Sunoco LP Announces Fourth Quarter and Full Year 2021 Financial and Operating Results


- Reports strong fourth quarter results including net income of $100 million, Adjusted EBITDA(1) of $198 million and Distributable Cash Flow, as adjusted(1) of $143 million
- Achieves $524 million of full year 2021 net income and generates record full year 2021 Adjusted EBITDA(1) of $754 million, in the upper half of its guidance range
- Executes definitive agreement to acquire a transmix processing and terminal facility in Huntington, Indiana from Gladieux Capital beplay88网棋牌 s, LLC for $190 million
- Expects full-year 2022 Adjusted EBITDA(1)(2) of $770 to $810 million, excluding the pending acquisition

DALLAS, Feb. 16, 2022 /PRNewswire/ -- Sunoco LP (NYSE: SUN) ("SUN" or the "beplay88网棋牌 ship") today reported financial and operating results for the three- and twelve-month periods ended December 31, 2021.

Financial and Operational Highlights

For the three months ended December 31, 2021, net income was $100 million versus net income of $83 million in the fourth quarter of 2020.  

Adjusted EBITDA(1) for the quarter was $198 million compared with $159 million in the fourth quarter of 2020. The increase in Adjusted EBITDA(1) reflects higher reported fuel volume and margins, the acquisition of nine refined products terminals, partially offset by higher operating expenses(3).

Distributable Cash Flow, as adjusted(1), for the quarter was $143 million, compared to $97 million a year ago.

The beplay88网棋牌 ship sold approximately 1.9 billion gallons of fuel in the fourth quarter of 2021, representing a 3.1% increase from the fourth quarter of 2020.  Fuel margin for all gallons sold was 12.0 cents per gallon for the quarter compared to 9.2 cents per gallon a year ago.

For the twelve months ended December 31, 2021, net income was $524 million versus $212 million in 2020.

Adjusted EBITDA(1) for the full year 2021 totaled $754 million, up 2.0% from $739 million a year ago.  The year-over-year increase reflects 6.4% growth in volumes sold of 7.5 billion gallons and a 2.2% decrease in operating expenses to $438 million partially offset by lower reported fuel margins of 11.2 cents per gallon compared to 11.9 cents per gallon last year.

Distributable Cash Flow, as adjusted(1), for the full year 2021 was $542 million, compared to $517 million a year ago.

Distribution and Coverage

On January 26, 2022, the Board of Directors of SUN's general partner declared a distribution for the fourth quarter of 2021 of $0.8255 per unit, or $3.3020 per unit on an annualized basis.  The distribution will be paid on February 18, 2022 to common unitholders of record on February 8, 2022.  SUN's current quarter cash coverage was 1.65 times and trailing twelve months coverage was 1.56 times. 

Liquidity and Leverage

At December 31, 2021, SUN had $581 million of borrowings against its revolving credit facility and other long-term debt of $2.7 billion.  The beplay88网棋牌 ship maintained ample liquidity of approximately $913 million at the end of the quarter under its $1.5 billion revolving credit facility that matures in July 2023.  SUN's leverage ratio of net debt to Adjusted EBITDA(1), calculated in accordance with its credit facility, was 4.17 times at the end of the fourth quarter.

Capital Spending

SUN's total capital expenditures for the fourth quarter were $82 million, which included $65 million for growth capital and $17 million for maintenance capital.  For the full-year 2021, maintenance capital expenditures were $39 million and growth capital expenditures were $135 million.

2022 Business Outlook

Excluding the pending acquisition, the beplay88网棋牌 ship expects full year 2022 Adjusted EBITDA(1)(2) to be between $770 and $810 million. SUN expects 2022 fuel volumes to be between 7.7 and 8.1 billion gallons, fuel margins to be between 10.5 and 11.5 cents per gallon, operating expenses(3) in a range of $490 to $500 million, growth capital expenditures of at least $150 million, and maintenance capital expenditures of approximately $50 million.

Transmix and Terminal Acquisition

On February 4, 2022, SUN executed a definitive agreement to acquire a transmix processing and terminal facility in Huntington, Indiana from Gladieux Capital beplay88网棋牌 s, LLC for $190 million.  The facility is the largest transmix plant in North America with a processing capacity of 23,000 barrels per day and onsite product storage of approximately 750,000 barrels.  The beplay88网棋牌 ship expects the acquisition to be accretive to unitholders in the first year of ownership.

SUN's segment results and other supplementary data are provided after the financial tables below.

Earnings Conference Call

Sunoco LP management will hold a conference call on Wednesday, February 16, at 9:00 a.m. Central time (10:00 a.m. Eastern time) to discuss results and recent developments.  To participate, dial 877-407-6184 (toll free) or 201-389-0877 approximately 10 minutes before the scheduled start time 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 Webcasts and Presentations.

Sunoco LP (NYSE: SUN) is a master limited partnership with core operations that include the distribution of motor fuel to approximately 10,000 convenience stores, independent dealers, commercial customers and distributors located in more than 40 U.S. states and territories as well as refined product transportation and terminalling assets. SUN's general partner is owned by Energy Transfer LP (NYSE: ET).

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 are discussed in the beplay88网棋牌 ship's Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission.  In addition to the risks and uncertainties previously disclosed, the beplay88网棋牌 ship has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic and the recent instability in commodity prices, and we cannot predict the length and ultimate impact of those risks.  The beplay88网棋牌 ship 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

Contacts

Investors:

Scott Grischow, Treasurer, Vice President – Investor Relations and Mergers & Acquisitions
(214) 840-5660, scott.grischow@sunoco.com

James Heckler, Director – Investor Relations and Corporate Finance
(214) 840-5415, james.heckler@sunoco.com

Media:

Alexis Daniel, Manager – Communications
(214) 981-0739, alexis.daniel@sunoco.com

– Financial Schedules Follow –

Balance Sheets

SUNOCO LP

CONSOLIDATED BALANCE SHEETS

(Dollars in millions)

(unaudited)



December 31,

2021


December 31,

2020

Assets




Current assets:




Cash and cash equivalents

$                    25


$                    97

Accounts receivable, net

526


295

Receivables from affiliates

12


11

Inventories, net

534


382

Other current assets

95


62

Total current assets

1,192


847





Property and equipment

2,581


2,231

Accumulated depreciation

(914)


(806)

Property and equipment, net

1,667


1,425

Other assets:




Finance lease right-of-use assets, net

9


3

Operating lease right-of-use assets, net

517


536

Goodwill

1,568


1,564





Intangible assets, net

542


588

Other noncurrent assets

188


168

Investment in unconsolidated affiliate

132


136

Total assets

$               5,815


$               5,267

Liabilities and equity




Current liabilities:




Accounts payable

$                  515


$                  267

Accounts payable to affiliates

59


79

Accrued expenses and other current liabilities

291


282

Operating lease current liabilities

19


19

Current maturities of long-term debt

6


6

Total current liabilities

890


653

Operating lease non-current liabilities

521


538

Revolving line of credit

581


Long-term debt, net

2,668


3,106

Advances from affiliates

126


125

Deferred tax liability

114


104

Other noncurrent liabilities

104


109

Total liabilities

5,004


4,635

Commitments and contingencies




Equity:




Limited partners:




Common unitholders

   (83,670,950 units issued and outstanding as of December 31, 2021 and
   83,333,631 units issued and outstanding as of December 31, 2020)

811


632

Class C unitholders - held by subsidiary

   (16,410,780 units issued and outstanding as of December 31, 2021 and
    December 31, 2020)


Total equity

811


632

Total liabilities and equity

$               5,815


$               5,267

 

Operations and income statements

SUNOCO LP

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Dollars in millions, except per unit data)

(unaudited)



Three Months Ended

 December 31,


 Year Ended

December 31,


2021


2020


2021


2020

Revenues:








Motor fuel sales

$               4,831


$               2,463


$             17,152


$            10,332

Non motor fuel sales

88


55


306


240

Lease income

35


35


138


138

Total revenues

4,954


2,553


17,596


10,710

Cost of sales and operating expenses:








Cost of sales

4,615


2,271


16,246


9,654

General and administrative

30


25


109


112

Other operating

78


56


270


275

Lease expense

15


15


59


61

Loss (gain) on disposal of assets and impairment charges

(2)


(5)


(14)


2

Depreciation, amortization and accretion

42


47


177


189

Total cost of sales and operating expenses

4,778


2,409


16,847


10,293

Operating income

176


144


749


417

Other income (expense):








Interest expense, net

(39)


(44)


(163)


(175)

Other income (expense), net


2



2

Equity in earnings of unconsolidated affiliate

1


2


4


5

Loss on extinguishment of debt

(29)


(13)


(36)


(13)

Income before income taxes

109


91


554


236

Income tax expense

9


8


30


24

Net income and comprehensive income

$                  100


$                    83


$                  524


$                 212









Net income per common unit:








Common units - basic

$                 0.97


$                 0.78


$                 5.35


$                1.63

Common units - diluted

$                 0.95


$                 0.77


$                 5.28


$                1.61









Weighted average limited partner units outstanding:








Common units - basic

83,431,830


83,147,345


83,369,534


83,062,159

Common units - diluted

84,664,873


83,912,647


84,438,276


83,716,464









Cash distribution per unit

$             0.8255


$             0.8255


$                 3.30


$                3.30

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.

The key operating metrics by segment and accompanying footnotes set forth below are presented for the three months and years ended December 31, 2021 and 2020 and have been derived from our historical consolidated financial statements.

Key Operating Metrics

Three Months Ended December 31,


2021



2020


Fuel Distribution and Marketing


All Other


Total



Fuel Distribution and Marketing


All Other


Total


(dollars and gallons in millions, except gross profit per gallon)

Revenues:













Motor fuel sales

$           4,678


$            153


$       4,831



$           2,361


$            102


$       2,463

Non motor fuel sales

31


57


88



8


46


54

Lease income

28


7


35



38


(3)


35

Total revenues

$           4,737


$            217


$       4,954



$           2,407


$            145


$       2,552

Gross profit (1):













Motor fuel sales

$              235


$              13


$          248



$              198


$              14


$          212

Non motor fuel sales

28


28


56



13


22


35

Lease

28


7


35



38


(3)


35

Total gross profit

$              291


$              48


$          339



$              249


$              33


$          282

Net income and comprehensive income (loss)

$                68


$              32


$          100



$                97


$            (14)


$            83

Adjusted EBITDA (2)

$              141


$              57


$          198



$              157


$                2


$          159

Operating Data:













Total motor fuel gallons sold





1,885







1,829

Motor fuel gross profit cents per gallon (3)





           12.0 ¢







             9.2 ¢




Year Ended December 31,


2021



2020


Fuel Distribution and Marketing


All Other


Total



Fuel Distribution and Marketing


All Other


Total


(dollars and gallons in millions, except gross profit per gallon)

Revenues:













Motor fuel sales

$         16,569


$            583


$     17,152



$           9,930


$            402


$     10,332

Non motor fuel sales

82


224


306



54


186


240

Lease income

127


11


138



127


11


138

Total revenues

$         16,788


$            818


$     17,596



$         10,111


$            599


$     10,710

Gross profit (1):













Motor fuel sales

$              991


$              48


$       1,039



$              691


$              73


$          764

Non motor fuel sales

64


109


173



48


106


154

Lease

127


11


138



127


11


138

Total gross profit

$           1,182


$            168


$       1,350



$              866


$            190


$       1,056

Net income and comprehensive income

$              500


$              24


$          524



$              208


$                4


$          212

Adjusted EBITDA (2)

$              672


$              82


$          754



$              654


$              85


$          739

Operating Data:













Total motor fuel gallons sold





7,545







7,094

Motor fuel gross profit cents per gallon (3)





           11.2 ¢







           11.9 ¢

The following table presents a reconciliation of Adjusted EBITDA to net income and Adjusted EBITDA to Distributable Cash Flow, as adjusted, for the three months and years ended December 31, 2021 and 2020:

Adjusted EBITDA to net income and distributable cash flow reconciliation

Three Months Ended

December 31,


Year Ended

December 31,


2021


2020


2021


2020


(in millions)


(in millions)

Adjusted EBITDA








Fuel distribution and marketing

$                  141


$                  157


$                  672


$                  654

All other

57


2


82


85

Total Adjusted EBITDA

198


159


754


739

Depreciation, amortization and accretion

(42)


(47)


(177)


(189)

Interest expense, net

(39)


(44)


(163)


(175)

Non-cash unit-based compensation expense

(4)


(3)


(16)


(14)

(Loss) gain on disposal of assets and impairment charges

2


5


14


(2)

Loss on extinguishment of debt

(29)


(13)


(36)


(13)

Unrealized gain (loss) on commodity derivatives

9


(6)


14


(6)

Inventory adjustments

22


44


190


(82)

Equity in earnings of unconsolidated affiliate

1


2


4


5

Adjusted EBITDA related to unconsolidated affiliate

(2)


(3)


(9)


(10)

Other non-cash adjustments

(7)


(3)


(21)


(17)

Income tax (expense) benefit

(9)


(8)


(30)


(24)

Net income and comprehensive income

$                  100


$                    83


$                  524


$                  212









Adjusted EBITDA (2)

$                  198


$                  159


$                  754


$                  739

Adjusted EBITDA related to unconsolidated affiliate

(2)


(3)


(9)


(10)

Distributable cash flow from unconsolidated affiliate

2


3


8


10

Cash interest expense

(39)


(42)


(157)


(168)

Current income tax expense

(3)



(20)


(19)

Maintenance capital expenditures

(17)


(20)


(39)


(35)

Distributable Cash Flow

139


97


537


517

Transaction-related expenses

4



5


Distributable Cash Flow, as adjusted (2)

$                  143


$                    97


$                  542


$                  517









Distributions to beplay88网棋牌 s:








Limited beplay88网棋牌 s

$                    69


$                    69


$                  275


$                  274

General beplay88网棋牌 s

18


18


71


71

Total distributions to be paid to partners

$                    87


$                    87


$                  346


$                  345

Common Units outstanding - end of period

83.7


83.3


83.7


83.3

Distribution coverage ratio (4)

1.65x


1.13x


1.56x


1.50x

 

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SOURCE Sunoco LP

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