HOUSTON, May 5, 2016 /PRNewswire/ -- Sunoco LP (NYSE:
SUN) ("SUN" or the "Partnership") today announced financial and
operating results for the three-month period ended March 31, 2016.
Adjusted EBITDA (1) for the quarter totaled
$158.9 million, compared with
$128.2 million in the first quarter
of 2015. The favorable year-over-year comparison primarily
reflects stronger retail and wholesale fuel margins as well as
increased merchandise sales and merchandise margins. A
full quarter's contribution from the Partnership's acquisition of
the remaining 68.42 percent interest in Sunoco, LLC and the retail
marketing assets from Energy Transfer Partners, L.P. (NYSE: ETP) is
included in the first quarter results and the comparable period
from the prior year. Comparable period results from the prior
year also include a full quarter's contribution from the
July 2015 Susser Holdings Corporation
and April 2015 Sunoco, LLC
dropdowns.
Distributable cash flow attributable to partners(1),
as adjusted, was $111.5 million,
compared to $30.5 million a year
earlier, and distributable cash flow per common unit was
$1.17.
Revenue was $3.2 billion, a
decrease of 25.6 percent, compared to $4.3
billion in the first quarter of 2015. The decrease was the
result of a 60-cent per-gallon
decrease in the average selling price of fuel as well as a 2.4%
decrease in total gallons sold.
Total gross profit was $498.7
million, compared to $441.1
million in the first quarter of 2015. Key drivers of
the increase were higher fuel margins, an increase in merchandise
gross margin as well as the impact of acquisitions made and
new-to-industry sites opened during 2015.
Income from operations was $91.8
million, versus $65.3 million
in the first quarter of 2015, reflecting an increase in gross
profit partly offset by increases in operating and depreciation
expenses.
Net income was $62.0 million, or
$0.47 per diluted unit, versus
$49.3 million, or $0.44 per diluted unit, in the first quarter of
2015, reflecting an increase in operating income partly offset by
an increase in interest expense.
On a weighted-average basis, fuel margin for all gallons sold in
the first quarter increased to 14.7
cents per gallon, compared to 12.4
cents per gallon in the first quarter of 2015. The
increase was primarily attributable to favorable margins in supply
and trading activity partly offset by rapidly rising refined
product costs experienced toward the end of the first quarter.
Adjusted EBITDA for the wholesale segment was $102.2 million in the first quarter of 2016
versus $82.0 million in the first
quarter of 2015. Total wholesale gallons sold in the first
quarter were 1,232.6 million, compared with 1,296.6 million in the
first quarter of 2015, a decrease of 4.9 percent. This
includes gallons sold to consignment stores and third-party
customers, including independent dealers, fuel distributors and
commercial customers. The Partnership earned 11.4 cents per gallon on these volumes, compared
to 9.6 cents per gallon a year
earlier.
Adjusted EBITDA for the retail segment was $56.7 million in the first quarter of 2016 versus
$46.2 million in the first quarter of
last year. Total retail gallons sold increased by 3.2 percent
to 608.1 million gallons as a result of acquisitions made and
new-to-industry sites opened during 2015. The Partnership earned
21.3 cents per gallon on these
volumes, compared to 18.6 cents per
gallon a year earlier.
Merchandise sales in the first quarter increased by 8.5 percent
from a year ago to $524.1 million,
reflecting acquisitions made and new-to-industry sites opened
during 2015. Merchandise sales contributed $166.4 million of gross profit from a retail
merchandise margin of 31.7 percent.
Same store merchandise sales increased by 2.8 percent,
reflecting strong performance across all of SUN's convenience store
operations, while same store fuel sales declined 1.0 percent, as a
result of inclement weather on the East Coast and lower
year-over-year activity in oil producing regions in South and West
Texas. In these oil producing regions, same store merchandise
sales decreased by 13.3 percent, and same store fuel sales declined
16.0 percent. Excluding these oil producing regions, same
store sales increased by 5.9 percent and same store fuel sales
increased by 1.1 percent. Both same store merchandise sales
and same store fuel sales benefited from a leap day in the first
quarter by approximately 1.1 percent.
As of March 31, SUN operated
approximately 1,315 convenience stores and retail fuel outlets
along the East Coast, in the Southwest and in Hawaii. Third party operated locations totaled
5,525 locations.
SUN's other recent accomplishments include the following:
- The completion of the final dropdown, which included the
remaining 68.42% interest in Sunoco, LLC and the retail marketing
assets from ETP for approximately $2.2
billion in cash, including working capital adjustments, and
the issuance to ETP of 5,710,922 SUN common units valued at
approximately $194.0 million. The
transaction closed on March 31, 2016.
In connection with the closing of the acquisition SUN:
- Entered into a $2.035 billion
senior secured term loan facility to fund a portion of the cash
consideration for the acquisition; and
- Completed its previously announced sale of 2,263,158 SUN common
units to Energy Transfer Equity, L.P. (NYSE: ETE) and received
$64.5 million in proceeds which were
used to repay borrowings under SUN's revolving credit
facility.
- On April 4, SUN issued
$800.0 million of 6.25% Senior Notes
due 2021 through an upsized private offering that raised proceeds,
net of underwriter fees and expenses, of $789.4 million. The notes proceeds were used to
repay outstanding borrowings under its senior secured term loan
facility.
SUN's segment results and other supplementary data are provided
after the financial tables below.
Distribution Increase
On April 25, the Board of
Directors of SUN's general partner declared a distribution for the
first quarter of 2016 of $0.8173 per
unit, which corresponds to $3.2692
per unit on an annualized basis. This represents a 2.0
percent increase compared to the distribution for the fourth
quarter of 2015 and a 26.7 percent increase compared with the first
quarter of 2015. This is the Partnership's 12th consecutive
quarterly increase. The distribution will be paid on May 16 to unitholders of record on May 6.
SUN achieved a 1.14 times distribution coverage ratio for the
first quarter. The distribution coverage ratio on a trailing
12-month basis was 1.30 times.
Liquidity
At March 31, SUN had borrowings
against its revolving line of credit of $675.0 million and other long-term debt of
$3.6 billion. Availability on
the revolving credit facility after borrowings and letters of
credit commitments was $802.7
million. Net debt to Adjusted EBITDA, pro forma for
acquisitions, was 5.4 times at quarter 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, May 5, at 9:00
a.m. CT (10:00 a.m. ET) to
discuss first quarter 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.
Sunoco LP (NYSE: SUN) is a master limited partnership
that operates approximately 1,300 retail fuel sites and convenience
stores (including APlus, Stripes, Aloha Island Mart and Tigermarket
brands) and distributes motor fuel to convenience stores,
independent dealers, commercial customers and distributors located
in 30 states at approximately 6,800 sites. Our parent -- Energy
Transfer Equity, L.P. (NYSE: ETE) -- owns Sunoco's general partner
and incentive distribution rights. 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, Senior Director – Investor Relations and
Treasury
(361) 884-2463, scott.grischow@sunoco.com
Patrick Graham, Senior Analyst –
Investor Relations and Finance
(610) 833-3776, patrick.graham@sunoco.com
Dennard-Lascar Associates
Anne Pearson
(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
|
|
(in thousands,
except units)
|
|
(unaudited)
|
|
|
|
March 31,
2016
|
|
|
December 31,
2015
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
76,529
|
|
|
$
|
72,627
|
|
|
Advances to
affiliates
|
|
|
386,327
|
|
|
|
365,536
|
|
|
Accounts receivable,
net
|
|
|
317,568
|
|
|
|
308,285
|
|
|
Receivables from
affiliates
|
|
|
1,565
|
|
|
|
8,074
|
|
|
Inventories,
net
|
|
|
344,459
|
|
|
|
467,291
|
|
|
Other current
assets
|
|
|
70,807
|
|
|
|
46,080
|
|
|
Total current
assets
|
|
|
1,197,255
|
|
|
|
1,267,893
|
|
|
Property and
equipment, net
|
|
|
3,161,953
|
|
|
|
3,154,826
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
3,109,258
|
|
|
|
3,111,262
|
|
|
Intangible assets,
net
|
|
|
1,271,488
|
|
|
|
1,259,440
|
|
|
Other noncurrent
assets
|
|
|
62,688
|
|
|
|
48,398
|
|
|
Total
assets
|
|
$
|
8,802,642
|
|
|
$
|
8,841,819
|
|
|
Liabilities and
equity
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
393,776
|
|
|
$
|
433,988
|
|
|
Accounts payable to
affiliates
|
|
|
11,031
|
|
|
|
14,988
|
|
|
Accrued expenses and
other current liabilities
|
|
|
261,617
|
|
|
|
307,939
|
|
|
Current maturities of
long-term debt
|
|
|
4,824
|
|
|
|
5,084
|
|
|
Total current
liabilities
|
|
|
671,248
|
|
|
|
761,999
|
|
|
Revolving line of
credit
|
|
|
675,000
|
|
|
|
450,000
|
|
|
Long-term debt,
net
|
|
|
3,517,912
|
|
|
|
1,502,531
|
|
|
Deferred tax
liability
|
|
|
684,082
|
|
|
|
694,383
|
|
|
Other noncurrent
liabilities
|
|
|
170,806
|
|
|
|
170,169
|
|
|
Total
liabilities
|
|
|
5,719,048
|
|
|
|
3,579,082
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
Partners'
capital:
|
|
|
|
|
|
|
|
|
|
Limited partner
interest:
|
|
|
|
|
|
|
|
|
|
Common unitholders -
public (49,588,960 units
issued and outstanding as of March 31, 2016 and December 31, 2015)
|
|
|
1,764,698
|
|
|
|
1,768,890
|
|
|
Common unitholders -
affiliated (45,750,826 units
issued and outstanding as of March 31, 2016 and 37,776,746 units issued and outstanding as of
December 31, 2015)
|
|
|
1,318,896
|
|
|
|
1,305,350
|
|
|
Class A unitholders -
held by subsidiary (no units
issued and outstanding as of March 31, 2016 and 11,018,744 units issued and outstanding as of
December 31, 2015)
|
|
|
—
|
|
|
|
—
|
|
|
Class C unitholders -
held by subsidiary (16,410,780
units issued and outstanding as of March 31, 2016 and
no units issued and outstanding as of
December 31, 2015)
|
|
|
—
|
|
|
|
—
|
|
|
Total partners'
capital
|
|
|
3,083,594
|
|
|
|
3,074,240
|
|
|
Predecessor
equity
|
|
|
—
|
|
|
|
2,188,497
|
|
|
Total
equity
|
|
|
3,083,594
|
|
|
|
5,262,737
|
|
|
Total liabilities and
equity
|
|
$
|
8,802,642
|
|
|
$
|
8,841,819
|
|
|
SUNOCO
LP
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
|
|
(in thousands,
except unit and per unit amounts)
|
|
(unaudited)
|
|
|
|
For the Three
Months Ended March 31,
|
|
|
|
2016
|
|
|
2015
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
Retail motor fuel
sales
|
|
$
|
1,115,715
|
|
|
$
|
1,367,656
|
|
|
Wholesale motor fuel
sales to third parties
|
|
|
1,495,874
|
|
|
|
2,436,502
|
|
|
Wholesale motor fuel
sales to affiliates
|
|
|
7,129
|
|
|
|
644
|
|
|
Merchandise
sales
|
|
|
524,094
|
|
|
|
483,123
|
|
|
Rental
income
|
|
|
22,124
|
|
|
|
19,782
|
|
|
Other
|
|
|
37,377
|
|
|
|
34,681
|
|
|
Total
revenues
|
|
|
3,202,313
|
|
|
|
4,342,388
|
|
|
Cost of
sales
|
|
|
|
|
|
|
|
|
|
Retail motor fuel cost
of sales
|
|
|
984,442
|
|
|
|
1,258,550
|
|
|
Wholesale motor fuel
cost of sales
|
|
|
1,351,844
|
|
|
|
2,306,165
|
|
|
Merchandise cost of
sales
|
|
|
357,715
|
|
|
|
334,922
|
|
|
Other
|
|
|
9,569
|
|
|
|
1,659
|
|
|
Total cost of
sales
|
|
|
2,703,570
|
|
|
|
3,901,296
|
|
|
Gross
profit
|
|
|
498,743
|
|
|
|
441,092
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
|
45,191
|
|
|
|
44,934
|
|
|
Other
operating
|
|
|
249,005
|
|
|
|
230,774
|
|
|
Rent
|
|
|
33,457
|
|
|
|
33,326
|
|
|
Loss (gain) on
disposal of assets
|
|
|
1,214
|
|
|
|
(31)
|
|
|
Depreciation,
amortization and accretion
|
|
|
78,066
|
|
|
|
66,743
|
|
|
Total operating
expenses
|
|
|
406,933
|
|
|
|
375,746
|
|
|
Income from
operations
|
|
|
91,810
|
|
|
|
65,346
|
|
|
Interest expense,
net
|
|
|
27,689
|
|
|
|
7,977
|
|
|
Income before income
taxes
|
|
|
64,121
|
|
|
|
57,369
|
|
|
Income tax
expense
|
|
|
2,112
|
|
|
|
8,063
|
|
|
Net income and
comprehensive income
|
|
|
62,009
|
|
|
|
49,306
|
|
|
Less: Net income and
comprehensive income attributable to noncontrolling
interest
|
|
|
—
|
|
|
|
846
|
|
|
Less: Preacquisition
income allocated to general partner
|
|
|
—
|
|
|
|
31,388
|
|
|
Net income and
comprehensive income attributable to partners
|
|
$
|
62,009
|
|
|
$
|
17,072
|
|
|
Net income per
limited partner unit:
|
|
|
|
|
|
|
|
|
|
Common (basic and
diluted)
|
|
$
|
0.47
|
|
|
$
|
0.44
|
|
|
Subordinated (basic
and diluted)
|
|
$
|
—
|
|
|
$
|
0.44
|
|
|
Weighted average
limited partner units outstanding:
|
|
|
|
|
|
|
|
|
|
Common units - public
(basic)
|
|
|
49,588,960
|
|
|
|
20,036,329
|
|
|
Common units - public
(diluted)
|
|
|
49,610,314
|
|
|
|
20,074,000
|
|
|
Common units -
affiliated (basic and diluted)
|
|
|
37,864,373
|
|
|
|
4,062,848
|
|
|
Subordinated units -
affiliated
|
|
|
—
|
|
|
|
10,939,436
|
|
|
Cash distribution
per unit
|
|
$
|
0.82
|
|
|
$
|
0.65
|
|
Key Operating Metrics
The following information is intended to provide investors with
a reasonable basis for assessing our historical operations but
should not serve as the only criteria for predicting our future
performance. We operate our business in two primary operating
divisions, wholesale and retail, both of which are included as
reportable segments.
Key operating metrics set forth below are presented as of and
for the three months ended March 31, 2016 and 2015 and
have been derived from our historical consolidated financial
statements.
The following table sets forth, for the periods indicated,
information concerning key measures we rely on to gauge our
operating performance (in thousands, except gross profit per
gallon):
|
|
For the Three
Months Ended March 31,
|
|
|
2016
|
2015
|
|
|
Wholesale
|
|
Retail
|
|
Total
|
Wholesale
|
|
Retail
|
|
Total
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail motor fuel
sales
|
|
$
|
—
|
|
$
|
1,115,715
|
|
$
|
1,115,715
|
$
|
—
|
|
$
|
1,367,656
|
|
$
|
1,367,656
|
|
Wholesale motor fuel
sales to third parties
|
|
|
1,495,874
|
|
|
—
|
|
|
1,495,874
|
|
2,436,502
|
|
|
—
|
|
|
2,436,502
|
|
Wholesale motor fuel
sales to affiliates
|
|
|
7,129
|
|
|
—
|
|
|
7,129
|
|
644
|
|
|
—
|
|
|
644
|
|
Merchandise
sales
|
|
|
—
|
|
|
524,094
|
|
|
524,094
|
|
—
|
|
|
483,123
|
|
|
483,123
|
|
Rental
income
|
|
|
18,720
|
|
|
3,404
|
|
|
22,124
|
|
11,509
|
|
|
8,273
|
|
|
19,782
|
|
Other
income
|
|
|
5,941
|
|
|
31,436
|
|
|
37,377
|
|
5,612
|
|
|
29,069
|
|
|
34,681
|
|
Total
revenue
|
|
$
|
1,527,664
|
|
$
|
1,674,649
|
|
$
|
3,202,313
|
$
|
2,454,267
|
|
$
|
1,888,121
|
|
$
|
4,342,388
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail motor
fuel
|
|
$
|
—
|
|
$
|
131,273
|
|
$
|
131,273
|
$
|
—
|
|
$
|
109,106
|
|
$
|
109,106
|
|
Wholesale motor
fuel
|
|
|
151,159
|
|
|
—
|
|
|
151,159
|
|
130,981
|
|
|
—
|
|
|
130,981
|
|
Merchandise
|
|
|
—
|
|
|
166,379
|
|
|
166,379
|
|
—
|
|
|
148,201
|
|
|
148,201
|
|
Rental and
other
|
|
|
23,367
|
|
|
26,565
|
|
|
49,932
|
|
15,565
|
|
|
37,239
|
|
|
52,804
|
|
Total gross
profit
|
|
$
|
174,526
|
|
$
|
324,217
|
|
$
|
498,743
|
$
|
146,546
|
|
$
|
294,546
|
|
$
|
441,092
|
|
Net income (loss)
and comprehensive income (loss) attributable to
partners
|
|
$
|
86,019
|
|
$
|
(24,010)
|
|
$
|
62,009
|
$
|
41,584
|
|
$
|
(24,512)
|
|
$
|
17,072
|
|
Adjusted EBITDA
attributable to partners (2)
|
|
$
|
102,228
|
|
$
|
56,659
|
|
$
|
158,887
|
$
|
82,008
|
|
$
|
45,309
|
|
$
|
127,317
|
|
Distributable cash
flow attributable to partners, as adjusted (2)
|
|
|
|
|
|
|
|
$
|
111,520
|
|
|
|
|
|
|
$
|
30,454
|
|
Operating
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total motor fuel
gallons sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
|
|
|
|
608,141
|
|
|
608,141
|
|
|
|
|
589,096
|
|
|
589,096
|
|
Wholesale
|
|
|
1,232,599
|
|
|
|
|
|
1,232,599
|
|
1,296,575
|
|
|
|
|
|
1,296,575
|
|
Motor fuel gross
profit (cents per gallon) (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
|
|
|
21.3¢
|
|
|
|
|
|
|
18.6¢
|
|
|
|
|
Wholesale
|
|
11.4¢
|
|
|
|
|
|
|
9.6¢
|
|
|
|
|
|
|
|
Volume-weighted
average for all gallons
|
|
|
|
|
|
|
|
14.7¢
|
|
|
|
|
|
|
12.4¢
|
|
Retail merchandise
margin
|
|
|
|
|
31.7%
|
|
|
|
|
|
|
30.7%
|
|
|
|
|
|
|
(1)
|
Excludes the impact
of inventory fair value adjustments consistent with the definition
of Adjusted EBITDA.
|
|
|
|
(2)
|
We define EBITDA as
net income before net interest expense, income tax expense and
depreciation, amortization and accretion expense. We define
Adjusted EBITDA to include adjustments for non-cash compensation
expense, gains and losses on disposal of assets, 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
should not be considered 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
|
|
- because 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.
|
The following table presents a reconciliation of net income to
EBITDA, Adjusted EBITDA and distributable cash flow for the three
months ended March 31, 2016 and 2015 (in thousands):
|
|
For the Three
Months Ended March 31,
|
|
|
2016
|
2015
|
|
|
Wholesale
|
|
Retail
|
|
Total
|
Wholesale
|
|
Retail
|
|
Total
|
|
Net income (loss) and
comprehensive income (loss)
|
|
$
|
86,019
|
|
$
|
(24,010)
|
|
$
|
62,009
|
$
|
66,100
|
|
$
|
(16,794)
|
|
$
|
49,306
|
|
Depreciation, amortization and accretion
|
|
|
16,853
|
|
|
61,213
|
|
|
78,066
|
|
18,791
|
|
|
47,952
|
|
|
66,743
|
|
Interest
expense, net
|
|
|
12,128
|
|
|
15,561
|
|
|
27,689
|
|
1,002
|
|
|
6,975
|
|
|
7,977
|
|
Income tax expense
(benefit)
|
|
|
(748)
|
|
|
2,860
|
|
|
2,112
|
|
1,041
|
|
|
7,022
|
|
|
8,063
|
|
EBITDA
|
|
$
|
114,252
|
|
$
|
55,624
|
|
$
|
169,876
|
$
|
86,934
|
|
$
|
45,155
|
|
$
|
132,089
|
|
Non-cash
stock compensation expense
|
|
|
2,369
|
|
|
815
|
|
|
3,184
|
|
430
|
|
|
928
|
|
|
1,358
|
|
Loss
(gain) on disposal of assets
|
|
|
(446)
|
|
|
1,660
|
|
|
1,214
|
|
159
|
|
|
(190)
|
|
|
(31)
|
|
Unrealized loss (gain) on commodity derivatives
|
|
|
(2,725)
|
|
|
—
|
|
|
(2,725)
|
|
1,406
|
|
|
—
|
|
|
1,406
|
|
Inventory
fair value adjustment
|
|
|
(11,222)
|
|
|
(1,440)
|
|
|
(12,662)
|
|
(6,921)
|
|
|
262
|
|
|
(6,659)
|
|
Adjusted
EBITDA
|
|
$
|
102,228
|
|
$
|
56,659
|
|
$
|
158,887
|
$
|
82,008
|
|
$
|
46,155
|
|
$
|
128,163
|
|
Adjusted EBITDA
attributable to noncontrolling interest
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
846
|
|
|
846
|
|
Adjusted EBITDA
attributable to partners
|
|
$
|
102,228
|
|
$
|
56,659
|
|
$
|
158,887
|
$
|
82,008
|
|
$
|
45,309
|
|
$
|
127,317
|
|
Cash interest expense
(3)
|
|
|
|
|
|
|
|
|
26,449
|
|
|
|
|
|
|
|
7,129
|
|
Income tax expense
(current)
|
|
|
|
|
|
|
|
|
2,120
|
|
|
|
|
|
|
|
133
|
|
Maintenance capital
expenditures
|
|
|
|
|
|
|
|
|
19,628
|
|
|
|
|
|
|
|
2,864
|
|
Preacquisition
earnings
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
87,621
|
|
Distributable cash
flow attributable to partners
|
|
|
|
|
|
|
|
$
|
110,690
|
|
|
|
|
|
|
$
|
29,570
|
|
Transaction-related
expense
|
|
|
|
|
|
|
|
|
830
|
|
|
|
|
|
|
|
884
|
|
Distributable cash
flow attributable to partners, as adjusted
|
|
|
|
|
|
|
|
$
|
111,520
|
|
|
|
|
|
|
$
|
30,454
|
|
|
|
(3)
|
Reflects the
Partnership's cash interest paid less the cash interest paid on our
VIE debt of $0.7 million during the three months ended
March 31, 2015.
|
Capital Spending
SUN's gross capital expenditures for the first quarter were
$96.2 million, which included
$76.6 million for growth capital and
$19.6 million for maintenance
capital. Approximately $23.8
million of the growth capital spend was for the construction
of new-to-industry sites of which four were opened in the first
quarter with six currently under construction.
SUN expects capital spending for the full year 2016, excluding
acquisitions, to be within the following ranges ($ 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-first-quarter-2016-financial-and-operating-results-300263436.html
SOURCE Sunoco LP