Energy Transfer L P Stock Price, News & Analysis

On November 9, 2020, Sunoco LP (NYSE: SUN) announced the removal of the $500 million cap for its cash tender offer for its 4.875% Senior Notes due 2023. The tender offer will now cover all outstanding notes, funded by proceeds from an upsized senior notes offering of $800 million and borrowings from its credit facility. All other terms of the tender offer remain unchanged. Credit Suisse and Barclays are the lead dealer managers, and the press release emphasizes that it does not constitute a notice of redemption or an offer to buy securities.

Sunoco LP (NYSE: SUN) announced a cash tender offer to buy up to $500 million of its outstanding 4.875% Senior Notes due 2023. The tender offer, which will expire on December 8, 2020, is being funded through a proposed $500 million debt securities offering and cash on hand. Holders can receive up to $1,017.50 for each $1,000 principal amount depending on when they tender their notes. If oversubscribed, purchases will occur on a prorated basis. Conditions apply, and the offer may be extended or terminated.

Sunoco LP (NYSE: SUN) announced a private offering of senior notes totaling $500 million, due in 2029. The funds will be used alongside cash on hand for a tender offer for its existing 4.875% senior notes maturing in 2023. The offering is aimed at qualified institutional buyers under Rule 144A and non-U.S. entities under Regulation S. Notably, the notes are not registered under the Securities Act, which limits their offering in the U.S.

Sunoco LP (NYSE: SUN) reported a net income of $100 million for Q3 2020, up from $66 million in Q3 2019. Adjusted EBITDA was $189 million, slightly down from $192 million year-over-year. The Partnership sold 1.9 billion gallons, a 12% decline from last year, but reported improved fuel margins of 12.1 cents per gallon. A distribution of $0.8255 per unit was declared for Q3 2020, payable on November 19, 2020. SUN maintained liquidity of $1.4 billion and a leverage ratio of 3.93 times. Full-year adjusted EBITDA is expected to exceed $740 million.

Energy Transfer LP (NYSE:ET) reported a net loss of $782 million for Q3 2020, including non-cash impairments of $1.6 billion. Adjusted EBITDA rose to $2.87 billion, up from $2.81 billion in Q3 2019, driven by record performance in its NGL and refined products segment. Distributable Cash Flow climbed to $1.69 billion, reflecting improved operational efficiency and reduced capital expenditures. ET expects to invest under $3.3 billion for 2020, exceeding previous forecasts. The partnership's quarterly distribution was set at $0.1525 per unit, maintaining a distribution coverage ratio of 4.10x.

Canadian Solar announced its subsidiary, Recurrent Energy, has begun constructing the 28 MWac Maplewood 2 Solar Project in Texas for Energy Transfer (NYSE: ET). This project includes a 15-year Power Purchase Agreement, marking Energy Transfer's first dedicated solar contract. The project contributes to Canadian Solar's total of over 385 MWac of solar projects in Texas. Expected operational start is Q1 2021. This collaboration underscores a commitment to renewable energy amidst a diverse energy landscape in Texas.

Energy Transfer LP (NYSE:ET) released its 2019 Community Engagement Report, detailing operational results across its business segments, pipeline safety programs, risk management, and emissions reduction efforts. The report emphasizes stakeholder outreach and community investments driven by over 10,000 employees committed to safety. Energy Transfer operates more than 90,000 miles of pipelines across 38 states and Canada, moving approximately 30% of the nation's natural gas and oil.

Sunoco LP (NYSE: SUN) has appointed Dylan Bramhall as Chief Financial Officer, effective immediately. Bramhall, with over 14 years of experience, previously served as Senior VP of Finance and Treasurer at Energy Transfer (NYSE: ET). His responsibilities included oversight of financial planning and risk management. President & CEO Joe Kim expressed confidence in Bramhall's ability to strengthen Sunoco’s financial foundation. Sunoco operates a broad distribution network and is a subsidiary of Energy Transfer, which emphasizes its substantial market presence in fuel distribution across over 30 states.

Sunoco LP (NYSE: SUN) announced a quarterly distribution of $0.8255 per common unit for Q3 2020, equating to $3.3020 annualized. This payment is scheduled for November 19, 2020, to unitholders recorded by November 6, 2020. The company will disclose its Q3 financial and operational results post-market on November 4, 2020, followed by a conference call on November 5, 2020, at 8:00 a.m. CT. Sunoco operates in fuel distribution across over 30 states, serving around 10,000 retail locations.