Sunoco LP — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported net income of $499 million for the third quarter of 2026, compared to $137 million in the third quarter of 2025.
• Reported Adjusted EBITDA of $1.049 billion for the third quarter of 2026, compared to $489 million in the third quarter of 2025; Adjusted EBITDA excluding one-time transaction-related expenses was $1.060 billion.
• Reported Distributable Cash Flow, as adjusted, of $588 million for the third quarter of 2026, compared to $326 million in the third quarter of 2025.
• Consolidated revenues for the three months ended September 30, 2026, were $18.029 billion, compared to $6.032 billion in the same period of 2025.
• Total capital expenditures for the quarter were $237 million, comprising $121 million in growth capital and $116 million in maintenance capital.
• Long-term debt stood at approximately $13.2 billion as of September 30, 2026, with $2.3 billion in remaining liquidity on the revolving credit facility.
• Net debt to Adjusted EBITDA leverage ratio was approximately 3.5 times at the end of the third quarter.

Guidance and Future Outlook:

• Expects to exceed the 2026 Adjusted EBITDA guidance range of $3.5 billion to $3.7 billion.
• Confirms a multi-year distribution growth rate target of at least 5%.

Business Segments and Product Lines:

• Fuel Distribution: Adjusted EBITDA was $523 million (vs. $232 million in 2025); sold approximately 4.2 billion gallons with a fuel margin of 16.8 cents per gallon. Segment profit increased primarily due to the Parkland Acquisition.
• Pipeline Systems: Adjusted EBITDA was $166 million (vs. $182 million in 2025); averaged throughput of approximately 1.3 million barrels per day.
• Terminals: Adjusted EBITDA was $122 million (vs. $75 million in 2025); averaged throughput of approximately 1.0 million barrels per day. Volume increases were driven by recently acquired assets.
• Refinery: Adjusted EBITDA was $238 million (vs. $0 in 2025); averaged throughput of approximately 57 thousand barrels per day. Performance was driven by the Parkland Acquisition.

Market and Competitive Landscape:

• Operates across 33 countries and territories in North America, the Greater Caribbean, and Europe.
• Midstream operations include approximately 14,000 miles of pipeline and over 170 terminals.
• Fuel distribution operations distribute over 17 billion gallons annually to approximately 11,000 retail locations and commercial customers.

Risks and Challenges:

• Forward-looking statements are subject to risks including unpredictability of commodity price movements and future charges or reversals outside the normal course of business.
• Adjusted EBITDA and Distributable Cash Flow are non-GAAP measures with limitations, including failure to reflect total cash expenditures, future capital requirements, or changes in working capital.

Management Commentary and Tone:

• Management highlighted delivering approximately 25% growth to Distributable Cash Flow per common unit and returning to leverage targets in less than one year following the Parkland acquisition.
• The eighth consecutive quarterly distribution increase is consistent with the capital allocation strategy.

Other Key Points:

• Completed the acquisition of Offen Petroleum on October 27, 2026.
• Announced a third-quarter 2026 distribution of $1.0148 per unit, representing a 1.25% increase from the prior quarter and over 10% growth versus the third quarter of 2025.
• Distributions are scheduled to be paid on November 19, 2026, to holders of record on November 6, 2026.
• SunocoCorp LLC consolidates Sunoco LP results, reflecting $472 million net income for the quarter attributable to the parent entity before noncontrolling interests.