DALLAS, Nov. 9, 2016 /PRNewswire/ -- Sunoco LP (NYSE:
SUN) ("SUN" or the "Partnership") today announced financial and
operating results for the three-month period ended September 30, 2016.
Revenue totaled $4.1 billion, a
decrease of 16.3 percent, compared to $4.9
billion in the third quarter of 2015. The decline was the
result of a 47.1 cent per gallon
decrease in the average selling price of fuel partly offset by
increased merchandise sales and additional gallons sold.
Total gross profit was $577.4
million, compared to $524.8
million in the third quarter of 2015. Key drivers of
the increase were higher wholesale motor fuel and merchandise
profits partly offset by a decrease in retail motor fuel gross
profit.
Income from operations was $104.2
million, versus $93.4 million
in the third quarter of 2015, reflecting increased gross profit,
partly offset by increased general and administrative and other
operating expenses. The increase in general and
administrative expenses was primarily related to relocation costs
and associated expenses incurred with the opening of a corporate
office in Dallas, Texas, while the
increase in other operating expenses was driven by operating more
stores on a year-over-year basis.
Net income attributable to partners was $44.6 million, or $0.24 per diluted unit, versus $27.5 million, or $0.30 per diluted unit, in the third quarter of
2015.
Adjusted EBITDA (1) for the quarter totaled
$188.9 million, compared with
$253.7 million in the third quarter
of 2015. The unfavorable year-over-year comparison reflects
lower fuel margins in both the retail and wholesale segments.
Distributable cash flow attributable to partners (1),
as adjusted, was $124.1 million,
compared to $112.4 million a year
earlier.
On a weighted-average basis, fuel margin for all gallons sold
decreased to 15.6 cents per gallon,
compared to 18.6 cents per gallon in
the third quarter of 2015. The decrease was primarily
attributable to increased product costs experienced during the
third quarter.
Net income attributable to partners for the wholesale segment
was $47.3 million compared to a net
income of $2.6 million a year
ago. Adjusted EBITDA was $87.9
million, versus $107.0 million
in the third quarter of last year. Total wholesale gallons
sold were 1,371.2 million, compared with 1,308.8 million in the
third quarter of 2015, an increase of 4.8 percent. This
includes gallons sold to consignment stores and third-party
customers, including independent dealers, fuel distributors and
commercial customers. The Partnership earned 10.0 cents per gallon on these volumes, compared
to 12.5 cents per gallon a year
earlier.
Net loss attributable to partners for the retail segment was
$2.8 million compared to a net income
of $24.9 million a year ago.
Adjusted EBITDA was $101.1 million,
versus $146.7 million in the third
quarter of last year. Total retail gallons sold increased by
1.8 percent to 651.4 million gallons as a result of the
contribution from third party acquisitions and new-to-industry
locations opened during the last 12 months. The Partnership
earned 27.5 cents per gallon on these
volumes, compared to 31.2 cents per
gallon a year earlier.
Total merchandise sales increased by 2.7 percent from a year ago
to $605.3 million, reflecting the
contribution from third party acquisitions and new-to-industry
locations opened during the last 12 months. Merchandise sales
contributed $192.3 million of gross
profit with a retail merchandise margin of 31.8 percent, a 40 basis
point increase from the third quarter of 2015.
Same-store merchandise sales decreased by 2.1 percent,
reflecting continued weakness in SUN's convenience store operations
in Texas, particularly in the oil
producing regions. Same-store fuel sales decreased by 3.5
percent as a result of weakness throughout the state of
Texas, particularly lower
year-over-year activity in oil producing markets. In the
Texas oil producing regions,
same-store merchandise sales decreased by 13.0 percent, and
same-store fuel sales declined 13.7 percent. Excluding the
oil producing regions, same-store sales decreased by 0.4 percent,
and same-store gallons decreased by 2.3 percent.
As of September 30, SUN operated
approximately 1,345 convenience stores and retail fuel outlets
along the East Coast, in the Southwest and in Hawaii. Third party operated sites totaled
5,600 locations.
SUN's other recent accomplishments include the following:
- Completed the acquisition of the fuels business from Emerge
Energy Services LP for $171.5
million. The fuels business includes two transmix processing
plants with attached refined product terminals located in the
Birmingham, Alabama and greater
Dallas, Texas metro areas and
engages in the processing of transmix and the distribution of
refined fuels. These two processing plants have attached refined
product terminals with over 800,000 barrels of storage
capacity.
- Completed the previously announced acquisition of the
convenience store, wholesale motor fuel distribution and commercial
fuels distribution businesses serving East Texas and Louisiana from Denny Oil Company for
approximately $54.6 million plus
inventory on hand at closing, subject to closing adjustments. The
acquisition includes six company-operated locations and
approximately 127 supply contracts with dealer-owned and
dealer-operated sites and over 500 commercial customers. This
transaction closed in the fourth quarter on October 12, 2016.
SUN's segment results and other supplementary data are provided
after the financial tables below.
Distribution
On October 26, the Board of
Directors of SUN's general partner declared a distribution for the
third quarter of 2016 of $0.8255 per
unit, which corresponds to $3.3020
per unit on an annualized basis. This distribution is
unchanged from the second quarter and represents a 10.7 percent
increase compared with the third quarter of 2015. The distribution
will be paid on November 15 to
unitholders of record on November
7.
SUN's distribution coverage ratio for the third quarter was 1.25
times. The distribution coverage ratio on a trailing 12-month basis
was 1.09 times.
Liquidity
At September 30, SUN had
borrowings against its revolving line of credit of $958.2 million and other long-term debt of
$3.6 billion. Availability on
the revolving credit facility after borrowings and letters of
credit commitments was $518.2
million. Net debt to Adjusted EBITDA, calculated in
accordance with SUN's revolving credit facility, was 5.97 times at
the end of the third quarter.
(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, November 10, at 9:00 a.m. CT (10:00 a.m.
ET) to discuss third 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 1,345 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 more than 30 states at approximately 6,900 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
(214) 840-5660, scott.grischow@sunoco.com
Patrick Graham, Senior Analyst –
Investor Relations and Finance
(214) 840-5678, patrick.graham@sunoco.com
Media:
Jeff Shields, Communications
Manager
(215) 977-6056, jeff.shields@sunoco.com
– Financial Schedules Follow –
SUNOCO
LP CONSOLIDATED BALANCE SHEETS (in thousands,
except units) (unaudited)
|
|
|
|
|
|
|
|
September 30,
2016
|
|
December 31,
2015
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and
cash equivalents
|
|
$
|
80,565
|
|
$
|
72,627
|
Advances
to affiliates
|
|
—
|
|
365,536
|
Accounts
receivable, net
|
|
385,497
|
|
308,285
|
Accounts
receivable from affiliates
|
|
8,790
|
|
8,074
|
Inventories, net
|
|
488,780
|
|
467,291
|
Other
current assets
|
|
97,621
|
|
46,080
|
Total current
assets
|
|
1,061,253
|
|
1,267,893
|
Property and
equipment, net
|
|
3,322,718
|
|
3,154,826
|
Other
assets:
|
|
|
|
|
Goodwill
|
|
3,236,398
|
|
3,111,262
|
Intangible assets, net
|
|
1,290,764
|
|
1,259,440
|
Other
noncurrent assets
|
|
85,868
|
|
48,398
|
Total
assets
|
|
$
|
8,997,001
|
|
$
|
8,841,819
|
Liabilities and
equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
|
439,950
|
|
$
|
433,988
|
Accounts
payable to affiliates
|
|
31,635
|
|
14,988
|
Advances
from affiliates
|
|
62,716
|
|
—
|
Accrued expenses and other current
liabilities
|
|
321,349
|
|
307,939
|
Current
maturities of long-term debt
|
|
5,010
|
|
5,084
|
Total current
liabilities
|
|
860,660
|
|
761,999
|
Revolving line of
credit
|
|
958,236
|
|
450,000
|
Long-term debt,
net
|
|
3,515,194
|
|
1,502,531
|
Deferred tax
liability
|
|
694,995
|
|
694,383
|
Other noncurrent
liabilities
|
|
160,675
|
|
170,169
|
Total
liabilities
|
|
6,189,760
|
|
3,579,082
|
Commitments and
contingencies (Note 11)
|
|
|
|
|
Equity:
|
|
|
|
|
Limited
partners:
|
|
|
|
|
Common
unitholders - public
(49,588,960 units issued and outstanding
as of September 30, 2016 and
December 31, 2015)
|
|
1,745,339
|
|
1,768,890
|
Common
unitholders - affiliated
(45,750,826 units issued and outstanding
as of September 30, 2016 and
37,776,746 units issued and
outstanding as of December 31, 2015)
|
|
1,061,902
|
|
1,275,558
|
Class A
unitholders - held by subsidiary
(no units issued and outstanding as
of September 30, 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 September 30, 2016 and
no units issued and
outstanding as of December 31, 2015)
|
|
—
|
|
—
|
Total partners'
capital
|
|
2,807,241
|
|
3,044,448
|
Predecessor
equity
|
|
—
|
|
2,218,289
|
Total
equity
|
|
2,807,241
|
|
5,262,737
|
Total liabilities and
equity
|
|
$
|
8,997,001
|
|
$
|
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
September 30,
|
|
For the Nine Months
Ended
September 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Revenues
|
|
|
|
|
|
|
|
|
Retail motor
fuel
|
|
$
|
1,401,830
|
|
$
|
1,580,815
|
|
$
|
3,876,542
|
|
$
|
4,597,670
|
Wholesale motor fuel
sales to third parties
|
|
2,026,454
|
|
2,664,186
|
|
5,544,905
|
|
7,946,323
|
Wholesale motor fuel
sales to affiliates
|
|
28,226
|
|
3,779
|
|
45,065
|
|
8,718
|
Merchandise
|
|
605,275
|
|
589,299
|
|
1,705,963
|
|
1,633,102
|
Rental
income
|
|
22,883
|
|
20,949
|
|
67,582
|
|
61,265
|
Other
|
|
52,649
|
|
47,744
|
|
151,740
|
|
136,630
|
Total
revenues
|
|
4,137,317
|
|
4,906,772
|
|
11,391,797
|
|
14,383,708
|
Cost of
sales
|
|
|
|
|
|
|
|
|
|
Retail motor
fuel
|
|
1,222,827
|
|
1,384,813
|
|
3,428,659
|
|
4,114,463
|
Wholesale motor
fuel
|
|
1,916,511
|
|
2,591,791
|
|
5,136,083
|
|
7,623,330
|
Merchandise
|
|
412,983
|
|
404,179
|
|
1,160,001
|
|
1,122,970
|
Other
|
|
7,609
|
|
1,231
|
|
10,357
|
|
3,744
|
Total cost of
sales
|
|
3,559,930
|
|
4,382,014
|
|
9,735,100
|
|
12,864,507
|
Gross
profit
|
|
577,387
|
|
524,758
|
|
1,656,697
|
|
1,519,201
|
Operating
expenses
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
82,774
|
|
61,547
|
|
201,688
|
|
167,747
|
Other
operating
|
|
276,401
|
|
266,681
|
|
792,194
|
|
759,713
|
Rent
|
|
36,231
|
|
36,447
|
|
105,327
|
|
105,564
|
Loss on disposal of
assets
|
|
203
|
|
747
|
|
2,918
|
|
894
|
Depreciation,
amortization and accretion
|
|
77,628
|
|
65,984
|
|
234,418
|
|
202,927
|
Total operating
expenses
|
|
473,237
|
|
431,406
|
|
1,336,545
|
|
1,236,845
|
Income from
operations
|
|
104,150
|
|
93,352
|
|
320,152
|
|
282,356
|
Interest expense,
net
|
|
54,289
|
|
28,517
|
|
132,565
|
|
57,692
|
Income before income
taxes
|
|
49,861
|
|
64,835
|
|
187,587
|
|
224,664
|
Income tax
expense
|
|
5,310
|
|
30,124
|
|
8,890
|
|
47,113
|
Net income and
comprehensive income
|
|
44,551
|
|
34,711
|
|
178,697
|
|
177,551
|
Less: Net income and
comprehensive income attributable to noncontrolling
interest
|
|
—
|
|
852
|
|
—
|
|
2,545
|
Less: Preacquisition
income allocated to general partner
|
|
—
|
|
6,315
|
|
—
|
|
117,728
|
Net income and
comprehensive income attributable to partners
|
|
$
|
44,551
|
|
$
|
27,544
|
|
$
|
178,697
|
|
$
|
57,278
|
Net income per
limited partner unit:
|
|
|
|
|
|
|
|
|
|
Common (basic and
diluted)
|
|
$
|
0.24
|
|
$
|
0.30
|
|
$
|
1.25
|
|
$
|
0.96
|
Subordinated (basic
and diluted)
|
|
$
|
—
|
|
$
|
0.52
|
|
$
|
—
|
|
$
|
1.21
|
Weighted average
limited partner units outstanding:
|
|
|
|
|
|
|
|
|
Common units - public
(basic)
|
|
49,588,960
|
|
24,340,677
|
|
49,588,960
|
|
21,486,878
|
Common units - public
(diluted)
|
|
49,663,618
|
|
24,340,793
|
|
49,663,618
|
|
21,486,994
|
Common units -
affiliated (basic and diluted)
|
|
45,750,826
|
|
19,431,349
|
|
43,131,603
|
|
9,507,137
|
Subordinated units -
affiliated
|
|
—
|
|
10,939,436
|
|
—
|
|
10,939,436
|
Cash distribution
per common unit
|
|
$
|
0.8255
|
|
$
|
0.7454
|
|
$
|
2.4683
|
|
$
|
2.0838
|
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 and nine months ended September 30, 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 September 30,
|
|
2016
|
|
|
2015
|
|
Wholesale
|
|
Retail
|
|
Total
|
|
|
Wholesale
|
|
Retail
|
|
Total
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail motor
fuel
|
$
|
—
|
|
$
|
1,401,830
|
|
$
|
1,401,830
|
|
|
$
|
—
|
|
$
|
1,580,815
|
|
$
|
1,580,815
|
Wholesale motor fuel
sales to third parties
|
2,026,454
|
|
—
|
|
2,026,454
|
|
|
2,664,186
|
|
—
|
|
2,664,186
|
Wholesale motor fuel
sales to affiliates
|
28,226
|
|
—
|
|
28,226
|
|
|
3,779
|
|
—
|
|
3,779
|
Merchandise
|
—
|
|
605,275
|
|
605,275
|
|
|
—
|
|
589,299
|
|
589,299
|
Rental
income
|
19,353
|
|
3,530
|
|
22,883
|
|
|
11,333
|
|
9,616
|
|
20,949
|
Other
|
13,331
|
|
39,318
|
|
52,649
|
|
|
5,996
|
|
41,748
|
|
47,744
|
Total
revenues
|
$
|
2,087,364
|
|
$
|
2,049,953
|
|
$
|
4,137,317
|
|
|
$
|
2,685,294
|
|
$
|
2,221,478
|
|
$
|
4,906,772
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail motor
fuel
|
$
|
—
|
|
$
|
179,003
|
|
$
|
179,003
|
|
|
$
|
—
|
|
$
|
196,002
|
|
$
|
196,002
|
Wholesale motor
fuel
|
138,169
|
|
—
|
|
138,169
|
|
|
76,174
|
|
—
|
|
76,174
|
Merchandise
|
—
|
|
192,292
|
|
192,292
|
|
|
—
|
|
185,120
|
|
185,120
|
Rental and
other
|
26,629
|
|
41,294
|
|
67,923
|
|
|
16,099
|
|
51,363
|
|
67,462
|
Total gross
profit
|
$
|
164,798
|
|
$
|
412,589
|
|
$
|
577,387
|
|
|
$
|
92,273
|
|
$
|
432,485
|
|
$
|
524,758
|
Net income (loss)
and comprehensive income (loss) attributable to
partners
|
$
|
47,318
|
|
$
|
(2,767)
|
|
$
|
44,551
|
|
|
$
|
2,595
|
|
$
|
24,949
|
|
$
|
27,544
|
Adjusted EBITDA
attributable to partners (2)
|
$
|
87,867
|
|
$
|
101,053
|
|
$
|
188,920
|
|
|
$
|
106,977
|
|
$
|
142,800
|
|
$
|
249,777
|
Distributable cash flow
attributable to partners, as adjusted (2)
|
|
|
|
|
$
|
124,084
|
|
|
|
|
|
|
$
|
112,378
|
Operating
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Total motor fuel
gallons sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
|
651,386
|
|
651,386
|
|
|
|
|
639,824
|
|
639,824
|
Wholesale
|
1,371,236
|
|
|
|
1,371,236
|
|
|
1,308,814
|
|
|
|
1,308,814
|
Motor fuel gross profit
(cents per gallon) (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
|
27.5¢
|
|
|
|
|
|
|
31.2¢
|
|
|
Wholesale
|
10.0¢
|
|
|
|
|
|
|
12.5¢
|
|
|
|
|
Volume-weighted average
for all gallons
|
|
|
|
|
15.6¢
|
|
|
|
|
|
|
18.6¢
|
Retail merchandise
margin
|
|
|
31.8%
|
|
|
|
|
|
|
31.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 September 30, 2016 and
2015 (in thousands):
|
For the Three
Months Ended September 30,
|
|
2016
|
|
|
2015
|
|
Wholesale
|
|
Retail
|
|
Total
|
|
|
Wholesale
|
|
Retail
|
|
Total
|
Net income (loss) and
comprehensive income (loss)
|
$
|
47,318
|
|
$
|
(2,767)
|
|
$
|
44,551
|
|
|
$
|
(10,399)
|
|
$
|
45,110
|
|
$
|
34,711
|
Depreciation, amortization and accretion
|
21,819
|
|
55,809
|
|
77,628
|
|
|
13,571
|
|
52,413
|
|
65,984
|
Interest
expense, net
|
13,198
|
|
41,091
|
|
54,289
|
|
|
13,106
|
|
15,411
|
|
28,517
|
Income tax expense
(benefit)
|
507
|
|
4,803
|
|
5,310
|
|
|
39
|
|
30,085
|
|
30,124
|
EBITDA
|
$
|
82,842
|
|
$
|
98,936
|
|
$
|
181,778
|
|
|
$
|
16,317
|
|
$
|
143,019
|
|
$
|
159,336
|
Non-cash
stock compensation expense
|
1,516
|
|
1,501
|
|
3,017
|
|
|
1,697
|
|
435
|
|
2,132
|
Loss
(gain) on disposal of assets
|
(599)
|
|
802
|
|
203
|
|
|
921
|
|
(174)
|
|
747
|
Unrealized loss on commodity derivatives
|
5,689
|
|
—
|
|
5,689
|
|
|
735
|
|
—
|
|
735
|
Inventory fair value adjustment
|
(1,581)
|
|
(186)
|
|
(1,767)
|
|
|
87,307
|
|
3,456
|
|
90,763
|
Adjusted
EBITDA
|
$
|
87,867
|
|
$
|
101,053
|
|
$
|
188,920
|
|
|
$
|
106,977
|
|
$
|
146,736
|
|
$
|
253,713
|
Adjusted EBITDA
attributable to noncontrolling interest
|
—
|
|
—
|
|
—
|
|
|
—
|
|
3,936
|
|
3,936
|
Adjusted EBITDA
attributable to partners
|
$
|
87,867
|
|
$
|
101,053
|
|
$
|
188,920
|
|
|
$
|
106,977
|
|
$
|
142,800
|
|
$
|
249,777
|
Cash interest expense
(3)
|
|
|
|
|
50,681
|
|
|
|
|
|
|
27,419
|
Income tax expense
(benefit) (current)
|
|
|
|
|
(14,574)
|
|
|
|
|
|
|
537
|
Maintenance capital
expenditures
|
|
|
|
|
29,705
|
|
|
|
|
|
|
8,351
|
Preacquisition
earnings
|
|
|
|
|
—
|
|
|
|
|
|
|
101,950
|
Distributable cash
flow attributable to partners
|
|
|
|
|
$
|
123,108
|
|
|
|
|
|
|
$
|
111,520
|
Transaction-related
expense
|
|
|
|
|
976
|
|
|
|
|
|
|
858
|
Distributable cash
flow attributable to partners, as adjusted
|
|
|
|
|
$
|
124,084
|
|
|
|
|
|
|
$
|
112,378
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
Reflects the
Partnership's cash interest less the cash interest paid on our VIE
debt of $2.3 million during the three months ended
September 30, 2015.
|
Capital Spending
SUN's gross capital expenditures for the third quarter were
$110.6 million, which included
$80.9 million for growth capital and
$29.7 million for maintenance
capital. Approximately $36.6
million of the growth capital spent was for the construction
of new-to-industry sites, of which three were opened in the third
quarter, with 21 currently under construction.
SUN expects capital spending for the full year 2016, excluding
acquisitions, to be within the following ranges ($ in millions)
Growth
|
Maintenance
|
|
|
Low
|
High
|
Low
|
High
|
|
|
|
|
$360
|
$380
|
$100
|
$110
|
Growth capital spending includes the construction of at least 35
new-to-industry sites that SUN expects to complete in 2016.
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SOURCE Sunoco LP