-- Reports strong second quarter results, including net income of $283
million, Adjusted EBITDA(1) of $996 million, excluding one-time
transaction-related expenses(2), and Distributable Cash Flow, as
adjusted(1), of $608 million
-- Increases full year 2026 Adjusted EBITDA guidance by $400 million to
$3.5 billion to $3.7 billion
DALLAS--(BUSINESS WIRE)--August 04, 2026--
Sunoco LP $(SUN)$ ("SUN" or the "Partnership") and SunocoCorp LLC $(SUNC)$ ("SUNC") today reported financial and operating results for the quarter ended June 30, 2026.
Financial and Operational Highlights Attributable to Sunoco LP
Net income for the second quarter of 2026 was $283 million compared to $86 million in the second quarter of 2025.
Adjusted EBITDA for the second quarter of 2026 was $982 million compared to $454 million in the second quarter of 2025. Adjusted EBITDA for the second quarter of 2026 and 2025 included $14 million and $10 million, respectively, of one-time transaction-related expenses.
Distributable Cash Flow, as adjusted, for the second quarter of 2026 was $608 million compared to $300 million in the second quarter of 2025.
Adjusted EBITDA for the Fuel Distribution segment for the second quarter of 2026 was $504 million compared to $206 million in the second quarter of 2025. Adjusted EBITDA for the second quarter of 2026 and 2025 included $12 million and $8 million, respectively, of one-time transaction-related expenses. The segment sold approximately 4.1 billion gallons of fuel in the second quarter of 2026. Fuel margin for all gallons sold was 17.1 cents per gallon for the second quarter of 2026.
Adjusted EBITDA for the Pipeline Systems segment for the second quarter of 2026 was $190 million compared to $177 million in the second quarter of 2025. The segment averaged throughput volumes of approximately 1.3 million barrels per day in the second quarter of 2026.
Adjusted EBITDA for the Terminals segment for the second quarter of 2026 was $113 million compared to $71 million in the second quarter of 2025. Adjusted EBITDA for the second quarter of 2026 and 2025 included $2 million and $2 million, respectively, of one-time transaction-related expenses. The segment averaged throughput volumes of approximately 1.1 million barrels per day in the second quarter of 2026.
Adjusted EBITDA for the Refinery segment for the second quarter of 2026 was $175 million. The segment averaged throughput volumes of approximately 57 thousand barrels per day in the second quarter of 2026.
Distribution
On July 27, 2026, SUN and SUNC declared a distribution for the second quarter of 2026 of $1.0023 per unit, or $4.0092 per unit on an annualized basis. This represents an increase of approximately 1.25% as compared with the quarter ended March 31, 2026 and an increase of over 10% as compared to the second quarter of 2025.
This is the seventh consecutive quarterly increase in SUN's distribution and is consistent with SUN's capital allocation strategy which includes a multi-year distribution growth rate of at least 5%.
The SUN and SUNC quarterly distributions will be paid on August 19, 2026, to holders of the representative securities of record on August 7, 2026.
Liquidity and Leverage
At June 30, 2026, SUN had long-term debt of approximately $13.3 billion and approximately $2.3 billion of liquidity remaining on its revolving credit facility. SUN's leverage ratio of net debt to Adjusted EBITDA, calculated in accordance with its revolving credit facility, was approximately 3.7 times at the end of the second quarter.
Capital Spending
SUN's total capital expenditures in the second quarter of 2026 were $202 million, which includes $125 million of growth capital and $77 million of maintenance capital. This includes the Partnership's proportionate share of capital expenditures related to its joint ventures with Energy Transfer.
SUN's segment results and other supplementary data are provided after the financial tables below.
SunocoCorp LLC
SUNC owns a limited partner interest in SUN. SUNC consolidates SUN's results into its financial statements, which is reflected in the consolidated balance sheets and condensed consolidated statement of operations tables attached hereto.
(1) Adjusted EBITDA and Distributable Cash Flow, as adjusted, 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 "Supplemental Information" later in this
news release for a discussion of our use of Adjusted EBITDA and
Distributable Cash Flow, as adjusted, and a reconciliation to net
income.
A reconciliation of non-GAAP forward looking information to
corresponding GAAP measures cannot be provided without unreasonable
efforts due to the inherent difficulty in quantifying certain amounts
due to a variety of factors, including the unpredictability of
commodity price movements and future charges or reversals outside the
normal course of business which may be significant.
(2) Transaction-related expenses include certain one-time expenses incurred
with acquisitions. The Partnership's definition of Adjusted EBITDA
includes transaction-related expenses. However, given the magnitude of
the acquisitions during the periods presented, as well as the expenses
related to those transactions, the Partnership is reporting Adjusted
EBITDA excluding these expenses in order to portray the Partnership's
performance for the period without the impact of these one-time items.
Earnings Conference Call
Sunoco LP management will hold a conference call on Tuesday, August 4, 2026, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss results and recent developments. The conference call will be broadcast live via an internet webcast, which can be accessed in the Investor Relations section of Sunoco's website at www.sunocolp.com under Webcasts and Presentations. The call will also be available for replay on the Partnership's website for a limited time.
About Sunoco
Sunoco LP is a leading energy infrastructure and fuel distribution master limited partnership operating across 33 countries and territories in North America, the Greater Caribbean and Europe. The Partnership's midstream operations include an extensive network of approximately 14,000 miles of pipeline and over 170 terminals. This critical infrastructure complements the Partnership's fuel distribution operations, which distribute over 15 billion gallons annually to approximately 11,000 Sunoco and partner-branded retail locations, as well as independent dealers and commercial customers. SUN's general partner is owned by Energy Transfer LP (NYSE: ET).
SunocoCorp LLC is a publicly traded limited liability company that owns a direct limited partner interest in Sunoco LP.
SUN and SUNC are headquartered in Dallas, Texas. More information is available at www.sunocolp.com
Forward-Looking Statements
This news 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, including future distribution levels, 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
-- Financial Schedules Follow --
SUNOCO LP
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(unaudited)
------------------------------------------------------------------------
June 30, December 31,
2026 2025
-------- ----------------
ASSETS
Current assets:
Cash and cash equivalents $ 773 $ 891
Accounts receivable, net 3,284 1,972
Accounts receivable from affiliates 66 --
Inventories, net 2,390 2,383
Other current assets 269 270
------ ---------
Total current assets 6,782 5,516
Property, plant and equipment 16,000 15,256
Accumulated depreciation (2,332) (1,848)
------ ---------
Property, plant and equipment, net 13,668 13,408
Other assets:
Operating lease right-of-use assets, net 1,496 1,449
Goodwill 3,064 3,026
Intangible assets, net 2,343 2,411
Other non-current assets 963 928
Investments in unconsolidated affiliates 1,610 1,624
------ ---------
Total assets $29,926 $ 28,362
====== =========
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 3,516 $ 2,485
Accounts payable to affiliates 496 331
Accrued expenses and other current
liabilities 1,062 953
Operating lease current liabilities 182 211
Current maturities of long-term debt 6 17
------ ---------
Total current liabilities 5,262 3,997
Operating lease non-current liabilities 1,345 1,255
Long-term debt, net 13,308 13,372
Advances from affiliates 76 78
Deferred tax liabilities 1,059 1,139
Other non-current liabilities 528 512
------ ---------
Total liabilities 21,578 20,353
Commitments and contingencies
Equity:
Limited partners:
Preferred unitholders (1,500,000 units
issued and outstanding as of June 30,
2026 and December 31, 2025) 1,507 1,507
Common unitholders (136,895,901 units
issued and outstanding as of June 30,
2026 and 136,866,854 units issued and
outstanding as of December 31, 2025) 4,249 3,970
Class C unitholders - held by
subsidiaries (16,410,780 units issued and
outstanding as of June 30, 2026 and
December 31, 2025) -- --
Class D unitholder (51,517,198 units
issued and outstanding as of June 30,
2026 and December 31, 2025) 2,637 2,538
Accumulated other comprehensive loss (45) (6)
------ ---------
Total equity 8,348 8,009
------ ---------
Total liabilities and equity $29,926 $ 28,362
====== =========
SUNOCO LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per unit data)
(unaudited)
----------------------------------------------------------------------------------
Three Months Ended June 30, Six Months Ended June 30,
---------------------------- ------------------------------
2026 2025 2026 2025
----------- ----------- ----------- -----------
REVENUES $ 14,259 $ 5,390 $ 24,949 $ 10,569
COSTS AND EXPENSES:
Cost of sales
(excluding items
shown separately
below) 12,795 4,821 21,796 9,347
Operating
expenses 381 145 711 288
General and
administrative 159 50 314 89
Lease expense 56 19 109 35
(Gain) loss on
disposal of
assets and
impairment
charges 3 (2) 2 1
Depreciation,
amortization and
accretion 282 154 568 310
----------- ----------- ----------- -----------
Total cost of
sales and
operating
expenses 13,676 5,187 23,500 10,070
OPERATING INCOME 583 203 1,449 499
OTHER INCOME
(EXPENSE):
Interest expense,
net (204) (123) (405) (244)
Equity in
earnings of
unconsolidated
affiliates 47 31 89 63
Loss on
extinguishment
of debt -- (17) (1) (19)
Other, net (64) (1) (91) (1)
----------- ----------- ----------- -----------
INCOME BEFORE INCOME
TAXES 362 93 1,041 298
Income tax
expense 79 7 114 5
----------- ----------- ----------- -----------
NET INCOME $ 283 $ 86 $ 927 $ 293
Less: Preferred
unitholders'
interest in net
income 29 -- 59 --
Less: Class D
unitholder's
interest in net
income 49 -- 198 --
----------- ----------- ----------- -----------
NET INCOME
ATTRIBUTABLE TO
COMMON UNITS $ 205 $ 86 $ 670 $ 293
=========== =========== =========== ===========
NET INCOME PER
COMMON UNIT:
Basic $ 0.94 $ 0.33 $ 3.81 $ 1.55
Diluted $ 0.94 $ 0.33 $ 3.79 $ 1.54
WEIGHTED AVERAGE
COMMON UNITS
OUTSTANDING:
Basic 136,895,211 136,432,676 136,892,005 136,350,550
Diluted 137,735,133 137,146,019 137,644,970 137,040,946
CASH DISTRIBUTION
PER COMMON UNIT $ 1.0023 $ 0.9088 $ 1.9922 $ 1.8064
SUNOCO LP
SUPPLEMENTAL INFORMATION
(Dollars and units in millions)
(unaudited)
----------------------------------------------------------------------------
Three Months Ended June 30,
-------------------------------------
2026 2025
---------- ----------
Net income $ 283 $ 86
Depreciation, amortization and
accretion 282 154
Interest expense, net 204 123
Non-cash unit-based compensation
expense 7 5
(Gain) loss on disposal of assets
and impairment charges 3 (2)
Loss on extinguishment of debt -- 17
Unrealized gains on commodity
derivatives (6) (7)
Inventory valuation adjustments 18 40
Equity in earnings of
unconsolidated affiliates (47) (31)
Adjusted EBITDA related to
unconsolidated affiliates 75 51
Other non-cash adjustments 84 11
Income tax expense 79 7
---------- ----------
Adjusted EBITDA (1) 982 454
Transaction-related expenses 14 10
---------- ----------
Adjusted EBITDA (1) , excluding
transaction-related expenses $ 996 $ 464
========== ==========
Adjusted EBITDA (1) $ 982 $ 454
Adjusted EBITDA related to
unconsolidated affiliates (75) (51)
Distributable cash flow from
unconsolidated affiliates 71 48
Series A Preferred Units
distributions (29) --
Cash interest expense (196) (118)
Current income tax expense (86) (5)
Maintenance capital expenditures
(2) (73) (38)
---------- ----------
Distributable Cash Flow 594 290
Transaction-related expenses and
adjustments (3) 14 10
---------- ----------
Distributable Cash Flow, as adjusted
(1) $ 608 $ 300
========== ==========
Distributions to Partners:
Limited Partners $ 189 $ 124
General Partner 74 41
---------- ----------
Total distributions to be paid to
partners $ 263 $ 165
========== ==========
Limited Partner units outstanding -
end of period (4) 136.9 136.3
(1) Adjusted EBITDA is defined as net income before net interest expense,
income tax expense, depreciation, amortization and accretion expense,
non-cash compensation expense, gains and losses on disposal of asset,
non-cash impairment charges, losses on extinguishment of debt,
unrealized gains and losses on commodity derivatives, inventory
valuation adjustments, certain foreign currency transaction gains and
losses and certain other operating expenses reflected in net income
that we do not believe are indicative of ongoing core operations. We
define Distributable Cash Flow as Adjusted EBITDA less preferred unit
distributions, cash interest expense, including the accrual of interest
expense related to our long-term debt which is paid on a semi-annual
basis, current income tax expense, maintenance capital expenditures and
other non-cash adjustments. For Distributable Cash Flow, as adjusted,
certain transaction-related adjustments and non-recurring expenses are
excluded.
We believe Adjusted EBITDA and Distributable Cash Flow, as adjusted,
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, as adjusted, 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.
Adjusted EBITDA and Distributable Cash Flow, as adjusted, are not
recognized terms under GAAP and do not purport to be alternatives to
net income as measures of operating performance or to cash flows from
operating activities as a measure of liquidity. Adjusted EBITDA and
Distributable Cash Flow, as adjusted, 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 senior notes; although depreciation, amortization and accretion are
non-cash charges, the assets being depreciated, amortized and accreted
will often have to be replaced in the future, and Adjusted EBITDA does
not reflect cash requirements for such replacements; and as not all
companies use identical calculations, our presentation of Adjusted
EBITDA and Distributable Cash Flow, as adjusted, may not be comparable
to similarly titled measures of other companies.
Adjusted EBITDA reflects amounts for the unconsolidated affiliates
based on the same recognition and measurement methods used to record
equity in earnings of unconsolidated affiliates. Adjusted EBITDA
related to unconsolidated affiliates excludes the same items with
respect to the unconsolidated affiliates as those excluded from the
calculation of Adjusted EBITDA, such as interest, taxes, depreciation,
amortization, accretion and other non-cash items. Although these
amounts are excluded from Adjusted EBITDA related to unconsolidated
affiliates, such exclusion should not be understood to imply that we
have control over the operations and resulting revenues and expenses of
such affiliates. We do not control our unconsolidated affiliates;
therefore, we do not control the earnings or cash flows of such
affiliates. The use of Adjusted EBITDA or Adjusted EBITDA related to
unconsolidated affiliates as an analytical tool should be limited
accordingly. Inventory valuation adjustments that are excluded from the
calculation of Adjusted EBITDA represent changes in lower of cost or
market reserves on the Partnership's inventory. These amounts are
unrealized valuation adjustments applied to fuel volumes remaining in
inventory at the end of the period.
(2) For the three months ended June 30, 2026 and 2025, excludes $4 million
and $2 million, respectively, for our proportionate share of
maintenance capital expenditures related to our investments in ET-S
Permian and J.C. Nolan, as these amounts are included in "Distributable
cash flow from unconsolidated affiliates."
(3) For the three months ended June 30, 2026 and 2025, SUN incurred $14
million and $10 million of transaction-related expenses, respectively.
(4) Limited Partner units outstanding at the end of period includes 136.9
million common units and 51.5 million Class D units.
SUNOCO LP
SUMMARY ANALYSIS OF QUARTERLY RESULTS BY SEGMENT
(Tabular dollar amounts in millions)
(unaudited)
----------------------------------------------------------------------------
Three Months Ended June 30,
---------------------------------
2026 2025
--- ----------- --- ----------
Segment Adjusted EBITDA:
Fuel Distribution $ 504 $ 206
Pipeline Systems 190 177
Terminals 113 71
Refinery 175 --
--- ----------- --- ----------
Adjusted EBITDA 982 454
Transaction-related expenses 14 10
--- ----------- --- ----------
Adjusted EBITDA, excluding
transaction-related expenses $ 996 $ 464
=== =========== === ==========
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, amortization
and accretion. The most directly comparable measure to segment profit is
gross profit. The following table presents a reconciliation of segment
profit to gross profit:
Three Months Ended June 30,
---------------------------------
2026 2025
--- ------------- ---------
Fuel Distribution segment profit $ 891 $ 262
Pipeline Systems segment profit 195 183
Terminals segment profit 200 124
Refinery segment profit 178 --
--- ------------- ---------
Total segment profit 1,464 569
Depreciation, amortization and accretion,
excluding corporate and other 281 153
--- ------------- ---------
Gross profit $ 1,183 $ 416
=== ============= =========
Fuel Distribution
Three Months Ended June 30,
-------------------------------------
2026 2025
---------- ----------
Motor fuel gallons sold (millions) 4,125 2,188
Motor fuel profit cents per gallon
(1) 17.1 c 10.5 c
Fuel profit $ 686 $ 191
Non-fuel profit 162 41
Lease profit 43 30
---------- ----------
Fuel Distribution segment profit 891 262
Unrealized gains on commodity risk
management activities (4) (7)
Expenses, excluding non-cash
unit-based compensation expense
(2) (427) (100)
Adjusted EBITDA related to
unconsolidated affiliates 6 --
Inventory valuation adjustments 18 40
Other 20 11
---------- ----------
Segment Adjusted EBITDA 504 206
Transaction-related expenses 12 8
---------- ----------
Segment Adjusted EBITDA, excluding
transaction-related expenses $ 516 $ 214
========== ==========
(1) Excludes the impact of inventory valuation adjustments consistent with
the definition of Adjusted EBITDA.
(2) Includes operating expenses, general and administrative and lease
expense.
Volumes. For the three months ended June 30, 2026 compared to the same period
last year, volumes increased primarily due to the Parkland Acquisition.
Segment Adjusted EBITDA. For the three months ended June 30, 2026 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:
an increase of $610 million in segment profit (excluding unrealized gains and
losses on commodity risk management activities and inventory valuation
adjustments) primarily due to the Parkland Acquisition and other acquisitions;
and an increase of $6 million in Adjusted EBITDA related to unconsolidated
affiliates due to investments acquired in the Parkland Acquisition; partially
offset by an increase of $327 million in expenses primarily due to the
Parkland Acquisition.
Pipeline Systems
Three Months Ended June 30,
-------------------------------------
2026 2025
---------- ----------
Pipelines throughput (thousand
barrels per day) 1,347 1,231
Pipeline Systems segment profit $ 195 $ 183
Expenses, excluding non-cash
unit-based compensation expense
(1) (68) (56)
Adjusted EBITDA related to
unconsolidated affiliates 63 51
Other -- (1)
---------- ----------
Segment Adjusted EBITDA 190 177
Transaction-related expenses -- --
---------- ----------
Segment Adjusted EBITDA, excluding
transaction-related expenses $ 190 $ 177
========== ==========
(1) Includes operating expenses, general and administrative and lease expense.
Volumes. For the three months ended June 30, 2026 compared to the same period
last year, the increase in throughput volumes reflected the impact of refinery
turnarounds in the prior period and overall increased market demand in 2026.
Segment Adjusted EBITDA. For the three months ended June 30, 2026 compared to
the same period last year, Segment Adjusted EBITDA related to our Pipeline
Systems segment increased due to the net impact of the following:
a $12 million increase in segment profit primarily due to increased throughput
driven by market demand and new business, along with a regulatory order
impacting prior period rates; and a $12 million increase in Adjusted EBITDA
related to ET-S Permian; partially offset by a $12 million increase in
expenses primarily due to higher maintenance costs, utility costs and
corporate allocations.
Terminals
Three Months Ended June 30,
-------------------------------------
2026 2025
--- ---------- --------
Throughput (thousand barrels per day) 1,065 702
Terminals segment profit $ 200 $ 124
Expenses, excluding non-cash
unit-based compensation expense
(1) (87) (53)
--- ---------- --------
Segment Adjusted EBITDA 113 71
Transaction-related expenses 2 2
--- ---------- --------
Segment Adjusted EBITDA, excluding
transaction-related expenses $ 115 $ 73
=== ========== ========
(1) Includes operating expenses, general and administrative and lease
expense. Volumes. For the three months ended June 30, 2026 compared to the
same period last year, volumes increased due to recently acquired assets.
Segment Adjusted EBITDA. For the three months ended June 30, 2026 compared
to the same period last year, Segment Adjusted EBITDA related to our
Terminals segment increased due to the net impact of the following: a $76
million increase in segment profit (excluding inventory valuation
adjustments) primarily due to the acquisitions of Parkland and TanQuid, as
well as customer growth; partially offset by a $34 million increase in
expenses primarily due to the acquisitions of Parkland and TanQuid.
Refinery
Three Months Ended June 30,
-------------------------------------
2026 2025
-------- ---- -------- ---
Crude utilization 97% --%
Composite utilization 103% --%
Crude throughput (thousand barrels
per day) 54 --
Bio-feedstock throughput (thousand
barrels per day) 3 --
Refinery segment profit (1) $ 178 $ --
Unrealized gains on commodity risk
management activities (2) --
Expenses, excluding non-cash
unit-based compensation expense
(2) (7) --
Adjusted EBITDA related to
unconsolidated affiliates 6 --
-------- ---- -------- ---
Segment Adjusted EBITDA 175 --
Transaction-related expenses -- --
-------- ---- -------- ---
Segment Adjusted EBITDA, excluding
transaction-related expenses $ 175 $ --
======== ==== ======== ===
(1) Includes $50 million of production costs, supply and logistics, and
terminal operating costs for the three months ended June 30, 2026.
(2) Includes operating expenses, general and administrative and lease
expense.
Volumes. For the three months ended June 30, 2026 compared to the same period
last year, volumes increased due to recently acquired assets.
Segment Adjusted EBITDA. For the three months ended June 30, 2026 compared to
the same period last year, Segment Adjusted EBITDA related to our Refinery
segment increased due to the Parkland Acquisition.
SUNOCOCORP LLC FINANCIAL INFORMATION The following section provides
financial information for SUNC. SUNC's separate financial statements
will reflect SUN on a consolidated basis for all periods; accordingly,
the information below reflects SUN on a consolidated basis for the
entire period. SUNOCOCORP LLC CONSOLIDATED BALANCE SHEETS (Dollars in
millions) (unaudited)
------------------------------------------------------------------------
June 30, December 31,
2026 2025
-------- ----------------
ASSETS
Current assets:
Cash and cash equivalents $ 773 $ 891
Accounts receivable, net 3,284 1,972
Accounts receivable from affiliates 66 --
Inventories, net 2,390 2,383
Other current assets 269 270
------ ---------
Total current assets 6,782 5,516
Property, plant and equipment 16,000 15,256
Accumulated depreciation (2,332) (1,848)
------ ---------
Property, plant and equipment, net 13,668 13,408
Other assets:
Operating lease right-of-use assets, net 1,496 1,449
Goodwill 3,064 3,026
Intangible assets, net 2,343 2,411
Other non-current assets 963 928
Investments in unconsolidated affiliates 1,610 1,624
------ ---------
Total assets $29,926 $ 28,362
====== =========
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 3,516 $ 2,485
Accounts payable to affiliates 496 331
Accrued expenses and other current
liabilities 1,062 953
Operating lease current liabilities 182 211
Current maturities of long-term debt 6 17
------ ---------
Total current liabilities 5,262 3,997
Operating lease non-current liabilities 1,345 1,255
Long-term debt, net 13,308 13,372
Advances from affiliates 76 78
Deferred tax liabilities 1,104 1,135
Other non-current liabilities 528 512
------ ---------
Total liabilities 21,623 20,349
Commitments and contingencies
Equity:
Common unitholders (51,517,198 units
issued and outstanding as of June 30,
2026 and December 31, 2025) 2,592 2,542
Accumulated other comprehensive loss (45) (6)
------ ---------
Total Member's Equity 2,547 2,536
Noncontrolling interests 5,756 5,477
------ ---------
Total equity 8,303 8,013
------ ---------
Total liabilities and equity $29,926 $ 28,362
====== =========
SUNOCOCORP LLC
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in millions, except per unit data)
(unaudited)
Three Months Ended Six Months Ended
June 30, 2026 June 30, 2026
-------------------- --------------------
REVENUES: $ 14,259 $ 24,949
COSTS AND EXPENSES:
Cost of sales (excluding
items shown separately
below) 12,795 21,796
Operating expenses 381 711
General and administrative 159 314
Lease expense 56 109
Loss on disposal of assets
and impairment charges 3 2
Depreciation, amortization
and accretion 282 568
--------------- -------------
Total cost of sales and
operating expenses 13,676 23,500
--------------- -------------
OPERATING INCOME 583 1,449
OTHER INCOME (EXPENSE):
Interest expense, net (204) (405)
Equity in earnings of
unconsolidated affiliates 47 89
Loss on extinguishment of
debt -- (1)
Other, net (64) (91)
--------------- -------------
INCOME BEFORE INCOME TAXES 362 1,041
Income tax expense 89 163
--------------- -------------
NET INCOME 273 878
Less: Net income
attributable to
noncontrolling interests 234 729
--------------- -------------
NET INCOME ATTRIBUTABLE TO
MEMBERS $ 39 $ 149
=============== =============
NET INCOME PER COMMON UNIT:
Basic $ 0.76 $ 2.89
Diluted $ 0.76 $ 2.89
WEIGHTED AVERAGE COMMON UNITS
OUTSTANDING:
Basic 51,517,198 51,517,198
Diluted 51,571,018 51,556,085
CASH DISTRIBUTION PER COMMON
UNIT $ 1.0023 $ 1.9922
SUNOCOCORP LLC
SUPPLEMENTAL INFORMATION
(Dollars and units in millions)
(unaudited)
------------------------------------------------------------------------------
Three Months Ended
June 30, 2026
----------------------
Reconciliation of net income to Adjusted EBITDA:
Net income $ 273
Depreciation, amortization and accretion 282
Interest expense, net 204
Non-cash unit-based compensation expense 7
Loss on disposal of assets and impairment charges 3
Unrealized gains on commodity derivatives (6)
Inventory valuation adjustments 18
Equity in earnings of unconsolidated affiliates (47)
Adjusted EBITDA related to unconsolidated
affiliates 75
Other non-cash adjustments 84
Income tax expense 89
--- ------------ ---
Adjusted EBITDA (1) 982
Transaction-related expenses (3) 14
--- ------------ ---
Adjusted EBITDA (1) , excluding transaction-related
expenses $ 996
=== ============ ===
Adjusted EBITDA (1) $ 982
Adjusted EBITDA related to unconsolidated affiliate (75)
Distributable cash flow from unconsolidated
affiliate 71
Sunoco Series A Preferred Unit Holders'
Distributions (29)
Cash interest expense (196)
Income tax expense, current (86)
Maintenance capital expenditures (2) (73)
--- ------------
Distributable Cash Flow (consolidated) 594
Distributable Cash Flow from Sunoco LP (594)
Distributions from Sunoco LP 52
--- ------------ ---
Distributable Cash Flow attributable to the common
unitholders of SunocoCorp $ 52
=== ============ ===
Distributions to common unitholders $ 52
Common units outstanding - end of period 51.5
(1) Adjusted EBITDA is defined as net income before net interest expense,
income tax expense, depreciation, amortization and accretion expense,
non-cash compensation expense, gains and losses on disposal of asset,
non-cash impairment charges, losses on extinguishment of debt,
unrealized gains and losses on commodity derivatives, inventory
valuation adjustments, certain foreign currency transaction gains and
losses and certain other operating expenses reflected in net income
that we do not believe are indicative of ongoing core operations. We
define Distributable Cash Flow as Adjusted EBITDA less preferred unit
distributions, cash interest expense, including the accrual of interest
expense related to our long-term debt which is paid on a semi-annual
basis, current income tax expense, maintenance capital expenditures and
other non-cash adjustments. On a consolidated basis, Distributable Cash
Flow includes 100% of the Distributable Cash Flow of Sunoco LP;
however, given the existence of noncontrolling interests in Sunoco LP,
the Distributable Cash Flow generated by Sunoco LP is not available in
its entirety to be distributed to SunocoCorp's unitholders. In order to
reflect the cash flows available for distribution to SunocoCorp's
unitholders, we have reported for SunocoCorp Distributable Cash Flow
attributable to its common unitholders, which reflects distributions to
be received by SunocoCorp from Sunoco LP.
We believe Adjusted EBITDA and Distributable Cash Flow are useful to
SunocoCorp's investors in evaluating its 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