, or $3.5460 per unit on an
annualized basis. The distribution will be paid on February 19, 2025, to common unitholders of
record on February 7, 2025.
The Partnership is targeting a distribution growth rate of at
least 5% for 2025 and will announce future increases quarterly.
Liquidity, Leverage and Credit
At December 31, 2024, SUN had
long-term debt of approximately $7.5
billion and approximately $1.3
billion of liquidity remaining on its $1.5 billion revolving credit facility. SUN's
leverage ratio of net debt to Adjusted EBITDA(1),
calculated in accordance with its credit facility, was 4.1 times at
the end of the fourth quarter.
Capital Spending
SUN's total capital expenditures in the fourth quarter of 2024
were $132 million, which included
$74 million of growth capital and
$58 million of maintenance capital.
For the full year 2024, growth capital expenditures were
$220 million and maintenance capital
expenditures were $124 million.
2025 Business Outlook
- Full-year 2025 Adjusted EBITDA(1)(3) to be in a
range of $1.90 billion to
$1.95 billion
- Total operating expenses(4) to be in a range of
$900 million to $925 million
- Growth capital expenditures of at least $400 million
- Maintenance capital expenditures of approximately $150 million
SUN's segment results and other supplementary data are provided
after the financial tables below.
(1) Adjusted EBITDA and Distributable Cash
Flow, as adjusted, are non-GAAP financial measures of performance
that have limitations and should not be considered as a substitute
for net income. Please refer to the discussion and tables under
"Supplemental Information" later in this news release for a
discussion of our use of Adjusted EBITDA and Distributable Cash
Flow, as adjusted, and a reconciliation to net income.
(2) Transaction-related expenses include
certain one-time expenses incurred with acquisitions and
divestitures.
(3) A reconciliation of non-GAAP forward
looking information to corresponding GAAP measures cannot be
provided without unreasonable efforts due to the inherent
difficulty in quantifying certain amounts due to a variety of
factors, including the unpredictability of commodity price
movements and future charges or reversals outside the normal course
of business which may be significant.
(4) Operating expenses include general and
administrative, other operating, and lease expenses.
Earnings Conference Call
Sunoco LP management will hold a conference call on Tuesday, February 11, 2025, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss results and
recent developments. To participate, dial 877-407-6184 (toll free)
or 201-389-0877 approximately 10 minutes before the scheduled start
time and ask for the Sunoco LP conference call. The call will also
be accessible live and for later replay via webcast in the Investor
Relations section of Sunoco's website at www.sunocolp.com under
Webcasts and Presentations.
About Sunoco LP
Sunoco LP (NYSE: SUN) is a leading energy infrastructure and
fuel distribution master limited partnership operating in over 40
U.S. states, Puerto Rico,
Europe, and Mexico. The Partnership's midstream operations
include an extensive network of approximately 14,000 miles of
pipeline and over 100 terminals. This critical infrastructure
complements the Partnership's fuel distribution operations, which
serve approximately 7,400 Sunoco and partner branded locations and
additional independent dealers and commercial customers. SUN's
general partner is owned by Energy Transfer LP (NYSE: ET).
Forward-Looking Statements
This news release may include certain statements concerning
expectations for the future that are forward-looking statements as
defined by federal law. Such forward-looking statements are subject
to a variety of known and unknown risks, uncertainties, and other
factors that are difficult to predict and many of which are beyond
management's control. An extensive list of factors that can affect
future results, including future distribution levels, are discussed
in the Partnership's Annual Report on Form 10-K and other documents
filed from time to time with the Securities and Exchange
Commission. The Partnership undertakes no obligation to update or
revise any forward-looking statement to reflect new information or
events.
The information contained in this press release is available on
our website at www.sunocolp.com
Contacts
Investors:
Scott Grischow, Treasurer, Senior Vice President
– Finance
(214) 840-5660, scott.grischow@sunoco.com
Media:
Chris Cho,
Senior Manager – Communications
(469) 646-1647, chris.cho@sunoco.com
– Financial Schedules Follow –
|
SUNOCO
LP
CONSOLIDATED BALANCE
SHEETS
(Dollars in
millions)
(unaudited)
|
|
|
December 31,
2024
|
|
December 31,
2023
|
|
ASSETS
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
94
|
|
$
29
|
|
Accounts receivable,
net
|
1,162
|
|
856
|
|
Accounts receivable
from affiliates
|
—
|
|
20
|
|
Inventories,
net
|
1,068
|
|
889
|
|
Other current
assets
|
141
|
|
133
|
|
Total current
assets
|
2,465
|
|
1,927
|
|
|
|
|
|
Property and
equipment
|
8,914
|
|
2,970
|
|
Accumulated
depreciation
|
(1,240)
|
|
(1,134)
|
|
Property and
equipment, net
|
7,674
|
|
1,836
|
|
Other
assets:
|
|
|
|
|
Operating lease
right-of-use assets, net
|
477
|
|
506
|
|
Goodwill
|
1,477
|
|
1,599
|
|
Intangible assets,
net
|
547
|
|
544
|
|
Other non-current
assets
|
400
|
|
290
|
|
Investment in
unconsolidated affiliates
|
1,335
|
|
124
|
|
Total
assets
|
$
14,375
|
|
$
6,826
|
|
LIABILITIES AND
EQUITY
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
1,255
|
|
$
828
|
|
Accounts payable to
affiliates
|
199
|
|
170
|
|
Accrued expenses and
other current liabilities
|
457
|
|
353
|
|
Operating lease
current liabilities
|
34
|
|
22
|
|
Current maturities of
long-term debt
|
2
|
|
—
|
|
Total current
liabilities
|
1,947
|
|
1,373
|
|
|
|
|
|
Operating lease
non-current liabilities
|
479
|
|
511
|
|
Long-term debt,
net
|
7,484
|
|
3,580
|
|
Advances from
affiliates
|
82
|
|
102
|
|
Deferred tax
liabilities
|
157
|
|
166
|
|
Other non-current
liabilities
|
158
|
|
116
|
|
Total
liabilities
|
10,307
|
|
5,848
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
Limited
partners:
|
|
|
|
|
Common unitholders
(136,228,535 and 84,408,014 units issued and outstanding as of
December 31, 2024 and 2023, respectively)
|
4,066
|
|
978
|
|
Class C unitholders -
held by subsidiary (16,410,780 units issued and outstanding as
of
December 31, 2024 and 2023)
|
—
|
|
—
|
|
Accumulated other
comprehensive income
|
2
|
|
—
|
|
Total
equity
|
4,068
|
|
978
|
|
Total liabilities and
equity
|
$
14,375
|
|
$
6,826
|
|
SUNOCO
LP
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions,
except per unit data)
(unaudited)
|
|
|
Three months ended
December 31,
|
|
Year Ended December
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenues
|
$
5,269
|
|
$
5,641
|
|
$
22,693
|
|
$
23,068
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses:
|
|
|
|
|
|
|
|
|
Cost of
sales
|
4,644
|
|
5,492
|
|
20,595
|
|
21,703
|
|
Operating
expenses
|
172
|
|
94
|
|
545
|
|
356
|
|
General and
administrative
|
52
|
|
34
|
|
277
|
|
126
|
|
Lease
expense
|
19
|
|
17
|
|
72
|
|
68
|
|
(Gain) loss on
disposal of assets and impairment charges
|
(7)
|
|
1
|
|
45
|
|
(7)
|
|
Depreciation,
amortization and accretion
|
152
|
|
46
|
|
368
|
|
187
|
|
Total cost of sales
and operating expenses
|
5,032
|
|
5,684
|
|
21,902
|
|
22,433
|
|
Operating Income
(Loss)
|
237
|
|
(43)
|
|
791
|
|
635
|
|
Other Income
(Expense):
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
(117)
|
|
(55)
|
|
(391)
|
|
(217)
|
|
Equity in earnings of
unconsolidated affiliates
|
25
|
|
1
|
|
60
|
|
5
|
|
Gain (loss) on West
Texas Sale
|
(12)
|
|
—
|
|
586
|
|
—
|
|
Loss on extinguishment
of debt
|
—
|
|
—
|
|
(2)
|
|
—
|
|
Other, net
|
12
|
|
—
|
|
5
|
|
7
|
|
Income (Loss) Before
Income Taxes
|
145
|
|
(97)
|
|
1,049
|
|
430
|
|
Income tax
expense
|
4
|
|
9
|
|
175
|
|
36
|
|
Net Income
(Loss)
|
$
141
|
|
$
(106)
|
|
$
874
|
|
$
394
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) per
Common Unit:
|
|
|
|
|
|
|
|
|
Basic
|
$
0.76
|
|
$
(1.50)
|
|
$
6.04
|
|
$
3.70
|
|
Diluted
|
$
0.75
|
|
$
(1.50)
|
|
$
6.00
|
|
$
3.65
|
|
|
|
|
|
|
|
|
|
Weighted Average Common
Units Outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
136,038,591
|
|
84,139,599
|
|
118,529,390
|
|
84,081,083
|
|
Diluted
|
136,870,335
|
|
84,139,599
|
|
119,342,038
|
|
85,093,497
|
|
|
|
|
|
|
|
|
|
Cash Distributions per
Common Unit
|
$
0.8865
|
|
$
0.8420
|
|
$
3.5133
|
|
$
3.3680
|
|
SUNOCO
LP
SUPPLEMENTAL
INFORMATION
(Dollars and units in
millions)
(unaudited)
|
|
|
Three months ended
December 31,
|
|
Year Ended December
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net income
(loss)
|
$
141
|
|
$
(106)
|
|
$
874
|
|
$
394
|
|
Depreciation,
amortization and accretion
|
152
|
|
46
|
|
368
|
|
187
|
|
Interest expense,
net
|
117
|
|
55
|
|
391
|
|
217
|
|
Non-cash unit-based
compensation expense
|
5
|
|
4
|
|
17
|
|
17
|
|
(Gain) loss on
disposal of assets and impairment charges
|
(7)
|
|
1
|
|
45
|
|
(7)
|
|
Loss on extinguishment
of debt
|
—
|
|
—
|
|
2
|
|
—
|
|
Unrealized (gains)
losses on commodity derivatives
|
4
|
|
(10)
|
|
12
|
|
(21)
|
|
Inventory valuation
adjustments
|
(13)
|
|
227
|
|
86
|
|
114
|
|
Equity in earnings of
unconsolidated affiliates
|
(25)
|
|
(1)
|
|
(60)
|
|
(5)
|
|
Adjusted EBITDA
related to unconsolidated affiliates
|
48
|
|
2
|
|
101
|
|
10
|
|
(Gain) loss on West
Texas Sale
|
12
|
|
—
|
|
(586)
|
|
—
|
|
Other non-cash
adjustments
|
1
|
|
9
|
|
32
|
|
22
|
|
Income tax
expense
|
4
|
|
9
|
|
175
|
|
36
|
|
Adjusted EBITDA
(1)
|
439
|
|
236
|
|
1,457
|
|
964
|
|
Transaction-related
expenses
|
7
|
|
—
|
|
106
|
|
—
|
|
Adjusted
EBITDA(1), excluding
transaction-related
expenses
|
$
446
|
|
$
236
|
|
$
1,563
|
|
$
964
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(1)
|
$
439
|
|
$
236
|
|
$
1,457
|
|
$
964
|
|
Adjusted EBITDA
related to unconsolidated affiliates
|
(48)
|
|
(2)
|
|
(101)
|
|
(10)
|
|
Distributable cash
flow from unconsolidated affiliates
|
43
|
|
1
|
|
93
|
|
7
|
|
Cash interest
expense
|
(114)
|
|
(53)
|
|
(369)
|
|
(210)
|
|
Current income tax
expense
|
(5)
|
|
(4)
|
|
(189)
|
|
(23)
|
|
Transaction-related
income taxes
|
(3)
|
|
—
|
|
179
|
|
—
|
|
Maintenance capital
expenditures
|
(58)
|
|
(33)
|
|
(124)
|
|
(70)
|
|
Distributable Cash
Flow
|
254
|
|
145
|
|
946
|
|
658
|
|
Transaction-related
expenses
|
7
|
|
3
|
|
135
|
|
6
|
|
Distributable Cash
Flow, as adjusted (1)
|
$
261
|
|
$
148
|
|
$
1,081
|
|
$
664
|
|
|
|
|
|
|
|
|
|
Distributions to
Partners:
|
|
|
|
|
|
|
|
|
Limited
Partners
|
$
121
|
|
$
71
|
|
$
478
|
|
$
284
|
|
General
Partner
|
37
|
|
19
|
|
145
|
|
76
|
|
Total distributions to
be paid to partners
|
$
158
|
|
$
90
|
|
$
623
|
|
$
360
|
|
Common Units
outstanding - end of period
|
136.2
|
|
84.4
|
|
136.2
|
|
84.4
|
|
(1)
|
Adjusted EBITDA is
defined as earnings before net interest expense, income taxes,
depreciation, amortization and accretion expense, allocated
non-cash compensation expense, unrealized gains and losses on
commodity derivatives and inventory valuation adjustments, and
certain other operating expenses reflected in net income that we do
not believe are indicative of ongoing core operations, such as
gains or losses on disposal of assets and non-cash impairment
charges. We define Distributable Cash Flow as Adjusted EBITDA less
cash interest expense, including the accrual of interest expense
related to our long-term debt which is paid on a semi-annual basis,
current income tax expense, maintenance capital expenditures and
other non-cash adjustments. For Distributable Cash Flow, as
adjusted, certain transaction-related adjustments and non-recurring
expenses are excluded.
|
|
We believe Adjusted
EBITDA and Distributable Cash Flow, as adjusted, are useful to
investors in evaluating our operating performance
because:
|
|
- Adjusted EBITDA is
used as a performance measure under our revolving credit
facility;
- securities analysts
and other interested parties use such metrics as measures of
financial performance, ability to make distributions to our
unitholders and debt service capabilities;
- our management uses
them for internal planning purposes, including aspects of our
consolidated operating budget, and capital expenditures;
and
- Distributable Cash
Flow, as adjusted, provides useful information to investors as it
is a widely accepted financial indicator used by investors to
compare partnership performance, and as it provides investors an
enhanced perspective of the operating performance of our assets and
the cash our business is generating.
|
|
Adjusted EBITDA and
Distributable Cash Flow, as adjusted, are not recognized terms
under GAAP and do not purport to be alternatives to net income as
measures of operating performance or to cash flows from operating
activities as a measure of liquidity. Adjusted EBITDA and
Distributable Cash Flow, as adjusted, have limitations as
analytical tools, and one should not consider them in isolation or
as substitutes for analysis of our results as reported under GAAP.
Some of these limitations include:
|
|
- they do not reflect
our total cash expenditures, or future requirements for capital
expenditures or contractual commitments;
- they do not reflect
changes in, or cash requirements for, working capital;
- they do not reflect
interest expense or the cash requirements necessary to service
interest or principal payments on our revolving credit facility or
senior notes;
- although
depreciation and amortization are non-cash charges, the assets
being depreciated and amortized will often have to be replaced in
the future, and Adjusted EBITDA does not reflect cash requirements
for such replacements; and
- as not all
companies use identical calculations, our presentation of Adjusted
EBITDA and Distributable Cash Flow, as adjusted, may not be
comparable to similarly titled measures of other
companies.
|
|
Adjusted EBITDA
reflects amounts for the unconsolidated affiliates based on the
same recognition and measurement methods used to record equity in
earnings of unconsolidated affiliates. Adjusted EBITDA related to
unconsolidated affiliates excludes the same items with respect to
the unconsolidated affiliates as those excluded from the
calculation of Adjusted EBITDA, such as interest, taxes,
depreciation, depletion, amortization and other non-cash items.
Although these amounts are excluded from Adjusted EBITDA related to
unconsolidated affiliates, such exclusion should not be understood
to imply that we have control over the operations and resulting
revenues and expenses of such affiliates. We do not control our
unconsolidated affiliates; therefore, we do not control the
earnings or cash flows of such affiliates. The use of Adjusted
EBITDA or Adjusted EBITDA related to unconsolidated affiliates as
an analytical tool should be limited accordingly. Inventory
valuation adjustments that are excluded from the calculation of
Adjusted EBITDA represent changes in lower of cost or market
reserves on the Partnership's inventory. These amounts are
unrealized valuation adjustments applied to fuel volumes remaining
in inventory at the end of the period.
|
|
SUNOCO
LP
SUMMARY ANALYSIS OF
QUARTERLY RESULTS BY SEGMENT
(Tabular dollar amounts
in millions)
(unaudited)
|
|
|
Three months ended
December 31,
|
|
2024
|
|
2023
|
|
Segment Adjusted
EBITDA:
|
|
|
|
|
Fuel
Distribution
|
$
192
|
|
$
209
|
|
Pipeline
Systems
|
188
|
|
2
|
|
Terminals
|
59
|
|
25
|
|
Adjusted
EBITDA
|
439
|
|
236
|
|
Transaction-related
expenses
|
7
|
|
—
|
|
Adjusted EBITDA,
excluding transaction-related expenses
|
$
446
|
|
$
236
|
The following analysis of segment operating results includes a
measure of segment profit. Segment profit is a non-GAAP financial
measure and is presented herein to assist in the analysis of
segment operating results and particularly to facilitate an
understanding of the impacts that changes in sales revenues have on
the segment performance measure of Segment Adjusted EBITDA. Segment
profit is similar to the GAAP measure of gross profit, except that
segment profit excludes charges for depreciation, depletion and
amortization. The most directly comparable measure to segment
profit is gross profit. The following table presents a
reconciliation of segment profit to gross profit.
|
Three months ended
December 31,
|
|
Year Ended December
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Fuel Distribution
segment profit
|
$
302
|
|
$
130
|
|
$
1,187
|
|
$
1,225
|
|
Pipeline Systems
segment profit
|
203
|
|
1
|
|
535
|
|
3
|
|
Terminals segment
profit
|
120
|
|
18
|
|
376
|
|
137
|
|
Total segment
profit
|
625
|
|
149
|
|
2,098
|
|
1,365
|
|
Depreciation,
amortization and accretion, excluding
corporate and other
|
151
|
|
45
|
|
364
|
|
186
|
|
Gross
profit
|
$
474
|
|
$
104
|
|
$
1,734
|
|
$
1,179
|
Fuel Distribution
|
Three months ended
December 31,
|
|
2024
|
|
2023
|
|
Motor fuel gallons sold
(millions)
|
2,151
|
|
2,195
|
|
Motor fuel profit cents
per gallon(1)
|
10.6 ¢
|
|
11.8 ¢
|
|
Fuel profit
|
$
239
|
|
$
60
|
|
Non-fuel
profit
|
35
|
|
32
|
|
Lease profit
|
28
|
|
38
|
|
Fuel Distribution
segment profit
|
$
302
|
|
$
130
|
|
Expenses
|
$
(120)
|
|
$
(126)
|
|
|
|
|
|
Segment Adjusted
EBITDA
|
$
192
|
|
$
209
|
|
Transaction-related
expenses
|
—
|
|
—
|
|
Segment Adjusted
EBITDA, excluding transaction-related expenses
|
$
192
|
|
$
209
|
|
|
|
(1)
|
Excludes the
impact of inventory valuation adjustments consistent with the
definition of Adjusted EBITDA.
|
Volumes. For the three months ended December 31,
2024 compared to the same period last year, volumes decreased due
to the West Texas Sale, offset by volume increases from investment
and profit optimization strategies.
Segment Adjusted EBITDA. For the three months ended
December 31, 2024 compared to the same period last year,
Segment Adjusted EBITDA related to our Fuel Distribution segment
decreased due to the net impact of the following:
- a decrease of $13 million related
to a 2% decrease in gallons sold and a decrease in profit per
gallon primarily due to the West Texas Sale in April 2024; and
- a decrease of $10 million in lease profit due to the West
Texas Sale; partially offset by
- a decrease of $6 million in expenses primarily due to the
West Texas Sale and lower allocated overhead.
Pipeline Systems
|
Three months ended
December 31,
|
|
2024
|
|
2023
|
|
Pipelines throughput
(thousand barrels per day)
|
1,395
|
|
—
|
|
Pipeline Systems
segment profit
|
$
203
|
|
$
1
|
|
Expenses
|
$
(64)
|
|
$
—
|
|
|
|
|
|
Segment Adjusted
EBITDA
|
$
188
|
|
$
2
|
|
Transaction-related
expenses
|
5
|
|
—
|
|
Segment Adjusted
EBITDA, excluding transaction-related expenses
|
$
193
|
|
$
2
|
Volumes. For the three months ended December 31,
2024 compared to the same period last year, volumes increased due
to recently acquired assets.
Segment Adjusted EBITDA. For the three months ended
December 31, 2024 compared to the
same period last year, Segment Adjusted EBITDA related to our
Pipeline Systems segment increased due to the acquisition of NuStar
on May 3, 2024.
Terminals
|
Three months ended
December 31,
|
|
2024
|
|
2023
|
|
Throughput (thousand
barrels per day)
|
593
|
|
411
|
|
Terminal segment
profit
|
$
120
|
|
$
18
|
|
Expenses
|
$
(59)
|
|
$
(19)
|
|
|
|
|
|
Segment Adjusted
EBITDA
|
$
59
|
|
$
25
|
|
Transaction-related
expenses
|
2
|
|
—
|
|
Segment Adjusted
EBITDA, excluding transaction-related expenses
|
$
61
|
|
$
25
|
Volumes. For the three months ended December 31,
2024 compared to the same period last year, volumes increased due
to recently acquired assets.
Segment Adjusted EBITDA. For the three months ended
December 31, 2024 compared to the
same period last year, Segment Adjusted EBITDA related to our
Terminals segment increased primarily due to the recent
acquisitions of NuStar and Zenith European terminals.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/sunoco-lp-reports-fourth-quarter-and-record-full-year-2024-financial-and-operating-results-302373387.html
SOURCE Sunoco LP
