DALLAS, Aug. 8, 2018 /PRNewswire/ --
- Generated second quarter Net Income of $68 million, Adjusted EBITDA(1) of $140 million and Distributable Cash Flow(1), as
adjusted, of $106 million
-
- Net income and Adjusted EBITDA results include approximately
$7 million of transaction
costs
- Current quarter cash coverage of 1.24 times and trailing
twelve months coverage of 1.14 times with leverage of 4.52 times at
the end of the second quarter
- Completed the acquisitions of the wholesale fuel
distribution businesses of Sandford Oil in August and Superior Plus
Corporation in April
-
- Both acquisitions are immediately accretive to Distributable
Cash Flow, as adjusted
- Amended and extended $1.5
billion revolving credit facility
Sunoco LP (NYSE: SUN) ("SUN" or the "Partnership") today
announced financial and operating results for the three-month
period ended June 30, 2018.
Revenue totaled $4.6 billion, an
increase of 59 percent, compared to $2.9
billion in the second quarter of 2017. The increase was the
result of the average selling price of fuel being higher than last
year and the benefit of the fuel distribution contract with
7-Eleven, Inc.
Total gross profit increased to $310
million, compared to $259
million in the second quarter of 2017, as a result
of higher motor fuel gross profits.
Income from continuing operations was $94
million versus a loss of $29
million in the second quarter of 2017.
Loss from discontinued operations, net of income taxes, was
$26 million versus a loss from
discontinued operations, net of income taxes, of $193 million in the second quarter of 2017.
Net income was $68 million, or
$0.58 per diluted unit, versus a net
loss of $222 million, or ($2.53) per diluted unit, in the second quarter
of 2017.
Adjusted EBITDA for the quarter totaled $140 million, compared with $220 million in the second quarter of 2017.
Distributable Cash Flow, as adjusted, was $106 million, compared to $158 million a year ago. This
year-over-year decrease reflects a lower EBITDA, offset by lower
cash interest expense and a decrease in maintenance capital
spend.
Net income for the fuel distribution and marketing segment was
$101 million compared to net income
of $5 million a year ago.
Adjusted EBITDA was $132 million,
versus $93 million in the second
quarter of last year.
Net loss for the all other segment was $33 million compared to a net loss of
$227 million a year ago.
Adjusted EBITDA was $8 million,
versus $127 million in the second
quarter of last year.
Total gallons sold were 1,977 million, down from 2,024 million
gallons a year ago. On a weighted-average basis, fuel margin
for all gallons sold was 9.9 cents
per gallon, compared to 16.2 cents
per gallon in the second quarter of 2017. The 6.3 cent per gallon decrease was primarily
attributable to the divestiture of the majority of company-operated
sites.
SUN's recent accomplishments include the following:
- Completed the acquisition of the wholesale fuels business of
Sandford Oil for approximately $66
million plus working capital adjustments. The acquired
business distributes approximately 115 million gallons of fuel
annually to exploration, drilling and oil field services customers,
primarily in Central and West
Texas and Oklahoma. The
transaction closed on August 1,
2018.
- Completed the previously announced acquisition of the wholesale
fuels business and terminal assets from Superior Plus Corporation
for approximately $40 million plus
working capital adjustments. The wholesale fuels business sells
approximately 200 million gallons of fuel annually through multiple
channels, and the acquired terminals have a combined 17 tanks with
429 thousand barrels of storage capacity. The transaction closed on
April 25, 2018.
- Amended and extended the $1.5
billion revolving credit facility. The revolving credit
facility size remains at $1.5
billion, and includes an accordion feature that provides
flexibility to increase the facility up to $750 million, subject to additional lender
commitments. The facility matures in July
2023. Outstanding borrowings under the facility bear
interest, at SUN's option, at either the base rate plus a margin
ranging from 0.25% to 1.25% or LIBOR plus a margin ranging from
1.25% to 2.25%.
SUN's segment results and other supplementary data are provided
after the financial tables below.
Distribution
On July 27, 2018, the Board of
Directors of SUN's general partner declared a distribution for the
second quarter of 2018 of $0.8255 per
unit, which corresponds to $3.3020
per unit on an annualized basis. The distribution will be
paid on August 15, 2018 to common
unitholders of record on August 7,
2018.
SUN's distribution coverage ratio for the second quarter was
1.24 times. The distribution coverage ratio on a trailing 12-month
basis was 1.14 times.
Liquidity
At June 30, SUN had borrowings of
$320 million against its revolving
line of credit and other long-term debt of $2.3 billion. In the second quarter of
2018, SUN did not issue any common units through its at-the-market
equity program. The leverage ratio of net debt to Adjusted
EBITDA, calculated in accordance with SUN's credit facility, was
4.52 times at the end of the second quarter.
(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 "Reconciliations of Non-GAAP Measures"
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.
|
Earnings Conference Call
Sunoco LP management will hold a conference call on Thursday, August 9, at 9:30 a.m. CT (10:30 a.m.
ET) to discuss second quarter results and recent
developments. To participate, dial 877-407-6184 (toll free)
or 201-389-0877 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. An updated investor presentation has been posted to
Sunoco's website and is available in the Investor Relations section
at www.SunocoLP.com under Events and Presentations.
Sunoco LP (NYSE: SUN) is a master limited partnership
that distributes motor fuel to approximately 9,900 convenience
stores, independent dealers, commercial customers and distributors
located in more than 30 states. SUN's general partner is owned by
Energy Transfer Equity, L.P. (NYSE: ETE).
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
Derek Rabe, CFA, Senior Analyst –
Investor Relations and Finance
(214) 840-5553, derek.rabe@sunoco.com
Media:
Alyson Gomez,
Director – Communications
(214) 840-5641, alyson.gomez@sunoco.com
– Financial Schedules Follow –
SUNOCO
LP
CONSOLIDATED
BALANCE SHEETS
(unaudited)
|
|
|
|
June
30, 2018
|
|
December
31, 2017
|
|
|
(in millions,
except units)
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
19
|
|
|
$
|
28
|
|
Accounts receivable,
net
|
|
529
|
|
|
541
|
|
Receivables from
affiliates
|
|
163
|
|
|
155
|
|
Inventories,
net
|
|
456
|
|
|
426
|
|
Other current
assets
|
|
62
|
|
|
81
|
|
Assets held for
sale
|
|
6
|
|
|
3,313
|
|
Total current
assets
|
|
1,235
|
|
|
4,544
|
|
Property and
equipment, net
|
|
1,520
|
|
|
1,557
|
|
Other
assets:
|
|
|
|
|
Goodwill
|
|
1,469
|
|
|
1,430
|
|
Intangible assets,
net
|
|
659
|
|
|
768
|
|
Other noncurrent
assets
|
|
123
|
|
|
45
|
|
Total
assets
|
|
$
|
5,006
|
|
|
$
|
8,344
|
|
Liabilities and
equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
|
439
|
|
|
$
|
559
|
|
Accounts payable to
affiliates
|
|
167
|
|
|
206
|
|
Accrued expenses and
other current liabilities
|
|
544
|
|
|
368
|
|
Current maturities of
long-term debt
|
|
5
|
|
|
6
|
|
Liabilities
associated with assets held for sale
|
|
—
|
|
|
75
|
|
Total current
liabilities
|
|
1,155
|
|
|
1,214
|
|
Revolving line of
credit
|
|
320
|
|
|
765
|
|
Long-term debt,
net
|
|
2,282
|
|
|
3,519
|
|
Advances from
affiliates
|
|
85
|
|
|
85
|
|
Deferred tax
liability
|
|
112
|
|
|
389
|
|
Other noncurrent
liabilities
|
|
136
|
|
|
125
|
|
Total
liabilities
|
|
4,090
|
|
|
6,097
|
|
Commitments and
contingencies (Note 14)
|
|
|
|
|
Equity:
|
|
|
|
|
Limited
partners:
|
|
|
|
|
Series A Preferred
unitholder - affiliated (no units issued and outstanding as of June
30, 2018 and 12,000,000 units issued and outstanding as of December
31, 2017)
|
|
—
|
|
|
300
|
|
Common unitholders
(82,498,849 units issued and outstanding as of June 30, 2018 and
99,667,999 units issued and outstanding as of December 31,
2017)
|
|
916
|
|
|
1,947
|
|
Class C unitholders -
held by subsidiary (16,410,780 units issued and outstanding as of
June 30, 2018 and December 31, 2017)
|
|
—
|
|
|
—
|
|
Total
equity
|
|
916
|
|
|
2,247
|
|
Total liabilities and
equity
|
|
$
|
5,006
|
|
|
$
|
8,344
|
|
SUNOCO
LP
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)
(unaudited)
|
|
|
|
|
|
For the Three Months
Ended
June 30,
|
|
For the Six Months
Ended
June 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
(in millions,
except unit and per unit amounts)
|
Revenues:
|
|
|
|
|
|
|
|
Motor fuel
sales
|
$
|
4,507
|
|
|
$
|
2,685
|
|
|
$
|
8,058
|
|
|
$
|
5,303
|
|
Rental
income
|
34
|
|
|
22
|
|
|
56
|
|
|
44
|
|
Other
|
66
|
|
|
185
|
|
|
242
|
|
|
353
|
|
Total
revenues
|
4,607
|
|
|
2,892
|
|
|
8,356
|
|
|
5,700
|
|
Cost of
sales:
|
|
|
|
|
|
|
|
Motor fuel cost of
sales
|
4,280
|
|
|
2,530
|
|
|
7,626
|
|
|
4,990
|
|
Other
|
17
|
|
|
103
|
|
|
124
|
|
|
195
|
|
Total cost of
sales
|
4,297
|
|
|
2,633
|
|
|
7,750
|
|
|
5,185
|
|
Gross
profit
|
310
|
|
|
259
|
|
|
606
|
|
|
515
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
General and
administrative
|
34
|
|
|
36
|
|
|
69
|
|
|
68
|
|
Other
operating
|
86
|
|
|
93
|
|
|
184
|
|
|
185
|
|
Rent
|
19
|
|
|
22
|
|
|
34
|
|
|
42
|
|
Loss on disposal of
assets and impairment charges
|
2
|
|
|
92
|
|
|
5
|
|
|
94
|
|
Depreciation,
amortization and accretion
|
41
|
|
|
36
|
|
|
90
|
|
|
90
|
|
Total operating
expenses
|
182
|
|
|
279
|
|
|
382
|
|
|
479
|
|
Operating income
(loss)
|
128
|
|
|
(20)
|
|
|
224
|
|
|
36
|
|
Other
expenses:
|
|
|
|
|
|
|
|
Interest expense,
net
|
36
|
|
|
54
|
|
|
70
|
|
|
112
|
|
Loss on extinguishment
of debt and other
|
—
|
|
|
—
|
|
|
109
|
|
|
—
|
|
Income (loss) from
continuing operations before income taxes
|
92
|
|
|
(74)
|
|
|
45
|
|
|
(76)
|
|
Income tax expense
(benefit)
|
(2)
|
|
|
(45)
|
|
|
29
|
|
|
(59)
|
|
Income (loss) from
continuing operations
|
94
|
|
|
(29)
|
|
|
16
|
|
|
(17)
|
|
Loss from discontinued
operations, net of income taxes
|
(26)
|
|
|
(193)
|
|
|
(263)
|
|
|
(204)
|
|
Net income (loss)
and comprehensive income (loss)
|
$
|
68
|
|
|
$
|
(222)
|
|
|
$
|
(247)
|
|
|
$
|
(221)
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per limited partner unit - basic:
|
|
|
|
|
|
|
|
Continuing operations
- common units
|
$
|
0.91
|
|
|
$
|
(0.58)
|
|
|
$
|
(0.29)
|
|
|
$
|
(0.70)
|
|
Discontinued
operations - common units
|
(0.32)
|
|
|
(1.94)
|
|
|
(3.05)
|
|
|
(2.07)
|
|
Net income (loss) -
common units
|
$
|
0.59
|
|
|
$
|
(2.52)
|
|
|
$
|
(3.34)
|
|
|
$
|
(2.77)
|
|
Net income (loss)
per limited partner unit - diluted:
|
|
|
|
|
|
|
|
Continuing operations
- common units
|
$
|
0.90
|
|
|
$
|
(0.59)
|
|
|
$
|
(0.29)
|
|
|
$
|
(0.70)
|
|
Discontinued
operations - common units
|
(0.32)
|
|
|
(1.94)
|
|
|
(3.05)
|
|
|
(2.07)
|
|
Net income (loss) -
common units
|
$
|
0.58
|
|
|
$
|
(2.53)
|
|
|
$
|
(3.34)
|
|
|
$
|
(2.77)
|
|
Weighted average
limited partner units outstanding:
|
|
|
|
|
|
|
|
Common units -
basic
|
82,494,976
|
|
|
99,466,424
|
|
|
86,104,411
|
|
|
99,040,383
|
|
Common units -
diluted
|
82,947,669
|
|
|
99,900,007
|
|
|
86,569,372
|
|
|
99,306,045
|
|
|
|
|
|
|
|
|
|
Cash distributions
per unit
|
$
|
0.8255
|
|
|
$
|
0.8255
|
|
|
$
|
1.6510
|
|
|
$
|
1.6510
|
|
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.
Our financial statements reflect two reportable segments, fuel
distribution & marketing and all other. After the Retail
Divestment and the conversion of 207 retail sites to commission
agent sites, the Partnership has renamed the former Wholesale
segment to Fuel Distribution and Marketing and the former Retail
segment is renamed to All Other.
Key operating metrics set forth below are presented as of and
for the three months ended June 30,
2018 and 2017 and have been derived from our historical
consolidated financial statements.
The accompanying footnotes to the following two key operating
metrics tables can be found immediately preceding our capital
spending discussion.
|
For the Three
Months Ended June 30,
|
|
2018
|
|
|
2017
|
|
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
|
$
|
4,304
|
|
|
$
|
203
|
|
|
$
|
4,507
|
|
|
|
$
|
2,287
|
|
|
$
|
398
|
|
|
$
|
2,685
|
|
Rental
income
|
31
|
|
|
3
|
|
|
34
|
|
|
|
19
|
|
|
3
|
|
|
22
|
|
Other
|
15
|
|
|
51
|
|
|
66
|
|
|
|
12
|
|
|
173
|
|
|
185
|
|
Total
revenues
|
$
|
4,350
|
|
|
$
|
257
|
|
|
$
|
4,607
|
|
|
|
$
|
2,318
|
|
|
$
|
574
|
|
|
$
|
2,892
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
Motor fuel
sales
|
$
|
204
|
|
|
$
|
23
|
|
|
$
|
227
|
|
|
|
$
|
102
|
|
|
$
|
53
|
|
|
$
|
155
|
|
Rental
|
31
|
|
|
3
|
|
|
34
|
|
|
|
19
|
|
|
3
|
|
|
22
|
|
Other
|
18
|
|
|
31
|
|
|
49
|
|
|
|
8
|
|
|
74
|
|
|
82
|
|
Total gross
profit
|
$
|
253
|
|
|
$
|
57
|
|
|
$
|
310
|
|
|
|
$
|
129
|
|
|
$
|
130
|
|
|
$
|
259
|
|
Income (loss) from
continuing operations
|
101
|
|
|
(7)
|
|
|
94
|
|
|
|
5
|
|
|
(34)
|
|
|
(29)
|
|
Loss from discontinued
operations, net of taxes
|
—
|
|
|
(26)
|
|
|
(26)
|
|
|
|
—
|
|
|
(193)
|
|
|
(193)
|
|
Net income (loss) and
comprehensive income (loss)
|
$
|
101
|
|
|
$
|
(33)
|
|
|
$
|
68
|
|
|
|
$
|
5
|
|
|
$
|
(227)
|
|
|
$
|
(222)
|
|
Adjusted EBITDA
(2)
|
$
|
132
|
|
|
$
|
8
|
|
|
$
|
140
|
|
|
|
$
|
93
|
|
|
$
|
127
|
|
|
$
|
220
|
|
Distributable Cash
Flow, as adjusted (2)
|
|
|
|
|
$
|
106
|
|
|
|
|
|
|
|
$
|
158
|
|
Operating
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
Motor fuel gallons sold
(3)
|
|
|
|
|
1,977
|
|
|
|
|
|
|
|
2,024
|
|
Motor fuel gross profit
cents per gallon (1) (3)
|
|
|
|
|
9.9
|
¢
|
|
|
|
|
|
|
16.2
|
¢
|
The following table presents a reconciliation of Adjusted EBITDA
to net income (loss) and Adjusted EBITDA to Distributable Cash
Flow, as adjusted:
|
Three Months Ended
June 30,
|
|
|
|
2018
|
|
2017
|
|
Change
|
|
(in
millions)
|
Segment Adjusted
EBITDA
|
|
|
|
|
|
Fuel distribution and
marketing
|
$
|
132
|
|
|
$
|
93
|
|
|
$
|
39
|
|
All other
|
8
|
|
|
127
|
|
|
(119)
|
|
Total
|
140
|
|
|
220
|
|
|
(80)
|
|
Depreciation,
amortization and accretion (3)
|
(41)
|
|
|
(39)
|
|
|
(2)
|
|
Interest expense, net
(3)
|
(36)
|
|
|
(58)
|
|
|
22
|
|
Non-cash compensation
expense (3)
|
(3)
|
|
|
(5)
|
|
|
2
|
|
Loss on disposal of
assets and impairment charges (3)
|
(40)
|
|
|
(326)
|
|
|
286
|
|
Unrealized loss on
commodity derivatives (3)
|
—
|
|
|
(5)
|
|
|
5
|
|
Inventory fair value
adjustments (3)
|
32
|
|
|
(32)
|
|
|
64
|
|
Other non-cash
adjustments
|
(3)
|
|
|
—
|
|
|
(3)
|
|
Income (loss) before
income tax (expense) benefit (3)
|
49
|
|
|
(245)
|
|
|
294
|
|
Income tax benefit
(3)
|
19
|
|
|
23
|
|
|
(4)
|
|
Net income (loss)
and comprehensive income (loss)
|
$
|
68
|
|
|
$
|
(222)
|
|
|
$
|
290
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
140
|
|
|
220
|
|
|
(80)
|
|
Cash interest expense
(3)
|
34
|
|
|
53
|
|
|
(19)
|
|
Current income tax
expense (benefit) (3)
|
(5)
|
|
|
2
|
|
|
(7)
|
|
Transaction-related
income taxes (4)
|
10
|
|
|
—
|
|
|
10
|
|
Maintenance capital
expenditures (3)
|
2
|
|
|
7
|
|
|
(5)
|
|
Distributable Cash
Flow
|
$
|
99
|
|
|
$
|
158
|
|
|
$
|
(59)
|
|
Transaction-related
expenses (3)
|
7
|
|
|
8
|
|
|
(1)
|
|
Series A Preferred
distribution
|
—
|
|
|
(8)
|
|
|
8
|
|
Distributable Cash
Flow, as adjusted
|
$
|
106
|
|
|
$
|
158
|
|
|
$
|
(52)
|
|
_______________________________
|
(1)
Includes other non-cash adjustments and excludes the impact of
inventory fair value adjustments consistent with the definition of
Adjusted EBITDA.
|
(2)
Adjusted EBITDA is defined as earnings before net interest expense,
income taxes, depreciation, amortization and accretion expense,
allocated non-cash compensation expense, unrealized gains and
losses on commodity derivatives and inventory fair value
adjustments, and certain other operating expenses reflected in net
income that we do not believe are indicative of ongoing core
operations, such as gain or loss on disposal of assets and non-cash
impairment charges. We define Distributable Cash Flow, as adjusted,
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, Series A Preferred distribution,
current income tax expense, maintenance capital expenditures and
other non-cash adjustments.
|
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
(loss) 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 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 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.
|
(3)
Includes amounts from discontinued
operations.
|
(4)
Transaction-related income taxes primarily
related to the 7-Eleven Transaction.
|
Capital Spending
SUN's gross capital expenditures for the second quarter were
$13 million, which included
$11 million for growth capital and
$2 million for maintenance
capital.
Excluding acquisitions, SUN expects to spend approximately
$65 million on growth capital and
approximately $30 million on
maintenance capital for the full year 2018.
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SOURCE Sunoco LP