HOUSTON, Feb. 24, 2016 /PRNewswire/ -- Sunoco LP
(NYSE: SUN) ("SUN" or the "Partnership") today announced financial
and operating results for the three- and twelve-month periods ended
December 31, 2015.
Adjusted EBITDA (1) attributable to partners for the
quarter totaled $112.2 million,
compared with $65.5 million in the
fourth quarter of 2014. The favorable year-over-year
comparison primarily reflects the acquisitions of 31.58 percent of
Sunoco, LLC in April and Susser Holdings Corp. in July, both of
which were acquired from SUN's affiliate, Energy Transfer Partners,
L.P. (NYSE: ETP). All fourth quarter 2014 and full year 2014
figures and comparisons represent as previously reported results
for the fourth quarter and full year 2014 and do not reflect any
retrospective adjustments for the Sunoco LLC and Susser Holdings
acquisitions which were accounted for as transactions between
entities under common control.
Distributable cash flow (1) attributable to partners,
as adjusted, for the quarter was $90.1
million, compared to $51.1
million a year earlier, and distributable cash flow per
common unit was $1.03.
Revenue was $3.7 billion for the
quarter, up 184.6 percent compared to $1.3
billion in the fourth quarter of 2014. The increase was the
result of the contribution of merchandise and retail fuel sales
from the Susser's Stripes® convenience store chain and
the wholesale fuel distribution sales and rental income from SUN's
interest in Sunoco, LLC on a consolidated basis, partly offset by
the impact of a 37-cent per gallon
decrease in the average selling price of fuel.
Total gross profit was $333.2
million for the quarter, compared to $93.2 million in the fourth quarter of
2014. Key drivers of the increase were the contribution from
the previously mentioned acquisitions, which resulted in
higher-margin retail fuel gallons and merchandise being added to
the overall sales mix.
Net income attributable to partners was $7.8 million for the quarter, or ($0.13) per diluted unit, versus $30.1 million, or $0.83 per diluted unit, in the fourth quarter of
last year.
On a weighted-average basis, excluding non-controlling interest,
fuel margin for all gallons sold in the fourth quarter increased to
15.1 cents per gallon, compared to
13.0 cents per gallon a year
ago. The margin increase was driven by the addition of
higher-margin retail gallons sold at Stripes, which were partly
offset by the wholesale gallons sold through Sunoco, LLC.
Adjusted EBITDA attributable to partners from the wholesale
segment was $57.9 million in the
fourth quarter. Excluding the non-controlling interest, total
wholesale gallons sold in the fourth quarter were 651.8 million,
compared with 546.4 million in the fourth quarter of 2014, an
increase of 19.3 percent. This includes gallons sold to
affiliate-operated convenience stores, consignment stores and
third-party customers, including independent dealers, fuel
distributors and commercial customers.
As a result of the Susser acquisition, which converted affiliate
volumes to retail volumes, motor fuel gallons sold to affiliates
decreased 72.5 percent from a year ago to 84.0 million gallons
during the fourth quarter of 2015, excluding the non-controlling
interest. Affiliate customers for the quarter included Sunoco
R&M retail fuel and convenience store sites operated by a
subsidiary of ETP. All affiliate gallons are sold to Sunoco's
retail fuel and convenience stores at a fixed margin of
4.0 cents per gallon.
Other third-party wholesale fuel volumes, excluding
non-controlling interest, increased from a year ago by 135.1
percent to 567.7 million gallons related to the acquisition of
31.58 percent of Sunoco, LLC. Gross profit on these gallons
was 12.1 cents per gallon, compared
to 17.6 cents per gallon a year
earlier, driven by a change in customer mix related to the
acquisition of the interest in Sunoco, LLC.
Adjusted EBITDA attributable to partners related to the retail
segment was $54.3 million in the
fourth quarter. Total retail gallons sold increased by 488.0
percent to 354.0 million gallons as a result of the acquisition of
Susser. The Partnership earned 22.4
cents per gallon on these volumes, compared to 44.5 cents per gallon a year earlier. The
addition of lower-margin retail volumes at Stripes drove most of
this decrease.
Merchandise sales increased by 918.8 percent to $400.4 million from a year ago and contributed
$132.7 million of gross profit,
reflecting the contribution from the Stripes stores.
Retail gallons sold by Stripes locations during the fourth
quarter totaled 291.4 million gallons. Gross profit on these
gallons was $52.0 million, or
17.9 cents per gallon.
Merchandise sales from these locations totaled $343.6 million and contributed $118.9 million of gross profit. On a
same-store sales basis, Stripes store merchandise sales decreased
by 1.1 percent and fuel sales declined 4.9 percent, primarily
reflecting lower year-over-year activity in oil patch markets in
South and West Texas. Excluding markets that are directly
impacted by oil drilling activity declines, the Stripes business
achieved a 4.0 percent increase in merchandise sales and a 0.6
percent decrease in fuel sales volumes on a same-store basis.
As of December 31, SUN operated 725
convenience stores and retail fuel outlets in Texas, New
Mexico and Oklahoma
primarily under its Stripes brand.
SUN also operates approximately 175 convenience stores and fuel
outlets in Georgia, Tennessee, Virginia, Maryland and Hawaii, primarily under the MACS, Tigermarket
and Aloha Island Mart brands. On a same store sale basis, these
stores saw growth of 12.5 percent in merchandise sales and a 0.9
percent decline in fuel gallons for the quarter.
SUN's other recent accomplishments include the following:
- In November, SUN announced the dropdown of the remaining
wholesale fuel and retail marketing assets from ETP for
approximately $2.226 billion.
The transaction is expected to close in March 2016. A
significant portion of the consideration for the transaction will
be provided by a $2.035 billion term
loan due October 2019, which was
fully underwritten by Credit Suisse, Bank of America Merrill Lynch,
Compass Bank, Mizuho Bank and
Toronto Dominion. The terms of the term loan will substantially
mirror SUN's existing $1.5 billion
revolving credit facility.
- In conjunction with the dropdown, a group of private investors
and Energy Transfer Equity, L.P. (NYSE: ETE) committed to purchase
$750 million of SUN common units in
an unregistered private placement at a gross price of $31.00 per unit, prior to adjustments. The
private placement closed and funded in December, with the exception
of ETE's portion, which will fund at the closing of the dropdown
transaction. The proceeds of the private placement were used
to repay borrowing under SUN's revolving credit facility and for
general partnership purposes.
- On December 16, a wholly owned
subsidiary of SUN completed the acquisition of a wholesale fuel
distribution business serving the Northeastern United States from Alta East Inc.
for $57 million plus the value of
inventory on hand at closing.
SUN's segment results and other supplementary data are provided
after the financial tables shown below.
FY 2015 Compared to FY 2014
Revenue for the full year 2015 totaled $16.9 billion, a 213.0 percent increase compared
to full year 2014. Gross profit for this period increased
752.8 percent year-over-year to $1.5
billion.
Total motor fuel volumes sold to affiliates, excluding the
non-controlling interest, decreased by 70.6 percent to 346.4
million gallons as a result of the Susser acquisition, which
converted affiliate volumes to retail volumes. Wholesale gallons
sold to third parties, excluding the non-controlling interest,
increased by 214.2 percent to 2.4 billion gallons. Retail gallons
sold increased by 1,595.8 percent to 1.4 billion gallons. On
a weighted-average basis, fuel margin for all gallons sold,
excluding the non-controlling interest, increased to 15.1 cents per gallon for the full year 2015,
versus 7.0 cents per gallon in the
full year 2014.
Net income attributable to partners for the full year 2015
totaled $87.2 million, a 53.8 percent
increase compared to full year 2014. Adjusted EBITDA attributable
to partners was $444.1 million,
compared to $122.3 million for the
2014 period, and distributable cash flow, as adjusted was
$272.2 million, versus $92.5 million for 2014.
Distribution Increase
On January 26, the Board of
Directors of SUN's general partner declared a distribution for the
fourth quarter of 2015 of $0.8013 per
unit, which corresponds to $3.2052
per unit on an annualized basis. This represents a 7.5
percent increase compared to the distribution for the third quarter
of 2015 and a 33.6 percent increase compared with the fourth
quarter of 2014. This is the Partnership's 11th consecutive
quarterly increase. The distribution was paid on February 16 to unitholders of record on
February 5.
SUN achieved a 1.04 times distribution coverage ratio for the
fourth quarter. The coverage ratio was negatively impacted by the
private placement completed in December. SUN achieved a 1.37
times coverage ratio for the 12 months ended December 31, 2015.
Liquidity
At December 31, 2015, SUN had
borrowings against its $1.5 billion
revolving credit facility of $450.0
million and $22.5 million in
standby letters of credit, leaving unused availability of
$1,027.5 million. Net debt to
Adjusted EBITDA, pro forma for the 31.58 percent of Sunoco, LLC and
Susser Holdings Corp. acquisitions, was 4.1 times at year-end.
(1)
|
Adjusted EBITDA and
distributable cash flow 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 "Reconciliations of Non-GAAP Measures" later in this
news release for a discussion of our use of Adjusted EBITDA and
distributable cash flow, and a reconciliation to net
income.
|
Earnings Conference Call
Sunoco LP management will hold a conference call on Thursday, February 25, at 9:00 a.m. CT (10:00 a.m.
ET) to discuss fourth quarter and full year results and
recent developments. To participate, dial 412-902-0003
approximately 10 minutes early 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 Events and Presentations.
About Sunoco LP
Sunoco LP (NYSE: SUN) is a master limited partnership that
operates approximately 900 convenience stores and retail fuel sites
and distributes motor fuel to convenience stores, independent
dealers, commercial customers and distributors located in more than
30 states at approximately 6,800 sites, both directly and through
our 31.58 percent interest in Sunoco, LLC, owned in partnership
with Energy Transfer Partners, L.P. (NYSE: ETP). Our parent --
Energy Transfer Equity (NYSE: ETE) -- owns SUN's general partner
and incentive distribution rights. ETP owns a 36.4% limited
partner interest. For more information, visit the Sunoco LP website
at www.SunocoLP.com
Forward-Looking Statements
This press 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 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
Qualified Notice
This release is intended to be a qualified notice under Treasury
Regulation Section 1.1446-4(b). Brokers and nominees should treat
100 percent of Sunoco LP's distributions to non-U.S. investors as
being attributable to income that is effectively connected with a
United States trade or business.
Accordingly, Sunoco LP's distributions to non-U.S. investors are
subject to federal income tax withholding at the highest applicable
effective tax rate.
Contacts
Investors:
Scott Grischow, Director of
Investor Relations and Treasury
(361) 884-2463, scott.grischow@sunoco.com
Anne Pearson
Dennard-Lascar Associates
(210) 408-6321, apearson@dennardlascar.com
Media:
Jeff Shields, Communications
Manager
(215) 977-6056, jpshields@sunocoinc.com
- Financial Schedules Follow –
Sunoco LP
Consolidated Balance Sheets
(unaudited)
|
|
|
|
|
|
|
|
|
|
December
31,
2014
|
|
|
December
31,
2015
|
|
|
|
(in thousands,
except units)
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
125,426
|
|
|
$
|
61,783
|
|
Advances from
affiliates
|
|
|
396,376
|
|
|
|
234,509
|
|
Accounts receivable,
net
|
|
|
257,065
|
|
|
|
259,993
|
|
Receivables from
affiliates
|
|
|
4,941
|
|
|
|
8,074
|
|
Inventories,
net
|
|
|
440,294
|
|
|
|
416,504
|
|
Other current
assets
|
|
|
60,178
|
|
|
|
33,288
|
|
Total current
assets
|
|
|
1,284,280
|
|
|
|
1,014,151
|
|
Property and
equipment, net
|
|
|
2,081,126
|
|
|
|
2,397,266
|
|
Other
assets:
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
1,854,436
|
|
|
|
1,821,864
|
|
Intangible assets,
net
|
|
|
893,455
|
|
|
|
965,904
|
|
Other noncurrent
assets
|
|
|
35,568
|
|
|
|
48,398
|
|
Total
assets
|
|
$
|
6,148,865
|
|
|
$
|
6,247,583
|
|
Liabilities and
equity
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
383,496
|
|
|
$
|
401,231
|
|
Accounts payable to
affiliates
|
|
|
56,969
|
|
|
|
14,988
|
|
Accrued expenses and
other current liabilities
|
|
|
291,047
|
|
|
|
254,298
|
|
Current maturities of
long-term debt
|
|
|
13,772
|
|
|
|
5,084
|
|
Total current
liabilities
|
|
|
745,284
|
|
|
|
675,601
|
|
Revolving line of
credit
|
|
|
683,378
|
|
|
|
450,000
|
|
Long-term debt,
net
|
|
|
408,826
|
|
|
|
1,502,531
|
|
Deferred tax
liability
|
|
|
378,953
|
|
|
|
431,327
|
|
Other noncurrent
liabilities
|
|
|
89,268
|
|
|
|
93,709
|
|
Total
liabilities
|
|
|
2,305,709
|
|
|
|
3,153,168
|
|
Commitments and
contingencies:
|
|
|
|
|
|
|
|
|
Partners'
capital:
|
|
|
|
|
|
|
|
|
Limited partner
interest:
|
|
|
|
|
|
|
|
|
Common unitholders -
public (20,036,329 units issued and outstanding as of
December 31, 2014 and 49,588,960 units
issued and outstanding as of December 31, 2015)
|
|
|
874,688
|
|
|
|
1,768,890
|
|
Common unitholders -
affiliated (4,062,848 units issued and outstanding as of
December 31, 2014 and 37,776,746 units
issued and outstanding as of December 31, 2015)
|
|
|
27,459
|
|
|
|
1,305,350
|
|
Subordinated
unitholders - affiliated (10,939,436 units issued and outstanding
as of December 31, 2014 and no units issued or outstanding as
of December 31, 2015)
|
|
|
—
|
|
|
|
—
|
|
Class A unitholders -
held by subsidiary (no units issued or outstanding as of December
31, 2014 and 11,018,744 units issued and outstanding as of December
31, 2015)
|
|
|
—
|
|
|
|
—
|
|
Total partners'
capital
|
|
|
902,147
|
|
|
|
3,074,240
|
|
Predecessor
equity
|
|
|
2,946,653
|
|
|
|
—
|
|
Noncontrolling
interest
|
|
|
(5,644)
|
|
|
|
20,175
|
|
Total
equity
|
|
|
3,843,156
|
|
|
|
3,094,415
|
|
Total liabilities and
equity
|
|
$
|
6,148,865
|
|
|
$
|
6,247,583
|
|
Sunoco LP
Consolidated Statements of Operations and Comprehensive Income
(unaudited)
|
|
|
|
|
|
|
|
|
|
Predecessor
|
|
|
Successor
|
|
|
|
Year
ended
December
31,
2013
|
|
|
January 1, 2014
through
August 31, 2014
|
|
|
September 1, 2014 through
December 31, 2014
|
|
|
Year
ended
December
31,
2015
|
|
|
|
(dollars in
thousands, except unit and per unit amounts)
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail motor fuel
sales
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
1,298,804
|
|
|
$
|
3,247,545
|
|
Wholesale motor fuel
sales to third parties
|
|
|
1,502,786
|
|
|
|
1,275,422
|
|
4,235,415
|
|
|
|
10,104,193
|
|
Wholesale motor fuel
sales to affiliates
|
|
|
2,974,122
|
|
|
|
2,200,394
|
|
772,338
|
|
|
|
1,832,606
|
|
Merchandise
sales
|
|
|
—
|
|
|
|
—
|
|
472,604
|
|
|
|
1,595,674
|
|
Rental
income
|
|
|
10,060
|
|
|
|
11,690
|
|
21,642
|
|
|
|
71,730
|
|
Other
|
|
|
5,611
|
|
|
|
4,683
|
|
24,556
|
|
|
|
83,599
|
|
Total
revenues
|
|
|
4,492,579
|
|
|
|
3,492,189
|
|
6,825,359
|
|
|
|
16,935,347
|
|
Cost of
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail motor fuel cost
of sales
|
|
|
—
|
|
|
|
—
|
|
1,159,974
|
|
|
|
2,916,569
|
|
Wholesale motor fuel
cost of sales
|
|
|
4,419,004
|
|
|
|
3,429,169
|
|
4,962,227
|
|
|
|
11,486,480
|
|
Merchandise cost of
sales
|
|
|
—
|
|
|
|
—
|
|
320,282
|
|
|
|
1,068,933
|
|
Other
|
|
|
2,611
|
|
|
|
2,339
|
|
1,792
|
|
|
|
5,201
|
|
Total cost of
sales
|
|
|
4,421,615
|
|
|
|
3,431,508
|
|
6,444,275
|
|
|
|
15,477,183
|
|
Gross
profit
|
|
|
70,964
|
|
|
|
60,681
|
|
381,084
|
|
|
|
1,458,164
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
|
16,814
|
|
|
|
17,075
|
|
|
46,280
|
|
|
|
166,689
|
|
Other
operating
|
|
|
3,187
|
|
|
|
4,964
|
|
|
225,905
|
|
|
|
677,207
|
|
Rent
|
|
|
1,014
|
|
|
|
729
|
|
|
28,451
|
|
|
|
92,949
|
|
Loss (gain) on
disposal of assets and impairment charge
|
|
|
324
|
|
|
|
(39)
|
|
|
(394)
|
|
|
|
2,050
|
|
Depreciation,
amortization and accretion
|
|
|
8,687
|
|
|
|
10,457
|
|
|
60,335
|
|
|
|
201,019
|
|
Total operating
expenses
|
|
|
30,026
|
|
|
|
33,186
|
|
|
360,577
|
|
|
|
1,139,914
|
|
Income (loss) from
operations
|
|
|
40,938
|
|
|
|
27,495
|
|
|
20,507
|
|
|
|
318,250
|
|
Interest expense,
net
|
|
|
(3,471)
|
|
|
|
(4,767)
|
|
|
(10,935)
|
|
|
|
(87,575)
|
|
Income (loss) before
income taxes
|
|
|
37,467
|
|
|
|
22,728
|
|
|
9,572
|
|
|
|
230,675
|
|
Income tax
expense
|
|
|
(440)
|
|
|
|
(218)
|
|
|
(69,677)
|
|
|
|
(47,070)
|
|
Net income (loss)
and comprehensive income (loss)
|
|
|
37,027
|
|
|
|
22,510
|
|
|
(60,105)
|
|
|
|
183,605
|
|
Less: Net income and
comprehensive income attributable
to noncontrolling interest
|
|
|
—
|
|
|
|
—
|
|
|
1,043
|
|
|
|
53,783
|
|
Less: Preacquisition
income (loss) allocated to general partner
|
|
|
—
|
|
|
|
—
|
|
|
(95,381)
|
|
|
|
42,584
|
|
Net income and
comprehensive income attributable to partners
|
|
$
|
37,027
|
|
|
$
|
22,510
|
|
$
|
34,233
|
|
|
$
|
87,238
|
|
Net income per
limited partner unit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common - basic and
diluted
|
|
$
|
1.69
|
|
|
$
|
1.02
|
|
$
|
0.85
|
|
|
$
|
1.11
|
|
Subordinated - basic
and diluted
|
|
$
|
1.69
|
|
|
$
|
1.02
|
|
$
|
0.85
|
|
|
$
|
1.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
limited partner units outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common units - public
(basic)
|
|
|
10,884,950
|
|
|
|
10,944,309
|
|
|
20,493,065
|
|
|
|
24,550,388
|
|
Common units - public
(diluted)
|
|
|
10,906,794
|
|
|
|
10,969,437
|
|
|
20,499,447
|
|
|
|
24,572,126
|
|
Common units -
affiliated (basic and diluted)
|
|
|
79,308
|
|
|
|
79,308
|
|
|
79,308
|
|
|
|
15,703,525
|
|
Subordinated units -
affiliated (basic and diluted)
|
|
|
10,939,436
|
|
|
|
10,939,436
|
|
|
10,939,436
|
|
|
|
10,010,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash distribution
per unit
|
|
$
|
1.84
|
|
|
$
|
1.02
|
|
$
|
1.15
|
|
|
$
|
2.89
|
|
Key Operating Metrics
The following tables set forth key operating metrics as of and
for the periods indicated and have been derived from our audited
historical consolidated financial statements. For the year ended
December 31, 2014, we have combined the Predecessor Period and
the Successor Period and presented the unaudited financial data on
a combined basis for comparative purposes. This combination does
not comply with generally accepted accounting principles or the
rules for unaudited pro forma presentation, but is presented
because we believe it provides the most meaningful comparison of
our financial results. The impact from "push down" accounting
related to the ETP Merger resulted in a $4.1
million decrease in depreciation expense, offset by a
$3.9 million increase in amortization
expense.
The accompanying footnotes to the following four key operating
metrics tables can be found immediately preceeding our pro forma
results of operations table.
|
|
Year Ended
December 31,
|
|
|
2013
|
|
|
2014
|
|
|
2015
|
|
|
|
Total
|
|
|
Wholesale
(2)
|
|
|
Retail
(2)
|
|
|
Total
(1)
|
|
|
Wholesale
|
|
|
Retail
|
|
|
Total
|
|
|
|
(dollars and
gallons in thousands, except motor fuel pricing and gross profit
per gallon)
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail motor fuel
sales
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
1,298,804
|
|
|
$
|
1,298,804
|
|
$
|
—
|
|
|
$
|
3,247,545
|
|
|
$
|
3,247,545
|
|
|
Wholesale motor fuel
sales to third parties
|
|
|
1,502,786
|
|
|
5,510,837
|
|
|
|
—
|
|
|
|
5,510,837
|
|
|
10,104,193
|
|
|
|
—
|
|
|
|
10,104,193
|
|
|
Wholesale motor fuel
sales to affiliates
|
|
|
2,974,122
|
|
|
2,972,732
|
|
|
|
—
|
|
|
|
2,972,732
|
|
|
1,832,606
|
|
|
|
—
|
|
|
|
1,832,606
|
|
|
Merchandise
sales
|
|
|
—
|
|
|
—
|
|
|
|
472,604
|
|
|
|
472,604
|
|
|
—
|
|
|
|
1,595,674
|
|
|
|
1,595,674
|
|
|
Rental
income
|
|
|
10,060
|
|
|
26,459
|
|
|
|
6,873
|
|
|
|
33,332
|
|
|
51,599
|
|
|
|
20,131
|
|
|
|
71,730
|
|
|
Other
income
|
|
|
5,611
|
|
|
2,215
|
|
|
|
27,024
|
|
|
|
29,239
|
|
|
27,674
|
|
|
|
55,925
|
|
|
|
83,599
|
|
|
Total
revenues
|
|
$
|
4,492,579
|
|
$
|
8,512,243
|
|
|
$
|
1,805,305
|
|
|
$
|
10,317,548
|
|
$
|
12,016,072
|
|
|
$
|
4,919,275
|
|
|
$
|
16,935,347
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail motor
fuel
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
138,830
|
|
|
$
|
138,830
|
|
$
|
—
|
|
|
$
|
330,976
|
|
|
$
|
330,976
|
|
|
Wholesale motor
fuel
|
|
|
57,904
|
|
|
92,173
|
|
|
|
—
|
|
|
|
92,173
|
|
|
450,319
|
|
|
|
—
|
|
|
|
450,319
|
|
|
Merchandise
|
|
|
—
|
|
|
—
|
|
|
|
152,322
|
|
|
|
152,322
|
|
|
—
|
|
|
|
526,741
|
|
|
|
526,741
|
|
|
Rental and
other
|
|
|
13,060
|
|
|
34,002
|
|
|
|
24,438
|
|
|
|
58,440
|
|
|
74,339
|
|
|
|
75,789
|
|
|
|
150,128
|
|
|
Total gross
profit
|
|
$
|
70,964
|
|
$
|
126,175
|
|
|
$
|
315,590
|
|
|
$
|
441,765
|
|
$
|
524,658
|
|
|
$
|
933,506
|
|
|
$
|
1,458,164
|
|
|
Net income
attributable to limited
partners (6)
|
|
$
|
37,027
|
|
$
|
85,850
|
|
|
$
|
(29,107)
|
|
|
$
|
56,743
|
|
$
|
38,440
|
|
|
$
|
48,798
|
|
|
$
|
87,238
|
|
|
Adjusted
EBITDA attributable to partners
(6,7)
|
|
$
|
51,884
|
|
$
|
136,646
|
|
|
$
|
114,418
|
|
|
$
|
251,064
|
|
$
|
192,099
|
|
|
$
|
251,990
|
|
|
$
|
444,089
|
|
|
Distributable cash
flow attributable to partners, as
adjusted (6,7)
|
|
$
|
47,678
|
|
|
|
|
|
|
|
|
|
$
|
98,658
|
|
|
|
|
|
|
|
|
|
$
|
272,232
|
|
|
Operating
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total motor fuel
gallons sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
|
|
|
|
|
|
|
|
441,377
|
|
|
|
441,377
|
|
|
|
|
|
|
1,414,326
|
|
|
|
1,414,326
|
|
|
Wholesale
(3)
|
|
|
517,775
|
|
|
2,180,320
|
|
|
|
|
|
|
|
2,180,320
|
|
|
5,131,417
|
|
|
|
|
|
|
|
5,131,417
|
|
|
Wholesale contract
affiliated (4)
|
|
|
1,053,259
|
|
|
1,122,664
|
|
|
|
|
|
|
|
1,122,664
|
|
|
1,096,807
|
|
|
|
|
|
|
|
1,096,807
|
|
|
Motor fuel gross
profit cents per gallon
(5):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
|
|
|
|
|
|
|
|
35.2¢
|
|
|
|
35.2¢
|
|
|
|
|
|
|
23.9¢
|
|
|
|
23.9¢
|
|
|
Wholesale
(3)
|
|
5.1¢
|
|
|
10.6¢
|
|
|
|
|
|
|
|
10.6¢
|
|
|
9.4¢
|
|
|
|
|
|
|
|
9.4¢
|
|
|
Wholesale contract
affiliated (4)
|
|
3.0¢
|
|
|
3.3¢
|
|
|
|
|
|
|
|
3.3¢
|
|
|
4.0¢
|
|
|
|
|
|
|
|
4.0¢
|
|
|
Volume-weighted
average for all gallons
|
|
3.7¢
|
|
|
|
|
|
|
|
|
|
|
11.3¢
|
|
|
|
|
|
|
|
|
|
|
11.3¢
|
|
|
Retail merchandise
margin
|
|
|
|
|
|
|
|
|
|
32.2%
|
|
|
|
|
|
|
|
|
|
|
33.0%
|
|
|
|
|
|
|
|
|
|
|
|
The following table
presents a reconciliation of net income to EBITDA, Adjusted EBITDA
and distributable cash flow:
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
|
|
2013
|
|
|
2014
|
|
|
2015
|
|
|
|
Total
|
|
|
Wholesale
(2)
|
|
|
Retail
(2)
|
|
|
Total
(1)
|
|
Wholesale
|
|
|
Retail
|
|
|
Total
|
|
|
|
(in
thousands)
|
|
|
Net income (loss)
and comprehensive income
(loss)
|
|
$
|
37,027
|
|
|
$
|
(86,571)
|
|
|
$
|
48,976
|
|
|
$
|
(37,595)
|
|
|
$
|
134,333
|
|
|
$
|
49,272
|
|
|
$
|
183,605
|
|
Depreciation,
amortization, and
accretion
|
|
|
8,687
|
|
|
34,971
|
|
|
|
35,821
|
|
|
|
70,792
|
|
|
67,780
|
|
|
|
133,239
|
|
|
|
201,019
|
|
Interest expense,
net
|
|
|
3,471
|
|
|
7,362
|
|
|
|
8,340
|
|
|
|
15,702
|
|
|
54,296
|
|
|
|
33,279
|
|
|
|
87,575
|
|
Income tax
expense
|
|
|
440
|
|
|
67,978
|
|
|
|
1,917
|
|
|
|
69,895
|
|
|
4,321
|
|
|
|
42,749
|
|
|
|
47,070
|
|
EBITDA
|
|
|
49,625
|
|
|
23,740
|
|
|
|
95,054
|
|
|
|
118,794
|
|
|
260,730
|
|
|
|
258,539
|
|
|
|
519,269
|
|
Non-cash compensation
expense
|
|
|
1,935
|
|
|
5,119
|
|
|
|
3,798
|
|
|
|
8,917
|
|
|
4,016
|
|
|
|
1,687
|
|
|
|
5,703
|
|
Loss (gain) on
disposal of assets &
impairment charge
|
|
|
324
|
|
|
(309)
|
|
|
|
(124)
|
|
|
|
(433)
|
|
|
1,440
|
|
|
|
610
|
|
|
|
2,050
|
|
Unrealized (gains)
losses on commodity
derivatives
|
|
|
—
|
|
|
(1,166)
|
|
|
|
—
|
|
|
|
(1,166)
|
|
|
1,848
|
|
|
|
—
|
|
|
|
1,848
|
|
Inventory fair value
adjustments (9)
|
|
|
—
|
|
|
176,710
|
|
|
|
16,733
|
|
|
|
193,443
|
|
|
77,849
|
|
|
|
6,981
|
|
|
|
84,830
|
|
Adjusted
EBITDA
|
|
|
51,884
|
|
|
204,094
|
|
|
|
115,461
|
|
|
|
319,555
|
|
|
345,883
|
|
|
|
267,817
|
|
|
|
613,700
|
|
Adjusted EBITDA
attributable to noncontrolling
interest
|
|
|
—
|
|
|
67,448
|
|
|
|
1,043
|
|
|
|
68,491
|
|
|
153,783
|
|
|
|
15,827
|
|
|
|
169,610
|
|
Adjusted EBITDA
attributable to
partners
|
|
|
51,884
|
|
|
136,646
|
|
|
|
114,418
|
|
|
|
251,064
|
|
|
192,100
|
|
|
|
251,990
|
|
|
|
444,090
|
|
Cash interest expense
(8)
|
|
|
3,090
|
|
|
|
|
|
|
|
|
|
|
12,029
|
|
|
|
|
|
|
|
|
|
|
76,213
|
|
Income tax expense
(current)
|
|
|
302
|
|
|
|
|
|
|
|
|
|
|
3,275
|
|
|
|
|
|
|
|
|
|
|
(18,353
|
|
Maintenance capital
expenditures
|
|
|
814
|
|
|
|
|
|
|
|
|
|
|
5,196
|
|
|
|
|
|
|
|
|
|
|
34,559
|
|
Preacquisition
earnings
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
138,076
|
|
|
|
|
|
|
|
|
|
|
85,556
|
|
Distributable cash
flow attributable to
partners
|
|
$
|
47,678
|
|
|
|
|
|
|
|
|
|
$
|
92,488
|
|
|
|
|
|
|
|
|
|
$
|
266,115
|
|
Transaction-related
expenses
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
6,170
|
|
|
|
|
|
|
|
|
|
|
6,118
|
|
Distributable cash
flow attributable to
partners, as adjusted
|
|
$
|
47,678
|
|
|
|
|
|
|
|
|
|
$
|
98,658
|
|
|
|
|
|
|
|
|
|
$
|
272,233
|
|
The following tables set forth key operating metrics as of and
for the periods indicated and have been derived from our audited
historical consolidated financial statements. For the three months
ended December 31, 2014, the figures represent as previously
reported results and do not reflect retrospective adjustments for
the Sunoco LLC and Susser Holdings acquisitions which were
accounted for as transactions between entities under common
control.
|
|
Three Months Ended
December 31,
|
|
|
|
|
2014
|
|
|
2015
|
|
|
|
|
Total
(10)
|
|
|
Wholesale
|
|
|
Retail
|
|
|
Total
|
|
|
|
|
(dollars and
gallons in thousands, except motor fuel pricing and gross profit
per gallon)
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail motor fuel
sales
|
|
$
|
168,000
|
|
|
$
|
—
|
|
|
$
|
709,050
|
|
|
$
|
709,050
|
|
|
Wholesale motor fuel
sales to third parties
|
|
|
500,215
|
|
|
|
2,082,452
|
|
|
|
—
|
|
|
|
2,082,452
|
|
|
Wholesale motor fuel
sales to affiliates
|
|
|
617,732
|
|
|
|
441,460
|
|
|
|
—
|
|
|
|
441,460
|
|
|
Merchandise
sales
|
|
|
39,277
|
|
|
|
—
|
|
|
|
400,367
|
|
|
|
400,367
|
|
|
Rental
income
|
|
|
|
|
|
|
17,273
|
|
|
|
256
|
|
|
|
17,529
|
|
|
Other
income
|
|
|
16,398
|
|
|
|
9,796
|
|
|
|
13,972
|
|
|
|
23,768
|
|
|
Total
revenues
|
|
$
|
1,341,622
|
|
|
$
|
2,550,981
|
|
|
$
|
1,123,645
|
|
|
$
|
3,674,626
|
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail motor
fuel
|
|
$
|
24,786
|
|
|
$
|
—
|
|
|
$
|
74,174
|
|
|
$
|
74,174
|
|
|
Wholesale motor
fuel
|
|
|
42,783
|
|
|
|
86,539
|
|
|
|
—
|
|
|
|
86,539
|
|
|
Merchandise
|
|
|
10,213
|
|
|
|
—
|
|
|
|
132,665
|
|
|
|
132,665
|
|
|
Rental and
other
|
|
|
15,402
|
|
|
|
25,750
|
|
|
|
14,090
|
|
|
|
39,840
|
|
|
Total gross
profit
|
|
$
|
93,184
|
|
|
$
|
112,289
|
|
|
$
|
220,929
|
|
|
$
|
333,218
|
|
|
Net income
attributable to limited
partners (6)
|
|
$
|
30,111
|
|
|
$
|
418
|
|
|
$
|
7,337
|
|
|
$
|
7,755
|
|
|
Adjusted
EBITDA attributable to partners
(6,7,11)
|
|
$
|
65,486
|
|
|
$
|
57,924
|
|
|
$
|
54,252
|
|
|
$
|
112,176
|
|
|
Distributable cash
flow attributable to partners, as
adjusted (6,7)
|
|
$
|
51,114
|
|
|
|
|
|
|
|
|
|
|
$
|
90,109
|
|
|
Operating
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total motor fuel
gallons sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
|
60,247
|
|
|
|
|
|
|
|
354,028
|
|
|
|
354,028
|
|
|
Wholesale
(3)
|
|
|
241,516
|
|
|
|
1,241,019
|
|
|
|
|
|
|
|
1,241,019
|
|
|
Wholesale contract
affiliated (4)
|
|
|
304,872
|
|
|
|
266,006
|
|
|
|
|
|
|
|
266,006
|
|
|
Motor fuel gross
profit cents per gallon
(5):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
44.5¢
|
|
|
|
|
|
|
|
22.4¢
|
|
|
|
22.4¢
|
|
|
Wholesale
(3)
|
|
17.6¢
|
|
|
|
9.8¢
|
|
|
|
|
|
|
|
9.8¢
|
|
|
Wholesale contract
affiliated (4)
|
|
3.0¢
|
|
|
|
4.0¢
|
|
|
|
|
|
|
|
4.0¢
|
|
|
Volume-weighted
average for all gallons
|
|
13.0¢
|
|
|
|
|
|
|
|
|
|
|
|
11.4¢
|
|
|
Retail merchandise
margin
|
|
|
26.0%
|
|
|
|
|
|
|
|
33.1%
|
|
|
|
|
|
|
|
|
|
|
|
The following table
presents a reconciliation of net income to EBITDA, Adjusted EBITDA
and distributable cash flow:
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
2014
|
|
|
2015
|
|
|
|
|
Total
(10)
|
|
|
Wholesale
|
|
|
Retail
|
|
|
Total
|
|
|
|
|
(in
thousands)
|
|
|
Net income (loss)
and comprehensive income
(loss)
|
|
$
|
30,893
|
|
|
$
|
3,142
|
|
|
$
|
8,608
|
|
|
$
|
11,750
|
|
|
Depreciation,
amortization, and
accretion
|
|
|
12,502
|
|
|
|
20,017
|
|
|
|
36,875
|
|
|
|
56,892
|
|
|
Interest expense,
net
|
|
|
6,636
|
|
|
|
23,073
|
|
|
|
6,810
|
|
|
|
29,883
|
|
|
Income tax
expense
|
|
|
2,114
|
|
|
|
3,349
|
|
|
|
65
|
|
|
|
3,414
|
|
|
EBITDA
|
|
|
52,145
|
|
|
|
49,581
|
|
|
|
52,358
|
|
|
|
101,939
|
|
|
Non-cash compensation
expense
|
|
|
778
|
|
|
|
1,654
|
|
|
|
520
|
|
|
|
2,714
|
|
|
Loss (gain) on
disposal of assets &
impairment charge
|
|
|
2,670
|
|
|
|
371
|
|
|
|
148
|
|
|
|
519
|
|
|
Unrealized (gains)
losses on commodity
derivatives
|
|
|
(1,226)
|
|
|
|
(1,078)
|
|
|
|
—
|
|
|
|
(1,078)
|
|
|
Inventory fair value
adjustments (9)
|
|
|
11,119
|
|
|
|
45,344
|
|
|
|
5,205
|
|
|
|
50,549
|
|
|
Adjusted
EBITDA
|
|
|
65,486
|
|
|
|
95,872
|
|
|
|
58,231
|
|
|
|
154,103
|
|
|
Adjusted EBITDA
attributable to noncontrolling
interest
|
|
|
—
|
|
|
|
37,948
|
|
|
|
3,979
|
|
|
|
41,927
|
|
|
Adjusted EBITDA
attributable to
partners
|
|
|
65,486
|
|
|
|
57,924
|
|
|
|
54,252
|
|
|
|
112,176
|
|
|
Cash interest expense
(8)
|
|
|
6,255
|
|
|
|
|
|
|
|
|
|
|
|
26,577
|
|
|
Income tax expense
(current)
|
|
|
3,003
|
|
|
|
|
|
|
|
|
|
|
|
(18,763)
|
|
|
Maintenance capital
expenditures
|
|
|
4,332
|
|
|
|
|
|
|
|
|
|
|
|
15,929
|
|
|
Preacquisition
earnings (11)
|
|
|
782
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
Distributable cash
flow attributable to
partners
|
|
$
|
51,114
|
|
|
|
|
|
|
|
|
|
|
$
|
88,433
|
|
|
Transaction-related
expenses
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
1,676
|
|
|
Distributable cash
flow attributable to
partners, as adjusted
|
|
$
|
51,114
|
|
|
|
|
|
|
|
|
|
|
$
|
90,109
|
|
|
|
|
(1)
|
Reflects combined
results of the Predecessor Period from January 1, 2014 through
August 31, 2014, and the Successor Period from September 1, 2014 to
December 31, 2014. The impact in the Successor Period from "push
down" accounting related to the ETP Merger resulted in a $4.1
million decrease in depreciation expense, offset by a $3.9 million
increase in amortization expense.
|
|
|
(2)
|
Reflects MACS and
Sunoco LLC wholesale operations and MACS and Susser retail
operations, beginning September 1, 2014.
|
|
|
(3)
|
Reflects all
wholesale transactions excluding those pursuant to the Susser
Distribution Contract for January 1, 2014 through
August 31, 2014 and the Sunoco Inc. Distribution Contract
for all periods presented at set margins as dictated by the
agreements.
|
|
|
(4)
|
Reflects transactions
pursuant to the Susser and Sunoco Inc. Distribution Contracts at
set margins as dictated by agreements. Susser Distribution Contract
included during predecessor period only.
|
|
|
(5)
|
Excludes the impact
of inventory fair value adjustments consistent with the definition
of Adjusted EBITDA.
|
|
|
(6)
|
Excludes the
noncontrolling interest results of operations related to our
consolidated variable interest entities ("VIEs") and Sunoco
LLC.
|
|
|
(7)
|
We define EBITDA as
net income before net interest expense, income tax expense and
depreciation, amortization and accretion expense. Adjusted EBITDA
further adjusts EBITDA to reflect certain other non-recurring and
non-cash items. Effective September 1, 2014, as a result of the ETP
Merger and to conform the method by which we measure our business
to that of ETP's operations, we define Adjusted EBITDA to also
include adjustments for unrealized gains and losses on commodity
derivatives and inventory fair value adjustments. We define
distributable cash flow as Adjusted EBITDA less cash interest
expense, including the accrual of interest expense related to our
2020 and 2023 Senior Notes that is paid on a semi-annual basis,
current income tax expense, maintenance capital expenditures, and
other non-cash adjustments.
|
|
|
|
Further adjustments
are made to distributable cash flow for certain transaction-related
and non-recurring expenses that are included in net
income.
|
|
|
|
We believe EBITDA,
Adjusted EBITDA and distributable cash flow 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 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.
|
|
|
|
EBITDA, Adjusted
EBITDA and distributable cash flow are not recognized terms under
GAAP and do not purport to be alternatives to net income (loss) as
measures of operating performance or to cash flows from operating
activities as a measure of liquidity. EBITDA, Adjusted EBITDA and
distributable cash flow 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 term loan;
|
|
|
|
• although depreciation and amortization are
non-cash charges, the assets being depreciated and amortized will
often have to be replaced in the future, and EBITDA and Adjusted
EBITDA do not reflect cash requirements for such replacements;
and
|
|
|
|
as not all companies
use identical calculations, our presentation of EBITDA, Adjusted
EBITDA and distributable cash flow may not be comparable to
similarly titled measures of other companies.
|
|
|
(8)
|
Reflects the
partnership's cash interest paid less the cash interest paid on our
VIE debt of $9.1 million and $2.1 million during the year ended
December 31, 2015, and the three months ended December 31, 2015,
respectively.
|
|
|
(9)
|
Due to the change in
fuel prices, we recorded a $193.4 million, $84.8 million, $11.1
million and $50.5 million write-down of the value of fuel inventory
during the years ended December 31, 2014 and 2015 and the three
months ended December 31, 2014 and 2015, respectively.
|
|
|
(10)
|
For the three months
ended December 31, 2014, the figures represent as previously
reported results and do not reflect retrospective adjustments for
the Sunoco LLC and Susser Holdings acquisitions which were
accounted for as transactions between entities under common
control. Additionally, we began presenting key operating
metrics by segment beginning as of January 1, 2015.
|
|
|
(11)
|
Beginning on January
1, 2015, we present Adjusted EBITDA attributable to partners.
Previously the impact of noncontrolling interest was adjusted to
DCF.
|
Pro Forma Results of Operations
We have provided below certain supplemental pro forma
information for the year ended December 31,
2015. The pro forma information gives effect to the 68.42%
noncontrolling interest in Sunoco LLC. Pursuant to our 31.58%
membership interest in Sunoco LLC, the Partnership's pro forma
information reflects only that equity interest in Sunoco LLC and
excludes the 68.42% noncontrolling interest in Sunoco LLC.
Management believes the pro forma presentation is useful to
investors because it provides investors comparable operating data
to support our Adjusted EBITDA and distributable cash flow
attributable to partners.
|
|
Three Months
ended
December 31,
2015
|
|
|
Year
ended
December 31,
2015
|
|
|
|
Pro
Forma
|
|
|
|
(unaudited)
|
|
|
|
(in thousands
except gross profit per gallon)
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
Retail gross
profit
|
|
$
|
74,174
|
|
|
$
|
330,976
|
|
Wholesale gross
profit
|
|
|
52,332
|
|
|
|
255,181
|
|
Total fuel gross
profit
|
|
$
|
126,506
|
|
|
$
|
586,157
|
|
Operating
Data:
|
|
|
|
|
|
|
|
|
Motor fuel gallons
sold:
|
|
|
|
|
|
|
|
|
Retail
|
|
|
354,028
|
|
|
|
1,414,326
|
|
Wholesale
|
|
|
567,746
|
|
|
|
2,356,325
|
|
Wholesale contract
affiliated
|
|
|
84,005
|
|
|
|
346,372
|
|
Total fuel
gallons
|
|
|
1,005,779
|
|
|
|
4,117,023
|
|
Motor fuel gross
profit cents per gallon (1):
|
|
|
|
|
|
|
|
|
Retail
|
|
22.4¢
|
|
|
23.9¢
|
|
Wholesale
|
|
12.1¢
|
|
|
11.5¢
|
|
Wholesale contract
affiliated
|
|
4.0¢
|
|
|
4.0¢
|
|
Volume-weighted
average for all gallons
|
|
15.1¢
|
|
|
15.1¢
|
|
|
|
(1)
|
Excludes impact of
inventory fair value adjustments consistent with the definition of
Adjusted EBITDA.
|
Capital Spending
SUN's gross capital expenditures, excluding the non-controlling
interest, for the fourth quarter were $107.2
million, which included $91.3
million for growth capital and $15.9
million for maintenance capital. For the full year,
SUN invested $232.7 million in growth
capital and $34.6 million for
maintenance capital. $56.9 million of
growth capital was invested in new-to-industry Stripes stores
opened between August 1 and December 31,
2015.
We currently expect capital spending for the full year 2016,
excluding acquisitions, to be within the following ranges ($ in
millions):
Growth
|
Maintenance
|
|
|
|
|
Low
|
High
|
Low
|
High
|
|
|
|
|
$390
|
$420
|
$100
|
$110
|
Growth capital spending includes the construction of 35 to 40
new-to-industry sites that SUN anticipates building in 2016.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sunoco-lp-announces-4q-and-full-year-2015-financial-and-operating-results-300225973.html
SOURCE Sunoco LP