Sunoco LP Announces Third Quarter 2023 Financial and Operating Results

  • Reports third quarter results including net income of $272 million, Adjusted EBITDA(1) of $257 million and Distributable Cash Flow, as adjusted(1) of $181 million
  • Increases full-year 2023 Adjusted EBITDA(1)(2) guidance to be above $935 million

DALLAS, Nov. 1, 2023 /PRNewswire/ -- Sunoco LP (NYSE: SUN) ("SUN" or the "Partnership") today reported financial and operating results for the quarter ended September 30, 2023.

Financial and Operational Highlights

For the third quarter of 2023, net income was $272 million versus $83 million in the third quarter of 2022.  

Adjusted EBITDA(1) for the third quarter of 2023 was $257 million compared with $276 million in the third quarter of 2022.

Distributable Cash Flow, as adjusted(1), for the third quarter of 2023 was $181 million, compared to $196 million in the third quarter of 2022.

The Partnership sold approximately 2.1 billion gallons of fuel in the third quarter of 2023, an increase of 7% versus the third quarter of 2022.  Fuel margin for all gallons sold was 13.0 cents per gallon for the third quarter of 2023 compared to 13.9 cents per gallon in the third quarter of 2022.


On October 20, 2023, the Board of Directors of SUN's general partner declared a distribution for the third quarter of 2023 of $0.8420 per unit, or $3.3680 per unit on an annualized basis.  The distribution will be paid on November 20, 2023 to common unitholders of record on October 30, 2023. 

Liquidity and Leverage

On September 20, 2023, SUN completed an offering of $500 million 7.000% Senior Notes due 2028. SUN used the net proceeds from the offering to repay a portion of the outstanding borrowings under its $1.5 billion revolving credit facility.

At September 30, 2023, SUN had $647 million of borrowings against its revolving credit facility and other long-term debt of $3.2 billion.  The Partnership maintained liquidity of approximately $847 million at the end of the quarter under its $1.5 billion revolving credit facility. 

SUN's leverage ratio of net debt to Adjusted EBITDA(1), calculated in accordance with its revolving credit facility, was 3.9 times at the end of the third quarter of 2023.

Capital Spending

SUN's total capital expenditures for the third quarter of 2023 were $45 million, which included $31 million for growth capital and $14 million for maintenance capital. 

SUN's segment results and other supplementary data are provided after the financial tables below.

Earnings Conference Call

Sunoco LP management will hold a conference call on Wednesday, November 1, 2023, at 9:00 a.m. Central time (10:00 a.m. Eastern time) to discuss results and recent developments.  To participate, dial 877-407-6184 (toll free) or 201-389-0877 approximately 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 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 40 U.S. states and territories as well as refined product transportation and terminalling assets. SUN's general partner is owned by Energy Transfer LP (NYSE: ET).

Forward-Looking Statements

This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results are discussed in the Partnership's Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission.  The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.

The information contained in this press release is available on our website at


Scott Grischow, Treasurer, Senior Vice President – Investor Relations and Mergers & Acquisitions
(214) 840-5660,

Matthew Kobler, Senior Manager – Investor Relations
(214) 840-5604,

Alexis Daniel, Manager – Communications
(214) 981-0739,

– Financial Schedules Follow –


Key Operating Metrics

The following information is intended to provide investors with a reasonable basis for assessing our historical operations, but should not serve as the only criteria for predicting our future performance.

The key operating metrics by segment and accompanying footnotes set forth in the following table are presented for the three months ended September 30, 2023 and 2022 and have been derived from our historical consolidated financial statements.

The following table presents a reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow, as adjusted, for the three months ended September 30, 2023 and 2022:


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