Sunoco LP reported significant financial growth for the fiscal year ending December 31, 2024, with net income reaching $874 million, a substantial increase from $394 million in the previous year. This growth was primarily driven by a $586 million gain from the sale of 204 convenience stores to 7-Eleven, Inc. in April 2024, alongside improved operational performance across its segments. The company’s Adjusted EBITDA also rose to $1.457 billion, up from $964 million in 2023, reflecting a strong operational recovery and strategic acquisitions.
The year saw Sunoco LP complete several key acquisitions, including the purchase of NuStar Energy L.P. for approximately $2.85 billion, which added 9,500 miles of pipeline and 63 terminal facilities to its portfolio. Additionally, the acquisition of liquid fuels terminals in Europe for $185 million and a terminal in Portland, Maine for $24 million further diversified its operations. These strategic moves are expected to enhance the company’s market position and operational scale, contributing to future growth.
Operationally, Sunoco LP served approximately 7,400 branded locations and reported a 3% increase in motor fuel gallons sold, totaling 8.578 billion gallons for the year. The Fuel Distribution segment generated $908 million in Adjusted EBITDA, up from $865 million in 2023, despite a slight decline in profit per gallon due to the West Texas sale. The Pipeline Systems segment saw a dramatic increase in profit, rising to $377 million from just $11 million the previous year, largely attributed to the NuStar acquisition. The Terminals segment also reported a significant profit increase, reflecting the benefits of recent acquisitions.
The company’s total debt as of December 31, 2024, stood at $7.5 billion, a notable rise from $3.58 billion in 2023, primarily due to the debt assumed in the NuStar acquisition. Despite this increase, Sunoco LP maintains a robust liquidity position with $94 million in cash and $1.25 billion available under its credit facility. The company anticipates that its ongoing cash flow from operations, combined with available credit, will adequately support its capital expenditures and distribution commitments.
Looking ahead, Sunoco LP expects to continue benefiting from its recent acquisitions and strategic initiatives, with plans to invest at least $400 million in growth capital in 2025. The company remains focused on optimizing its operations and expanding its market presence, while also navigating the challenges posed by fluctuating fuel prices and evolving regulatory landscapes.
About Sunoco LP
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