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.
Logo - http://photos.prnewswire.com/prnh/20161011/427507LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sunoco-lp-announces-third-quarter-2016-financial-and-operating-results-300360056.html
SOURCE Sunoco LP