Sunoco LP Market Research Report
Company Overview
- Name: Sunoco LP
- Mission: To fuel the future by being a leading energy company providing innovative and quality fuel distribution solutions with a customer-first approach.
- Foundation and Founders: Founded over 130 years ago in Pittsburgh, PA. Specific founder's name is not mentioned.
- Key People:
- Scott Grischow, Treasurer, Senior Vice President – Finance
- Chris Cho, Senior Manager – Communications
- Erik Gulbrandsen, Director – Investor Relations and Capital Markets
- Headquarters: Dallas, Texas, USA
- Number of Employees: No information is available
- Revenue: Sunoco LP reported revenues of $6,174 million for the second quarter ending June 30, 2024.
- Known For: Sunoco LP is the largest independent fuel distributor in the United States, known for distributing both branded and unbranded fuel across North America and the Caribbean. It is also noted for its extensive energy infrastructure including pipelines and terminals.
Products
- Products Offered:
- Branded and Unbranded Fuel: Sunoco LP offers a range of fuel solutions tailored to meet diverse customer needs.
- Race Fuels and Energy Services: These specialized products ensure high performance levels suitable for racing environments.
- Terminal Operations and Transmix Products: Providing logistical and product handling solutions.
- Product Descriptions and Key Features:
- Fuel Solutions: Offers a wide array of fuel options and delivery methods to satisfy various customer demands.
- Retail Solutions: Focuses on increasing business growth for operators through a selection of business and marketing solutions.
- Pipeline and Terminal Operations: These services enhance the infrastructure, providing expansive coverage and efficient fuel delivery.
Recent Developments
Recent Corporate Developments
- May 3, 2024: Sunoco LP completed the acquisition of NuStar Energy L.P., a $7.3 billion transaction aimed at expanding its terminal infrastructure.
- April 16, 2024: Announced divestiture of assets in West Texas and acquired European liquid fuel terminals.
- July 16, 2024: Engaged in a joint venture with Energy Transfer for crude oil and produced water gathering in the Permian Basin.
Financial Performance
- Record Financial Results:
- For the second quarter of 2024, reported a net income of $501 million, a substantial increase compared to $87 million in the second quarter of 2023.
Product and Service Innovations
- Growth in Fuel Distribution: Achieved a record sale of approximately 2.2 billion gallons of fuel in Q2 2024.
- Pipeline Throughputs: Managed increased pipeline throughput, averaging 1.3 million barrels per day due to strategic acquisitions.
Strategy and Corporate Moves
- Distribution Strategy: Maintained a quarterly distribution rate indicating sustained financial health and commitment to stakeholders.
- Capital Investments: Increased growth capital expenditures to enhance infrastructure, including a new terminal acquisition in Portland, Maine.
Partnerships and Joint Ventures
- Joint Ventures: Effective July 1, 2024, a significant joint venture was formed with Energy Transfer to handle gathering assets.
Conclusion
Sunoco LP remains a pivotal player in the energy sector through its broad fuel offerings and extensive infrastructure. The company has shown robust growth and strategic expansion through significant acquisitions and partnerships, positioning itself as a key player in the fuel distribution and energy infrastructure arena.
