Sunoco LP
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
SUN$61.73+0.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-08.
0001552275-24-000056
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-07.
0001552275-24-000086
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 146 previous paragraphs and 150 current paragraphs.
100 unchanged; 39 reworded; 10 added; 7 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 8 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Other Acquisition
Current report
On August 30, 2024, we acquired a terminal in Portland, Maine for approximately $24 million, including working capital.
Current report
Adjusted EBITDA Related to Unconsolidated Affiliates and Equity in Earnings of Unconsolidated Affiliates. For the three and nine months ended September 30, 2024, the increase in the amounts reported related to unconsolidated affiliates was primarily due to the formation of the Permian joint venture effective July 1, 2024.
Current report
Nine months ended September 30, 2024 compared to nine months ended September 30, 2023. Net cash provided by operating activities during 2024 was $426 million compared to $416 million for 2023, and net income was $733 million for 2024 and $500 million for 2023. The difference between net income and net cash provided by operating activities for the nine months ended September 30, 2024 primarily consisted of net changes in operating assets and liabilities (net of effects of acquisitions and divestitures) of $65 million and non-cash items totaling $242 million.
Current report
The non-cash activity in 2024 and 2023 consisted primarily of depreciation, amortization and accretion of $216 million and $141 million, respectively, non-cash unit-based compensation expense of $12 million and $13 million, respectively, unfavorable inventory valuation adjustments of $99 million and favorable inventory valuation adjustments of $113 million, respectively, loss on disposal of assets and impairment charges of $52 million and a gain on disposal of assets of $8 million, respectively, amortization of deferred financing fees of $20 million and $6 million, respectively, and deferred income tax benefit of $14 million and deferred income tax expense of $8 million, respectively.
Current report
Net income also included equity in earnings of unconsolidated affiliates of $35 million and $4 million in 2024 and 2023, respectively, as well as a $598 million gain from the West Texas Sale in 2024.
Current report
During the nine months ended September 30, 2024, we:
Current report
•borrowed $1.87 billion and repaid $2.69 billion under the Credit Facility;
Current report
During the nine months ended September 30, 2023, we:
Current report
In connection with the formation of the Permian joint venture, certain guarantor subsidiaries were contributed to the joint venture and deconsolidated by the Partnership effective July 1, 2024. Those contributed subsidiaries were released from their guarantees concurrent with the formation of the joint venture. Accordingly, those former guarantor subsidiaries are excluded from the summarized combined balance sheet information presented below, and the summarized combined income statement information below only includes the results of those former guarantor subsidiaries for the period from the NuStar acquisition date of May 3, 2024 through June 30, 2024.
Removed paragraphs (7)
Previous report
(1)For the three months ended June 30, 2024, Fuel Distribution segment profit reconciles to Segment Adjusted EBITDA by subtracting expenses of $96 million, and unrealized gains on commodity derivatives of $6 million and adding non-cash unit-based compensation of $4 million, inventory valuation adjustments of $30 million and other of $9 million. For the three months ended June 30, 2023, Fuel Distribution segment profit reconciles to Segment Adjusted EBITDA by subtracting expenses of $111 million, and adding non-cash unit-based compensation of $4 million, unrealized losses on commodity derivatives of $1 million, inventory valuation adjustments of $51 million, and other of $7 million. For the six months ended June 30, 2024, Fuel Distribution segment profit reconciles to Segment Adjusted EBITDA by subtracting expenses of $207 million and inventory valuation adjustments of $85 million and adding non-cash unit-based compensation of $8 million, unrealized losses on commodity derivatives of $7 million and other of $19 million. For the six months ended June 30, 2023, Fuel Distribution segment profit reconciles to Segment Adjusted EBITDA by subtracting expenses of $216 million and unrealized gains on commodity derivatives of $10 million and adding non-cash unit-based compensation of $9 million, inventory valuation adjustments of $19 million and other of $11 million.
Previous report
(1)For the three months ended June 30, 2024, Pipeline Systems segment profit reconciles to Segment Adjusted EBITDA by subtracting expenses of $121 million and other of $1 million and adding Adjusted EBITDA related to unconsolidated affiliates of $3 million. For the three months ended June 30, 2023, Pipeline Systems segment profit reconciles to Segment Adjusted EBITDA by subtracting expenses of $1 million and adding Adjusted EBITDA related to unconsolidated affiliates of $3 million. For the six months ended June 30, 2024, Pipeline Systems segment profit reconciles to Segment Adjusted EBITDA by subtracting expenses of $124 million and other of $2 million and adding Adjusted EBITDA related to unconsolidated affiliates of $6 million. For the six months ended June 30, 2023, Pipeline Systems segment profit reconciles to Segment Adjusted EBITDA by subtracting expenses of $2 million and adding Adjusted EBITDA related to unconsolidated affiliates of $6 million and other of $1 million.
Previous report
(1)For the three months ended June 30, 2024, Terminals segment profit reconciles to Segment Adjusted EBITDA by subtracting expenses of $68 million and other of $1 million and adding inventory valuation adjustments of $2 million. For the three months ended June 30, 2023, Terminals segment profit reconciles to Segment Adjusted EBITDA by subtracting expenses of $25 million and adding inventory valuation adjustments of $6 million and other of $1 million. For the six months ended June 30, 2024, Terminals segment profit reconciles to Segment Adjusted EBITDA by subtracting expenses of $96 million and inventory valuation adjustments of $13 million. For the six months ended June 30, 2023, Terminals segment profit reconciles to Segment Adjusted EBITDA by subtracting expenses of $46 million and adding inventory valuation adjustments of $9 million and other of $1 million.
Previous report
Six months ended June 30, 2024 compared to six months ended June 30, 2023. Net cash provided by operating activities during 2024 was $216 million compared to $417 million for 2023. The decrease in cash flows provided by operations was primarily due to the gain on West Texas Sale of $598 million and a decrease in net cash flow from operating assets and liabilities of $6 million.
Previous report
During the six months ended June 30, 2024, we:
Previous report
•borrowed $1.24 billion and repaid $2.02 billion under the Credit Facility;
Previous report
During the six months ended June 30, 2023, we:
Reworded paragraphs (39)
Previous wording
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and notes to consolidated financial statements included elsewhere in this report. Additional discussion and analysis related to the Partnership is contained in our Annual Report on Form 10-K, including the audited consolidated financial statements for the fiscal year ended December 31, 2023 included therein.
Current wording
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and notes to consolidated financial statements included elsewhere in this report. Additional discussion and analysis related to the Partnership is contained in our Annual Report on Form 10-K and in Exhibit 99.1 to the Partnership's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 24, 2024, including the audited consolidated financial statements for the fiscal year ended December 31, 2023 included therein.
Previous wording
On May 3, 2024, we completed the previously announced acquisition of NuStar Energy L.P. (“NuStar”). Under the terms of the agreement, NuStar common unitholders received 0.400 SUN common units for each NuStar common unit. In connection with the acquisition, we issued approximately 51.5 million common units, which had a fair value of approximately $2.9 billion, assumed debt totaling approximately $3.5 billion and assumed preferred units with a fair value of approximately $800 million. NuStar has approximately 9,500 miles of pipeline and 63 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids.
Current wording
On May 3, 2024, we completed the previously announced acquisition of NuStar Energy L.P. (“NuStar”). Under the terms of the agreement, NuStar common unitholders received 0.400 SUN common units for each NuStar common unit. In connection with the acquisition, we issued approximately 51.5 million common units, which had a fair value of approximately $2.85 billion, assumed debt totaling approximately $3.5 billion and assumed preferred units with a fair value of approximately $800 million. NuStar has approximately 9,500 miles of pipeline and 63 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids.
Previous wording
The formation of the joint venture was effective on July 1, 2024.
Current wording
The formation of the joint venture was effective on July 1, 2024. Upon formation, the SUN Permian entities were deconsolidated, and the net book value of the related assets was recorded as the initial carrying value of SUN's equity method investment in the joint venture.
Previous wording
Net Income. For the three and six months ended June 30, 2024 compared to the same periods last year, net income increased primarily due to a $598 million gain on the West Texas Sale in April 2024, as discussed below. In addition, the increase in net income reflected increases of $9 million and $107 million, respectively, in operating income, driven by results from our reportable segments, partially offset by increases in depreciation, amortization and accretion, as well as losses on disposal of asset and impairment charges. The increases in net income were also offset by increases in interest expense and income tax expense. These changes are discussed in more detail below.
Current wording
Net Income. For the three months ended September 30, 2024 compared to the same period last year, net income decreased primarily due to inventory valuation adjustments (see below for explanation of inventory adjustments), as well as increases in depreciation, amortization and accretion and interest expense. These decreases were partially offset by favorable results from our operations, as reflected in the increases in Segment Adjusted EBITDA. These changes are discussed in more detail below. For the nine months ended September 30, 2024 compared to the same period last year, net income increased primarily due to a $598 million gain on the West Texas Sale in April 2024, as discussed below. In addition, the increase in net income reflected favorable results from our operations, as reflected in the increases in Segment Adjusted EBITDA. These increases were partially offset by unfavorable inventory valuation adjustments and increases in depreciation, amortization and accretion, as well as losses on disposal of asset and impairment charges. The increases in net income were also offset by increases in interest expense and income tax expense. These changes are discussed in more detail below.
Previous wording
Adjusted EBITDA (consolidated). For the three and six months ended June 30, 2024 compared to the same periods last year, Adjusted EBITDA increased primarily due to increases in profit of $251 million and $360 million, respectively, primarily related to the acquisitions of NuStar and Zenith European terminals, partially offset by increases in operating costs (including operating expenses, general and administrative expenses and lease expense) of $148 million and $163 million, respectively, primarily related to the acquisitions of NuStar and Zenith European terminals.
Current wording
Adjusted EBITDA (consolidated). For the three and nine months ended September 30, 2024 compared to the same periods last year, Adjusted EBITDA increased primarily due to increases in profit of $235 million and $469 million, respectively, excluding inventory valuation adjustments (see below for explanation of inventory adjustments), primarily related to the acquisitions of NuStar and Zenith European terminals, partially offset by increases in operating costs (including operating expenses, general and administrative expenses and lease expense) of $83 million and $246 million, respectively, primarily related to the acquisitions of NuStar and Zenith European terminals.
Previous wording
Additional discussion on the changes impacting net income and comprehensive income and Adjusted EBITDA for the three and six months ended June 30, 2024 compared to the same periods last year is available below and in “Segment Operating Results.”
Current wording
Additional discussion on the changes impacting net income and comprehensive income and Adjusted EBITDA for the three and nine months ended September 30, 2024 compared to the same periods last year is available below and in “Segment Operating Results.”
Previous wording
Depreciation, Depletion and Amortization. For the three and six months ended June 30, 2024 compared to the same periods last year, depreciation, depletion and amortization increased primarily due to additional depreciation and amortization from assets recently placed in service and from recent acquisitions.
Current wording
Depreciation, Depletion and Amortization. For the three and nine months ended September 30, 2024 compared to the same periods last year, depreciation, depletion and amortization increased primarily due to additional depreciation and amortization from assets recently placed in service and from recent acquisitions.
Previous wording
Loss (Gain) on Disposal of Assets and Impairment Charges. For the three and six months ended June 30, 2024 compared to the same periods last year, loss on disposal of assets and impairment charges primarily relates to the termination of a lease in June 2024.
Current wording
Loss (Gain) on Disposal of Assets and Impairment Charges. For the nine months ended September 30, 2024, loss on disposal of assets and impairment charges primarily relates to the termination of a lease in June 2024.
Previous wording
Inventory Valuation Adjustments. Inventory valuation adjustments represent changes in lower of cost or market reserves using the last-in, first-out method on the Partnership’s inventory. These amounts are unrealized valuation adjustments applied to fuel volumes remaining in inventory at the end of the period. For the three months ended June 30, 2024 and 2023, the Partnership's cost of sales included unfavorable inventory valuation adjustments of $32 million and $57 million, respectively, which decreased net income. For the six months ended June 30, 2024, the Partnership's cost of sales included favorable inventory valuation adjustments of $98 million, which increased net income; and for the six months ended June 30, 2023, the Partnership's cost of sales included unfavorable inventory adjustments of $28 million, which decreased net income.
Current wording
Inventory Valuation Adjustments. Inventory valuation adjustments represent changes in lower of cost or market reserves using the last-in, first-out method on the Partnership’s inventory. These amounts are unrealized valuation adjustments applied to fuel volumes remaining in inventory at the end of the period. For the three months ended September 30, 2024, the Partnership's cost of sales included unfavorable inventory valuation adjustments of $197 million, which decreased net income; and for the three months ended September 30, 2023, the Partnership's cost of sales included favorable inventory valuation adjustments of $141 million, which increased net income. For the nine months ended September 30, 2024, the Partnership's cost of sales included an unfavorable inventory valuation adjustments of $99 million, which decreased net income; and for the nine months ended September 30, 2023, the Partnership's cost of sales included favorable inventory valuation adjustments of $113 million, which increased net income.
Previous wording
Income Tax Expense. For the three and six months ended June 30, 2024 compared to the same periods last year, income tax expense increased primarily due to the taxable gain recognized by a corporate subsidiary on the West Texas Sale.
Current wording
Income Tax Expense. For the three and nine months ended September 30, 2024 compared to the same periods last year, income tax expense increased primarily due to the taxable gain recognized by a corporate subsidiary on the West Texas Sale.
Previous wording
The following analysis of segment operating results includes a measure of segment profit. Segment profit is a non-GAAP financial measure and is presented herein to assist in the analysis of segment operating results and particularly to facilitate an understanding of the impacts that changes in sales revenues have on the segment performance measure of Segment Adjusted EBITDA. Segment profit is similar to the GAAP measure of gross profit, except that segment profit excludes charges for depreciation, depletion and amortization. Among the GAAP measures reported by the Partnership, the most directly comparable measure to segment profit is Segment Adjusted EBITDA; a reconciliation of segment profit to Segment Adjusted EBITDA is included in the following tables for each segment where segment profit is presented.
Current wording
The following analysis of segment operating results includes a measure of segment profit. Segment profit is a non-GAAP financial measure and is presented herein to assist in the analysis of segment operating results and particularly to facilitate an understanding of the impacts that changes in sales revenues have on the segment performance measure of Segment Adjusted EBITDA. Segment profit is similar to the GAAP measure of gross profit, except that segment profit excludes charges for depreciation, depletion and amortization. The most directly comparable measure to segment profit is gross profit. The following table presents a reconciliation of segment profit to gross profit.
Previous wording
Volumes. For the three and six months ended June 30, 2024 compared to the same periods last year, volumes increased primarily due to growth from investments and profit optimization strategies.
Current wording
Volumes. For the three and nine months ended September 30, 2024 compared to the same periods last year, volumes increased primarily due to growth from investments and profit optimization strategies.
Previous wording
•an increase of $33 million related to a 7% increase in gallons sold, partially offset by a decrease in profit per gallon primarily as a result of the West Texas Sale; and
Current wording
•an increase of $13 million related to a 1% increase in gallons sold and an increase in profit per gallon; and
Previous wording
•a decrease of $15 million in expenses primarily due to the West Texas Sale in April 2024 and lower allocated overhead; partially offset by
Current wording
•a decrease of $19 million in expenses primarily due to the West Texas Sale in April 2024 and lower allocated overhead; partially offset by
Previous wording
•a decrease of $7 million in lease profit due to the West Texas Sale in April 2024.
Current wording
•a decrease of $10 million in lease profit due to the West Texas Sale in April 2024.
Previous wording
Segment Adjusted EBITDA. For the six months ended June 30, 2024 compared to the same period last year, Segment Adjusted EBITDA related to our Fuel Distribution segment increased due to the net impact of the following:
Current wording
Segment Adjusted EBITDA. For the nine months ended September 30, 2024 compared to the same period last year, Segment Adjusted EBITDA related to our Fuel Distribution segment increased due to the net impact of the following:
Previous wording
•an increase of $11 million related to a 5% increase in gallons sold, partially offset by a decrease in profit per gallon primarily as a result of the West Texas Sale; and
Current wording
•an increase of $36 million related to a 5% increase in gallons sold, partially offset by a decrease in profit per gallon primarily as a result of the West Texas Sale; and
Previous wording
•a decrease of $9 million in expenses primarily due to the West Texas sale in April 2024 and lower allocated overhead; partially offset by
Current wording
•a decrease of $47 million in expenses primarily due to the West Texas sale in April 2024 and lower allocated overhead; partially offset by
Previous wording
•a decrease of $6 million in lease profit due to the West Texas Sale in April 2024.
Current wording
•a decrease of $16 million in lease profit due to the West Texas Sale in April 2024.
Previous wording
Volumes. For the three and six months ended June 30, 2024 compared to the same periods last year, volumes increased due to recently acquired assets.
Current wording
Volumes. For the three and nine months ended September 30, 2024 compared to the same periods last year, volumes increased due to recently acquired assets.
Previous wording
Segment Adjusted EBITDA. For the three and six months ended June 30, 2024 compared to the same periods last year, Segment Adjusted EBITDA related to our Pipeline Systems segment increased due to the acquisition of NuStar.
Current wording
Segment Adjusted EBITDA. For the three and nine months ended September 30, 2024 compared to the same periods last year, Segment Adjusted EBITDA related to our Pipeline Systems segment increased due to the acquisition of NuStar on May 3, 2024 and the formation of the Permian joint venture on July 1, 2024.
Previous wording
Volumes. For the three and six months ended June 30, 2024 compared to the same periods last year, volumes increased due to recently acquired assets.
Current wording
Volumes. For the three and nine months ended September 30, 2024 compared to the same periods last year, volumes increased due to recently acquired assets.
Previous wording
Segment Adjusted EBITDA. For the three and six months ended June 30, 2024 compared to the same periods last year, Segment Adjusted EBITDA related to our Terminals segment increased primarily due to the recent acquisitions of NuStar, Zenith European terminals and Zenith Energy terminals located across the East Coast and Midwest.
Current wording
Segment Adjusted EBITDA. For the three and nine months ended September 30, 2024 compared to the same periods last year, Segment Adjusted EBITDA related to our Terminals segment increased primarily due to the recent acquisitions of NuStar, Zenith European terminals and Zenith Energy terminals located across the East Coast and Midwest.
Previous wording
As of June 30, 2024, we had $226 million of cash and cash equivalents on hand and borrowing capacity of $1.40 billion on our Credit Facility. The Partnership was in compliance with all financial covenants at June 30, 2024. Based on our current estimates, we expect to utilize capacity under the Credit Facility, along with cash from operations, to fund our announced growth capital expenditures and working capital needs for 2024; however, we may issue debt or equity securities prior to that time as we deem prudent to provide liquidity for new capital projects or other partnership purposes.
Current wording
As of September 30, 2024, we had $116 million of cash and cash equivalents on hand and borrowing capacity of $1.42 billion on our Credit Facility. The Partnership was in compliance with all financial covenants at September 30, 2024. Based on our current estimates, we expect to utilize capacity under the Credit Facility, along with cash from operations, to fund our announced growth capital expenditures and working capital needs for 2024; however, we may issue debt or equity securities prior to that time as we deem prudent to provide liquidity for new capital projects or other partnership purposes.
Previous wording
Changes in cash flows from operating activities between periods primarily result from changes in earnings, excluding the impacts of non-cash items and changes in operating assets and liabilities (net of effects of acquisitions). Non-cash items include recurring non-cash expenses, such as depreciation, amortization and accretion expense and non-cash unit-based compensation expense. Cash flows from operating activities also differ from earnings as a result of non-cash charges that may not be recurring, such as impairment charges. Our daily working capital requirements fluctuate within each month, primarily in response to the timing of payments for motor fuels, motor fuels tax and rent.
Current wording
Changes in cash flows from operating activities between periods primarily result from changes in earnings, excluding the impacts of non-cash items and changes in operating assets and liabilities (net of effects of acquisitions and divestitures). Non-cash items include recurring non-cash expenses, such as depreciation, amortization and accretion expense and non-cash unit-based compensation expense. Cash flows from operating activities also differ from earnings as a result of non-cash charges that may not be recurring, such as impairment charges. Our daily working capital requirements fluctuate within each month, primarily in response to the timing of payments for motor fuels, motor fuels tax and rent.
Previous wording
Six months ended June 30, 2024 compared to six months ended June 30, 2023. Net cash provided by investing activities during 2024 was $727 million compared to net cash used in investing activities of $170 million for 2023. Capital expenditures for 2024 were $111 million compared to $87 million for 2023. In 2024, we paid $185 million in cash for the acquisition of liquid fuels terminals from Zenith Energy, including working capital, and received $27 million in cash from the NuStar acquisition. In 2023, we paid $111 million in cash for the acquisition of 16 refined product terminals from Zenith Energy, including working capital. Distributions from unconsolidated affiliates in excess of cumulative earnings were $4 million and $5 million for 2024 and 2023, respectively. Proceeds from disposal of property and equipment were $2 million and $21 million for 2024 and 2023, respectively. Additionally, we received $990 million in cash proceeds from the West Texas Sale.
Current wording
Nine months ended September 30, 2024 compared to nine months ended September 30, 2023. Net cash provided by investing activities during 2024 was $609 million compared to net cash used in investing activities of $213 million for 2023. Capital expenditures for 2024 were $212 million compared to $132 million for 2023. In 2024, we paid $209 million in cash for the acquisitions of terminals, including working capital, and received $27 million in cash from the NuStar acquisition. In 2023, we paid $111 million in cash for the acquisition of 16 refined product terminals from Zenith Energy, including working capital.
Previous wording
Six months ended June 30, 2024 compared to six months ended June 30, 2023. Net cash used in financing activities was $746 million and $90 million for 2024 and 2023, respectively.
Current wording
Nine months ended September 30, 2024 compared to nine months ended September 30, 2023. Net cash used in financing activities was $948 million and $29 million for 2024 and 2023, respectively.
Previous wording
•borrowed $1.50 billion and repaid $405 million in Senior Notes;
Current wording
•borrowed $1.50 billion and repaid $415 million in senior notes;
Previous wording
•paid $249 million in distributions to our unitholders, of which $104 million was paid to Energy Transfer; and
Current wording
•paid $406 million in distributions to our unitholders, of which $165 million was paid to Energy Transfer; and
Previous wording
•borrowed $1.56 billion and repaid $1.47 billion under the Credit Facility; and
Current wording
•borrowed $2.63 billion and repaid $2.88 billion under the Credit Facility; and
Previous wording
•paid $180 million in distributions to our unitholders, of which $85 million was paid to Energy Transfer.
Current wording
•paid $271 million in distributions to our unitholders, of which $128 million was paid to Energy Transfer.
Previous wording
The following is a summary of capital expenditures on an accrual basis for the six months ended June 30, 2024:
Current wording
The following is a summary of capital expenditures for the nine months ended September 30, 2024:
Previous wording
For the six months ended June 30, 2024, total capital expenditures were $119 million, which included $79 million for growth capital and $40 million for maintenance capital.
Current wording
For the nine months ended September 30, 2024, total capital expenditures were $212 million, which included $146 million for growth capital and $66 million for maintenance capital.
Previous wording
(1)These notes, totaling $2.57 billion aggregate principal amount, were assumed by the Partnership in connection with the closing of the NuStar acquisition in May 2024.
Current wording
(1)These senior notes and bonds, totaling $2.57 billion aggregate principal amount, were assumed by the Partnership in connection with the closing of the NuStar acquisition in May 2024.
Previous wording
As of June 30, 2024, the balance on the Credit Facility was $85 million, and $15 million standby letters of credit were outstanding. The unused availability on the Credit Facility at June 30, 2024 was $1.40 billion. The weighted average interest rate on the total amount outstanding at June 30, 2024 was 7.43%. The Partnership was in compliance with all financial covenants at June 30, 2024.
Current wording
As of September 30, 2024, the balance on the Credit Facility was $50 million, and $28 million standby letters of credit were outstanding. The unused availability on the Credit Facility at September 30, 2024 was $1.42 billion. The weighted average interest rate on the total amount outstanding at September 30, 2024 was 7.30%. The Partnership was in compliance with all financial covenants at September 30, 2024.
Previous wording
The following tables present summarized combined balance sheet and income statement information for Sunoco LP, Sunoco Finance Corp. and NuStar Logistics (the “Issuers”), as well as each of the subsidiaries that guarantees the senior notes issued by those three entities (collectively with the Issuers, the “Guarantor Issuer Group”). Intercompany items among the Guarantor Issuer Group have been eliminated in the summarized combined financial information below, as well as intercompany balances and activity for the Guarantor Issuer Group with non-guarantor subsidiaries, including the Guarantor Issuer Group’s investment balances in non-guarantor subsidiaries. Comparative period information is not included in the tables below, as such information was not required for the prior period. Income statement information included below in the table and related disclosure includes the NuStar subsidiaries for May 3, 2024 (the acquisition date) through June 30, 2024 only.
Current wording
The following tables present summarized combined balance sheet and income statement information for Sunoco LP, Sunoco Finance Corp. and NuStar Logistics (the “Issuers”), as well as the subsidiaries that guarantee the senior notes issued by those three entities (collectively with the Issuers, the “Guarantor Issuer Group”). Intercompany items among the Guarantor Issuer Group have been eliminated in the summarized combined financial information below, as well as intercompany balances and activity for the Guarantor Issuer Group with non-guarantor subsidiaries, including the Guarantor Issuer Group’s investment balances in non-guarantor subsidiaries. Comparative period information is not included in the tables below, as such information was not required for the prior period. Income statement information included below in the table and related disclosure includes the NuStar subsidiaries for May 3, 2024 (the acquisition date) through September 30, 2024 only.
Previous wording
(a)Excludes $153 million of net intercompany receivable due to the non-guarantor subsidiaries from the Guarantor Issuer Group.
Current wording
(a)Excludes $57 million of net intercompany receivable owed from the non-guarantor subsidiaries from the Guarantor Issuer Group.
Previous wording
Long-term assets for the non-guarantor subsidiaries totaled $814 million as of June 30, 2024.
Current wording
Long-term assets for the non-guarantor subsidiaries totaled $864 million as of September 30, 2024.
Previous wording
Revenues and net income for the non-guarantor subsidiaries totaled $335 million and $5 million, respectively, for the six months ended June 30, 2024.
Current wording
Revenues and net income for the non-guarantor subsidiaries totaled $572 million and $13 million, respectively, for the nine months ended September 30, 2024
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Distributions from unconsolidated affiliates in excess of cumulative earnings were $6 million and $7 million for 2024 and 2023, respectively. Proceeds from disposal of property and equipment were $7 million and $25 million for 2024 and 2023, respectively. Additionally, we received $990 million in cash proceeds from the West Texas Sale.