HOUSTON, April 14, 2015 /PRNewswire/ -- Sunoco LP (NYSE:
SUN) announced today that it has acquired eight Pico convenience
stores in South Central Texas.
The stores will be leased to and operated by Stripes LLC, a
Texas-based retail chain owned by
Sunoco LP's parent, Energy Transfer Partners, L.P. (NYSE: ETP).
Stripes will purchase all fuel sold at the locations from Sunoco LP
and has indicated it plans to rebrand the Pico stores to the
Stripes® convenience store banner.
The stores are located in the San
Antonio area and within smaller communities primarily
to the west of San Antonio. All of the
locations currently include food service, and most of the
sites have the potential to house Stripes' proprietary restaurant,
Laredo Taco Company®, when converted to Stripes-branded
locations.
"This in-market transaction complements Stripes'
ongoing expansion program in attractive growth
markets," said Robert W. Owens, Sunoco LP President and
Chief Executive Officer.
Stripes is currently Sunoco LP's largest single motor fuel
customer, purchasing more than 1 billion gallons per year.
With the addition of the Pico stores, Stripes now operates 673
convenience stores in Texas,
New Mexico and Oklahoma
Sunoco LP (NYSE: SUN) is a master limited partnership
(MLP) that primarily distributes motor fuel to convenience stores,
independent dealers, commercial customers and distributors. SUN
also operates more than 150 convenience stores and retail fuel
sites. SUN conducts its business through wholly owned subsidiaries,
as well as through its 31.58 percent interest in Sunoco, LLC, in
partnership with an affiliate of its parent company, Energy
Transfer Partners. While primarily engaged in natural gas,
natural gas liquids, crude oil and refined products transportation,
ETP also operates a retail and fuel distribution business through
its interest in Sunoco, LLC, as well as wholly owned subsidiaries,
Sunoco, Inc. and Stripes LLC that operate approximately 1,100
convenience stores and retail fuel sites. For more
information, visit the Sunoco LP website at www.SunocoLP.com.
Forward-Looking Statements
This news release contains "forward-looking statements" which
may describe Sunoco LP's ("SUN") objectives, expected results of
operations, targets, plans, strategies, costs, anticipated capital
expenditures, potential acquisitions, new store openings and/or new
dealer locations, management's expectations, beliefs or goals
regarding proposed transactions between ETP and SUN, the expected
timing of those transactions and the future financial and/or
operating impact of those transactions, including the anticipated
integration process and any related benefits, opportunities or
synergies. These statements are based on current plans,
expectations and projections and involve a number of risks and
uncertainties that could cause actual results and events to vary
materially, including but not limited to: execution, integration,
environmental and other risks related to acquisitions (including
the Sunoco, LLC drop-down, and future drop-downs) and our overall
acquisition strategy; competitive pressures from convenience
stores, gasoline stations, other non-traditional retailers and
other wholesale fuel distributors located in SUN's and Sunoco,
LLC's markets; dangers inherent in storing and transporting motor
fuel; SUN's or Sunoco, LLC's ability to renew or renegotiate
long-term distribution contracts with customers; changes in the
price of and demand for motor fuel; changing consumer preferences
for alternative fuel sources or improvement in fuel efficiency;
competition in the wholesale motor fuel distribution industry;
seasonal trends; severe or unfavorable weather conditions;
increased costs; environmental laws and regulations; dangers
inherent in the storage of motor fuel; reliance on suppliers to
provide trade credit terms to adequately fund ongoing operations;
acts of war and terrorism; dependence on information technology
systems; SUN's and ETP's ability to consummate any proposed
transactions, or to satisfy the conditions precedent to the
consummation of such transactions; successful development and
execution of integration plans; ability to realize anticipated
synergies or cost-savings and the potential impact of the
transactions on employee, supplier, customer and competitor
relationships; and other unforeseen factors. For a full discussion
of these and other risks and uncertainties, refer to the "Risk
Factors" section of SUN's and ETP's most recently filed annual
reports on Form 10-K. These forward-looking statements are based on
and include our estimates as of the date hereof. Subsequent events
and market developments could cause our estimates to change. While
we may elect to update these forward-looking statements at some
point in the future, we specifically disclaim any obligation to do
so, even if new information becomes available, except as may be
required by applicable law.
Contacts
Investors:
Scott Grischow
Director – Investor Relations and Treasury
(361) 884-2463, scott.grischow@susser.com
Dennard-Lascar Associates
Anne Pearson
(210) 408-6321, apearson@dennardlascar.com
Media:
Jessica Davila-Burnett, Public
Relations Director
(361) 654-4882, jessica.davila-burnett@susser.com
Jeff Shields, Communications
Manager
(215) 977-6056, jpshields@sunocoinc.com
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SOURCE Sunoco LP