Sunoco (SUN) Company Report

Sunoco LP announced the expiration and final results of its private exchange offers and consent solicitations for outstanding notes of Parkland Corporation on November 4, 2025.
Approximately C$1,474,777,000, representing 92.2% of the total outstanding principal amount of PKI CAD Notes, were validly tendered.
Approximately US$2,579,839,000, representing 99.2% of the total outstanding principal amount of PKI USD Notes, were validly tendered.
Sunoco completed the acquisition of Parkland Corporation on October 31, 2025, making Parkland an indirect, wholly owned subsidiary.

Nov 10, 2025, 9:43 PM

8-K

Sunoco LP Announces Final Results of Parkland Notes Exchange Offers

SUN

M&A

Debt Issuance

Sunoco LP's exchange offers and consent solicitations for Parkland Corporation's outstanding notes expired on November 4, 2025.
The offers resulted in C$1,474,777,000 (approximately 92.2%) of PKI CAD Notes and US$2,579,839,000 (approximately 99.2%) of PKI USD Notes being validly tendered.
Following Sunoco's acquisition of Parkland on October 31, 2025, Parkland is expected to implement amendments to the PKI Indentures, eliminating substantially all restrictive covenants, certain events of default, financial reporting covenants, and change of control offers.
The settlement date for the exchange offers is expected to occur on November 7, 2025.

Nov 5, 2025, 10:00 PM

Press Release

Sunoco Reports Record Q3 2025 Results and Completes Parkland Acquisition

SUN

Earnings

M&A

Dividends

Sunoco reported a record third quarter 2025 with adjusted EBITDA of $496 million and distributable cash flow of $326 million.
The company successfully completed the $9 billion acquisition of Parkland Corporation, creating the largest independent fuel distributor in the Americas, expecting over $250 million in synergies by 2028 and greater than 10% accretion.
Sunoco announced a quarterly distribution of $0.9202 per common unit, marking the fourth consecutive increase, and aims to return to 4 times leverage within 12 months post-acquisition.
A new C Corp tracker, SUNC, will begin trading on the NYSE on November 6th, offering broader investment options with expectations of minimal corporate income taxes for at least five years.
The company anticipates providing formal 2026 guidance for the combined entity early next year, noting that both legacy Sunoco and Parkland businesses are performing well.

Nov 5, 2025, 3:00 PM

Transcript

Sunoco LP Reports Third Quarter 2025 Financial and Operating Results

SUN

Earnings

Dividends

M&A

Sunoco LP reported net income of $137 million, Adjusted EBITDA (excluding one-time transaction-related expenses) of $496 million, and Distributable Cash Flow, as adjusted, of $326 million for the third quarter of 2025.
The company increased its quarterly distribution by 1.25% to $0.9202 per unit for the third quarter of 2025, remaining on track to meet its distribution growth target of at least 5% for 2025.
As of September 30, 2025, Sunoco LP's leverage ratio of net debt to Adjusted EBITDA was 3.9 times, with approximately $1.5 billion of liquidity available on its revolving credit facility.
Sunoco LP completed the acquisition of Parkland Corporation and is on track to complete the acquisition of TanQuid in the fourth quarter of 2025.
Total capital expenditures for the third quarter of 2025 were $157 million, including $115 million for growth capital and $42 million for maintenance capital.

Nov 5, 2025, 12:11 PM

8-K

Sunoco LP Reports Strong Q3 2025 Financial Results and Distribution Increase

SUN

Earnings

Dividends

M&A

Sunoco LP reported net income of $137 million for the third quarter of 2025, a significant increase compared to $2 million in the third quarter of 2024.
Adjusted EBITDA, excluding one-time transaction-related expenses, was $496 million for Q3 2025, up from $470 million in Q3 2024.
The company increased its quarterly distribution by 1.25% to $0.9202 per unit for Q3 2025 and remains on track to achieve an annual distribution growth rate of at least 5% for 2025.
As of September 30, 2025, Sunoco LP reported a leverage ratio of 3.9 times and maintained a strong trailing 12-month distribution coverage ratio of 1.8 times.
Sunoco LP completed the acquisition of Parkland Corporation and expects to complete the acquisition of TanQuid in the fourth quarter of 2025.

Nov 5, 2025, 12:00 PM

Press Release

Sunoco LP Completes Parkland Acquisition, SunocoCorp Units to Trade on NYSE

SUN

M&A

New Projects/Investments

Delisting/Listing Issues

Sunoco LP completed the acquisition of Parkland Corporation on October 31, 2025, resulting in Parkland becoming an indirect, wholly-owned subsidiary of Sunoco.
As part of the transaction, SunocoCorp LLC (SUNC) common units are scheduled to begin trading on the NYSE on November 6, 2025, with SunocoCorp owning approximately a 27.4% interest in Sunoco's outstanding common units.
The acquisition is projected to deliver 10%+ accretion to distributable cash flow (DCF) per common unit by year three, be immediately accretive in year one, and capture at least $250 million in run-rate synergies by year three.
An Omnibus Agreement, effective October 31, 2025, ensures SunocoCorp will have sufficient cash for distributions equal to 100% of Sunoco LP's distributions on each SunocoCorp Common Unit from October 31, 2025, until December 31, 2027.

Nov 3, 2025, 2:24 PM

8-K

Sunoco LP and SunocoCorp LLC Announce Completion of Parkland Acquisition

SUN

M&A

Delisting/Listing Issues

Sunoco LP completed the acquisition of Parkland Corporation on October 31, 2025.
Parkland shares are expected to be delisted from the Toronto Stock Exchange on November 4, 2025.
SunocoCorp (SUNC) Common Units will begin trading on the New York Stock Exchange on November 6, 2025.

Nov 3, 2025, 1:00 PM

Press Release

Sunoco LP Announces Expected Closing Date for Parkland Corporation Acquisition and SunocoCorp NYSE Listing

SUN

M&A

Sunoco LP announced that its acquisition of Parkland Corporation is expected to close on October 31, 2025, pending the satisfaction or waiver of customary closing conditions.
Common Units of SunocoCorp LLC, which will be issued to Parkland shareholders in connection with the transaction, are anticipated to begin trading on the New York Stock Exchange under the ticker symbol "SUNC" on November 3, 2025.
Following the closing of the transaction, SunocoCorp is projected to hold an approximate 27% limited partner interest in Sunoco LP's outstanding common units.

Oct 27, 2025, 12:29 PM

8-K

Sunoco LP Announces Expected Closing Date for Parkland Acquisition and SunocoCorp Listing

SUN

M&A

Delisting/Listing Issues

Sunoco LP's proposed acquisition of Parkland Corporation is expected to close on October 31, 2025.
The Common Units of SunocoCorp LLC are anticipated to begin trading on the New York Stock Exchange under the ticker symbol "SUNC" on November 3, 2025.
Following the transaction's closing, SunocoCorp will hold an approximate 27% limited partner interest in Sunoco LP's outstanding common units.

Oct 27, 2025, 11:45 AM

Press Release

Sunoco LP Announces Early Participation Results for Parkland Notes Exchange Offers

SUN

Debt Issuance

M&A

Sunoco LP announced the results of early participation in its private exchange offers and consent solicitations for Parkland Corporation's outstanding notes.
As of October 20, 2025, C$1,352,346,000 (approximately 84.5%) of PKI CAD Notes and US$2,564,002,000 (approximately 98.6%) of PKI USD Notes have been validly tendered.
The company has received the requisite consents from eligible holders to amend each series of PKI Notes and their related indentures.
The deadline for the early participation exchange consideration has been extended to the Expiration Date of November 4, 2025, ensuring the same consideration for all valid tenders until that date.
The exchange offers and consent solicitations remain contingent upon the completion of the Parkland Acquisition.