Sunoco LP Announces 3rd Quarter 2022 Financial and Operating Results.

DALLAS: Sunoco LP (NYSE: SUN) ("SUN" or the "Partnership") today reported financial and operating results for the three-month period ended September 30, 2022.

Financial and Operational Highlights

For the three months ended September 30, 2022, net income was $83 million versus $104 million in the third quarter of 2021.

Adjusted EBITDA(1) for the quarter was $276 million compared with $198 million in the third quarter of 2021. The increase in Adjusted EBITDA(1) reflects higher reported fuel margins and the impact of recent acquisitions.

Distributable Cash Flow, as adjusted(1), for the quarter was $196 million, compared to $146 million a year ago.

The Partnership sold approximately 2.0 billion gallons of fuel in the third quarter of 2022, up approximately 1% from the third quarter of 2021. Fuel margin for all gallons sold was 13.9 cents per gallon for the quarter compared to 11.3 cents per gallon a year ago.

Distribution and Coverage

On October 25, 2022, the Board of Directors of SUN's general partner declared a distribution for the third quarter of 2022 of $0.8255 per unit, or $3.3020 per unit on an annualized basis. The distribution will be paid on November 18, 2022 to common unitholders of record on November 4, 2022. SUN's current quarter cash coverage was 2.2 times and trailing twelve months coverage was 1.8 times.

Liquidity and Leverage

At September 30, 2022, SUN had $704 million of borrowings against its revolving credit facility and other long-term debt of $2.7 billion. The Partnership maintained liquidity of approximately $789 million at the end of the quarter under its $1.5 billion revolving credit facility. SUN's leverage ratio of net debt to Adjusted EBITDA(1), calculated in accordance with its credit facility, was 3.7 times at the end of the third quarter.

Capital Spending

SUN's total capital expenditures for the third quarter were $42 million, which included $31 million for growth capital and $11 million for maintenance capital. For the full-year 2022, SUN expects growth capital expenditures of approximately $150 million and maintenance capital expenditures of...