Sunoco LP — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income for the quarter ended September 30, 2026, was $499 million, compared to $137 million in the same period in 2025.
• Adjusted EBITDA was $1.049 billion for the quarter, compared to $489 million in the prior year period; this includes $11 million of one-time transaction-related expenses in 2026 versus $7 million in 2025.
• Adjusted EBITDA excluding transaction-related expenses was $1.060 billion for the quarter, compared to $496 million in the prior year.
• Distributable Cash Flow, as adjusted, was $588 million for the quarter, representing approximately 25% growth compared to $326 million in the third quarter of 2025.
• Total revenues for the quarter were $18.029 billion, compared to $6.032 billion in the third quarter of 2025.
• Long-term debt stood at approximately $13.2 billion as of September 30, 2026, with $2.3 billion of liquidity remaining on the revolving credit facility.
• The leverage ratio of net debt to Adjusted EBITDA was approximately 3.5 times at the end of the third quarter.
• Total capital expenditures for the quarter were $237 million, consisting of $121 million in growth capital and $116 million in maintenance capital.
• Cash and cash equivalents were $760 million as of September 30, 2026, down from $891 million as of December 31, 2025.

Guidance and Future Outlook:

• The company expects to exceed its 2026 Adjusted EBITDA guidance range of $3.5 billion to $3.7 billion.
• SUN's capital allocation strategy includes a multi-year distribution growth rate of at least 5%.

Business Segments and Product Lines:

• Fuel Distribution: Adjusted EBITDA was $523 million, up from $232 million in the prior year period (excluding transaction expenses). The segment sold approximately 4.2 billion gallons of fuel with a fuel margin of 16.8 cents per gallon. Segment profit increased primarily due to the Parkland Acquisition and other acquisitions.
• Pipeline Systems: Adjusted EBITDA was $166 million, down from $182 million in the prior year period. Throughput volumes averaged approximately 1.3 million barrels per day.
• Terminals: Adjusted EBITDA was $122 million, up from $75 million in the prior year period. Throughput volumes averaged approximately 1.0 million barrels per day, driven by recently acquired assets.
• Refinery: Adjusted EBITDA was $238 million, compared to $0 in the prior year period. The segment averaged throughput volumes of approximately 57 thousand barrels per day.

Market and Competitive Landscape:

• The company operates across 33 countries and territories in North America, the Greater Caribbean, and Europe.
• The midstream operations include an extensive network of approximately 14,000 miles of pipeline and over 170 terminals.
• Fuel distribution operations distribute over 17 billion gallons annually to approximately 11,000 Sunoco and partner-branded retail locations, as well as independent dealers and commercial customers.

Risks and Challenges:

• Forward-looking statements are subject to risks including the unpredictability of commodity price movements and future charges or reversals outside the normal course of business.
• Adjusted EBITDA and Distributable Cash Flow do not reflect total cash expenditures, future capital expenditure requirements, changes in working capital, or cash requirements for interest and principal payments.

Management Commentary and Tone:

• Management highlighted that Distributable Cash Flow per common unit grew approximately 25% and that the company returned to its leverage target in less than one year following the acquisition of Parkland.
• The eighth consecutive quarterly increase in distribution reflects a consistent capital allocation strategy.

Other Key Points:

• On October 22, 2026, the company announced a third-quarter distribution of $1.0148 per unit, an increase of 1.25% from the previous quarter and over 10% compared to the third quarter of 2025.
• The acquisition of Offen Petroleum was completed on October 27, 2026.
• The acquisition of Parkland and other acquisitions drove significant growth in the Fuel Distribution and Terminals segments.
• SUN's general partner is owned by Energy Transfer LP.
• SunocoCorp LLC consolidates Sunoco LP's results into its financial statements.