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Sunoco LP (SUN+0.13%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenues of $5,751 million, compared to $6,320 million in the same quarter the previous year.
Net income for the quarter was $2 million, down from $272 million in the previous year, attributed to inventory valuation adjustments and increased depreciation and interest expenses.
Adjusted EBITDA for the quarter was $456 million, up from $257 million in the previous year, primarily due to acquisitions and increased volumes.
The company completed the acquisition of NuStar Energy L.P. on May 3, 2024, for approximately $2.85 billion, issuing 51.5 million common units and assuming $3.5 billion in debt.
Sunoco also completed the sale of 204 convenience stores to 7-Eleven, Inc. (SVNDY-1.01%) for approximately $1.0 billion, resulting in a gain of $598 million.
The company formed a joint venture with Energy Transfer (ET+2.74%) in the Permian Basin, holding a 32.5% interest, contributing crude oil gathering assets.
Sunoco's total assets as of September 30, 2024, were $14,122 million, compared to $6,826 million at the end of 2023, reflecting recent acquisitions.
The company reported total liabilities of $9,942 million, up from $5,848 million at the end of 2023, due to increased long-term debt and liabilities from acquisitions.
Sunoco's cash and cash equivalents increased to $116 million, with net cash provided by operating activities of $426 million for the nine months ended September 30, 2024.
The company declared a quarterly distribution of $0.8756 per common unit, resulting in a total cash distribution of approximately $119 million to common unitholders.
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 quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.