2021 Business Outlook
Excluding any impact in 2021 from the recently announced acquisitions, the Partnership continues to expect full-
year 2021 Adjusted EBITDA(1)(2) of $725 to $765 million. SUN expects 2021 fuel volumes of 7.25 to 7.75 billion
gallons, fuel margins of 11.0 to 12.0 cents per gallon, and operating expenses(3) of $440 to $450 million.
Rened Products Terminal Acquisitions
On August 1, 2021, SUN executed a denitive agreement to acquire eight rened product terminals from NuStar
Energy L.P. for $250 million. The terminals have a combined storage capacity of approximately 14.8 million barrels
and are located along the East Coast and in the greater Chicago market.
Additionally, on July 30, 2021 SUN executed a denitive agreement to acquire a rened product terminal from
Cato, Incorporated for approximately $5.5 million. The terminal, located in Salisbury, Maryland, has storage
capacity of approximately 140 thousand barrels.
The Partnership expects both acquisitions to be accretive to unitholders in the rst year of ownership and to close
in the fourth quarter of 2021, subject to the satisfaction of customary closing conditions.
SUN's segment results and other supplementary data are provided after the nancial tables below.
(1) Adjusted EBITDA and Distributable Cash Flow, as adjusted, are non-GAAP nancial measures of performance that have
limitations and should not be considered as a substitute for net income. Please refer to the discussion and tables under
"Reconciliations of Non-GAAP Measures" later in this news release for a discussion of our use of Adjusted EBITDA and
Distributable Cash Flow, as adjusted, and a reconciliation to net income.
(2) A reconciliation of non-GAAP forward looking information to corresponding GAAP measures cannot be provided without
unreasonable eorts due to the inherent diculty in quantifying certain amounts due to a variety of factors, including
the unpredictability of commodity price movements and future charges or reversals outside the normal course of
business which may be signicant.
(3) Operating expenses include general and administrative, other operating and lease expenses.
Earnings Conference Call
Sunoco LP management will hold a conference call on Tuesday, August 3, at 9:00 a.m. CT (10:00 a.m. ET) to discuss
results and recent developments. To participate, dial 877-407-6184(toll free) or 201-389-0877approximately 10
minutes before the scheduled start time and ask for the Sunoco LP conference call. The call will also be accessible
live and for later replay via webcast in the Investor Relations section of Sunoco's website at www.SunocoLP.com
under Webcasts and Presentations.
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