The document provides an overview of Sunoco LP (SUN) including:
1) SUN operates retail fuel and convenience stores across 30 states as well as wholesale fuel distribution.
2) SUN highlights include a leading market position, stable cash flows from diverse operations and geographic areas, and an experienced management team.
3) The presentation reviews SUN's history, acquisitions, financial metrics, debt profile, and operating performance for full year 2016 and first quarter 2017.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It includes presentation titles, subtitles, logos and dates. The bulk of the document consists of forward-looking statements and disclaimers about future events, activities and results being subject to risks and uncertainties. It also includes brief sections on company information, contacts, and the Crestwood corporate structure.
Sunoco LP is transitioning its business model away from directly operating convenience stores to focus on fuel logistics and distribution. It is divesting the majority of its company-operated retail operations to 7-Eleven through a $3.3 billion sale expected to close in January 2018. It is also converting its 207 West Texas sites to a commission agent model. This transformation is laying the foundation for improved financial metrics through significantly reduced operating and capital expenses and a portfolio of stable income streams from the 7-Eleven agreement and other fuel distribution channels.
(1) Sunoco LP has entered an agreement to sell approximately 1,110 convenience stores to 7-Eleven for $3.3 billion, focusing its business on fuel supply. (2) This transaction improves Sunoco's leverage and financial profile, reducing leverage to a target range of 4.5-4.75x. (3) Sunoco will continue marketing its remaining convenience stores and aims to grow its wholesale fuel business through long-term contracts with customers like 7-Eleven.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an overview of the companies, including key highlights such as 2016 guidance being on track, a focused growth strategy, a strong balance sheet, and significant insider ownership. It also summarizes recent quarterly results that demonstrate a commitment to deleveraging and strong distribution coverage. The document outlines Crestwood's focused growth strategy in three core areas and provides a long-term outlook with future growth projected to begin driving distributable cash flow growth in 2018.
Sunoco LP is a master limited partnership that operates retail and wholesale fuel and convenience store businesses across more than 30 states. The presentation discusses Sunoco LP's operations, acquisition history since 2014, geographic and business diversity, and financial metrics. It also notes that the partnership is announcing a strategic divestiture of its company-operated convenience stores in the continental US to 7-Eleven.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an overview of the companies, highlights key investor metrics like 2017 adjusted EBITDA guidance and leverage ratios, and outlines growth initiatives focused on the Bakken, Delaware Permian, and Marcellus regions. Specific projects discussed that will drive growth in 2018 and beyond include the Nautilus gathering system, Bear Den processing plants, and the Orla processing plant.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights key points such as 2016 guidance being on track, a focused growth strategy in core areas like the Delaware Permian and Bakken, a strong balance sheet and distribution coverage. It summarizes growth opportunities and projects in these regions that are expected to provide accretive cash flow growth beginning in 2018.
Sunoco LP provides an investor presentation covering forward-looking statements, non-GAAP measures, an overview of the partnership including its retail and wholesale segments, and highlights compelling investment opportunities through its leading market position, track record of stable cash flows, diversified business and geography, experienced management team, and organic and acquisition growth opportunities. The presentation also reviews Sunoco LP's history, recent acquisitions, emerging acquisition, brand portfolio, merchandising, real estate assets, lines of business, liquidity and capital structure, and debt maturity profile.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It includes presentation titles, subtitles, logos and dates. The bulk of the document consists of forward-looking statements and disclaimers about future events, activities and results being subject to risks and uncertainties. It also includes brief sections on company information, contacts, and the Crestwood corporate structure.
Sunoco LP is transitioning its business model away from directly operating convenience stores to focus on fuel logistics and distribution. It is divesting the majority of its company-operated retail operations to 7-Eleven through a $3.3 billion sale expected to close in January 2018. It is also converting its 207 West Texas sites to a commission agent model. This transformation is laying the foundation for improved financial metrics through significantly reduced operating and capital expenses and a portfolio of stable income streams from the 7-Eleven agreement and other fuel distribution channels.
(1) Sunoco LP has entered an agreement to sell approximately 1,110 convenience stores to 7-Eleven for $3.3 billion, focusing its business on fuel supply. (2) This transaction improves Sunoco's leverage and financial profile, reducing leverage to a target range of 4.5-4.75x. (3) Sunoco will continue marketing its remaining convenience stores and aims to grow its wholesale fuel business through long-term contracts with customers like 7-Eleven.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an overview of the companies, including key highlights such as 2016 guidance being on track, a focused growth strategy, a strong balance sheet, and significant insider ownership. It also summarizes recent quarterly results that demonstrate a commitment to deleveraging and strong distribution coverage. The document outlines Crestwood's focused growth strategy in three core areas and provides a long-term outlook with future growth projected to begin driving distributable cash flow growth in 2018.
Sunoco LP is a master limited partnership that operates retail and wholesale fuel and convenience store businesses across more than 30 states. The presentation discusses Sunoco LP's operations, acquisition history since 2014, geographic and business diversity, and financial metrics. It also notes that the partnership is announcing a strategic divestiture of its company-operated convenience stores in the continental US to 7-Eleven.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an overview of the companies, highlights key investor metrics like 2017 adjusted EBITDA guidance and leverage ratios, and outlines growth initiatives focused on the Bakken, Delaware Permian, and Marcellus regions. Specific projects discussed that will drive growth in 2018 and beyond include the Nautilus gathering system, Bear Den processing plants, and the Orla processing plant.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights key points such as 2016 guidance being on track, a focused growth strategy in core areas like the Delaware Permian and Bakken, a strong balance sheet and distribution coverage. It summarizes growth opportunities and projects in these regions that are expected to provide accretive cash flow growth beginning in 2018.
Sunoco LP provides an investor presentation covering forward-looking statements, non-GAAP measures, an overview of the partnership including its retail and wholesale segments, and highlights compelling investment opportunities through its leading market position, track record of stable cash flows, diversified business and geography, experienced management team, and organic and acquisition growth opportunities. The presentation also reviews Sunoco LP's history, recent acquisitions, emerging acquisition, brand portfolio, merchandising, real estate assets, lines of business, liquidity and capital structure, and debt maturity profile.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an investor presentation covering key highlights, including 2016 guidance being on track, a focused growth strategy, a strong balance sheet, and significant insider ownership. It summarizes recent financial results and outlines the company's long-term outlook, focusing on growth opportunities in the Delaware Permian Basin, Northeast Marcellus shale, and Bakken shale plays.
The document is an investor presentation for Sunoco LP (SUN) that provides an overview of the company and its financial performance. Some key points:
- SUN has rapidly increased its scale and diversification through four dropdown acquisitions from Energy Transfer Partners totaling over $5 billion.
- The company has a balanced portfolio of retail fuel, wholesale fuel distribution, and convenience stores/merchandise that generates stable cash flows across commodity cycles.
- In the second quarter of 2016, SUN increased retail fuel gallons sold slightly while growing wholesale fuel gallons more significantly. Merchandise sales and margins also increased year-over-year.
- Hospitality Properties Trust is presenting an investor presentation in February 2017 on their diversified real estate portfolio of hotels and travel centers.
- The portfolio includes 306 hotels with 46,583 rooms and 198 travel centers located along major highways in the US, operated under brands like Marriott, InterContinental, and TravelCenters of America.
- The presentation highlights HPT's consistent dividend supported by long-term contracts with brand operators, renovations increasing revenue, and conservative financial profile with coverage of annual minimum returns and growing adjusted EBITDA.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights the companies' focus on execution of their growth strategy, commitment to a strong balance sheet and disciplined capital program. Specific projects highlighted include expansion of the Nautilus system in the Delaware Basin, Arrow Debottlenecking phases 1 and 2 in the Bakken, and the Orla processing plant and pipeline. These projects are expected to provide significant incremental annual cash flow of over $120 million by 2021.
The document is an investor presentation for Sunoco LP (SUN) that provides an overview of the company. It discusses SUN's recent acquisitions that have increased its scale and diversified its operations across 30 states. It highlights SUN's leading retail and wholesale fuel business, real estate portfolio of over 2,000 sites, and financial strategy targeting investment grade ratings. The presentation also provides an operating performance summary for the second quarter of 2016 that shows increased retail fuel margins and merchandise sales growth compared to the prior year.
The document provides an operations report for February 14, 2017. It includes forward-looking statements about guidance, projections, and objectives that involve risks and uncertainties. It also discusses non-GAAP financial measures used by the company such as adjusted EBITDA and distributable cash flow. For 2016, the company delivered on its financial and operational priorities by outperforming its adjusted EBITDA guidance, meeting its capital expenditure targets, and achieving distribution coverage above 1.0x. ENLC also met its cash available for distribution guidance and distribution coverage targets for 2016.
EnLink Midstream provides an overview of its business including its financial and operational highlights for 3Q 2016. Key points include refined 2016 Adjusted EBITDA guidance of $760-790 million, 3Q 2016 Adjusted EBITDA before non-controlling interest of ~$201 million, and distribution coverage ratios of 1.05x for ENLK and 1.07x for ENLC. EnLink also discusses its growth strategy, positioned across multiple basins and services, and commitment to financial strength with leverage of 3.75x debt to Adjusted EBITDA.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights key investor information including recent financial results, growth projects, and commercial contracts. The document summarizes recent execution on projects in various regions, and outlines a backlog of announced growth projects through 2018 that are expected to generate over $30 million in incremental annual cash flow. These projects focus on the Bakken, Delaware Basin, and Marcellus regions.
- The document provides EnLink Midstream's 3rd quarter 2017 operations report, which summarizes financial and operational results and reaffirms guidance.
- EnLink reported adjusted EBITDA at the high end of guidance for 3Q17, driven by strong volume growth. Organic projects are expected to generate significant cash flow going forward.
- Volumes on gas gathering and processing systems grew substantially in key areas like the Permian Basin and Louisiana year-over-year and quarter-over-quarter.
The document is an investor presentation for Sunoco LP (SUN) that provides an overview of the company. It discusses SUN's recent acquisitions that have increased its scale and diversified its operations across 30 states. It also summarizes SUN's financial strategy of targeting long-term leverage of 4.0-4.5x and distribution coverage of ~1.1x to maintain investment grade ratings over time. Finally, it provides an operating update showing increased retail gallons sold in 1Q 2016 compared to the prior year.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It summarizes the companies' strategic pivot to improve processes and efficiencies, reduce costs, simplify operations, and deleverage the balance sheet. Going forward, the companies plan to focus on executing existing projects, high-grading growth opportunities, and pursuing disciplined growth through joint ventures to enhance their strategic position while preserving financial strength. Key regions for potential long-term growth include the Marcellus Shale, Bakken, and Delaware Permian areas.
This document provides an investor presentation for SemGroup's second quarter 2017 results. It discusses SemGroup's non-GAAP financial measure of Adjusted EBITDA, noting that it excludes certain items to increase comparability between reporting periods. It also contains forward-looking statements regarding SemGroup's prospects, financial performance, annual dividend growth, and other matters. Finally, it outlines SemGroup's strategy of transforming into a diversified energy infrastructure company through acquisitions in the Gulf Coast, STACK play, and Duvernay/Montney regions to generate stable cash flows under contracts with investment-grade counterparties.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights the companies' nationwide footprint of natural gas and crude oil assets, with a focus on growth opportunities in key basins like the Bakken, Delaware Permian, and Marcellus regions. The presentation outlines Crestwood's contract portfolio and customer mix, balanced across gas, oil, and NGLs. It also summarizes a backlog of announced growth projects expected to drive increased earnings and cash flows through 2018 and beyond.
The document discusses Sunoco LP's acquisition of Energy Transfer Partners' remaining wholesale fuel distribution and retail assets. The $2.226 billion acquisition will make Sunoco LP one of the leading wholesale fuel and retail marketing platforms in the US with increased scale, diversity, and cash flows. The acquisition is expected to close in Q1 2016 and will be immediately accretive to Sunoco LP's distributable cash flows and distributions.
This document provides an overview of SemGroup's non-GAAP financial measures, forward-looking statements, and strategy for creating shareholder value. It discusses SemGroup's stable cash flows derived from long-term contracts and investment-grade counterparties. The presentation also outlines SemGroup's crude oil and natural gas assets located in key North American basins and its strategy to pursue organic growth and strategic acquisitions.
2016 Wolfe Research Power & Gas Leaders ConferenceAES_BigSky
- The AES Corporation is an energy company led by Tom O'Flynn, Executive Vice President & CFO.
- The presentation contains forward-looking statements and discusses AES' business strategy, financial projections, and growth expectations through 2021.
- AES expects double-digit growth in free cash flow and earnings driven by $7.8 billion in construction projects under way that will come online between now and 2021.
Phillips 66 reported adjusted earnings of $294 million for the first quarter of 2017. Operating cash flow excluding working capital was $748 million. Capital expenditures and investments totaled $470 million. The company's net debt to capital ratio was 27% and annualized adjusted return on capital employed was 5%. Refining realized $8.55 per barrel in margins, capturing 70% of market margins. Chemicals earnings increased due to higher olefin and polyethylene margins. Midstream earnings rose with the first full quarter of operations at the Freeport LPG export terminal.
Tim G. Taylor, President of Bank of America Merrill Lynch, gave a presentation at the Refining Conference on March 2, 2017. The presentation focused on Phillips 66's strategy of operating excellence, growth, returns, and distributions. It highlighted achievements in safety and environmental performance improvements. It also discussed opportunities for expanding midstream infrastructure and growing various business segments such as chemicals and marketing. The presentation emphasized Phillips 66's commitment to capital allocation priorities of maintaining financial strength, funding sustaining and growth investments, and delivering shareholder returns through dividends and share repurchases.
Sem group investor presentation post 4Q and FY 2016 earnings finalSemGroupCorporation
This document discusses SemGroup's non-GAAP financial measure of Adjusted EBITDA and provides context around its use. It notes that Adjusted EBITDA excludes certain non-cash and other selected items in order to increase comparability between reporting periods. It also contains forward-looking statements regarding SemGroup's expectations for future financial performance and growth opportunities.
12 12-16 barclays beaver creek utilities conference finalAES_BigSky
The document provides an overview of AES Corporation's business operations and growth strategy:
- AES operates in key high-growth markets with scale and locational advantages as a low-cost provider.
- The company is pursuing a $6.4 billion construction program to capitalize on these positions, funded through debt and equity.
- AES aims to strengthen its balance sheet by growing free cash flow, reducing debt, and achieving investment grade credit ratings by 2020. This will support disciplined growth and dividend increases.
Sunoco LP provides an investor presentation that includes forward-looking statements about future performance and non-GAAP measures. It summarizes Sunoco's retail and wholesale operations across 30 states, including over 1,300 retail locations. The presentation highlights Sunoco's diversified business model and geographic presence, experienced management team, and organic and acquisition growth opportunities.
The document provides an investor update for Sunoco LP (SUN) for 2Q 2015. It summarizes SUN's recent acquisitions including Mid-Atlantic Convenience Stores in October 2014, Aloha Petroleum in December 2014, and 31.58% of Sunoco LLC in April 2015. It also announces that SUN acquired 100% of Susser Holdings Corporation on July 31, 2015. The update establishes that these acquisitions have created one of the largest and most diversified fuel distribution and marketing platforms in the US, with opportunities for further growth.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an investor presentation covering key highlights, including 2016 guidance being on track, a focused growth strategy, a strong balance sheet, and significant insider ownership. It summarizes recent financial results and outlines the company's long-term outlook, focusing on growth opportunities in the Delaware Permian Basin, Northeast Marcellus shale, and Bakken shale plays.
The document is an investor presentation for Sunoco LP (SUN) that provides an overview of the company and its financial performance. Some key points:
- SUN has rapidly increased its scale and diversification through four dropdown acquisitions from Energy Transfer Partners totaling over $5 billion.
- The company has a balanced portfolio of retail fuel, wholesale fuel distribution, and convenience stores/merchandise that generates stable cash flows across commodity cycles.
- In the second quarter of 2016, SUN increased retail fuel gallons sold slightly while growing wholesale fuel gallons more significantly. Merchandise sales and margins also increased year-over-year.
- Hospitality Properties Trust is presenting an investor presentation in February 2017 on their diversified real estate portfolio of hotels and travel centers.
- The portfolio includes 306 hotels with 46,583 rooms and 198 travel centers located along major highways in the US, operated under brands like Marriott, InterContinental, and TravelCenters of America.
- The presentation highlights HPT's consistent dividend supported by long-term contracts with brand operators, renovations increasing revenue, and conservative financial profile with coverage of annual minimum returns and growing adjusted EBITDA.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights the companies' focus on execution of their growth strategy, commitment to a strong balance sheet and disciplined capital program. Specific projects highlighted include expansion of the Nautilus system in the Delaware Basin, Arrow Debottlenecking phases 1 and 2 in the Bakken, and the Orla processing plant and pipeline. These projects are expected to provide significant incremental annual cash flow of over $120 million by 2021.
The document is an investor presentation for Sunoco LP (SUN) that provides an overview of the company. It discusses SUN's recent acquisitions that have increased its scale and diversified its operations across 30 states. It highlights SUN's leading retail and wholesale fuel business, real estate portfolio of over 2,000 sites, and financial strategy targeting investment grade ratings. The presentation also provides an operating performance summary for the second quarter of 2016 that shows increased retail fuel margins and merchandise sales growth compared to the prior year.
The document provides an operations report for February 14, 2017. It includes forward-looking statements about guidance, projections, and objectives that involve risks and uncertainties. It also discusses non-GAAP financial measures used by the company such as adjusted EBITDA and distributable cash flow. For 2016, the company delivered on its financial and operational priorities by outperforming its adjusted EBITDA guidance, meeting its capital expenditure targets, and achieving distribution coverage above 1.0x. ENLC also met its cash available for distribution guidance and distribution coverage targets for 2016.
EnLink Midstream provides an overview of its business including its financial and operational highlights for 3Q 2016. Key points include refined 2016 Adjusted EBITDA guidance of $760-790 million, 3Q 2016 Adjusted EBITDA before non-controlling interest of ~$201 million, and distribution coverage ratios of 1.05x for ENLK and 1.07x for ENLC. EnLink also discusses its growth strategy, positioned across multiple basins and services, and commitment to financial strength with leverage of 3.75x debt to Adjusted EBITDA.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights key investor information including recent financial results, growth projects, and commercial contracts. The document summarizes recent execution on projects in various regions, and outlines a backlog of announced growth projects through 2018 that are expected to generate over $30 million in incremental annual cash flow. These projects focus on the Bakken, Delaware Basin, and Marcellus regions.
- The document provides EnLink Midstream's 3rd quarter 2017 operations report, which summarizes financial and operational results and reaffirms guidance.
- EnLink reported adjusted EBITDA at the high end of guidance for 3Q17, driven by strong volume growth. Organic projects are expected to generate significant cash flow going forward.
- Volumes on gas gathering and processing systems grew substantially in key areas like the Permian Basin and Louisiana year-over-year and quarter-over-quarter.
The document is an investor presentation for Sunoco LP (SUN) that provides an overview of the company. It discusses SUN's recent acquisitions that have increased its scale and diversified its operations across 30 states. It also summarizes SUN's financial strategy of targeting long-term leverage of 4.0-4.5x and distribution coverage of ~1.1x to maintain investment grade ratings over time. Finally, it provides an operating update showing increased retail gallons sold in 1Q 2016 compared to the prior year.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It summarizes the companies' strategic pivot to improve processes and efficiencies, reduce costs, simplify operations, and deleverage the balance sheet. Going forward, the companies plan to focus on executing existing projects, high-grading growth opportunities, and pursuing disciplined growth through joint ventures to enhance their strategic position while preserving financial strength. Key regions for potential long-term growth include the Marcellus Shale, Bakken, and Delaware Permian areas.
This document provides an investor presentation for SemGroup's second quarter 2017 results. It discusses SemGroup's non-GAAP financial measure of Adjusted EBITDA, noting that it excludes certain items to increase comparability between reporting periods. It also contains forward-looking statements regarding SemGroup's prospects, financial performance, annual dividend growth, and other matters. Finally, it outlines SemGroup's strategy of transforming into a diversified energy infrastructure company through acquisitions in the Gulf Coast, STACK play, and Duvernay/Montney regions to generate stable cash flows under contracts with investment-grade counterparties.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights the companies' nationwide footprint of natural gas and crude oil assets, with a focus on growth opportunities in key basins like the Bakken, Delaware Permian, and Marcellus regions. The presentation outlines Crestwood's contract portfolio and customer mix, balanced across gas, oil, and NGLs. It also summarizes a backlog of announced growth projects expected to drive increased earnings and cash flows through 2018 and beyond.
The document discusses Sunoco LP's acquisition of Energy Transfer Partners' remaining wholesale fuel distribution and retail assets. The $2.226 billion acquisition will make Sunoco LP one of the leading wholesale fuel and retail marketing platforms in the US with increased scale, diversity, and cash flows. The acquisition is expected to close in Q1 2016 and will be immediately accretive to Sunoco LP's distributable cash flows and distributions.
This document provides an overview of SemGroup's non-GAAP financial measures, forward-looking statements, and strategy for creating shareholder value. It discusses SemGroup's stable cash flows derived from long-term contracts and investment-grade counterparties. The presentation also outlines SemGroup's crude oil and natural gas assets located in key North American basins and its strategy to pursue organic growth and strategic acquisitions.
2016 Wolfe Research Power & Gas Leaders ConferenceAES_BigSky
- The AES Corporation is an energy company led by Tom O'Flynn, Executive Vice President & CFO.
- The presentation contains forward-looking statements and discusses AES' business strategy, financial projections, and growth expectations through 2021.
- AES expects double-digit growth in free cash flow and earnings driven by $7.8 billion in construction projects under way that will come online between now and 2021.
Phillips 66 reported adjusted earnings of $294 million for the first quarter of 2017. Operating cash flow excluding working capital was $748 million. Capital expenditures and investments totaled $470 million. The company's net debt to capital ratio was 27% and annualized adjusted return on capital employed was 5%. Refining realized $8.55 per barrel in margins, capturing 70% of market margins. Chemicals earnings increased due to higher olefin and polyethylene margins. Midstream earnings rose with the first full quarter of operations at the Freeport LPG export terminal.
Tim G. Taylor, President of Bank of America Merrill Lynch, gave a presentation at the Refining Conference on March 2, 2017. The presentation focused on Phillips 66's strategy of operating excellence, growth, returns, and distributions. It highlighted achievements in safety and environmental performance improvements. It also discussed opportunities for expanding midstream infrastructure and growing various business segments such as chemicals and marketing. The presentation emphasized Phillips 66's commitment to capital allocation priorities of maintaining financial strength, funding sustaining and growth investments, and delivering shareholder returns through dividends and share repurchases.
Sem group investor presentation post 4Q and FY 2016 earnings finalSemGroupCorporation
This document discusses SemGroup's non-GAAP financial measure of Adjusted EBITDA and provides context around its use. It notes that Adjusted EBITDA excludes certain non-cash and other selected items in order to increase comparability between reporting periods. It also contains forward-looking statements regarding SemGroup's expectations for future financial performance and growth opportunities.
12 12-16 barclays beaver creek utilities conference finalAES_BigSky
The document provides an overview of AES Corporation's business operations and growth strategy:
- AES operates in key high-growth markets with scale and locational advantages as a low-cost provider.
- The company is pursuing a $6.4 billion construction program to capitalize on these positions, funded through debt and equity.
- AES aims to strengthen its balance sheet by growing free cash flow, reducing debt, and achieving investment grade credit ratings by 2020. This will support disciplined growth and dividend increases.
Sunoco LP provides an investor presentation that includes forward-looking statements about future performance and non-GAAP measures. It summarizes Sunoco's retail and wholesale operations across 30 states, including over 1,300 retail locations. The presentation highlights Sunoco's diversified business model and geographic presence, experienced management team, and organic and acquisition growth opportunities.
The document provides an investor update for Sunoco LP (SUN) for 2Q 2015. It summarizes SUN's recent acquisitions including Mid-Atlantic Convenience Stores in October 2014, Aloha Petroleum in December 2014, and 31.58% of Sunoco LLC in April 2015. It also announces that SUN acquired 100% of Susser Holdings Corporation on July 31, 2015. The update establishes that these acquisitions have created one of the largest and most diversified fuel distribution and marketing platforms in the US, with opportunities for further growth.
The document provides an overview of JP Energy Partners LP and discusses its three business segments: crude oil pipelines and storage, refined products terminals and storage, and NGL distribution and sales. It also discusses JP Energy's Q3 2016 financial results, balance sheet and liquidity position, and its planned merger with American Midstream Partners to create a larger, more diversified midstream company.
- SemGroup reported third quarter 2016 results with Adjusted EBITDA of $71.3 million, down from $77.7 million in the first quarter of 2016. Net income was a loss of $7.4 million.
- For full year 2016, SemGroup updated capital expenditures guidance to $350 million, a $100 million reduction due to timing of the Maurepas pipeline project.
- SemGroup has a strong balance sheet with $1.1 billion in liquidity and a leverage ratio of 3.0x at the end of the third quarter, within its target leverage of below 4.5x.
The document provides an overview of SemGroup Corporation and Rose Rock Midstream's use of non-GAAP financial measures like Adjusted EBITDA to evaluate performance in addition to GAAP measures. It explains that while non-GAAP measures provide additional information, they have limitations and may not be comparable between companies. Reconciliations of non-GAAP to GAAP measures are provided on their websites. The document also presents financial information, operational details, growth strategies and capital expenditure plans for SemGroup's crude oil and natural gas businesses.
- The document is an investor presentation that provides an overview of SemGroup Corporation and Rose Rock Midstream.
- It discusses SemGroup's crude oil and natural gas assets across North America and outlines strategic initiatives to focus on stable, fee-based operations and pursue organic and strategic growth opportunities.
- Capital expenditure guidance for 2015 is provided, with over 90% focused on growth projects in key plays like the Maurepas Pipeline and SemGas expansion in Northern Oklahoma.
This presentation provides an overview of Sunoco LP's strategic shift from convenience stores to fuel logistics and distribution. Some key points:
- Sunoco divested the majority of its company-operated retail operations to 7-Eleven in exchange for a 15-year, take-or-pay fuel supply agreement.
- The company completed a refinancing that reduced debt by over $2 billion and extended debt maturities.
- Going forward, Sunoco expects to generate stable cash flows from its fuel distribution contracts and rental income properties while maintaining a disciplined financial strategy and balance sheet. It sees opportunities to grow through acquisitions in the fuel logistics and distribution sector.
This presentation provides an overview of Sunoco LP's strategic shift from retail operations to fuel logistics and distribution. Some key points:
- Sunoco divested the majority of its retail operations and supply agreements to 7-Eleven in exchange for a 15-year fuel supply agreement.
- The company refinanced over $2 billion in debt and repurchased units to strengthen its balance sheet.
- Going forward, Sunoco expects to benefit from significant scale in fuel distribution, a portfolio of stable income streams, and opportunities for growth through acquisitions and expanding into adjacent sectors.
Sunoco LP provided an investor presentation that included the following key points:
1. The presentation included forward-looking statements and non-GAAP financial measures with required reconciliations.
2. Sunoco executed a business transformation that divested retail sites and refinanced debt to improve its financial profile and leverage targets.
3. Going forward, Sunoco expects a lean cost structure from its fuel distribution business with stable income streams from fuel sales and rental income. It aims to grow through organic expansion and acquisitions while maintaining disciplined financial policies.
This document provides an overview of SemGroup's non-GAAP financial measures, forward-looking statements, and strategic growth plan. It discusses SemGroup's Adjusted EBITDA measure and why certain items are excluded. It also notes key limitations of non-GAAP measures and that management compensates for these limitations. An overview is then provided of SemGroup's crude and natural gas assets, operations, and strategic growth areas. Key performance metrics and asset details are highlighted for SemGroup's crude and natural gas businesses.
This document provides a non-GAAP financial measure called Adjusted EBITDA used by SemGroup. It explains that Adjusted EBITDA excludes selected non-cash and other items to increase comparability between reporting periods and is used by management and discussed with investors. However, it has limitations as an analytical tool since it excludes some items affecting the most directly comparable GAAP measure. The document also provides forward-looking statements about SemGroup's prospects, financial performance, growth plans, and managing risks in a lower commodity price environment. It highlights SemGroup's strengths including stable cash flows from contracts and investment-grade counterparties.
This document discusses SemGroup's non-GAAP financial measure of Adjusted EBITDA. It explains that Adjusted EBITDA excludes certain non-cash and other selected items in order to increase comparability between reporting periods. It also notes that SemGroup does not provide guidance for net income due to non-cash items that cannot be accurately forecasted. Additionally, the document contains forward-looking statements regarding SemGroup's prospects, financial performance, annual dividend growth, capital expenditures, and other matters.
This presentation provides an overview of National Automation Services (NAS) and argues that its stock is undervalued relative to peers. NAS acquires and operates oilfield services companies, with its first acquisition being JD Field Services in 2014. The presentation discusses NAS's business strategy, JD's financial results and customer base, projections for NAS's growth in revenues, earnings, and share price through 2015-2016 both with and without further acquisitions. Management backgrounds are presented to demonstrate their experience in oilfield services, finance, and mergers and acquisitions.
This document provides an overview of SemGroup's non-GAAP financial measures, forward-looking statements, and strategy for creating shareholder value. It discusses SemGroup's stable cash flows derived from long-term contracts and investment-grade counterparties. The presentation also outlines SemGroup's crude oil and natural gas assets located in key North American basins and its strategy to pursue organic growth and strategic acquisitions.
The document discusses SemGroup's second quarter 2017 results and HFOTCO acquisition. Key points include:
- SemGroup completed its acquisition of HFOTCO in July 2017 for initial consideration of $1.5 billion including cash, debt assumption, and shares issued. A second $600 million cash payment is due by end of 2018.
- Base business performed as expected in Q2 2017. Several new pipeline projects were completed or are under construction to expand infrastructure.
- SemGroup is focused on funding the second HFOTCO payment through options like asset sales, partnerships, or equity offerings. Integration of HFOTCO is proceeding as planned.
This document provides an investor presentation for SemGroup's second quarter 2017 results. It discusses SemGroup's non-GAAP financial measure of Adjusted EBITDA, noting that it excludes certain items to increase comparability between reporting periods. It also contains forward-looking statements regarding SemGroup's prospects, financial performance, annual dividend growth, and other matters. Finally, it outlines SemGroup's strategy of transforming into a diversified energy infrastructure company through acquisitions in the Gulf Coast, STACK play, and Duvernay/Montney regions to generate stable cash flows under contracts with investment-grade counterparties.
- Eco-Stim Energy Solutions provides well stimulation and other oilfield services using natural gas powered equipment.
- The company has three well stimulation spreads across the US and Argentina with a total capacity of around 164,000 HHP.
- Recent developments include commencing work with the second US spread in October 2017, negotiating an early contract release for the first US spread to transition to more profitable work, and implementing changes to the Argentina contract starting in February 2018 to improve profitability.
SemGroup held an earnings conference call on August 5, 2016 to discuss its second quarter 2016 results. The call began with forward-looking statements and information regarding SemGroup and Rose Rock Midstream's use of social media. SemGroup reported adjusted EBITDA of $67.6 million for the quarter, down from $77.7 million in the previous quarter. Rose Rock Midstream reported adjusted EBITDA of $44.9 million, down from $49 million in the first quarter of 2016. SemGroup and Rose Rock maintained strong liquidity with over $720 million and $514 million respectively available.
Wrk mar 2017 investor presentation finalir_westrock
- WestRock is presenting an investor presentation in March 2017.
- The presentation provides forward-looking statements and guidance for future periods regarding synergies, financial results, and acquisitions.
- It discusses WestRock's track record of execution on synergies, recent and planned M&A activity, and financial metrics for Q1 2017.
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2. FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES
2
Some of the statements in this presentation constitute “forward-looking statements” about Sunoco LP (“SUN”, “we”, “our, and “us”) that involve risks, uncertainties
and assumptions, including, without limitation, statements regarding SUN’s proposed sale of a majority of its convenience store locations to 7-Eleven, Inc. (the
“Retail Divestment”), the expected future performance of SUN (including expected results of operations and financial guidance), and SUN’s future financial
condition, operating results, strategy and plans. These forward-looking statements generally can be identified by use of phrases such as “believe,” “plan,” “expect,”
“anticipate,” “intend,” “forecast” or other similar words or phrases in conjunction with a discussion of future operating or financial performance. Descriptions of
SUN’s and its affiliates’ objectives, goals, targets, plans, strategies, costs, anticipated capital expenditures, expected cost savings, potential acquisitions and related
financial projections are also forward-looking statements. The following factors, among others, could cause actual results and events to differ materially from those
expressed or implied in the forward-looking statements we make in this presentation: (1) the occurrence of any event, change or other circumstances that could give
rise to the termination of the asset purchase agreement; (2) the inability to complete the Retail Divestment in a timely manner or at all, including due to the failure to
obtain necessary regulatory approvals required to complete the transactions contemplated by the asset purchase agreement; (3) the risk of not fully realizing
expected synergies in the timeframe expected or at all; (4) the risk that the proposed Retail Divestment disrupts current plans and operations, increases operating
costs, results in management distraction and the potential difficulties in maintaining relationships with customers, suppliers and other third parties and employee
retention as a result of the announcement and consummation of such transactions; (5) the outcome of any legal proceedings instituted against the company
following announcement of the Retail Divestment and transactions contemplated thereby; and (6) the possibility that we may not be able to complete the sale of the
remaining company-operated retail assets in a timely manner, or at all.
These statements represent present expectations or beliefs concerning future events and are not guarantees. Such statements speak only as of the date they are
made, and we do not undertake any obligation to update any forward-looking statement.
We caution that forward-looking statements involve risks and uncertainties and are qualified by important factors that could cause actual events or results to differ
materially from those expressed or implied in any such forward-looking statements. For a discussion of these factors and other risks and uncertainties, please refer
to SUN’s filings with the Securities and Exchange Commission (the “SEC”), including those contained in SUN’s 2016 Annual Report on Form10-K and Quarterly
Reports on Form10-Q which are available at the SEC’s website at www.sec.gov.
This presentation includes certain non-GAAP financial measures as defined under SEC Regulation G. A reconciliation of those measures to the most directly
comparable GAAP measures is provided in the appendix to this presentation. We define EBITDA as net income before net interest expense, income tax expense
and depreciation and amortization expense. Adjusted EBITDA further adjusts EBITDA to reflect certain other non-recurring and non-cash items.
Investor Relations Contact Information:
Scott Grischow Patrick Graham
Senior Director, Treasury & Investor Relations Senior Analyst, Investor Relations & Finance
(214) 840-5660 (214) 840-5678
scott.grischow@sunoco.com patrick.graham@sunoco.com
3. OVERVIEW OF SUNOCO LP
3
Retail Segment
Sunoco LP (NYSE: SUN) is a master limited partnership with retail and wholesale
operations spanning more than 30 states, headquartered in Dallas, TX and a part of the
Energy Transfer family of companies
Wholesale Segment
● Retail operations at ~1,355 locations
● Retail gallons of 2.5 billion sold in 2016
● Merchandise sales of $2.3 billion in 2016
● ~480 Laredo Taco Company locations
● ~7,825 dealers, distributors and
commercial customers
● Distributed 5.3 billion gallons of third party
wholesale fuel during 2016
Geographic and channel diversity
4. Leading Position
in Attractive
Industry
Strong Track
Record of Stable
Cash Flows
Diversified
Business and
Geography
Mitigate Risk and
Volatility
Experienced
Management
Team and
Supportive Parent
SUN OFFERS COMPELLING INVESTMENT HIGHLIGHTS
4
● SUN owns and represents some of the most iconic brands in the motor fuels industry
Sunoco is the only non-refiner wholesaler with its own fuel brand
The NASCAR partnership extends Sunoco’s reach far beyond the current operating
geography
● Continue to leverage volume growth and relationships with fuel suppliers to provide
attractive motor fuel pricing to customers
● Fuel margins have been resilient across numerous economic and commodity cycles
● Long-term fee-based wholesale motor fuel distribution provides stable cash flows for the
partnership
● Diversified sales channels, long-term fee-based contracts and significant real estate
holdings provide a wide mix of revenue sources and provide an attractive business
risk profile
● SUN has increased its presence into more than 30 states and diversified geographically
● SUN’s senior management team has an average of 25 years of experience and an
established history of integrating operations from acquisitions
● ETE and ETP own an approximate 46% limited partner interest, while ETE owns SUN’s
general partner, Series A Preferred units and receives incentive distribution rights
5. HISTORY OF THE PARTNERSHIP
5
1920:
Sunoco opened its
first service station
in PA
1925:
Sunoco
becomes listed
on the NYSE
1930s:
Susser started
operations in
Corpus Christi, TX
2004:
Sunoco becomes
the official fuel of
NASCAR
2012:
Susser Petroleum
Partners (SUSP) goes
public as the first pure
play fuel distribution
master limited
partnership
2012:
Sunoco acquired by
ETP
2014:
Susser Holdings Corp
acquired by ETP
2016:
Drop-down process
completed – all retail
and wholesale assets
reside in SUN
2014:
SUN is relisted on
the NYSE
Today, SUN spans more than 30 states from Maine to Hawaii and operates in different
channels of trade including Retail, Wholesale, Storage and Production
1920s 2012 2014
2006:
Susser Holdings
Corp (SUSS) initial
public offering
2017:
SUN announces
strategic
divestiture of
company-operated
convenience
stores in the
continental United
States
2017
6. Aloha
Petroleum
Acquired
December 2014
Hawaii-based
44 c-stores and
50 third party
sites
6 terminals
Pico
Petroleum
Acquired April
2015
8 c-stores
South Central,
Texas
Aziz Quick
Stops
Acquired July
2015
27 c-stores
Hidalgo County,
Texas
Hawaii
Sites
Acquired
October 2015
6 c-stores, 2
quick serve
restaurants
Northeast
Distributor
Acquired
December 2015
from Alta East,
Inc.
55 million
gallons per year
of branded and
unbranded fuel
30 third party
dealers and
underlying real
estate
Rattlers
Stores &
Kolkhorst
Petroleum
Acquired June
2016
14 c-stores and
38 third party
sites
Operations in
greater Austin,
Houston and
Waco markets
Valentine
Stores
Acquired June
2016
20 million
gallons per year
18 c-stores, 9
quick serve
restaurants and
underlying real
estate
Fuels
Business
Acquired
August 2016
from Emerge
Energy
Services, LP
(NYSE: EMES)
2 transmix
processing
plants, both
with attached
storage facilities
and a
wholesale fuels
business
Beachhead for
future SUN
diversification
through addition
of qualified
midstream
income
Denny Oil
Acquired
October 2016
91 million
gallons per year
from retail, third
party dealer
and commercial
businesses
East Texas and
Louisiana
OVER $700 MILLION OF DIVERSIFIED M&A SINCE DECEMBER 2014
6
SUN’s balanced acquisition activity has diversified income streams
Retail Acquisitions
Wholesale
Acquisition
Hybrid Acquisitions
Midstream Acquisitions
Hawaii Upstate New
York
Upstate New
York
6 c-stores and
134 third party
sites
Birmingham
and Dallas-Fort
Worth
Metroplex
46 million
gallons per year
7. ~750 Stripes locations
~480 Laredo Taco locations in
Stripes stores with pilot
expansion to other regions
SUN’S BUSINESS HAS SIGNIFICANT
OPERATING & GEOGRAPHIC DIVERSITY
7
Mainland U.S. Locations
Dealer / Distributor
Operated
Company Operated
~450 locations along the
East Coast and Mid-
Atlantic regions
Generally, higher
real estate cost and
higher fuel margins
~110 retail locations in
Virginia, Maryland,
Tennessee and Georgia
SUN Transmix /
Terminal facility
8. MULTI-CHANNEL WHOLESALE OPERATIONS
8
Franchisee
DealerDistributor
Unbranded
SUN’s multi-channel operation allows for participation throughout the motor fuel
value chain making the partnership a unique and powerful platform
Third party operates a
convenience store under the
Aplus or Stripes offering and
pays royalty income to SUN
Third party under long-term fuel
supply agreement with SUN, may
also lease the location from SUN
Third party, typically with multiple
locations, is under long-term fuel
supply agreement with SUN
Wholesale sale of fuel, typically
under contract of one year or less,
or on a spot basis
SUN supplies nearly 8 billion gallons annually to all customers
9. Retail Motor
Fuel, 28%
Wholesale
Motor Fuel,
28%
Merchandise,
32%
Rent and
Other,
12%
Full Year 2016
Gross Profit
FINANCIAL AND OPERATIONAL METRICS
9
Retail Motor
Fuel, 32%
Wholesale
Motor Fuel,
21%
Merchandise,
34%
Rent and
Other, 13%
Full Year 2015
Gross Profit
Retail,
33%
Wholesale,
67%
Full Year 2015
Gallons Sold
Total = $1,984 million Total = $2,219 million
Retail,
32%
Wholesale,
68%
Full Year 2016
Gallons Sold
Total = 7,642 million gallons Total = 7,805 million gallons
10. WHOLESALE SEGMENT OVERVIEW
10
Motor Fuel,
85%
Rent and Other,
15%
Full Year 2016
Gross Profit
2016 Highlights
Gallons Sold 5.3 billion
CPG Margin 9.8
● Wholesale operates through 7,825 customers
along the East Coast, the Southwest and Hawaii
~5,660 wholesale locations, consisting of
independent dealers or distributors
~2,165 commercial customers, including
unbranded stores and commercial
customers
● The wholesale segment represents locations
where SUN supplies fuel to a third party dealer or
distributor under long-term supply agreements or
commercial customers on a short-term or spot
basis
● Over 65% of wholesale gallons are Sunoco
branded, another 18% of wholesale gallons are
unbranded
● SUN may also lease or sublease locations to
third party operators
● The wholesale segment also includes supply &
trading, race fuel manufacturing, transmix
production and SUN’s terminals
SUN operates terminals in Hawaii (6),
Birmingham, AL (1) and the Dallas-Fort
Worth Metroplex (1)
11. BRAND PORTFOLIO WITH POWERFUL REACH AND STRENGTH
● Sunoco ranks in the top 50 U.S. brands in
both familiarity and favorability (1)
Second among only two fuel brands in
the top 100
Unique sponsorships provide a powerful
growth platform
─ Official fuel of NASCAR
─ Official fuel of NHRA
─ Official Fuel of over 500 American
race tracks, including the
Indianapolis Motor Speedway
─ Largest manufacturer of racing
gasoline in the world
Growing Grocery Store Partnerships
● Sunoco has a significant presence on major
turnpikes and tollroads from New York through
Indiana
For more than 125 years, the Sunoco brand has been synonymous with quality and performance
(1) CoreBrand Top 100 BrandPower Rankings 2016
11
12. SUN LIQUIDITY AND CAPITAL STRUCTURE
12
As Reported
12/31/16
As Reported
3/31/17
($ in Millions)
Revolver Capacity $1,500 $1,500
Less: Total Borrowings ($1,000) ($761)
Less: Letters of Credit Outstanding ($22) ($21)
Total Liquidity (1) $477 $718
Revolver Size $1,500 $1,500
Revolver Utilization (2) 69% 51%
• ~$240 million increase in liquidity from
Q4 2016 to Q1 2017 largely driven by
debt repayment from Preferred Equity
Offering proceeds
(1) Excludes cash reported on balance sheet
(2) Balance of outstanding standby letters of credit included in revolver utilization %
(3) Credit Ratings Outlook: Moody’s: Stable | S&P: Negative
-
Ratings (3)
As of 5/4/17
Corporate Facility/Issue Balance Current Yield
Maturity Mdy's/S&P Mdy's/S&P as of 3/31/2017 Bid to Worst
$1.5bn Revolver Sep-19 Ba3/BB- NR/BB 761.0
$2.035bn Term Loan A Oct-19 Ba3/BB- NR/BB 1,243.0
Other Debt - Ba3/BB- - 140.1
Total Secured Debt $ 2,144.2
5.500% Senior Notes Aug-20 Ba3/BB- B1/B+ 600.0 103.433 2.38%
6.250% Senior Notes Apr-21 Ba3/BB- B1/B+ 800.0 104.836 4.22%
6.375% Senior Notes Apr-23 Ba3/BB- B1/B+ 800.0 106.380 4.32%
Total Debt $ 4,344.2
Market Capitalization as of March 31, 2017 2,403.7
Enterprise Value $ 6,747.9
13. DEBT MATURITY & INTEREST RATE EXPOSURE
13
• Debt maturity schedule has no current maturities through 2018
• 54% fixed versus 46% floating interest rate profile
Weight will shift more towards fixed as SUN repays Term Loan A with proceeds from retail
asset divestiture
• Average debt maturity: 4 Years
• Weighted average interest rate: 5.1%
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
2018 2019 2020 2021 2022 2023 2024
Debt Maturity Schedule
$1,243
Term
Loan A
$761
Drawn
Revolver
$739
Undrawn
Revolver
5.5%
Senior Notes
$600
6.25% Senior
Notes
$800
6.375% Senior
Notes
$800
$2,004 in
2019
maturities
($ in Millions)
54% 46%
Current Interest Rate Exposure
Fixed Rate Debt Floating Rate Debt
14. FULL YEAR | QUARTERLY HIGHLIGHTS AND
OPERATING PERFORMANCE
14
● March 31, 2016: Completed the final drop-down from Energy Transfer Partners (NYSE: ETP)
All retail and wholesale marketing assets now reside at SUN
● August 31, 2016: Completed the acquisition of the Fuels Business from Emerge Energy Services
(NYSE: EMES)
A beachhead into storage in the mainland United States
Full Year 2016 Full Year 2015 1Q 2017 1Q 2016
Gallons Sold (millions)
Retail 2,517 2,488 595 608
Wholesale 5,288 5,154 1,313 1,233
Total Gallons 7,805 7,642 1,908 1,841
Motor Fuel Gross Profit (cents / gallon)
Retail 24.0 26.4 23.1 21.3
Wholesale 9.8 9.4 10.6 11.4
Volume-Weighted Average 14.4 14.9 14.5 14.7
Merchandise ($MM)
Sales 2,272 2,178 540 524
Margin 719 680 170 166
Margin % 31.6% 31.2% 31.6% 31.7%
Adjusted EBITDA ($MM) 665 715 155 159
Distributable Cash Flow ($MM) 390 272 77 112
16. HAWAII OPERATIONS: ALOHA PETROLEUM, LTD.
16
Dealer / Distributor
Operated
Company Operated SUN Terminals
● Aloha operates a unique integrated business model in the
State of Hawaii, comprised of three core businesses and an
attractive portfolio of real estate:
Retail: ~50 Company-operated retail fuel locations
including 40 C-stores under proprietary Aloha Island Mart
brand
~50 Wholesale fuel locations; fleet of 27 tanker trucks and
trailers
Fuel Terminals: Six fuel terminals across the islands,
connected to both major ports and refineries with storage
capacity over 1 million barrels
● Aloha is the leading gasoline distributor in Hawaii and one of
the leading convenience store operators with presence across
the four main islands
● Owner of the Dunkin Donuts franchise in the state of Hawaii
● Regularly ranked as one of the top employers in the state
Population Growth Outpacing U.S Total
Vehicle Miles Traveled Growth
9,864 9,864 10,068 10,310 10,323
12,432
11,610
2010 2011 2012 2013 2014 2015 2016
0.9%
0.7% 0.7%
0.9%
0.8%
1.1%
1.3%
0.8%
1.1%
0.8%
2011 2012 2013 2014 2015
U.S. Hawaii
17. REAL ESTATE PORTFOLIO SUMMARY AS OF 3/31/2017
17
Fee Leased Total
Retail 864 490 1,354
Wholesale 473 219 692
Terminal 5 3 8
Total (1) 1,342 712 2,054
(1) Excludes warehouses, offices, and other facilities that fall outside of the standard “retail”, “wholesale” and “terminal” categories
18. RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME
18
($ in millions)
December 31, 2016 December 31, 2015 March 31, 2017 March 31, 2016
Net income (loss) (406)$ 194$ 1$ 62$
Depreciation, amortization and accretion 319 278 87 78
Interest expense, net 189 88 64 28
Income tax expense (31) 52 (17) 2
EBITDA 71 612 135 170
Non-cash unit based compensation 13 8 4 3
Loss (gain) on disposal of assets and impairment charges 680 (1) 7 1
Unrealized gains on commodity derivatives 5 2 (5) (3)
Inventory fair value adjustments (104) 98 14 (12)
Adjusted EBITDA 665$ 719$ 155$ 159$
EBITDA attributable to non-controlling interest - 4 - -
Adjusted EBITDA attributable to Sunoco LP 665$ 715$ 155$ 159$
Fiscal Year Ended, Three Months Ended,
19. April 6, 2017
INVESTOR CONFERENCE CALL
DIVESTITURE OF RETAIL
OPERATIONS IN CONTINENTAL U.S.
20. DEAL TERMS OVERVIEW
• Sunoco LP (“SUN”) entered into a definitive agreement to sell approximately 1,110 convenience
stores to 7-Eleven, Inc. (“7-Eleven”) for a purchase price of $3.3 billion in cash, plus fuel,
merchandise, supplies and other inventories at close
• Assets divested: Approximately 1,110 convenience stores in 19 regions mainly along the East Coast
and in Texas
– Includes trademarks and intellectual property of the Laredo Taco Company and Stripes
– Excludes APlus trade name
– Excludes approximately 200 convenience stores in North and West Texas, New Mexico and Oklahoma
• Aloha Petroleum will remain a part of Sunoco
• No impact to APlus franchisee-operated stores
• Existing retail gallons will be supplied to 7-Eleven through a long-term, fixed-rate take-or-pay fuel
supply agreement. The agreement will have required growth components to deliver expanding
volumes in future years
– Structured around base volumes of 2.2 billion gallons per year
– Provides for committed growth of a half a billion gallons over the first four years with a focus on continuing to
build a long-term strategic partnership
– Maintains Sunoco branded fuel at all current Sunoco branded locations
• Estimated completion: By Q4 2017, subject to regulatory clearances and closing conditions
• Use of proceeds: Debt repayment and general partnership purposes
20
21. FIRST STEP IN STRATEGIC DECISION TO DIVEST CONVENIENCE
STORES IN CONTINENTAL U.S.
21
Pivotal first step in transformation to a premier nationwide fuel supplier
• 7-Eleven is a logical buyer of majority of SUN’s retail assets in the continental U.S.
• SUN has retained J.P. Morgan to market the remaining convenience stores in the continental U.S.,
including assets in North and West Texas, New Mexico and Oklahoma
• Aloha Petroleum continues as a highly-efficient, integrated, standalone operation within SUN
Convenience Stores Sold
To 7-Eleven
Convenience Stores To
Be Sold
Convenience Stores To
Be Retained
West Texas/New Mexico 182 Hawaii 54
Oklahoma/North Texas 25
Subtotal 207
To Be Sold To Be Retained
Convenience Stores
22. 22
• Third parties are attracted to the Sunoco brand through
the NASCAR partnership
• Optionality of brands – SUN is also a large distributor
of Exxon, Chevron and Valero fuel brands
• SUN will look to grow its existing wholesale channels
targeting its core markets as well as seeking
opportunities to diversify geographically in qualifying
businesses
• Limited direct commodity risk given fixed-fee nature
• Long-term contracts with blue-chip counterparties provide
enhanced and stable cash flows
• Reliability of supply
• Less capital intensive business model
• Economies of scale
Highlights of the Wholesale Business
Attractiveness of SUN Iconic Fuel Brand And Growth Opportunities
Transmix/Terminals
Terminal
Wholesale Customer
FINISHED PRODUCT COMPANY WITHIN THE ENERGY TRANSFER
FAMILY
26%
31%
13%
29%
Pro Forma Wholesale Volume by Channel
Dealer Distributor Commercial 7-Eleven
23. 3.00x
3.50x
4.00x
4.50x
5.00x
5.50x
6.00x
6.50x
7.00x
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Q42016
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
Q32018
Q42018
Q12019
Leverage Covenant
IMPROVED FINANCIAL STATE WITH NEW LONG-TERM LEVERAGE
TARGET
23
New
Long-Term
Leverage
Target
4.50-4.75x
Leverage position improves substantially with sale;
Focus turns to right-sizing cost structure combined with opportunistic M&A along
with high-return organic growth
• Transaction proceeds will allow SUN to
reduce leverage, placing it within a range of
4.50-4.75x, and to target a long-term
distribution coverage ratio of 1.1x
• Year 1 will be impacted by transaction-related
expenses
• Capital-light model, relative to retail, reduces
capital needs overall by ~50% of 2017
guidance of ~$290 million
• Simplified business model further reduces
costs beyond the previously stated goal of
~$75 million
• SUN will target funding M&A and growth
capital through a 50% debt and 50% equity
combination Expected
Transaction Close
24. ILLUSTRATIVE TIMING AND STEPS
24
April 2017
Week of April 2nd –
Sign Asset Purchase
Agreement And
Announce The
Transaction
Q2-Q3 2017
Regulatory and
Counterparty
Approvals
By Q4 2017
Expected
Transaction
Close
Expected Timing From Announcement To Closing: 3 – 6 Months
April 2017
Begin Marketing
Process For
Remaining
Convenience Stores In
Continental U.S.
By Q4 2017
Expected
Divestiture
Close
Summer 2017
Expected Divestiture
Announcement
By year end, SUN will be a focused, MLP qualifying business