Sunoco LP Announces a 2% Increase in Quarterly Distribution

Rhea-AI Summary

On April 26, 2023, Sunoco LP (NYSE: SUN) announced a quarterly distribution for Q1 2023 of $0.8420 per common unit, equating to $3.368 annually. This distribution will be paid on May 22, 2023 to unitholders of record on May 8, 2023. The board stated that future distributions will be assessed annually in the first quarter based on SUN's financial goals and growth prospects. Sunoco LP operates a vast distribution network servicing approximately 10,000 convenience stores and other clients across the U.S., and it is linked with Energy Transfer LP (NYSE: ET), which owns its general partner.

Positive

• Quarterly distribution increased by 2% to $0.8420 per common unit.
• Annualized distribution rate now $3.368 per common unit.
• Strong operational footprint with distribution across 40 states.

Negative

• None.

News Market Reaction – SUN

+1.19%

1 alert

+1.19% News Effect

On the day this news was published, SUN gained 1.19%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

DALLAS, April 26, 2023 /PRNewswire/ -- Sunoco LP (NYSE: SUN) ("SUN") announced that the Board of Directors of its general partner declared a quarterly distribution for the first quarter of 2023 of $0.8420 per common unit or $3.368 per common unit on an annualized basis. The distribution will be paid on May 22, 2023 to common unitholders of record on May 8, 2023. Future distribution increases will be evaluated and announced annually in the first quarter, balancing SUN's financial metric targets and growth opportunities.

About Sunoco LP

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).

Qualified Notice

This release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that one hundred percent (100%) of Sunoco LP's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Sunoco LP's distributions to foreign investors are subject to federal tax withholding at the highest applicable effective tax rate. Nominees, and not Sunoco LP, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors. For purposes of Treasury Regulation section 1.1446(f)-4(c)(2)(iii), brokers and nominees should treat one hundred percent (100%) of the distributions as being in excess of cumulative net income for purposes of determining the amount to withhold.

Contacts

Scott Grischow
Treasurer, Sr. Vice President – Investor Relations and Mergers & Acquisitions
(214) 840-5660, scott.grischow@sunoco.com

Matthew Kobler
Sr. Manager – Investor Relations
(214) 840-5604, matthew.kobler@sunoco.com

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SOURCE Sunoco LP

FAQ

What is the quarterly distribution amount declared by Sunoco LP for Q1 2023?

Sunoco LP declared a quarterly distribution of $0.8420 per common unit for Q1 2023.

When will the distribution be paid to Sunoco LP unitholders?

The distribution will be paid on May 22, 2023, to unitholders of record on May 8, 2023.

What is the annualized distribution amount for Sunoco LP?

The annualized distribution amount for Sunoco LP is $3.368 per common unit.

Who owns the general partner of Sunoco LP?

The general partner of Sunoco LP is owned by Energy Transfer LP.

How many convenience stores does Sunoco LP service?

Sunoco LP services approximately 10,000 convenience stores across the U.S.