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Sunoco LP representing limited partner interests (SUN-0.08%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Sunoco's acquisition of NuStar Energy L.P., which was completed on May 3, 2024. Under the terms of the agreement, NuStar common unitholders received 0.400 SUN common units for each NuStar common unit. The acquisition is expected to diversify Sunoco's business and enhance growth.
Sunoco also completed the acquisition of liquid fuels terminals in Amsterdam, Netherlands, and Bantry Bay, Ireland, from Zenith Energy for €170 million ($185 million) on March 13, 2024. This acquisition is expected to optimize supply for Sunoco's existing East Coast business.
On April 16, 2024, Sunoco completed the sale of 204 convenience stores to 7-Eleven, Inc. for approximately $1.0 billion. This transaction included amendments to the existing fuel supply agreement with 7-Eleven.
Sunoco and Energy Transfer formed a joint venture, ET-S Permian, effective July 1, 2024, combining their respective crude oil and produced water gathering assets in the Permian Basin. Sunoco holds a 32.5% interest in the joint venture.
For the year ended December 31, 2024, Sunoco reported a net income of $874 million, an increase from the previous year, primarily due to a $586 million gain from the sale of convenience stores and improved segment performance.
Adjusted EBITDA for 2024 was $1,457 million, reflecting an increase from the previous year, driven by acquisitions and operational improvements.
Sunoco's total debt as of December 31, 2024, was $7.5 billion, with a significant portion attributed to the debt assumed from the NuStar acquisition.
The company announced a quarterly distribution of $0.8865 per common unit, to be paid on February 19, 2025, to unitholders of record on February 7, 2025.
Sunoco expects to spend approximately $150 million in maintenance capital and at least $400 million in growth capital for the full year 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sunoco LP representing limited partner interests annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.