Sunoco LP to Purchase Rened Product Terminals from NuStar
Energy L.P. and Cato, Incorporated
DALLAS, Aug. 2, 2021 /PRNewswire/ -- Sunoco LP (NYSE: SUN) ("SUN" or the "Partnership") announced the
execution of denitive agreements to acquire eight rened product terminals from NuStar Energy L.P. ("NuStar")
and one rened product terminal from Cato, Incorporated ("Cato") for a combined purchase price of $255.5
These acquisitions will result in a signicant expansion of SUN's midstream business, enhance its platform for fuel
distribution expansion and allow SUN to remain within its long-term leverage and coverage target levels. SUN will
continue to employ a disciplined approach toward future acquisitions.
The NuStar acquisition includes seven rened product terminals on the East Coast and one in the Midwest in the
following locations: Andrews Air Force Base, MD; Baltimore, MD; Blue Island, IL; Jacksonville, FL; Linden, NJ;
Paulsboro, NJ; Piney Point, MD; and Virginia Beach, VA. The terminals have an aggregate storage capacity of
approximately 14.8 million barrels, handle primarily rened products and are accessed via pipeline, truck, rail, and
The Cato terminal is a gasoline and distillate terminal located in Salisbury, MD with approximately 140 thousand
barrels of storage and is accessed via truck and marine vessels. As part of the transaction, Cato has agreed to a
ve-year extension of its existing SUN fuel distribution contract.
Both acquisitions are expected to close in the fourth quarter of 2021, subject to the satisfaction of customary
closing conditions. The Partnership expects the acquisitions to be immediately accretive to unitholders.
Sunoco LP (NYSE: SUN)is a master limited partnership with core operations that include the distribution of motor
fuel to approximately 10,000 convenience stores, independent dealers, commercial customers and distributors
located in more than 30 states as well as rened product transportation and terminalling assets. SUN's general
partner is owned by Energy Transfer LP (NYSE: ET).
This news release may include certain statements concerning expectations for the future that are forward-looking
statements as dened by federal law. Such forward-looking statements are subject to a variety of known and
unknown risks, uncertainties, and other factors that are dicult to predict and many of which are beyond
management's control. An extensive list of factors that can aect future results are discussed in the Partnership's