Sunoco LP
For the period ended Dec 31, 2024. Filed Feb 14, 2025.
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FY2024 · Filed Feb 14, 2025
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11. Related Party Transactions
- Related Party Transactions
We are party to fee-based commercial agreements with various affiliates of Energy Transfer for pipeline, terminalling and storage services. We also have agreements with subsidiaries of Energy Transfer for the purchase and sale of fuel. Additionally, under our partnership agreement, our General Partner does not receive a management fee or other compensation for its role as our general partner. However, our General Partner is reimbursed for all expenses incurred on our behalf. These expenses include shared service fees, as well as all other expenses necessary or appropriate to the conduct of our business that are allocable to us, as provided for in our partnership agreement. There is no cap on the amount that may be paid or reimbursed to our General Partner.
Summary of Related Party Transactions
Related party transactions for the years ended December 31, 2024, 2023 and 2022 were as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Motor fuel sales to affiliates | $28 | $42 | $52 |
| Bulk fuel purchases from affiliates | 1,463 | 1,661 | 2,188 |
| Expense reimbursement | 35 | 34 | 33 |
Significant affiliate balances included on our consolidated balance sheets were as follows:
Accounts receivable from affiliates were nil and $20 million at December 31, 2024 and 2023, respectively, which were primarily related to motor fuel sales to affiliates.
Accounts payable to affiliates were $199 million and $170 million as of December 31, 2024 and 2023, respectively, which were attributable to operational expenses and bulk fuel purchases.
Advances from affiliates were $82 million and $102 million at December 31, 2024 and 2023, respectively, which were related to treasury services agreements with Energy Transfer.
Investments in Unconsolidated Affiliates
Our investment in the J.C. Nolan joint venture was $123 million and $124 million as of December 31, 2024 and 2023, respectively. In addition, we recorded equity in earnings of unconsolidated affiliates related to this investment of $7 million, $5 million and $4 million for the years ended December 31, 2024, 2023 and 2022, respectively.
As discussed in Note 3, effective July 1, 2024, SUN and Energy Transfer announced the formation of ET-S Permian, combining their respective crude oil and produced water gathering assets in the Permian Basin. Our investment in ET-S Permian was $1.21 billion as of December 31, 2024. We recorded equity in earnings from ET-S Permian of $53 million for the six months ended December 31, 2024.
Summarized Financial Information
The following tables present aggregated selected balance sheet and income statement data for our unconsolidated affiliates, J.C. Nolan and ET-S Permian (on a 100% basis), for all periods presented:
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Current assets | $650 | $7 |
| Property, plant and equipment, net | 3,542 | 244 |
| Other assets | 310 | — |
| Total assets | $4,502 | $251 |
| Current liabilities | $477 | $3 |
| Non-current liabilities | 49 | — |
| Equity | 3,976 | 248 |
| Total liabilities and equity | $4,502 | $251 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Revenues | $8,267 | $34 | $32 |
| Operating income | 176 | 10 | 8 |
| Net income | 176 | 10 | 8 |
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