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.
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 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.
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.
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 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.
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.
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 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 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.
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.
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 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.
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.
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.
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.
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.
EnLink Midstream reported strong third quarter 2016 results, with adjusted EBITDA of approximately $201 million. Operations in the core growth areas of the STACK, SCOOP, and Cana Woodford in Oklahoma performed well, with volumes on recently acquired assets up 85% compared to the first quarter. Louisiana gas volumes were near record levels at 1.75 billion cubic feet per day. EnLink remains focused on executing its $6 billion growth program through expanding existing assets and strategic acquisitions.
(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.
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.
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 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.
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.
The document provides an overview of forward-looking statements and assumptions for Antero Midstream Partners LP. It notes that future plans are dependent on Antero Resources' annual capital budget approval and factors like commodity prices and liquidity. Any forward-looking statements may prove inaccurate due to risks including commodity price volatility and regulatory changes. The ability to make future distributions is substantially dependent on Antero Resources' development plan which itself depends on its board's annual review of the capital budget.
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.
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.
Molson Coors will acquire the remaining 58% ownership of MillerCoors and full ownership of the Miller brand family globally. The acquisition improves Molson Coors' position in the highly attractive U.S. beer market and accelerates growth opportunities internationally through ownership of the Miller brands. The transaction is financially compelling due to synergies, tax benefits, and anticipated financing, and is expected to be over 25% accretive to cash earnings per share in the first full year. The acquisition transforms Molson Coors into a stronger competitor in North America and globally.
UGI Utilities is Pennsylvania's second largest natural gas distribution company serving over 626,000 customers. It has a constructive regulatory environment and opportunities for growth supported by its proximity to the Marcellus Shale reserves. UGI Utilities achieved record capital investment in 2016 of over $260 million and added approximately 16,000 new customers. It expects to continue strong capital investment to increase system reliability and support growth, growing its rate base and net income 5-7% annually.
Phillips 66 reported adjusted earnings of $499 million for the second quarter of 2016. The company generated $1.2 billion in operating cash flow and spent $620 million on capital expenditures and investments. For the quarter, midstream earnings increased 16% while refining earnings fell due to planned maintenance. Marketing and specialties earnings grew due to strong global margins.
- 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.
- Phillips 66 reported adjusted earnings of $556 million for Q3 2016 compared to $499 million in Q2 2016.
- Refining earnings decreased from $134 million to $142 million due to higher turnaround costs and lower margins.
- Midstream earnings increased from $39 million to $75 million due to higher volumes and natural gas prices.
- Chemicals earnings remained flat at $190 million despite higher margins as downtime offset gains.
This document provides an overview of JP Morgan's Energy Oklahoma City SCOOP/STACK & Houston Bus Tour on May 17, 2016. It includes forward-looking statements about future financial and operating results with various risk factors that could impact projections. It also contains non-GAAP financial measures and definitions. The presentation shows stable financial results for ENLK in Q1 2016 with adjusted EBITDA of $195 million, distribution coverage of 1.09x, and leverage of 3.8x debt to EBITDA. It highlights EnLink's premier positions in top U.S. oil and gas basins as well as its focus on execution and stability.
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.
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.
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.
Cedar Fair provides an investor presentation summarizing its business and growth strategy. It discusses its record of seven consecutive years of revenue growth and outlines its FUNforward 2.0 growth plan targeting $500 million in adjusted EBITDA by 2018. The plan focuses on improving the guest experience, encouraging advance sales, embracing digital technology, managing capital productivity, developing adjacent lands, and delivering new attractions, events and expansions across its parks in 2017.
The document shows spot rates in USD per day for Suezmax, Aframax, and LR2 tankers from 2015 to 2017 by quarter according to Clarksons data. Suezmax rates increased from 2015 to 2016 but declined in 2017. Aframax rates declined from 2015 to 2016 but increased in 2017. LR2 rates increased each year from 2015 to 2017.
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.
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.
EnLink Midstream reported strong third quarter 2016 results, with adjusted EBITDA of approximately $201 million. Operations in the core growth areas of the STACK, SCOOP, and Cana Woodford in Oklahoma performed well, with volumes on recently acquired assets up 85% compared to the first quarter. Louisiana gas volumes were near record levels at 1.75 billion cubic feet per day. EnLink remains focused on executing its $6 billion growth program through expanding existing assets and strategic acquisitions.
(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.
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.
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 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.
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.
The document provides an overview of forward-looking statements and assumptions for Antero Midstream Partners LP. It notes that future plans are dependent on Antero Resources' annual capital budget approval and factors like commodity prices and liquidity. Any forward-looking statements may prove inaccurate due to risks including commodity price volatility and regulatory changes. The ability to make future distributions is substantially dependent on Antero Resources' development plan which itself depends on its board's annual review of the capital budget.
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.
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.
Molson Coors will acquire the remaining 58% ownership of MillerCoors and full ownership of the Miller brand family globally. The acquisition improves Molson Coors' position in the highly attractive U.S. beer market and accelerates growth opportunities internationally through ownership of the Miller brands. The transaction is financially compelling due to synergies, tax benefits, and anticipated financing, and is expected to be over 25% accretive to cash earnings per share in the first full year. The acquisition transforms Molson Coors into a stronger competitor in North America and globally.
UGI Utilities is Pennsylvania's second largest natural gas distribution company serving over 626,000 customers. It has a constructive regulatory environment and opportunities for growth supported by its proximity to the Marcellus Shale reserves. UGI Utilities achieved record capital investment in 2016 of over $260 million and added approximately 16,000 new customers. It expects to continue strong capital investment to increase system reliability and support growth, growing its rate base and net income 5-7% annually.
Phillips 66 reported adjusted earnings of $499 million for the second quarter of 2016. The company generated $1.2 billion in operating cash flow and spent $620 million on capital expenditures and investments. For the quarter, midstream earnings increased 16% while refining earnings fell due to planned maintenance. Marketing and specialties earnings grew due to strong global margins.
- 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.
- Phillips 66 reported adjusted earnings of $556 million for Q3 2016 compared to $499 million in Q2 2016.
- Refining earnings decreased from $134 million to $142 million due to higher turnaround costs and lower margins.
- Midstream earnings increased from $39 million to $75 million due to higher volumes and natural gas prices.
- Chemicals earnings remained flat at $190 million despite higher margins as downtime offset gains.
This document provides an overview of JP Morgan's Energy Oklahoma City SCOOP/STACK & Houston Bus Tour on May 17, 2016. It includes forward-looking statements about future financial and operating results with various risk factors that could impact projections. It also contains non-GAAP financial measures and definitions. The presentation shows stable financial results for ENLK in Q1 2016 with adjusted EBITDA of $195 million, distribution coverage of 1.09x, and leverage of 3.8x debt to EBITDA. It highlights EnLink's premier positions in top U.S. oil and gas basins as well as its focus on execution and stability.
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.
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.
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.
Cedar Fair provides an investor presentation summarizing its business and growth strategy. It discusses its record of seven consecutive years of revenue growth and outlines its FUNforward 2.0 growth plan targeting $500 million in adjusted EBITDA by 2018. The plan focuses on improving the guest experience, encouraging advance sales, embracing digital technology, managing capital productivity, developing adjacent lands, and delivering new attractions, events and expansions across its parks in 2017.
The document shows spot rates in USD per day for Suezmax, Aframax, and LR2 tankers from 2015 to 2017 by quarter according to Clarksons data. Suezmax rates increased from 2015 to 2016 but declined in 2017. Aframax rates declined from 2015 to 2016 but increased in 2017. LR2 rates increased each year from 2015 to 2017.
- 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 summarizes the annual meeting of WD-40 Company stockholders held on December 13, 2016. It provides an overview of WD-40 Company, which markets maintenance products under brands like WD-40, 3-IN-ONE, and GT85, as well as homecare and cleaning products. The document discusses WD-40 Company's origins, brands, culture and values, strategic focus areas within its circle of competence, and strategic initiatives to drive growth over the next several years. Key goals include doubling WD-40 Multi-Use Product sales and growing the WD-40 Specialist line to $125 million in sales by 2025.
- CorEnergy Infrastructure Trust held an investor conference call to discuss its fiscal year 2016 results
- Key developments included declaring a $0.75 dividend for Q4 2016, bringing the annual dividend to $3.00 per share, and providing continued dividend guidance of $3.00 per share
- The presentation reviewed CorEnergy's asset portfolio and tenants, capital structure, recent financing activities, and outlook for 2017 including a focus on acquisitions of $50-250 million and continued stable dividend payments.
This document provides information about Detour Gold Corporation, a Canadian gold mining company. It discusses Detour Gold's Detour Lake Mine as a large, long-life asset with production growth potential. It provides Detour Gold's 2017 guidance of 550,000-600,000 ounces of gold production. It also outlines Detour Gold's 2017 operating plan, capital expenditures, and organic growth pipeline including the West Detour development project.
- Denbury is an oil and gas company focused on CO2 enhanced oil recovery (CO2 EOR) with over 155 million barrels of oil produced from CO2 EOR.
- It has proved reserves of 254 million barrels of oil equivalent (58% from CO2 EOR) and estimated potential reserves of around 800 million barrels.
- In the fourth quarter of 2016, Denbury produced over 60,000 barrels of oil equivalent per day (62% from CO2 EOR).
- For 2017, Denbury expects relatively flat production from 2016 and has budgeted $300 million primarily for expanding existing CO2 floods.
The document provides an overview of Antero Resources Corporation. It notes that the presentation contains forward-looking statements subject to risks and uncertainties. It also highlights several changes made in the presentation since February 2017, including updated slides on Antero's reserve growth, liquids-rich resource base, and increasing NGL realizations. The document introduces Antero as the largest liquids-rich natural gas producer and consolidator in Appalachia.
Ben van Beurden, Chief Executive Officer of Royal Dutch Shell plc hosted a live analyst video webcast of the 2016 fourth quarter and full year results on Thursday February 2, 2017.
This document contains the 4Q16 earnings presentation for Las Vegas Sands Corp. It discusses the company's financial highlights for the quarter including a 7.4% increase in net revenue and 5.6% increase in net income. It also provides an overview of the company's operations and growth opportunities in Macao, Singapore, and the United States. Additionally, it emphasizes Las Vegas Sands' commitment to returning capital to shareholders through recurring dividends and stock repurchases, having returned over $15 billion to shareholders since 2012.
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 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.
Sleep country scotia back to school conference 2016SleepCountry
Sleep Country is a leading specialty mattress retailer in Canada with 234 stores across 9 provinces. The presentation outlines Sleep Country's growth strategy, which includes increasing same store sales, expanding accessory sales, enhancing store designs, and adding new stores. Sleep Country has delivered strong financial results in recent years through consistent same store sales growth and new store openings. Management believes Sleep Country is well positioned for continued growth given compelling industry fundamentals and the company's best-in-class retail strategy and execution.
Leaf Group is a diversified internet company that builds online marketplaces and publishes digital content. Their portfolio includes the Society6 and Saatchi Art online art marketplaces, as well as the Livestrong.com and eHow digital media properties. Over the past two years, Leaf Group has transformed its business by investing in the growing art marketplaces, streamlining content operations, and strengthening its balance sheet. The company now has over 50 million monthly unique visitors across its properties.
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.
The document provides an overview of Demand Media for Q3 2016. It discusses the company's mission to build platforms for creators to reach audiences in large lifestyle categories. Key metrics highlighted include over 50% of revenue coming from the marketplace business, 240,000 creators across platforms, and $106M in total revenue over the last 12 months. The document also summarizes the company's content & media and marketplace businesses.
Leaf Group provides concise summaries in 3 sentences or less that provide the high level and essential information from the document. The document provides an overview of Leaf Group, a company that builds platforms for creators to reach audiences. It discusses Leaf Group's portfolio of marketplaces and content properties, its financial information and leadership team. It also summarizes Leaf Group's transformation from 2014-2016 to focus on its marketplace businesses and content brands, improving operations and financial position.
Demand media ir deck 08.08.16 website versionLeaf Group
This document provides an overview of Demand Media for Q3 2016. It discusses the company's mission to build platforms for creators to reach audiences in large lifestyle categories. It notes that the company's marketplace business represents over 50% of revenue and is growing over 25% year-over-year. It also discusses the company's transformation, including improving its content and media business, reducing costs, focusing its portfolio, and strengthening its balance sheet. Key metrics and statistics about the company's operations and financials are also presented.
The document provides an overview of Leaf Group, a portfolio of digital media and marketplace assets. It discusses Leaf Group's mission to build platforms for creators to reach audiences in lifestyle categories. Key assets include the Society6 and Saatchi Art marketplaces, as well as media properties like Livestrong.com and eHow. Metrics provided show strong growth in marketplace GTV and traffic across the portfolio.
The document provides information on Molson Coors' 4th quarter and full year 2017 earnings. It discusses forward-looking statements and non-GAAP information. It then discusses Molson Coors' focus on delivering growth and shareholder value through earning more, using less, and investing wisely. The document summarizes Molson Coors' consolidated 4th quarter and full year 2017 performance, noting solid top and bottom line growth. It then provides more detailed summaries of Molson Coors' performance in key regions - the United States, Canada, and Europe - noting trends in volumes, pricing, and earnings for both the 4th quarter and full year of 2017.
KeyBanc Industrial, Automotive and Transportation Conference Presentation Hillenbrand_IR
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2. FORWARD-LOOKING STATEMENTS AND
NON-GAAP MEASURES
Some of the statements in this presentation constitute “forward-looking statements” about Sunoco LP (“SUN”, “we”, “our,
and “us”), and their respective affiliates that involve risks, uncertainties and assumptions, including, without limitation, our
discussion and analysis of our financial condition and results of operations and our expectations regarding the acquisition of
the remaining wholesale fuel and retail assets of Energy Transfer Partners, L.P. (“ETP”), which closed on March 31, 2016
(the “Retail Acquisition”). 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. 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 2015 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
2
Investor Relations Contact Information:
Scott Grischow Patrick Graham
Senior Director, Treasury & Investor Relations Senior Analyst, Investor Relations & Finance
(469) 646-1188 (469) 646-1328
scott.grischow@sunoco.com patrick.graham@sunoco.com
3. COMPANY OVERVIEW *
Retail operations at ~1,340 locations in:
Southwest – TX, OK, NM, LA
Nashville, TN
East Coast – Maine to Florida, covering
attractive geographies like Washington
DC Metro and Northern VA, Charleston,
SC
Hawaii
Pro forma retail gallons of 2.5 billion sold
in 2015
3
Pro forma merchandise
sales of $2.2 billion in 2015
27 consecutive years of
same store sales growth in
the convenience store
business
Laredo Taco Company has
452 locations and achieves
over a 49% gross profit
Retail Fuel Convenience Store / Merchandise
Wholesale Fuel
Distributed 5.1 billion gallons of third party
wholesale fuel on a pro forma basis during
2015
~7,400 dealers, distributors and commercial
customers
Wholesale operations span 30 states
from Maine to Wisconsin, Florida to New
Mexico and Hawaii
* Pro forma operating and financial information gives effect to the Retail Acquisition, which closed on March 31, 2016, as well as SUN’s acquisitions of a 31.58% membership interest in Sunoco, LLC (“Sunoco
LLC”), which closed on April 1, 2015, and all of the issued and outstanding capital stock of Susser Holdings Corporation (“Susser Holdings”), which closed on July 31, 2015
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
4
SUN OFFERS COMPELLING INVESTMENT HIGHLIGHTS
SUN owns and represents some of the most iconic brands in the motor fuels industry
Industry wide non-fuel retail merchandise sales are strong and growing
Fuel margins have been resilient across numerous economic and commodity cycles
Channel and geographic diversity help stabilize cash flows in retail gasoline sales
SUN’s convenience store operations demonstrated 27 years of same-store merchandise
sales growth
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 rapidly increased its presence into 30 states and diversified through an expansion
of a fast growing retail division
SUN’s senior management team has an average of 25 years of combined retail and
wholesale experience
ETP remains the largest LP owner in SUN, with an approximate 46% interest
ETP and ETE strongly support SUN's objective to achieve investment grade ratings
over time
5. SUN (1) MACS /
Tigermarket
31.58% of
Sunoco, LLC
Susser
Holdings Corp
68.42% of Sunoco,
LLC & 100%
Sunoco Retail LLC
Date August 29, 2014 October 1, 2014 April 1,
2015
July 31,
2015
March 31,
2016
Description Wholesale fuel
distribution
Retail network
and wholesale
fuel distribution
Legacy Sunoco
wholesale fuel
distribution
business
Retail
convenience
store operator,
wholesale
consignment
sales, and
transportation
operations
business
Remaining legacy
Sunoco wholesale
fuel distribution
business and legacy
Sunoco retail
marketing
One combined:
Retail motor fuel,
wholesale fuel
distribution (including
racing fuels and
terminals), convenience
stores and supply &
trading
Geography Primarily Texas Maryland, DC
Metro, Virginia
and Nashville
26 states across
the Eastern U.S.
Texas,
Oklahoma, and
New Mexico
26 states across the
Eastern U.S
30 states from Maine to
Hawaii
Transaction
Amount
$768 million $816 million $1.9 billion $2.2 billion
5
DROPDOWNS HAVE RAPIDLY
INCREASED SCALE AND DIVERSITY
SUN successfully completed four dropdowns from ETP and the acquisition of Aloha Petroleum in
just over a year totaling $5.7 billion in acquisition activity
(1) The ticker symbol SUSP was changed to SUN on October 21, 2014
6. 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
46 million
gallons per year
sold at 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 in upstate
New York market
18 c-stores, 9
quick serve
restaurants and
underlying real
estate
Denny Oil
(Not Closed)
Expected to
close in Q4
2016
91 million
gallons per year
from retail, third
party dealer and
commercial
businesses
6 c-stores and
134 third party
sites in east
Texas markets
NEARLY $500 MILLION IN RETAIL & WHOLESALE FUEL
DISTRIBUTION M&A SINCE DECEMBER 2014
SUN will continue to acquire attractive retail and wholesale packages in existing geographies
7. EMERGE ACQUISITION OVERVIEW
Purchase Price: $167.7 Million (1)
Closed on August 31, 2016
Assets located in Dallas / Ft Worth, TX and
Birmingham, AL markets:
DFW Terminal - processes up to 7,000 bbls/day
w/ storage of ~300,000 bbls
Birmingham Terminal - processes 5,000 bbls/
day w/ storage of over 500,000 bbls
Wholesale Business of ~174 million gallons at
~5CPG
Balanced income streams with 55% from transmix,
15% from terminal throughput and 31% from wholesale
(1) Excludes working capital adjustments
7
Transaction & Asset Overview
Investment Thesis: Creates Synergy Hubs & Diversity
Strategically located terminals provide synergies to
current and future retail and wholesale networks
Addition of stable margin transmix business and
addition of fee-based terminal assets will provide
more stability of income through diversification
Beachhead for future SUN diversification through
addition of qualified midstream income
Emerge Transmix Facilities Sunoco Retail Network
8. Raze &
Rebuilds
Same-Store
Sales Growth
New to
Industry
(“NTI”)
8
SUN WILL CONTINUE TO LEVERAGE
ORGANIC GROWTH OPPORTUNITIES
40 new-build Stripes stores completed in 2015 in high growth markets with
favorable demographics utilizing land bank inventory
Building ~35 new-builds in 2016 in high growth areas outside of the oil
producing regions
Allows for more open and modern store designs to increase customer appeal
Carry a larger proportion of higher-margin food and private-label products
Food service drives higher-than-average gross margins, additional customer
traffic and additional merchandise purchases in more than 70% of transactions
Increases returns on existing sites with attractive volume and customer traffic
Frequently in established markets with predictable volumes
Utilize existing locations, eliminating the need to permit new sites
Building merchandise and fuel volumes at existing stores through:
Best-in-class technology
Strong and innovative merchandising
Continuous training for management and team members
Emphasis on building market share
9. NEW “BIG BOX” STORES DRIVE CASH FLOW GROWTH
9
• New stores produce 2-3X cash flows
of smaller legacy stores
• Nearly all new builds are 6,800 sq ft
• 20% of all Stripes are over 6,800 sq ft
130,000 Sq Ft Lot
6,800 Sq Ft Store
vs.
20,000 Sq Ft Lot
2,600 Sq Ft Store
10. REAL ESTATE PORTFOLIO SUMMARY AS OF 6/30/16
10
Fee Leased Total
Retail 834 510 1,344
Wholesale 551 235 786
Terminal 3 3 6
Total (1) 1,388 748 2,136
(1) Excludes warehouses, offices, and other facilities that fall outside of the standard “retail”, “wholesale” and “terminal” categories
11. SUN’S UNIQUE VALUE DRIVERS
Fuel Convenience
Food Land Bank
Typically
40-60
parcels in
queue for
future development
11
12. DIVERSIFIED LINES OF BUSINESS GENERATE A
PORTFOLIO OF STABLE CASH FLOWS
Total = $1,946 million
18%
59%
9%
13%
2%
Retail Fuel Wholesale Fuel Merch &Other C-Store Rent Other Fuel
SUN Pro Forma (1)
12
33%
67%
Gallon Breakdown
63%
37%
Fuel Gross Profit
30%
26%
39%
5%
Gross Profit Contribution By Channel (FYE 2015)
Balanced contributions from SUN’s business channels provide a stable foundation for continued
growth. Strong wholesale fuel performance helps add scale that benefits retail fuel profit.
(1) Pro forma results for combined SUN which includes 100% of Sunoco LLC, Susser Holdings and Sunoco Retail LLC
13. WTI ($/bbl) Retail Margin (cents/gal) Wholesale Margin (cents/gal)
$/bblCents/gal
13
30
50
70
90
110
130
150
0
5
10
15
20
25
30
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
WHOLESALE AND RETAIL MARGINS ARE
RESILIENT THROUGH COMMODITY CYCLES
Note: Both Wholesale and Retail Margins reflect existing SUN business pro forma for Retail Acquisition
14. 14
BRAND PORTFOLIO WITH
POWERFUL REACH AND STRENGTH
Brand equity and presence spans fuel,
food service and convenience store
platforms
Sunoco ranks in the top 100 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
Powerful brands continue to drive
customer traffic and sales
For more than 125 years, the Sunoco brand has been synonymous with quality and performance
(1) CoreBrand Top 100 BrandPower Rankings 2015
15. FINANCIAL STRATEGY
15
Financial Flexibility Distribution Growth
Target long-term distribution coverage
of ~1.1x
Currently rated Ba2/BB stable
Target long-term leverage ratio of 4.0x-4.5x
Preserve liquidity under revolving credit facility
Rating Agency Comments
Debt-to-EBITDA leverage is high following the final March 2016 dropdown of assets from ETP, but
we expect credit metrics to improve to levels more in line with the Ba2 rating over the next 18 months
because of earnings growth. - Moody’s, April 4, 2016
Fitch expects SUN 2016 leverage will flex out between 5.0x to 5.5x, but fall to 5.0x and below for
2017 and beyond. - Fitch, April 4, 2016
The outlook revision reflects our view that the company's enhanced size and scale accomplished
from the transaction only partially offsets our expectation for higher near-term leverage in the range
of 5x-5.5x in 2016…A key credit consideration, in our view, is management's ability to effectively
manage the pro forma entity such that leverage falls below 5x by 2017. - Standard & Poor's,
November 16, 2015
16. SUN CAPITAL STRUCTURE
As Reported 3/31/16 As Reported 6/30/16
(1) Based on 3/31/2016 & 6/30/2016 closing prices
($ in Millions)
16
Cash $ 77 $ 83
Debt
$1.5 Billion Revolver $ 675 $ 675
6.375% Senior Notes Due 2023 800 800
6.25% Senior Notes Due 2021 - 800
5.5% Senior Notes Due 2020 600 600
Other Debt 125 121
Term Loan A 2,035 1,243
Total Debt $ 4,235 $ 4,239
Market Capitalization (1) $ 3,159 $ 2,855
Total Capitalization 7,393 7,094
Net Debt $ 4,158 $ 4,156
Total Liquidity $ 879 $ 886
Revolver Size $ 1,500 $ 1,500
Revolver Utilization 45% 45%
0
500
1,000
1,500
2,000
2016 2017 2018 2019 2020 2021 2022 2023
Debt Maturity Profile
Revolving Credit Facility Senior Notes Term Loan A
Balanced debt
maturity profile
with no near term
maturities 55%
45%
Current Interest Rate Exposure
Fixed Rate Debt Floating Rate Debt
$
17. SECOND QUARTER 2016 OPERATING PERFORMANCE
Three Months Ended
June 30, 2016
Three Months Ended
June 30, 2015
Gallons Sold (in thousands):
Retail 641,198 639,148
Wholesale 1,315,728 1,285,041
Total Gallons 1,956,926 1,924,189
Motor Fuel Gross Profit (cents/gallon)
Retail 24.0 21.4
Wholesale 8.8 8.6
Volume-Weighted Average 13.8 12.9
Merchandise ($ in 000s)
Sales $576,594 $560,680
Margin $187,291 $176,811
Margin % 32.5% 31.5%
17
Adjusted EBITDA, attrib. to partners ($ in 000s) $163,998 $138,410
Distributable Cash Flow, attrib. to partners, as
adjusted ($ in 000s)
$92,225 $39,293
18. FIRST HALF 2016 OPERATING PERFORMANCE
Six Months Ended
June 30, 2016
Six Months Ended
June 30, 2015
Gallons Sold (in thousands):
Retail 1,249,339 1,228,276
Wholesale 2,548,327 2,604,581
Total Gallons 3,797,666 3,832,857
Motor Fuel Gross Profit (cents/gallon)
Retail 22.7 23.3
Wholesale 10.0 7.5
Volume-Weighted Average 14.2 12.6
Merchandise ($ in 000s)
Sales $1,100,688 $1,043,803
Margin $353,670 $325,012
Margin % 32.1% 31.1%
18
Adjusted EBITDA, attrib. to partners ($ in 000s) $323,114 $262,622
Distributable Cash Flow, attrib. to partners, as
adjusted ($ in 000s)
$203,974 $69,747
20. SUMMARY ORGANIZATIONAL STRUCTURE
Energy Transfer Equity, L.P.
(NYSE: ETE)
Publicly Traded MLP
46% LP Interest (1)
Susser Petroleum Property Company LLC
(“Propco”) (2)
Public
Unitholders
52% LP
Interest (1)
Non-Qualifying Business Qualifying Businesses
100% GP Interest, IDRs
2% LP Interest (1)
20
Energy Transfer Partners, L.P.
(NYSE: ETP)
Sunoco LP
(NYSE: SUN)
Susser Petroleum Operating
Company LLC (“SPOC”)
(1) LP ownership percentages exclude 16.4 million Class C units held at PropCo
(2) Propco is organized as a limited liability company but elects to be treated as a corporation for tax purposes
21. 116 132 151 164 169 174 182 190 195 199 204 214 226
221
263
344
406 409
450
329 286
487 501 492 483
349
$337
$395
$495
$570 $578
$624
$511
$476
$682
$700 $696 $697
$575
$0
$200
$400
$600
$800
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
SUN LP POISED TO HOLD A LEADING POSITION IN A
STABLE & THRIVING C-STORE INDUSTRY
Resilient industry growth ‒ 2015 marked the 13th consecutive year of industry-wide merchandise
sales growth
Increasing demand for convenience and improved foodservice offerings continues to drive
merchandise sales growth and profitability
Total U.S. C-Store Industry Sales and Growth
($billions)
Industry Stores (000s) 131 138 141 145 146 145 145 146 148 149 151
Motor Fuel SalesIn-Store / Merchandise Sales
’03–'15
CAGR
4.5%
3.9%
5.7%
Source: NACS 2015 State of the Industry Annual Report
153
’03 –’15 CAGR: 4.5%
21
154
22. 1 Store, 59%
2 - 10 Stores,
4%
11 - 50 Stores,
9%
51 - 200
Stores, 6%
201 - 500
Stores, 6%
501+ Stores,
17%
22
FRAGMENTED CONVENIENCE STORE INDUSTRY
OFFERS ATTRACTIVE ACQUISITION OPPORTUNITIES
Industry is highly fragmented with nearly
80,000 stores having operators with less than
10 locations in their portfolio
Smaller operators under continued pressure
due to economies of scale and costs
(healthcare, credit card)
Store performance: top vs bottom, the gap
continues to widen
SUN continually evaluates acquisition
opportunities
Significant synergy opportunities:
Expanded buying power
Geographic synergies / diversification
G&A synergies
Capital and real estate optimization can
lead to higher returns
Platform for organic/franchise growth
Leverage brand strength through density
in new markets
Ownership of ~ 124,000 Convenience Stores
Selling Fuels
(1) Source: NACS/Nielsen 2016 Convenience Industry Store Count
C-store ownership by number of sites owned(1)
23. 23
35%
46%
19%
Wholesale Volume by Channel
Dealer Distributor Commercial
WHOLESALE SEGMENT OVERVIEW
Increases purchasing power /
diversification
Increases strategic flexibility to
rationalize sites between retail
and wholesale
Enhances acquisition
opportunities
SUN having its own iconic fuel brand is attractive to individuals and companies who own their own
locations
Distributors – SUN earns fuel margin through long-term supply agreement, typically to multiple
sites operated by a single distributor
Dealers – SUN earns fuel margin from long-term fuel supply agreement. In some cases SUN
also receives rental income on property leased to dealers
Commercial – fuel sales to customers with contracts under one year or less or on a spot basis
De minimis direct
commodity risk
Long term contracts
Reliability of supply
Capital investments in
third parties
Technology benefits
Highly complementary with Retail Highlights of the Wholesale Business
Attractiveness of SUN Iconic Fuel Brand
24. THE COMBINED PLATFORM IS ONE OF THE
LEADING RETAIL PLATFORMS
Market Capitalization ($mm)
US Company Operated Sites Total Fuel Vol per Site per Day
(gallons)
US States with Operations
24
Merch Sales per Site per Day ($mm)
EBITDA – Last Fiscal Year End ($mm)
$2,855
3,260
$33,187
2,921
5,147
SUN CST Couche
Tard
Murphys Casey's
(1)
1,324
1,049
4,698
1,335
1,931
SUN CST Couche
Tard
Murphys Casey's
5,202 5,100
4,234
8,414
2,769
SUN CST Couche
Tard
Murphys Casey's
$4,899
$3,962
$4,305
$4,667
$4,125
SUN CST Couche
Tard
Murphys Casey's
30
14
43
24
14
SUN CST Couche
Tard
Murphys Casey's
$715
$422
$2,289
$343
$482
SUN CST Couche
Tard
Murphys Casey's
(1) (1)
Source: Company filings, Wall Street research, and market data as of 6/30/2016
(1) CST fuel and merch sales exclude non-US business. Couche-Tard fuel and merch sales are North American sales only
(2) Reflects FYE 2015 recasted financials
(2)
25. SUN RECONCILIATION OF ADJUSTED EBITDA TO
NET INCOME, SECOND QUARTER RESULTS
($ in Thousands)
For the Three Months Ended June 30,
2016 2015
Net income (loss) $72,137 $93,534
Depreciation, amortization and accretion 78,724 70,200
Interest Expense, net 50,587 21,198
Income tax expense 1,468 8,926
EBITDA 202,916 193,858
Non-cash unit based compensation 3,379 2,396
Loss (gain) on disposal of assets and impairment charge 1,501 178
Unrealized gains on commodity derivatives 5,570 786
Inventory fair value adjustments (49,368) (54,845)
Adjusted EBITDA 163,998 142,373
EBITDA attributable to non-controlling interest -- 3,963
Adjusted EBITDA attributable to Sunoco LP $163,998 $138,410
25
26. SUN RECONCILIATION OF ADJUSTED EBITDA TO
NET INCOME, FIRST HALF RESULTS
($ in Thousands)
For the Six Months Ended June 30,
2016 2015
Net income (loss) $134,146 $142,840
Depreciation, amortization and accretion 156,790 136,943
Interest Expense, net 78,276 29,175
Income tax expense 3,580 16,989
EBITDA 372,792 325,947
Non-cash unit based compensation 6,792 3,754
Loss (gain) on disposal of assets and impairment charge 2,715 147
Unrealized gains on commodity derivatives 2,845 2,191
Inventory fair value adjustments (62,030) (61,505)
Adjusted EBITDA 323,114 270,534
EBITDA attributable to non-controlling interest -- 7,912
Adjusted EBITDA attributable to Sunoco LP $323,114 $262,622
26
27. SUN RECONCILIATION OF ADJUSTED EBITDA TO NET
INCOME, PREVIOUS FISCAL YEARS
($ in Thousands) Predecessor
Fiscal Year
Ended
December 31,
2011
Fiscal Year
Ended
December 31,
2012
Fiscal Year
Ended
December 31,
2013
Twelve Months
Ended December
31, 2014
Fiscal Year Ended
December 31,
2015
Net income (loss) $10,598 $17,570 $37,027 $(37,595) $183,605
Depreciation, amortization and accretion 6,090 7,031 8,687 70,792 201,019
Interest expense, net 324 809 3,471 15,702 87,575
Income tax expense 6,039 5,033 440 69,895 47,070
EBITDA 23,051 30,443 49,625 118,794 519,269
Non-cash unit based compensation 707 911 1,935 8,917 5,703
Unrealized gains on commodity derivatives -- -- -- (1,166) 1,848
Inventory fair value adjustments -- -- -- 193,443 84,830
Loss (gain) on disposal of assets and impairment
charge 221 341 324 (433) 2,050
Adjusted EBITDA $23,979 $31,695 $51,884 $319,555 $613,700
Less : EBITDA attributable to non-controlling
interest -- -- -- (68,491) (169,610)
Adjusted EBITDA attributable to Sunoco LP $23,979 $31,695 $51,884 $251,064 $444,090
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28. PRO FORMA RECONCILIATION OF
ADJUSTED EBITDA TO NET INCOME
($ in Thousands)
Fiscal Year Ended December 31, 2015
Total
Net income (loss) $194,068
Depreciation, amortization and accretion 278,309
Interest Expense, net 87,575
Income tax expense 51,689
EBITDA 611,642
Non-cash unit based compensation 7,984
Loss (gain) on disposal of assets and impairment charge (690)
Unrealized gains on commodity derivatives 1,848
Inventory fair value adjustments 98,330
Adjusted EBITDA $719,114
EBITDA attributable to non-controlling interest 3,816
Adjusted EBITDA attributable to Sunoco LP $715,298
28