Sunoco LP Reports Second Quarter 2025 Financial and Operating Results
Sunoco LP (NYSE: SUN) reported its Q2 2025 financial results, with net income of $86 million, down from $501 million in Q2 2024. The company achieved Adjusted EBITDA of $464 million and Distributable Cash Flow of $300 million.
Key operational highlights include fuel sales of 2.2 billion gallons with a margin of 10.5 cents per gallon. The company increased its quarterly distribution by 1.25% to $0.9088 per unit, maintaining its trajectory for a minimum 5% distribution growth in 2025. SUN reaffirmed its full-year 2025 Adjusted EBITDA guidance of $1.90-1.95 billion.
The company's pending merger with Parkland received 93% shareholder approval and is expected to close in Q4 2025. SUN maintained a strong liquidity position with $1.2 billion available on its credit facility and a leverage ratio of 4.2x.
Sunoco LP (NYSE: SUN) ha riportato i risultati finanziari del secondo trimestre 2025, con un utile netto di 86 milioni di dollari, in calo rispetto ai 501 milioni di dollari del secondo trimestre 2024. La società ha registrato un EBITDA rettificato di 464 milioni di dollari e un flusso di cassa distribuibile di 300 milioni di dollari.
Tra i principali dati operativi si segnalano vendite di carburante per 2,2 miliardi di galloni con un margine di 10,5 centesimi per gallone. La società ha aumentato la distribuzione trimestrale del 1,25%, portandola a 0,9088 dollari per unità, mantenendo l’obiettivo di una crescita minima del 5% delle distribuzioni nel 2025. SUN ha confermato la guidance per l’EBITDA rettificato dell’intero anno 2025, stimato tra 1,90 e 1,95 miliardi di dollari.
La fusione in corso con Parkland ha ottenuto l’approvazione del 93% degli azionisti ed è prevista per il quarto trimestre del 2025. SUN ha mantenuto una solida posizione di liquidità con 1,2 miliardi di dollari disponibili sulla linea di credito e un rapporto di leva finanziaria di 4,2x.
Sunoco LP (NYSE: SUN) informó sus resultados financieros del segundo trimestre de 2025, con un ingreso neto de 86 millones de dólares, disminuyendo desde 501 millones en el segundo trimestre de 2024. La compañía logró un EBITDA ajustado de 464 millones de dólares y un flujo de caja distribuible de 300 millones de dólares.
Entre los aspectos operativos clave se incluyen ventas de combustible por 2.2 mil millones de galones con un margen de 10.5 centavos por galón. La empresa aumentó su distribución trimestral en 1.25%, hasta 0.9088 dólares por unidad, manteniendo su objetivo de un crecimiento mínimo del 5% en la distribución para 2025. SUN reafirmó su guía de EBITDA ajustado para todo el año 2025, entre 1.90 y 1.95 mil millones de dólares.
La fusión pendiente con Parkland recibió la aprobación del 93% de los accionistas y se espera que se cierre en el cuarto trimestre de 2025. SUN mantuvo una posición sólida de liquidez con 1.2 mil millones de dólares disponibles en su línea de crédito y una ratio de apalancamiento de 4.2x.
Sunoco LP (NYSE: SUN)� 2025� 2분기 재무 실적� 발표했으�, 순이� 8600� 달러� 2024� 2분기 5� 100� 달러에서 감소했습니다. 회사� 조정 EBITDA 4� 6400� 달러왶 배분 가� 현금 흐름 3� 달러� 달성했습니다.
주요 운영 하이라이트는 22� 갤런� 연료 판매왶 갤런� 10.5센트� 마진입니�. 회사� 분기 배당금을 1.25% 인상하여 단위� 0.9088달러� 유지하며 2025� 최소 5% 배당 성장 목표� 유지했습니다. SUN은 2025� 전체 조정 EBITDA 가이던스를 19억~19� 5천만 달러� 재확인했습니�.
Parkland왶� 합병은 주주 93%� 승인� 받았으며 2025� 4분기� 완료� 예정입니�. SUN은 신용 시설에서 12� 달러� 가� 자금� 4.2배의 레버리지 비율� 강력� 유동� 상태� 유지했습니다.
Sunoco LP (NYSE : SUN) a publié ses résultats financiers du deuxième trimestre 2025, affichant un résultat net de 86 millions de dollars, en baisse par rapport à 501 millions de dollars au deuxième trimestre 2024. La société a réalisé un EBITDA ajusté de 464 millions de dollars et un flux de trésorerie distribuable de 300 millions de dollars.
Les faits marquants opérationnels incluent des ventes de carburant de 2,2 milliards de gallons avec une marge de 10,5 cents par gallon. L'entreprise a augmenté sa distribution trimestrielle de 1,25 % à 0,9088 $ par unité, maintenant ainsi sa trajectoire pour une croissance minimale de 5 % des distributions en 2025. SUN a réaffirmé ses prévisions d'EBITDA ajusté pour l'année complète 2025, comprises entre 1,90 et 1,95 milliard de dollars.
La fusion en attente avec Parkland a reçu l'approbation de 93 % des actionnaires et devrait être finalisée au quatrième trimestre 2025. SUN a maintenu une position de liquidité solide avec 1,2 milliard de dollars disponibles sur sa ligne de crédit et un ratio d'endettement de 4,2x.
Sunoco LP (NYSE: SUN) meldete seine Finanzergebnisse für das zweite Quartal 2025 mit einem Nettoeinkommen von 86 Millionen US-Dollar, was einem Rückgang gegenüber 501 Millionen US-Dollar im zweiten Quartal 2024 entspricht. Das Unternehmen erzielte ein bereinigtes EBITDA von 464 Millionen US-Dollar und einen verteilbaren Cashflow von 300 Millionen US-Dollar.
Zu den wichtigsten operativen Highlights zählen Kraftstoffverkäufe von 2,2 Milliarden Gallonen mit einer Marge von 10,5 Cent pro Gallone. Das Unternehmen erhöhte seine Quartalsdividende um 1,25 % auf 0,9088 US-Dollar pro Einheit und hält damit an seiner Zielsetzung für ein Mindestwachstum der Dividende von 5 % im Jahr 2025 fest. SUN bestätigte seine Prognose für das bereinigte EBITDA im Gesamtjahr 2025 von 1,90 bis 1,95 Milliarden US-Dollar.
Die ausstehende Fusion mit Parkland erhielt die Zustimmung von 93 % der Aktionäre und soll im vierten Quartal 2025 abgeschlossen werden. SUN hält eine starke Liquiditätsposition mit 1,2 Milliarden US-Dollar verfügbar auf seiner Kreditlinie und einem Verschuldungsgrad von 4,2x.
- Quarterly distribution increased by 1.25%, marking third consecutive quarterly increase
- Strong liquidity position with $1.2 billion available on credit facility
- Parkland merger received overwhelming 93% shareholder approval
- On track to meet 5% distribution growth target for 2025
- Maintained stable Distributable Cash Flow of $300 million vs $295 million year-over-year
- Net income decreased significantly to $86 million from $501 million in Q2 2024
- High leverage ratio at 4.2x net debt to Adjusted EBITDA
- Fuel Distribution segment EBITDA declined to $206 million from $245 million year-over-year
- Substantial long-term debt of $7.8 billion
Insights
Sunoco reports solid Q2 results with significant YoY EBITDA growth and continues strategic distribution increases while maintaining guidance.
Sunoco LP delivered mixed results in Q2 2025, with significant transformation visible in its financial profile following recent acquisitions. Net income dropped dramatically to
The company's distributable cash flow showed modest improvement at
Segment performance reveals the company's evolving business mix. The Fuel Distribution segment generated
On the balance sheet front, SUN maintains a leveraged position with
The pending Parkland acquisition has cleared a major hurdle with
- Reports second quarter results, including net income of
, Adjusted EBITDA(1), excluding one-time transaction-related expenses(2), of$86 million and Distributable Cash Flow, as adjusted(1), of$464 million $300 million - Increases quarterly distribution by
1.25% ; on track to meet distribution growth target of at least5% for 2025 - Reaffirms full year 2025 Adjusted EBITDA(1)(3) guidance of
to$1.90 billion , excluding one-time transaction-related expenses(2)$1.95 billion
Financial and Operational Highlights
Net income for the second quarter of 2025 was
Adjusted EBITDA(1) for the second quarter of 2025 was
Distributable Cash Flow, as adjusted(1), for the second quarter of 2025 was
Adjusted EBITDA(1) for the Fuel Distribution segment for the second quarter of 2025 was
Adjusted EBITDA(1) for the Pipeline Systems segment for the second quarter of 2025 was
Adjusted EBITDA(1) for the Terminals segment for the second quarter of 2025was
Distribution
On July 24, 2025, the Board of Directors of SUN's general partner declared a distribution for the second quarter of 2025 of
This is the third consecutive quarterly increase in SUN's distribution and is consistent with SUN's capital allocation strategy and 2025 business outlook, which includes an annual distribution growth rate of at least
The quarterly distribution will be paid on August19, 2025, to common unitholders of record as of the close of business on August8, 2025.
Liquidity and Leverage
At June30, 2025, SUN had long-term debt of approximately
Capital Spending
SUN's total capital expenditures in the second quarter of 2025 were
Parkland Acquisition
On June 24, 2025, Parkland shareholders voted to approve the merger with SUN with over
SUN's segment results and other supplementary data are provided after the financial tables below.
(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. |
(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 completed and pending 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. |
(3) | 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. |
Earnings Conference Call
Sunoco LP management will hold a conference call on Wednesday, August6, 2025, 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 under Webcasts and Presentations.
About Sunoco LP
Sunoco LP (NYSE: SUN) is a leading energy infrastructure and fuel distribution master limited partnership operating in over 40 U.S. states,
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
Contacts
Investors:
Scott Grischow, Treasurer, Senior Vice President � Finance
(214) 840-5660, [email protected]
Media:
Chris Cho, Senior Manager � Communications
(469) 646-1647, [email protected]
� Financial Schedules Follow �
SUNOCO LP | |||
June 30, | December 31, | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 116 | $ 94 | |
Accounts receivable, net | 1,037 | 1,162 | |
Inventories, net | 1,179 | 1,068 | |
Other current assets | 150 | 141 | |
Total current assets | 2,482 | 2,465 | |
Property, plant and equipment | 9,205 | 8,914 | |
Accumulated depreciation | (1,534) | (1,240) | |
Property, plant and equipment, net | 7,671 | 7,674 | |
Other assets: | |||
Operating lease right-of-use assets, net | 502 | 477 | |
Goodwill | 1,477 | 1,477 | |
Intangible assets, net | 533 | 547 | |
Other non-current assets | 486 | 400 | |
Investments in unconsolidated affiliates | 1,277 | 1,335 | |
Total assets | $ 14,428 | $ 14,375 | |
LIABILITIES AND EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 927 | $ 1,255 | |
Accounts payable to affiliates | 221 | 199 | |
Accrued expenses and other current liabilities | 448 | 457 | |
Operating lease current liabilities | 32 | 34 | |
Current maturities of long-term debt | 2 | 2 | |
Total current liabilities | 1,630 | 1,947 | |
Operating lease non-current liabilities | 507 | 479 | |
Long-term debt, net | 7,803 | 7,484 | |
Advances from affiliates | 77 | 82 | |
Deferred tax liabilities | 164 | 157 | |
Other non-current liabilities | 150 | 158 | |
Total liabilities | 10,331 | 10,307 | |
Commitments and contingencies | |||
Equity: | |||
Limited partners: | |||
Common unitholders (136,603,182 units issued and outstanding as of June30, 2025 and | 4,099 | 4,066 | |
Class C unitholders - held by subsidiaries (16,410,780 units issued and outstanding as of | � | � | |
Accumulated other comprehensive income (loss) | (2) | 2 | |
Total equity | 4,097 | 4,068 | |
Total liabilities and equity | $ 14,428 | $ 14,375 |
SUNOCO LP | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
REVENUES | $ 5,390 | $ 6,174 | $ 10,569 | $ 11,673 | |||
COSTS AND EXPENSES: | |||||||
Cost of sales | 4,821 | 5,609 | 9,347 | 10,624 | |||
Operating expenses | 145 | 134 | 288 | 222 | |||
General and administrative | 50 | 134 | 89 | 170 | |||
Lease expense | 19 | 17 | 35 | 35 | |||
(Gain) loss on disposal of assets and impairment charges | (2) | 52 | 1 | 54 | |||
Depreciation, amortization and accretion | 154 | 78 | 310 | 121 | |||
Total cost of sales and operating expenses | 5,187 | 6,024 | 10,070 | 11,226 | |||
OPERATING INCOME | 203 | 150 | 499 | 447 | |||
OTHER INCOME (EXPENSE): | |||||||
Interest expense, net | (123) | (95) | (244) | (158) | |||
Equity in earnings of unconsolidated affiliates | 31 | 2 | 63 | 4 | |||
Gain on West Texas Sale | � | 598 | � | 598 | |||
Loss on extinguishment of debt | (17) | (2) | (19) | (2) | |||
Other, net | (1) | (3) | (1) | (2) | |||
INCOME BEFORE INCOME TAXES | 93 | 650 | 298 | 887 | |||
Income tax expense | 7 | 149 | 5 | 156 | |||
NET INCOME | $ 86 | $ 501 | $ 293 | $ 731 | |||
NET INCOME PER COMMON UNIT: | |||||||
Basic | $ 0.33 | $ 3.88 | $ 1.55 | $ 6.43 | |||
Diluted | $ 0.33 | $ 3.85 | $ 1.54 | $ 6.37 | |||
WEIGHTED AVERAGE COMMON UNITS OUTSTANDING | |||||||
Basic | 136,432,676 | 117,271,408 | 136,350,550 | 100,848,078 | |||
Diluted | 137,146,019 | 118,054,858 | 137,040,946 | 101,657,076 | |||
CASH DISTRIBUTION PER COMMON UNIT | $ 0.9088 | $ 0.8756 | $ 1.8064 | $ 1.7512 |
SUNOCO LP | |||
Three Months Ended June 30, | |||
2025 | 2024 | ||
Net income | $ 86 | $ 501 | |
Depreciation, amortization and accretion | 154 | 78 | |
Interest expense, net | 123 | 95 | |
Non-cash unit-based compensation expense | 5 | 4 | |
(Gain) loss on disposal of assets and impairment charges | (2) | 52 | |
Loss on extinguishment of debt | 17 | 2 | |
Unrealized gains on commodity derivatives | (7) | (6) | |
Inventory valuation adjustments | 40 | 32 | |
Equity in earnings of unconsolidated affiliates | (31) | (2) | |
Adjusted EBITDA related to unconsolidated affiliates | 51 | 3 | |
Gain on West Texas Sale | � | (598) | |
Other non-cash adjustments | 11 | 10 | |
Income tax expense | 7 | 149 | |
Adjusted EBITDA (1) | 454 | 320 | |
Transaction-related expenses | 10 | 80 | |
Adjusted EBITDA (1), excluding transaction-related expenses | $ 464 | $ 400 | |
Adjusted EBITDA (1) | $ 454 | $ 320 | |
Adjusted EBITDA related to unconsolidated affiliates | (51) | (3) | |
Distributable cash flow from unconsolidated affiliates | 48 | 2 | |
Cash interest expense | (118) | (89) | |
Current income tax expense | (5) | (217) | |
Transaction-related income taxes | � | 199 | |
Maintenance capital expenditures (2) | (38) | (26) | |
Distributable Cash Flow | 290 | 186 | |
Transaction-related expenses and adjustments (3) | 10 | 109 | |
Distributable Cash Flow, as adjusted (1) | $ 300 | $ 295 | |
Distributions to Partners: | |||
Limited Partners | $ 124 | $ 119 | |
General Partner | 41 | 36 | |
Total distributions to be paid to partners | $ 165 | $ 155 | |
Common Units outstanding - end of period | 136.6 | 136.0 |
(1) | Adjusted EBITDA is defined as earnings before net interest expense, income taxes, depreciation, amortization and accretion expense, non-cash unit-based compensation expense, gains and losses on disposal of assets, non-cash impairment charges, losses on extinguishment of debt, unrealized gains and losses on commodity derivatives, inventory valuation adjustments, 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 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 June30, 2025 and 2024, excludes | |
(3) | For the three months ended June 30, 2025 and 2024, SUN incurred |
SUNOCO LP | |||
Three Months Ended June 30, | |||
2025 | 2024 | ||
Segment Adjusted EBITDA: | |||
Fuel Distribution | $ 206 | $ 245 | |
Pipeline Systems | 177 | 53 | |
Terminals | 71 | 22 | |
Adjusted EBITDA | 454 | 320 | |
Transaction-related expenses | 10 | 80 | |
Adjusted EBITDA, excluding transaction-related expenses | $ 464 | $ 400 |
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, | |||
2025 | 2024 | ||
Fuel Distribution segment profit | $ 262 | $ 304 | |
Pipeline Systems segment profit | 183 | 172 | |
Terminals segment profit | 124 | 89 | |
Total segment profit | 569 | 565 | |
Depreciation, amortization and accretion, excluding corporate and other | 153 | 77 | |
Gross profit | $ 416 | $ 488 |
Fuel Distribution | |||
Three Months Ended June 30, | |||
2025 | 2024 | ||
Motor fuel gallons sold (millions) | 2,188 | 2,189 | |
Motor fuel profit cents per gallon(1) | 10.5 ¢ | 11.8 ¢ | |
Fuel profit | $ 191 | $ 230 | |
Non-fuel profit | 41 | 44 | |
Lease profit | 30 | 30 | |
Fuel Distribution segment profit | $ 262 | $ 304 | |
Expenses | $ 102 | $ 96 | |
Segment Adjusted EBITDA | $ 206 | $ 245 | |
Transaction-related expenses | 8 | 1 | |
Segment Adjusted EBITDA, excluding transaction-related expenses | $ 214 | $ 246 |
(1) Excludes the impact of inventory valuation adjustments consistent with the definition of Adjusted EBITDA. |
Volumes. For the three months ended June 30, 2025 compared to the same period last year, volumes decreased primarily due to the sale of assets in
Segment Adjusted EBITDA.For the three months ended June 30, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our Fuel Distribution segment decreased due to the net impact of the following:
- a decrease of
due to lower profit per gallon; and$29 million - an increase of
in expenses primarily due to the pending Parkland acquisition.$6 million
Pipeline Systems | |||
Three Months Ended June 30, | |||
2025 | 2024 | ||
Pipelines throughput (thousand barrels per day) | 1,231 | 1,264 | |
Pipeline Systems segment profit | $ 183 | $ 172 | |
Expenses | $ 58 | $ 121 | |
Segment Adjusted EBITDA | $ 177 | $ 53 | |
Transaction-related expenses | � | 58 | |
Segment Adjusted EBITDA, excluding transaction-related expenses | $ 177 | $ 111 |
Volumes. For the three months ended June30, 2025 compared to the same period last year, throughput volumes decreased primarily due to the contribution of assets to ET-S Permian in July 2024.
Segment Adjusted EBITDA.For thethree months ended June 30, 2025 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:
- an
increase in segment profit comprised of a$11 million increase from the timing of the acquisition of NuStar, which occurred on May 3, 2024 and therefore is only reflected for two months in the prior period, partially offset by a$61 million decrease from the deconsolidation of certain of NuStar's assets in connection with the formation of ET-S Permian effective July 1, 2024;$50 million - a
increase in Adjusted EBITDA related to the formation of ET-S Permian; and$48 million - a
decrease in operating costs primarily due to a decrease in general and administrative expenses related to one-time NuStar acquisition expenses incurred in 2024. This decrease was partially offset by an increase in operating expenses from the timing of the acquisition of NuStar, which occurred on May 3, 2024 and therefore is only reflected for two months in the prior period and for which the impact was partially offset by a decrease of$65 million from the deconsolidation of certain NuStar assets in connection with the formation of ET-S Permian effective July 1, 2024.$6 million
Terminals | |||
Three Months Ended June 30, | |||
2025 | 2024 | ||
Throughput (thousand barrels per day) | 692 | 638 | |
Terminals segment profit | $ 124 | $ 89 | |
Expenses | $ 54 | $ 68 | |
Segment Adjusted EBITDA | $ 71 | $ 22 | |
Transaction-related expenses | 2 | 21 | |
Segment Adjusted EBITDA, excluding transaction-related expenses | $ 73 | $ 43 |
Volumes. For the three months ended June 30, 2025 compared to the same period last year, volumes increased due to recently acquired assets.
Segment Adjusted EBITDA.For the three months ended June 30, 2025 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
increase in segment profit (excluding inventory valuation adjustments) primarily due to the timing of the acquisition of NuStar, which occurred on May 3, 2024 and therefore is only reflected for two months in the prior period; and$33 million - a
decrease in operating costs primarily due to a decrease in general and administrative expenses related to one-time NuStar acquisition expenses incurred in 2024. This decrease was partially offset by an increase in operating expenses from the timing of the acquisition of NuStar on May 3, 2024 and therefore is only reflected for two months in the prior period.$14 million
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SOURCE Sunoco LP