Earnings call transcript: Sunoco Q2 2025 shows strong EBITDA growth

Sunoco Inc. (SUN) reported a robust performance in its second-quarter earnings call, highlighted by record adjusted EBITDA and strategic acquisitions that underscore its growth trajectory. Currently trading at $54.05, InvestingPro analysis suggests the stock is undervalued, with a defensive beta of 0.57. The company’s financial metrics and future outlook signal a strong position in the fuel distribution market, supported by its substantial $7.37 billion market capitalization.

Key Takeaways

• Record adjusted EBITDA of $464 million for Q2.
• Announced acquisition of Parkland, expected to close in Q4.
• Increased quarterly distribution to $90.88 per common unit.
• Strong operational performance across segments.

Company Performance

Sunoco demonstrated significant growth in Q2 2025, achieving record adjusted EBITDA of $464 million. This performance is bolstered by strategic acquisitions and investments in fuel distribution and midstream segments. With annual revenue of $22.37 billion and an attractive P/E ratio of 10.3, the company continues to capitalize on its scale and supply chain advantages, positioning itself as an industry leader in the Western Hemisphere. For deeper insights into Sunoco’s valuation and growth potential, InvestingPro subscribers can access the comprehensive Pro Research Report, part of our coverage of 1,400+ US equities.

Financial Highlights

• Adjusted EBITDA: $464 million, a record for the company.
• Distributable cash flows: $300 million.
• Capital expenditures: $160 million ($120 million growth, $40 million maintenance).
• Leverage: 4.2x.
• Quarterly distribution: Increased to $90.88 per common unit.

Outlook & Guidance

Sunoco remains optimistic about its future performance, expecting to meet full-year EBITDA guidance. The company is targeting $250 million in synergies from the Parkland acquisition within three years and aims to reduce leverage to 4x within 12-18 months post-acquisition. The back half of 2025 is anticipated to be strong, supported by robust refined product demand.

Executive Commentary

CEO Joe Kim emphasized the company’s continuous improvement, stating, "We continue to raise the standard for Sunoco year after year." Chief Commercial Officer Austin Harkness highlighted the healthy fundamentals of the fuel distribution business, and Kim further noted the focus on stable cash flow and growth opportunities from acquisitions.

Risks and Challenges

• Market volatility affecting breakeven levels.
• Flat gasoline demand and slightly declining diesel demand.
• Integration risks associated with the Parkland acquisition.
• Macro-economic pressures that could impact demand.

Sunoco’s strategic initiatives and financial performance in Q2 2025 highlight its resilience in a fragmented market. With a focus on growth through acquisitions and organic investments, the company is well-positioned to navigate future challenges and capitalize on opportunities in the fuel distribution sector. Investors seeking detailed analysis of Sunoco’s market position and growth prospects can access exclusive ProTips and comprehensive financial metrics through InvestingPro.

Full transcript - Sunoco (SUN) Q2 2025:

Conference Operator: Greetings, and welcome to Sunoco LP’s Second Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr.

Scott Grishow. Thank you. You may begin.

Scott Grishow, Executive (likely CFO), Sunoco LP: Thank you, and good morning, everyone. On the call with me this morning are Joe Kim, Sunoco LP’s President and Chief Executive Officer Karl Fails, Chief Operating Officer Austin Harkness, Chief Commercial Officer Brian Hand, Chief Sales Officer and Dylan Bramall, Chief Financial Officer. Today’s call will contain forward looking statements. Please refer to our earnings release and SEC filings for risk factors and reconciliations of non GAAP financial measures, including adjusted EBITDA and distributable cash flow as adjusted. Our second quarter financial and operating results continued the good start to the year that we reported last quarter.

The partnership delivered a record second quarter with adjusted EBITDA of $464,000,000 excluding approximately $10,000,000 of one time transaction related expenses and distributable cash flows as adjusted of $300,000,000 In the second quarter, we spent approximately $120,000,000 on growth capital and $40,000,000 on maintenance capital. This includes the partnership’s proportionate share of capital expenditures related to our two joint ventures with Energy Transfer of $15,000,000 for growth capital and $2,000,000 for maintenance capital. We remain on track to meet our 2025 projected capital spend, which includes at least $400,000,000 of growth capital and approximately $150,000,000 for maintenance capital. Turning to the balance sheet. As of the end of the second quarter, our $1,500,000,000 revolving credit facility had approximately $200,000,000 in outstanding borrowings.

Leverage at the end of the quarter was just under 4.2 times. On July 24, we declared a distribution for the second quarter of ninety point eight eight dollars per common unit or approximately $3.63 on an annualized basis. This represents an increase of 1.25% compared with the previous quarter and resulted in a trailing twelve month coverage ratio of 1.9 times. This marks the third consecutive quarterly increase in Sunoco’s distribution and is consistent with our capital allocation strategy outlook, which includes an annual distribution growth rate of at least 5%. I would like to conclude my remarks by stating that our financial position remains strong, and we are on track to achieve our full year EBITDA guidance.

Looking at the business over the long term, we expect to continue our record of generating increasing distributable cash flow per unit, which will position us for ongoing distribution increases and additional growth. With that, I will turn the call over to Karl to discuss our operational results. Thanks, Scott, and

Karl Fails, Chief Operating Officer, Sunoco LP: good morning, everyone. The 2025 marked another good quarter across all three segments. Supported by solid fundamentals and continued returns on invested capital, our business is positioned to grow in the second half of the year. Starting with our Fuel Distribution segment. Adjusted EBITDA came in at $214,000,000 excluding $8,000,000 of onetime transaction related expenses.

Volumes came in at 2,200,000,000 gallons during the quarter, up 5% from last quarter and flat compared to the second quarter of last year. Reported margin for the second quarter was $0.01 $05 per gallon compared to 11.5¢ per gallon in the first quarter and 11.8¢ per gallon in the 2024. Remember that our first quarter results included the annual makeup payment from seven Eleven, which contributed about $0.15 per gallon to our reported margin. When you take a step back and look at our fuel distribution business, it continues to perform very well. Over the last twelve to eighteen months, there have been changes to our portfolio which reduced our reported CPG margin, including the sale of our West Texas assets last spring and the reclassification of transmix processing margin under our new segment reporting structure we introduced last year.

In addition, there are always quarter to quarter fluctuations and overall flat volumes in the market. But year after year, we have consistently grown our volume and fuel profit dollars by delivering on gross profit optimization strategies and deploying capital effectively. This year is no exception as we expect our accretive investments in this segment to yield increased volume and EBITDA in the back half of the year and to support another record year in this segment. In our Pipeline Systems segment, adjusted EBITDA for the quarter was $177,000,000 compared to $172,000,000 for the first quarter and $111,000,000 for the second quarter of last year, all excluding transaction related expenses. Segment throughput was 1,200,000 barrels per day compared to 1,300,000 barrels per day in the first quarter.

Overall, we continued to see solid demand across our system despite macro volatility with some minor impacts from planned turnaround activity on our crude system. Gross profit was up with positive support from longer haul tariffs in a few areas, strong blending margins, and overall strong agricultural demand in the Midwest. Turning to our Terminals segment. We delivered adjusted EBITDA of $73,000,000 excluding $2,000,000 of one time transaction related expenses, compared to $66,000,000 in the first quarter and $43,000,000 in the second quarter of last year, all excluding transaction related expenses. Segment throughput was 692,000 barrels per day, up from 620,000 barrels per day in the first quarter and 638,000 barrels per day in the second quarter of last year.

The second quarter results benefited from strong throughput growth and good performance in our transmix business. As we look forward to the back half of the year, we anticipate continued strong performance in both of our midstream segments. As we continue to grow our asset base, our focus remains the same, strong operational execution, expense discipline, commercial creativity and profit optimization, and ensuring we deliver strong results on capital that we deploy. I will now turn it over to Joe to share his final thoughts. Joe?

Joe Kim, President and Chief Executive Officer, Sunoco LP: Thanks, Carl. Good morning, everyone. We’re halfway through 2025 and as expected, our business continues to perform well. Scott and Karl discussed the key details related to the second quarter results. Let me provide some additional comments about our business as a whole and an update on the Parkland acquisition.

As I stated in our previous earnings call, we continue to raise the standard for Sonoco year after year. We provided strong guidance for 2025. Given our results to date and our expectations for the remainder of the year, we’re on track to deliver on our full year guidance. All three business segments are performing well. Our fuel distribution business continues to demonstrate resiliency and growth.

We expect the back half of this year to outperform a good first half, and we expect continued strong performance for years to come. Our pipeline and terminal segments also continue to perform at a high level. The acquisition greatly enhanced the scale and efficiency of both segments. Overall, the NuStar addition has been outstanding. This acquisition will deliver double digit accretion.

As a result, we recently announced another distribution increase. And just as importantly, we expect further distribution growth over a multi year period. Continuing on the subject of growth, we expect to close on Tainquid, our acquisition of terminal assets in Germany and Poland sometime early in the fourth quarter. As for the Parkland acquisition, their shareholders strongly endorsed the transaction with more than 93% of the votes. On the regulatory side, we’re working diligently with the various regulatory agencies to get final approvals.

We continue to estimate the close date to be sometime in the fourth quarter. Since we announced the Parkland acquisition three months ago, we’re even more confident that we will deliver on the acquisition economics. Parkland’s base business is solid and improving. In fact, Parkland announced yesterday a record second quarter showing that they have improved materially from their 2024 results. Combining the two companies will be a win for equity holders, debt holders, employees, as well as the countries we operate in.

As the process plays out, we’ll provide more specific details, but for now, we can tell you that we’re highly confident that we will deliver double digit accretion while maintaining a strong balance sheet. Let me wrap up with some brief thoughts on recent macro developments. The announcement that the federal EV tax credit will expire later this year further adds to the evolving market consensus that refined product demand will remain robust for decades to come. This has always been our long held belief. We’ve executed our strategy based on this conviction.

As a result, we have grown materially over the last five plus years. Our industry leading refined products short in key markets throughout the Western Hemisphere positions us to capitalize on continued resilient refined product demand. Operator, that concludes our prepared remarks. You may open the line for questions.

Conference Operator: Thank you. At this time, we’ll be conducting a question and answer session. You may press star two if you’d like to remove your question from the queue. We ask that you please limit to one question and one follow-up. For participants using speaker equipment, it may be necessary to pick up Our first question comes from Spiro Dounis with Citi.

Please proceed with your question.

Spiro Dounis, Analyst, Citi: Thanks, operator. Good morning, team. First question, maybe a two part question on Parkland, if we could. Part one, Joe, as you mentioned, it’s been a few months since you’ve announced the deal. Sounds like you’ve had some time to get in and take a look under the hood a little bit further.

So curious, maybe more specifically, you’re thinking about your initial synergy target at this point? And then there’s also been some favorable movement on the tax side with the one big beautiful bill. Curious, what does that do to your initial sort of two year tax free window for that C Corp and the ability to pay that parity dividend?

Joe Kim, President and Chief Executive Officer, Sunoco LP: Hey, Spiro, it’s Joe. Hey, I’ll let Karl take the synergy question. Scott, why don’t you follow-up with the tax side?

Karl Fails, Chief Operating Officer, Sunoco LP: Yes. Good morning. This is Karl. As far as synergies, as Joe mentioned on in his prepared remarks, we’re a few months in the planning process on integration and kind of digging under the hood a little And I’d say we feel as good or better about the acquisition in totality than we did when we announced it.

With that being said, as Joe also mentioned, we’re still in process on various regulatory reviews and it’s a little early for us to give more granularity or updates on synergies. But I will reiterate what we’ve said about the synergies in the past. First of all, we feel very confident in achieving the $250,000,000 in synergies by year three. And probably even more importantly, getting back to our long term leverage target of four times within twelve to eighteen months. And really the double digit accretion of the deal should help us deliver that.

As far as the components of the synergy, whenever you put two big companies together like this and then you overlay our discipline and track record on controlling expenses, there’s clearly gonna be expense opportunities that we find and deliver on. But then also, as Joe mentioned in his remarks, we’re gonna have one of the largest refined product shorts in the Western Hemisphere, so that’s gonna provide a lot of opportunity on the commercial side. So here’s what I’d say is as we get closer to close and getting into next year, we will provide more updates on the timing of the synergies as well as maybe a little more granularity on what will make those up. But as we sit here today, we feel very good on all aspects of the deal.

Scott Grishow, Executive (likely CFO), Sunoco LP: And Spiro, your second question regarding the cash taxes and the profile there for Suncor. I think first off, it’s helpful to provide some context for how that two year equivalency period was established. This was a feature of the transaction that was included at Parkland’s request. It was an easy ask and one we were very comfortable granting. Setting all that aside, based on the long term forecasting and tax planning work we did during diligence, we’re confident that the Suncorp dividends will remain at parity with Sunoco LP distributions well past the two year period.

Additionally, as you mentioned, elements of the recent budget bill like the permanent extension of bonus depreciation and the restoration of higher business interest expense limits will also help minimize cash tax leakage at Suncorp, while also lowering cash taxes at SunLP moving forward. And I think the fact that we will continue our focus on growth both organically and through acquisitions, which with that brings additional opportunities to further manage future cash tax drag.

Spiro Dounis, Analyst, Citi: Great. That’s all helpful color. Thanks for that, gentlemen. Second one, maybe just switching gears a bit back to fuel margins within that fuels distribution segment. To your point, when you sort of exclude the make whole payments, you did have a sequential increase in 2Q versus 1Q.

And I guess as you look forward, it sounds like you guys are pretty confident in the back half of the year. So curious if you could just give us your expectations around fuel margin into the back half and as we head into 2026?

Austin Harkness, Chief Commercial Officer, Sunoco LP: Yes. Hey, good morning Spiro. This is Austin. Happy to share some commentary on both our reported numbers and kind of the overall broader margin environment as we see it. I’ll just start by just reminding folks, we manage for fuel profit and EBITDA when we manage the business versus solving for a particular number with volume or CPG independently.

That said, as it relates to our reported numbers, I would go back to some of Carl’s prepared remarks and some of the commentary that we’ve shared in the past. There’s two higher margin businesses that I think it’s important to remember are no longer included in our segments reported numbers. The first obviously following the NuStar transaction, moved the Transmix business into the terminal segment. And then the second was the sale of our West Texas retail business in the second quarter of last year. And so that said, while our reported CPG number has the fundamentals in the macro environment remain bullish for margins overall and that’s really due to elevated breakevens remaining in place.

And Spiro, I know you’re familiar with this and know this, but I think for folks who might be newer to the story, it may be worth providing a little bit of context on what we’re talking about when we mentioned elevated breakevens. Just quickly, the first thing to know is our industry is hyper fragmented. The majority of sites are managed by single unit owner operators in our space. And so when you couple that with any exogenous shocks to the business, whether it’s demand destruction like we saw in COVID, inflation or flat price volatility, that has the impact of raising fuel margin breakeven levels for all operators Now that said, for those operators that have significant scale or a fundamental cost of goods sold advantage like Sonoco, it actually creates a bullish margin environment.

And so as we think about the margin environment that we’re in today and what we see going forward, two of those three elements remain in place from our view. So flat price volatility, just starting there. If you look longitudinally at daily RBOP or USD movements, volatility has only increased post COVID. And so we think that that’s gonna be a feature that remains in place for the foreseeable future. And then separately with recession or with inflation, it’s important to remember that when inflation is in place, it has the impact of increasing key line items in all operators’ P and Ls.

And even when it abates, the effects can be long lasting and prices and costs tend to be sticky downward, particularly if you think about things like labor. So with all that said, regardless of how our portfolio evolves, we’re going to continue to take advantage of and leverage our significant scale, our supply chain optionality, our cost of goods sold advantage to create asymmetrical upside in flat price volatility environments and minimize the downside risk and exposure that we have. And so, you know, with all that said, I think, know, the so what that I’ll that I’ll I’ll end with is the fundamentals for for the fuel distribution business remain very healthy. And and we’re on track for a very strong second half of the year on the heels of some organic and roll up M and A investments that we made in the first half of this year that I think you’re going to see are going to drive noticeable volume growth at healthy margins and ultimately result in year over year EBITDA growth for the segment despite the fact that we don’t benefit from the aforementioned businesses no longer being in our reported numbers in ’25.

Spiro Dounis, Analyst, Citi: Very helpful, Austin. I’ll leave it there for today. Thank you, gentlemen.

Conference Operator: Our next question comes from Justin Jenkins with Raymond James. Please proceed with your question.

Justin Jenkins, Analyst, Raymond James: Great, thanks. If I could, just wanted to start maybe by following up on Spiro’s Is there a point in time estimate or maybe a range of years you have now for dividend equivalent at Suncorp? And then I guess as we get closer to the deal, how are you thinking about terming out the financing for the cash part of the Parkland deal?

Scott Grishow, Executive (likely CFO), Sunoco LP: Yeah, Justin, this is Scott. Look, I think I already mentioned on how the two year equivalency period was established. And past that, just stick to the remarks I made earlier. We’re confident that that equivalency period can continue past the two year mark just based on our tax planning, some of the favorable legislation that’s hit the market this year, as well as the fact that we’re going to continue to use SunSea and Sonoco LP as growth vehicles. With respect to the transaction financing process, the plan still is to fund the $2,700,000,000 of cash consideration through a combination of senior notes and preferred equity.

I think we’ve shown a proven ability to be opportunistic with our capital markets activity in the past, whether for refinancing efforts or to fund new capital for acquisitions. The current backdrop in the credit markets is positive right now. And so I think given that and where we are in the process with respect to the line of sight on closing sometime in the fourth quarter, we’re actively monitoring the markets and we’ll be pragmatic on how and when the appropriate time is to access them.

Justin Jenkins, Analyst, Raymond James: Great. That’s helpful, Scott. I guess second question maybe for Carl or Austin, just on the underlying demand backdrop within The U. S. And outside.

Any impacts in the second quarter from headline volatility that we’ve seen? And what have the recent trends been in terms of the underlying demand backdrop here?

Austin Harkness, Chief Commercial Officer, Sunoco LP: Yes, this is Austin. I think the trends that we saw kind of heading into the end of last year continued into the beginning part of this year and continued in the second quarter. We haven’t seen we’re seeing a lot of

Spiro Dounis, Analyst, Citi: the same things I think

Austin Harkness, Chief Commercial Officer, Sunoco LP: that you’re probably seeing. We’ve mentioned we don’t have a crystal ball when it comes to volume or CPG margin. But we’re seeing some of the same things with year over year demand from standpoint for gasoline being flat to maybe slightly off. Diesel came out of the gates at the beginning of the year strong, but has waned along with some other economic activity indicators. That said, we expect to continue to outperform these trends, I think as a result of our growth capital and capital deployment strategy, whether it’s organic or roll up M and A.

And overall, we feel really good about the fundamental health of the business. And like I mentioned previously, anything that results in demand destruction ultimately, we see as bullish for for the margin case.

Eli, Analyst, JPMorgan Chase: Awesome. Thanks, guys.

Conference Operator: Our next question comes from Jeremy Tonet with JPMorgan Chase. Please proceed with your question.

Eli, Analyst, JPMorgan Chase: Hey, good morning everyone. This is Eli on for Jeremy. Maybe just wanted to touch on capital allocation post Parkland and Tanguid. Obviously, a meaningful free cash flow inflection coming. And I think with NuStar, we saw you guys kind of delivered ahead of schedule and delevered very quickly thereafter.

So how should we think about sort of the approach to M and A and types of organic or inorganic opportunities, whether there’s more bolt ons or larger sized deals out there? Again, you’re still digesting here, but just the longer term approach as you see it now.

Joe Kim, President and Chief Executive Officer, Sunoco LP: This is Joe. After we closed on Parkland, our top two priorities are very clear. Integrating the acquired asset and getting the synergies and secondly, our balance sheet back to our Forex target. We feel very confident we’ll deliver on both. And after that, we’ll assess the market and see what the market opportunities are.

And to give you a little bit more insight into it, it’s really kind of going back to what I think I’ve said quarter after quarter. When it comes to growth and when it comes to evaluating opportunities, we use the same lens that we’ve used over and over. We’re looking for first a stable cash flow profile second, growth opportunities on an acquired asset third, materials and synergies. Finally, and obviously, attractive valuation. So I guess regardless of geography, size or business segments that we look at, those are the criteria we’re going to use to create value for our stakeholders.

If you look back at our history, we’ve done small roll up domestic fuel distribution acquisitions. We did a big midstream acquisition last year with NuStar, and now we’re going to do a big international opportunity. Our history shows that we’ve consistently delivered and we’re in a very good position to continue to be an accretive growth company. And having all these multiple options be it various business segments, geographies, size, it’s a good position for us to be in.

Eli, Analyst, JPMorgan Chase: Awesome. Appreciate the color there. And then just a quick one, interesting shifting back to Parkland. Can you guys remind us exactly when the ICA was filed? Was that in June?

Just thinking about that 4Q twenty five timeline. And obviously, that’s kind of a key item to keep an eye on.

Scott Grishow, Executive (likely CFO), Sunoco LP: Yeah, yeah. Eli, this is Scott. I think what I couch for all of the regulatory items is that we’re working through the approval processes for each. They’re all proceeding as expected, and we’re tracking to close in the fourth quarter.

Eli, Analyst, JPMorgan Chase: All right. I’ll leave it there. Thanks.

Conference Operator: Our next question comes from Ned Baramov with Wells Fargo. Please proceed with your question.

Ned Baramov, Analyst, Wells Fargo: Hi, good morning. Thanks for taking the question. Based on Carl and Austin’s comments, it seems that the typical seasonal slowdown in fuel distribution volumes in Q4 is not expected to occur this year. So can you maybe provide more details on some of the initiatives you have in place and the investments you’re making that will drive the stronger second half results?

Austin Harkness, Chief Commercial Officer, Sunoco LP: Yes, sure. This is Austin. Happy to provide additional context. I mean, just to confirm, we are poised for a very strong second half of the year in the fuel distribution segment, and we expect that outperformance even when you include the $32,000,000 makeup payment from seven Eleven in the first quarter. You’ve heard Joe and others talk about the build versus buy decision that we make from a capital allocation standpoint.

And this year, the markets presented opportunities for us to execute against both. So we’ve made organic investments that allow us to grow and expand our footprint, particularly in and around waterborne markets, where we can leverage our scale and supply chain optionality. And we’ve also executed multiple roll up acquisitions that we’re going to be able to quickly integrate and synergize that will be accretive to the business in the second half of this year. So when you add all that together, think that’s what is driving the confidence in the back half of the year for EBITDA growth that’s ultimately going to result in year over year growth for the segment driven on the heels of volume at noticeable volume growth and healthy margins.

Ned Baramov, Analyst, Wells Fargo: Understood. And on those roll up acquisitions, can you maybe talk about size or if there’s additional inorganic opportunities for the second half of the year?

Joe Kim, President and Chief Executive Officer, Sunoco LP: Hey, Ned, it’s Joe. Let me build on what Austin said. And I think it’s the key concept that I think for people that know our story, I know you’re familiar with it, for people that are new to the story, I think this will be helpful. One of the key concepts that we have that we use in our field distribution is this whole buildbuy. We have a good pipeline of organic projects, but we’ve also, throughout the last five plus years, we’ve capitalized on small field distribution roll ups.

The opportunity set is ample and we have the ability to either flex up or flex down on these market opportunities. That’s the reason why we purposely provide a minimum when providing annual growth capital guidance. For twenty twenty five, back in December, we stated our guidance was going to be $400,000,000 plus. What this does is this acknowledges that we know that we have enough organic growth opportunities as a baseline and we have the ability to flex up when highly attractive roll up opportunities present. This year, whenever we started planning out 2025, we thought there was a material number of roll up opportunities for us to do.

We got off to a very strong start on that side. That’s what Austin’s referring to, the back half of the year. He used a couple of, I think, keywords, noticeable volume increase and continuation of attractive margins. These roll ups and organic opportunities that we performed in the first half of the year, we’ll start seeing the payoff starting third and fourth quarter. As far as the continuation of these opportunities on a long term basis, organic, we have a multi year good pipeline of that remaining at a very consistent high level.

And as far as roll up opportunities, I guess the way I would classify small is under $100,000,000 total purchase price. We think there’s a lot of those opportunities there. Austin mentioned this is a highly fragmented market where 60% plus of the market is single store operators. So we think that opportunity is robust. This year what we did is, like I said, we got off to a fast start.

We anticipated a fast start. We pulled back a little bit whenever we were working on the Parkland transaction. We knew we were going to get that signed, we pulled back a little bit so we can allocate the appropriate amount of time to due diligence and integration. But we’re in a good position. Hopefully that provides you the insight why we’re so confident that second half of the year is going to be strong for us.

Ned Baramov, Analyst, Wells Fargo: Very clear. Thank you.

Conference Operator: We have reached the end of the question and answer session. I’d now like to turn the call back over to Scott Grishow for closing comments.

Scott Grishow, Executive (likely CFO), Sunoco LP: Well, thanks for joining us on the call today. As we said, there are a lot of great things to look forward to in 2025 for Sunoco, and we look forward to updating you across the year. Please feel free to reach out if you have any questions. Thanks for tuning in, and always appreciate your support.

Conference Operator: This concludes today’s conference. You may disconnect your lines at this time, and we thank you for your participation.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.