Sunoco LP Q3 2026 earnings: net income hits $499M
The quarterly distribution is up over 10% versus third-quarter 2025, while SUN expects 2026 Adjusted EBITDA to exceed its $3.5 billion to $3.7 billion guidance range.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Sunoco LP (SUN) reported third-quarter 2026 net income of $499 million, compared with $137 million a year earlier, and revenue of $18.029 billion versus $6.032 billion. Adjusted EBITDA was $1.049 billion, or $1.060 billion excluding $11 million of transaction-related expenses, compared with $489 million, or $496 million excluding $7 million, a year earlier. Distributable Cash Flow, as adjusted, was $588 million versus $326 million. Adjusted EBITDA and Distributable Cash Flow, as adjusted, are non-GAAP measures. Fuel Distribution segment Adjusted EBITDA was $523 million versus $232 million; Pipeline Systems segment Adjusted EBITDA was $166 million versus $182 million.
The partnership expects to exceed its 2026 Adjusted EBITDA guidance range of $3.5 billion to $3.7 billion and completed its acquisition of Offen Petroleum on October 27, 2026. The quarterly distribution is $1.0148 per unit, up approximately 1.25% from the prior quarter and over 10% from third-quarter 2025; it will be paid November 19, 2026, to holders of record November 6, 2026. At September 30, 2026, long-term debt was approximately $13.2 billion, liquidity remaining on the revolving credit facility was approximately $2.3 billion, and net debt to Adjusted EBITDA leverage was approximately 3.5 times.
6 points · 1 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.SUN expects to exceed its $3.5 billion to $3.7 billion 2026 Adjusted EBITDA guidance.
- Moderate pointRevenue: $18.029 billion versus $6.032 billion in third-quarter 2025.
- Moderate pointNet income: $499 million versus $137 million in third-quarter 2025.
- Moderate pointAdjusted EBITDA: $1.049 billion versus $489 million in third-quarter 2025.
- Moderate pointDistributable Cash Flow, as adjusted: $588 million versus $326 million in third-quarter 2025.
- Moderate pointDistribution: $1.0148 per unit, over 10% above third-quarter 2025.
Negative
- Minor pointPipeline Systems segment Adjusted EBITDA was $166 million, down from $182 million.
Filing Explained
Of Sunoco LP’s third-quarter 2026 net income, an amount was attributable to common units, while preferred and Class D unit holders also received allocations; therefore, total net income is not the amount attributable to common units.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $18.029 billion
Net income: $499 million
Adjusted EBITDA: $1.049 billion
+5 more
8 metrics
Revenue
$18.029 billion
Three months ended September 30, 2026; $6.032 billion in 2025
Net income
$499 million
Three months ended September 30, 2026; $137 million in 2025
Adjusted EBITDA
$1.049 billion
Three months ended September 30, 2026; $489 million in 2025
Distributable Cash Flow, as adjusted
$588 million
Three months ended September 30, 2026; $326 million in 2025
Quarterly distribution
$1.0148 per unit
Third quarter 2026; over 10% above third-quarter 2025
Long-term debt
Approximately $13.2 billion
At September 30, 2026
Liquidity remaining on revolving credit facility
Approximately $2.3 billion
At September 30, 2026
Pipeline Systems segment Adjusted EBITDA
$166 million
Third quarter 2026; $182 million in 2025
Key Terms
Adjusted EBITDA, Distributable Cash Flow, as adjusted, leverage ratio of net debt to Adjusted EBITDA, maintenance capital expenditures, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA for the third quarter of 2026 was $1.049 billion"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Distributable Cash Flow, as adjusted financial
"Distributable Cash Flow, as adjusted, for the third quarter of 2026 was $588 million"
leverage ratio of net debt to Adjusted EBITDA financial
"SUN’s leverage ratio of net debt to Adjusted EBITDA"
maintenance capital expenditures financial
"Maintenance capital expenditures (2)"
Maintenance capital expenditures are the money a company spends to keep its existing buildings, machines, vehicles, or systems running at their current capacity—think replacing worn parts, major repairs, or necessary upgrades to avoid breakdowns. Investors watch this because it’s a recurring, non-growth cost that must be paid before a company can invest in expansion or return cash to shareholders; like routine car maintenance, it preserves value but reduces funds available for new opportunities.
Earnings Snapshot
Revenue: $18.029 billion · Guidance included
Third quarter ended September 30, 2026
Revenue
$18.029 billion
Compared with $6.032 billion in the third quarter of 2025
Net income
$499 million
Compared with $137 million in the third quarter of 2025
Adjusted EBITDA
$1.049 billion
Compared with $489 million in the third quarter of 2025
Distributable Cash Flow, as adjusted
$588 million
Compared with $326 million in the third quarter of 2025
Guidance
Expects to exceed 2026 Adjusted EBITDA guidance range of $3.5 billion to $3.7 billion.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were SUN's third-quarter 2026 financial results?
SUN reported revenue of $18.029 billion, net income of $499 million, Adjusted EBITDA of $1.049 billion and Distributable Cash Flow, as adjusted, of $588 million for the quarter ended September 30, 2026.
What was SUN's Q3 2026 distribution per unit?
The quarterly distribution was $1.0148 per unit, up approximately 1.25% from the quarter ended June 30, 2026, and over 10% from third-quarter 2025. It will be paid November 19, 2026, to holders of record November 6, 2026.
How much did SUN spend on capital in Q3 2026?
SUN's total capital expenditures were $237 million, including $121 million of growth capital and $116 million of maintenance capital. The total includes the partnership's proportionate share of capital expenditures related to its joint ventures with Energy Transfer.
How much fuel did SUN sell, and what was its margin in Q3 2026?
The Fuel Distribution segment sold approximately 4.2 billion gallons and reported a fuel margin of 16.8 cents per gallon for all gallons sold.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Act of 1934
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| , | |||||||||||
(Address of principal executive offices, including zip code) | |||||||||||
(214 ) 981-0700
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| Texas Stock Exchange | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
The following information is furnished under Item 2.02, “Results of Operations and Financial Condition.” This information, including the information contained in Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On November 3, 2026, Sunoco LP issued a news release announcing its results for the third fiscal quarter ended September 30, 2026 and providing access information for an investor conference call to discuss those results. A copy of the news release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference into this Item 2.02. The conference call will be available for replay approximately 365 days following the date of the call at www.SunocoLP.com.
Item 7.01. Regulation FD Disclosure.
On November 3, 2026, Sunoco LP issued a press release to announce third quarter 2026 financial and operating results. A copy of the press release is set forth in Exhibit 99.1 and is incorporated herein by reference. In accordance with General Instruction B.2 of Form 8-K, the information set forth in the attached Exhibit 99.1 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
In accordance with General Instruction B.2 of Form 8-K, the information set forth in the attached Exhibit 99.1 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act.
Exhibit Number | Exhibit Description | |||||||
| 99.1 | Press Release dated November 3, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SUNOCO LP | ||||||||
By: | Sunoco GP LLC, its general partner | |||||||
Date: | By: | /s/ Rick Raymer | ||||||
Rick Raymer | ||||||||
Vice President, Controller and Principal Accounting Officer | ||||||||
Exhibit 99.1
 | News Release | ||||
Sunoco LP and SunocoCorp LLC Report Third Quarter 2026
Financial and Operating Results
•Reports exceptional third quarter results, including net income of $499 million, Adjusted EBITDA(1) of $1.060 billion, excluding one-time transaction-related expenses(2), and Distributable Cash Flow, as adjusted(1), of $588 million
•Expects to exceed 2026 Adjusted EBITDA guidance range of $3.5 billion to $3.7 billion
•Completes the acquisition of Offen Petroleum on October 27, 2026
•Increases quarterly distribution by 1.25%; represents an increase of over 10% versus the third quarter of 2025
•Delivers approximately 25% growth to Distributable Cash Flow(1) per common unit and returns to leverage target in less than one year following the acquisition of Parkland
DALLAS, November 3, 2026 - Sunoco LP (TXSE: SUN) (“SUN” or the “Partnership”) and SunocoCorp LLC (TXSE: SUNC) ("SUNC") today reported financial and operating results for the quarter ended September 30, 2026.
Financial and Operational Highlights Attributable to Sunoco LP
Net income for the third quarter of 2026 was $499 million compared to $137 million in the third quarter of 2025.
Adjusted EBITDA for the third quarter of 2026 was $1.049 billion compared to $489 million in the third quarter of 2025. Adjusted EBITDA for the third quarter of 2026 and 2025 included $11 million and $7 million, respectively, of one-time transaction-related expenses.
Distributable Cash Flow, as adjusted, for the third quarter of 2026 was $588 million compared to $326 million in the third quarter of 2025.
Adjusted EBITDA for the Fuel Distribution segment for the third quarter of 2026 was $523 million compared to $232 million in the third quarter of 2025. Adjusted EBITDA for the third quarter of 2026 and 2025 included $9 million and $6 million, respectively, of one-time transaction-related expenses. The segment sold approximately 4.2 billion gallons of fuel in the third quarter of 2026. Fuel margin for all gallons sold was 16.8 cents per gallon for the third quarter of 2026.
Adjusted EBITDA for the Pipeline Systems segment for the third quarter of 2026 was $166 million compared to $182 million in the third quarter of 2025. The segment averaged throughput volumes of approximately 1.3 million barrels per day in the third quarter of 2026.
Adjusted EBITDA for the Terminals segment for the third quarter of 2026 was $122 million compared to $75 million in the third quarter of 2025. Adjusted EBITDA for the third quarter of 2026 and 2025 included $2 million and $1 million, respectively, of one-time transaction-related expenses. The segment averaged throughput volumes of approximately 1.0 million barrels per day in the third quarter of 2026.
Adjusted EBITDA for the Refinery segment for the third quarter of 2026 was $238 million. The segment averaged throughput volumes of approximately 57 thousand barrels per day in the third quarter of 2026.
Distribution
On October 22, 2026, SUN and SUNC announced a distribution for the third quarter of 2026 of $1.0148 per unit, or $4.0592 per unit on an annualized basis. This represents an increase of approximately 1.25% as compared with the quarter ended June 30, 2026 and an increase of over 10% as compared to the third quarter of 2025.
This is the eighth consecutive quarterly increase in SUN's distribution and is consistent with SUN's capital allocation strategy which includes a multi-year distribution growth rate of at least 5%.
The SUN and SUNC quarterly distributions will be paid on November 19, 2026, to holders of the representative securities of record on November 6, 2026.
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Liquidity and Leverage
At September 30, 2026, SUN had long-term debt of approximately $13.2 billion and approximately $2.3 billion of liquidity remaining on its revolving credit facility. SUN’s leverage ratio of net debt to Adjusted EBITDA, calculated in accordance with its revolving credit facility, was approximately 3.5 times at the end of the third quarter.
Capital Spending
SUN's total capital expenditures in the third quarter of 2026 were $237 million, which includes $121 million of growth capital and $116 million of maintenance capital. This includes the Partnership's proportionate share of capital expenditures related to its joint ventures with Energy Transfer.
SUN’s segment results and other supplementary data are provided after the financial tables below.
SunocoCorp LLC
SUNC owns a limited partner interest in SUN. SUNC consolidates SUN's results into its financial statements, which is reflected in the consolidated balance sheets and condensed consolidated statement of operations tables attached hereto.
(1) Adjusted EBITDA and Distributable Cash Flow, as adjusted, are non-GAAP financial 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 “Supplemental Information” 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.
A reconciliation of non-GAAP forward looking information to corresponding GAAP measures cannot be provided without unreasonable efforts due to the inherent difficulty 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 significant.
(2) Transaction-related expenses include certain one-time expenses incurred with acquisitions. The Partnership’s definition of Adjusted EBITDA includes transaction-related expenses. However, given the magnitude of the acquisitions during the periods presented, as well as the expenses related to those transactions, the Partnership is reporting Adjusted EBITDA excluding these expenses in order to portray the Partnership’s performance for the period without the impact of these one-time items.
Earnings Conference Call
Sunoco LP management will hold a conference call on Tuesday, November 3, 2026, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss results and recent developments. The conference call will be broadcast live via an internet webcast, which can be accessed in the Investor Relations section of Sunoco’s website at www.sunocolp.com under Webcasts and Presentations. The call will also be available for replay on the Partnership's website for a limited time.
About Sunoco
Sunoco LP is a leading energy infrastructure and fuel distribution master limited partnership operating across 33 countries and territories in North America, the Greater Caribbean and Europe. The Partnership’s midstream operations include an extensive network of approximately 14,000 miles of pipeline and over 170 terminals. This critical infrastructure complements the Partnership’s fuel distribution operations which distribute over 17 billion gallons annually to approximately 11,000 Sunoco and partner-branded retail locations, as well as independent dealers and commercial customers. SUN's general partner is owned by Energy Transfer LP (TXSE: ET).
SunocoCorp LLC is a publicly traded limited liability company that owns a direct limited partner interest in Sunoco LP.
SUN and SUNC are headquartered in Dallas, Texas. More information is available at www.sunocolp.com
2
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, including future distribution levels, are discussed in the Partnership’s and Company's Annual Reports on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership and the Company undertake 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 www.sunocolp.com
Contacts
Investors:
Scott Grischow, Treasurer, Senior Vice President – Finance
(214) 840-5660, scott.grischow@sunoco.com
Brian Brungardt, Director – Investor Relations
(214) 840-5437, brian.brungardt@sunoco.com
Media:
Chris Cho, Director – Corporate Communications
(469) 646-1647, chris.cho@sunoco.com
– Financial Schedules Follow –
3
SUNOCO LP
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(unaudited)
| September 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 760 | $ | 891 | |||||||
| Accounts receivable, net | 4,270 | 1,972 | |||||||||
| Accounts receivable from affiliates | 58 | — | |||||||||
| Inventories, net | 2,403 | 2,383 | |||||||||
| Other current assets | 317 | 270 | |||||||||
| Total current assets | 7,808 | 5,516 | |||||||||
| Property, plant and equipment | 16,082 | 15,256 | |||||||||
| Accumulated depreciation | (2,544) | (1,848) | |||||||||
| Property, plant and equipment, net | 13,538 | 13,408 | |||||||||
| Other assets: | |||||||||||
| Operating lease right-of-use assets, net | 1,541 | 1,449 | |||||||||
| Goodwill | 3,123 | 3,026 | |||||||||
| Intangible assets, net | 2,355 | 2,411 | |||||||||
| Other non-current assets | 878 | 928 | |||||||||
| Investments in unconsolidated affiliates | 1,607 | 1,624 | |||||||||
| Total assets | $ | 30,850 | $ | 28,362 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 3,929 | $ | 2,485 | |||||||
| Accounts payable to affiliates | 644 | 331 | |||||||||
| Accrued expenses and other current liabilities | 1,313 | 953 | |||||||||
| Operating lease current liabilities | 185 | 211 | |||||||||
| Current maturities of long-term debt | 7 | 17 | |||||||||
| Total current liabilities | 6,078 | 3,997 | |||||||||
| Operating lease non-current liabilities | 1,375 | 1,255 | |||||||||
| Long-term debt, net | 13,156 | 13,372 | |||||||||
| Advances from affiliates | 76 | 78 | |||||||||
| Deferred tax liabilities | 1,069 | 1,139 | |||||||||
| Other non-current liabilities | 584 | 512 | |||||||||
| Total liabilities | 22,338 | 20,353 | |||||||||
| Commitments and contingencies | |||||||||||
| Equity: | |||||||||||
| Limited partners: | |||||||||||
Preferred unitholders (1,500,000 units issued and outstanding as of September 30, 2026 and December 31, 2025) | 1,477 | 1,507 | |||||||||
Common unitholders (136,896,738 units issued and outstanding as of September 30, 2026 and 136,866,854 units issued and outstanding as of December 31, 2025) | 4,405 | 3,970 | |||||||||
Class C unitholders - held by subsidiaries (16,410,780 units issued and outstanding as of September 30, 2026 and December 31, 2025) | — | — | |||||||||
Class D unitholder (51,517,198 units issued and outstanding as of September 30, 2026 and December 31, 2025) | 2,693 | 2,538 | |||||||||
| Accumulated other comprehensive loss | (63) | (6) | |||||||||
| Total equity | 8,512 | 8,009 | |||||||||
| Total liabilities and equity | $ | 30,850 | $ | 28,362 | |||||||
4
SUNOCO LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per unit data)
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| REVENUES | $ | 18,029 | $ | 6,032 | $ | 42,978 | $ | 16,601 | |||||||||||||||
| COSTS AND EXPENSES: | |||||||||||||||||||||||
| Cost of sales (excluding items shown separately below) | 16,469 | 5,386 | 38,265 | 14,733 | |||||||||||||||||||
Operating expenses | 327 | 162 | 1,038 | 450 | |||||||||||||||||||
General and administrative | 147 | 51 | 461 | 140 | |||||||||||||||||||
Lease expense | 56 | 19 | 165 | 54 | |||||||||||||||||||
| Loss on disposal of assets and impairment charges | 10 | 3 | 12 | 4 | |||||||||||||||||||
Depreciation, amortization and accretion | 280 | 159 | 848 | 469 | |||||||||||||||||||
| Total cost of sales and operating expenses | 17,289 | 5,780 | 40,789 | 15,850 | |||||||||||||||||||
| OPERATING INCOME | 740 | 252 | 2,189 | 751 | |||||||||||||||||||
| OTHER INCOME (EXPENSE): | |||||||||||||||||||||||
| Interest expense, net | (197) | (131) | (602) | (375) | |||||||||||||||||||
| Equity in earnings of unconsolidated affiliates | 31 | 40 | 120 | 103 | |||||||||||||||||||
Loss on extinguishment of debt | (1) | (12) | (2) | (31) | |||||||||||||||||||
| Other, net | 32 | (1) | (59) | (2) | |||||||||||||||||||
| INCOME BEFORE INCOME TAXES | 605 | 148 | 1,646 | 446 | |||||||||||||||||||
Income tax expense | 106 | 11 | 220 | 16 | |||||||||||||||||||
| NET INCOME | $ | 499 | $ | 137 | $ | 1,426 | $ | 430 | |||||||||||||||
| Less: Preferred unitholders' interest in net income | 29 | 4 | 88 | 4 | |||||||||||||||||||
| Less: Class D unitholder's interest in net income | 108 | — | 306 | — | |||||||||||||||||||
| NET INCOME ATTRIBUTABLE TO COMMON UNITS | $ | 362 | $ | 133 | $ | 1,032 | $ | 426 | |||||||||||||||
| NET INCOME PER COMMON UNIT: | |||||||||||||||||||||||
Basic | $ | 2.08 | $ | 0.64 | $ | 5.89 | $ | 2.19 | |||||||||||||||
Diluted | $ | 2.07 | $ | 0.64 | $ | 5.85 | $ | 2.18 | |||||||||||||||
| WEIGHTED AVERAGE COMMON UNITS OUTSTANDING: | |||||||||||||||||||||||
Basic | 136,896,631 | 136,604,533 | 136,893,440 | 136,436,142 | |||||||||||||||||||
Diluted | 137,898,246 | 137,346,932 | 137,732,781 | 137,135,374 | |||||||||||||||||||
| CASH DISTRIBUTION PER COMMON UNIT | $ | 1.0148 | $ | 0.9202 | $ | 3.0070 | $ | 2.7266 | |||||||||||||||
5
SUNOCO LP
SUPPLEMENTAL INFORMATION
(Dollars and units in millions)
(unaudited)
| Three Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income | $ | 499 | $ | 137 | |||||||
| Depreciation, amortization and accretion | 280 | 159 | |||||||||
| Interest expense, net | 197 | 131 | |||||||||
| Non-cash unit-based compensation expense | 7 | 5 | |||||||||
Loss on disposal of assets and impairment charges | 10 | 3 | |||||||||
| Loss on extinguishment of debt | 1 | 12 | |||||||||
Unrealized (gains) losses on commodity derivatives | (57) | 15 | |||||||||
| Inventory valuation adjustments | (19) | (10) | |||||||||
| Equity in earnings of unconsolidated affiliates | (31) | (40) | |||||||||
| Adjusted EBITDA related to unconsolidated affiliates | 56 | 58 | |||||||||
| Other non-cash adjustments | — | 8 | |||||||||
Income tax expense | 106 | 11 | |||||||||
Adjusted EBITDA (1) | 1,049 | 489 | |||||||||
| Transaction-related expenses | 11 | 7 | |||||||||
Adjusted EBITDA (1), excluding transaction-related expenses | $ | 1,060 | $ | 496 | |||||||
Adjusted EBITDA (1) | $ | 1,049 | $ | 489 | |||||||
| Adjusted EBITDA related to unconsolidated affiliates | (56) | (58) | |||||||||
| Distributable cash flow from unconsolidated affiliates | 53 | 54 | |||||||||
| Series A Preferred Units distributions | (29) | (4) | |||||||||
| Cash interest expense | (189) | (120) | |||||||||
Current income tax expense | (138) | (4) | |||||||||
Maintenance capital expenditures (2) | (113) | (38) | |||||||||
| Distributable Cash Flow | 577 | 319 | |||||||||
Transaction-related expenses and adjustments (3) | 11 | 7 | |||||||||
Distributable Cash Flow, as adjusted (1) | $ | 588 | $ | 326 | |||||||
| Distributions to Partners: | |||||||||||
| Limited Partners | $ | 191 | $ | 126 | |||||||
| General Partner | 76 | 42 | |||||||||
| Total distributions to be paid to partners | $ | 267 | $ | 168 | |||||||
Limited Partner units outstanding - end of period (4) | 188.4 | 136.6 | |||||||||
(1)Adjusted EBITDA is defined as net income before net interest expense, income tax expense, depreciation, amortization and accretion expense, non-cash compensation expense, gains and losses on disposal of assets, non-cash impairment charges, losses on extinguishment of debt, unrealized gains and losses on commodity derivatives, inventory valuation adjustments, certain foreign currency transaction gains and losses and certain other operating expenses reflected in net income that we do not believe are indicative of ongoing core operations. We define Distributable Cash Flow as Adjusted EBITDA less preferred unit distributions, cash interest expense, including the accrual of interest expense related to our long-term debt which is paid on a semi-annual basis, current income tax expense, maintenance capital expenditures and other non-cash adjustments. For Distributable Cash Flow, as adjusted, certain transaction-related adjustments and non-recurring expenses are excluded.
We believe Adjusted EBITDA and Distributable Cash Flow, as adjusted, are useful to investors in evaluating our operating performance because:
•Adjusted EBITDA is used as a performance measure under our revolving credit facility;
•securities analysts and other interested parties use such metrics as measures of financial performance, ability to make distributions to our unitholders and debt service capabilities;
•our management uses them for internal planning purposes, including aspects of our consolidated operating budget and capital expenditures; and
•Distributable Cash Flow, as adjusted, provides useful information to investors as it is a widely accepted financial
6
indicator used by investors to compare partnership performance, and as it provides investors an enhanced perspective of the operating performance of our assets and the cash our business is generating.
Adjusted EBITDA and Distributable Cash Flow, as adjusted, are not recognized terms under GAAP and do not purport to be alternatives to net income as measures of operating performance or to cash flows from operating activities as a measure of liquidity. Adjusted EBITDA and Distributable Cash Flow, as adjusted, have limitations as analytical tools, and one should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Some of these limitations include:
•they do not reflect our total cash expenditures, or future requirements for capital expenditures or contractual commitments;
•they do not reflect changes in, or cash requirements for, working capital;
•they do not reflect interest expense or the cash requirements necessary to service interest or principal payments on our revolving credit facility or senior notes;
•although depreciation, amortization and accretion are non-cash charges, the assets being depreciated, amortized and accreted will often have to be replaced in the future, and Adjusted EBITDA does not reflect cash requirements for such replacements; and
•as not all companies use identical calculations, our presentation of Adjusted EBITDA and Distributable Cash Flow, as adjusted, may not be comparable to similarly titled measures of other companies.
Adjusted EBITDA reflects amounts for the unconsolidated affiliates based on the same recognition and measurement methods used to record equity in earnings of unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliates as those excluded from the calculation of Adjusted EBITDA, such as interest, taxes, depreciation, amortization, accretion and other non-cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. We do not control our unconsolidated affiliates; therefore, we do not control the earnings or cash flows of such affiliates. The use of Adjusted EBITDA or Adjusted EBITDA related to unconsolidated affiliates as an analytical tool should be limited accordingly. Inventory valuation adjustments that are excluded from the calculation of Adjusted EBITDA represent changes in lower of cost or market reserves on the Partnership's inventory. These amounts are unrealized valuation adjustments applied to fuel volumes remaining in inventory at the end of the period.
(2) For the three months ended September 30, 2026 and 2025, excludes $4 million for our proportionate share of maintenance capital expenditures related to our investments in ET-S Permian and J.C. Nolan, as these amounts are included in “Distributable cash flow from unconsolidated affiliates.”
(3) For the three months ended September 30, 2026 and 2025, SUN incurred $11 million and $7 million of transaction-related expenses, respectively.
(4) Limited Partner units outstanding at the end of period includes 136.9 million common units and 51.5 million Class D units.
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SUNOCO LP
SUMMARY ANALYSIS OF QUARTERLY RESULTS BY SEGMENT
(Tabular dollar amounts in millions)
(unaudited)
| Three Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Segment Adjusted EBITDA: | |||||||||||
| Fuel Distribution | $ | 523 | $ | 232 | |||||||
| Pipeline Systems | 166 | 182 | |||||||||
| Terminals | 122 | 75 | |||||||||
| Refinery | 238 | — | |||||||||
| Adjusted EBITDA | 1,049 | 489 | |||||||||
| Transaction-related expenses | 11 | 7 | |||||||||
| Adjusted EBITDA, excluding transaction-related expenses | $ | 1,060 | $ | 496 | |||||||
The following analysis of segment operating results includes a measure of segment profit. Segment profit is a non-GAAP financial measure and is presented herein to assist in the analysis of segment operating results and particularly to facilitate an understanding of the impacts that changes in sales revenues have on the segment performance measure of Segment Adjusted EBITDA. Segment profit is similar to the GAAP measure of gross profit, except that segment profit excludes charges for depreciation, amortization and accretion. The most directly comparable measure to segment profit is gross profit.
The following table presents a reconciliation of segment profit to gross profit:
| Three Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Fuel Distribution segment profit | $ | 924 | $ | 329 | |||||||
| Pipeline Systems segment profit | 185 | 189 | |||||||||
| Terminals segment profit | 208 | 128 | |||||||||
| Refinery segment profit | 243 | — | |||||||||
| Total segment profit | 1,560 | 646 | |||||||||
| Depreciation, amortization and accretion, excluding corporate and other | 279 | 159 | |||||||||
| Gross profit | $ | 1,281 | $ | 487 | |||||||
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Fuel Distribution
| Three Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Motor fuel gallons sold (millions) | 4,197 | 2,295 | |||||||||
Motor fuel profit cents per gallon (1) | 16.8 | ¢ | 10.7 | ¢ | |||||||
| Fuel profit | $ | 723 | $ | 254 | |||||||
| Non-fuel profit | 154 | 44 | |||||||||
| Lease profit | 47 | 31 | |||||||||
| Fuel Distribution segment profit | 924 | 329 | |||||||||
| Unrealized (gains) losses on commodity risk management activities | (55) | 15 | |||||||||
Expenses, excluding non-cash unit-based compensation expense (2) | (365) | (110) | |||||||||
| Adjusted EBITDA related to unconsolidated affiliates | 6 | — | |||||||||
| Inventory valuation adjustments | (19) | (9) | |||||||||
| Other | 32 | 7 | |||||||||
| Segment Adjusted EBITDA | 523 | 232 | |||||||||
| Transaction-related expenses | 9 | 6 | |||||||||
| Segment Adjusted EBITDA, excluding transaction-related expenses | $ | 532 | $ | 238 | |||||||
(1) Excludes the impact of inventory valuation adjustments consistent with the definition of Adjusted EBITDA.
(2) Includes operating expenses, general and administrative and lease expense.
Volumes. For the three months ended September 30, 2026 compared to the same period last year, volumes increased primarily due to the Parkland Acquisition.
Segment Adjusted EBITDA. For the three months ended September 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our Fuel Distribution segment increased due to the net impact of the following:
•an increase of $515 million in segment profit (excluding unrealized gains and losses on commodity risk management activities and inventory valuation adjustments) primarily due to the Parkland Acquisition and other acquisitions; and
•an increase of $6 million in Adjusted EBITDA related to unconsolidated affiliates due to investments acquired in the Parkland Acquisition; partially offset by
•an increase of $255 million in expenses primarily due to the Parkland Acquisition.
Pipeline Systems
| Three Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Pipelines throughput (thousand barrels per day) | 1,333 | 1,296 | |||||||||
| Pipeline Systems segment profit | $ | 185 | $ | 189 | |||||||
Expenses, excluding non-cash unit-based compensation expense (1) | (64) | (65) | |||||||||
| Adjusted EBITDA related to unconsolidated affiliates | 45 | 58 | |||||||||
| Segment Adjusted EBITDA | 166 | 182 | |||||||||
| Transaction-related expenses | — | — | |||||||||
| Segment Adjusted EBITDA, excluding transaction-related expenses | $ | 166 | $ | 182 | |||||||
(1) Includes operating expenses, general and administrative and lease expense.
Volumes. For the three months ended September 30, 2026 compared to the same period last year, the increase in throughput volumes reflected the impact of modest growth across most pipeline systems.
Segment Adjusted EBITDA. For the three months ended September 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our Pipeline Systems segment decreased due to the net impact of the following:
•a decrease of $4 million in segment profit primarily due to prior period contract deficiency payments; and
•a decrease of $13 million in Adjusted EBITDA related to ET-S Permian; partially offset by
•a decrease of $1 million in expenses primarily due to lower maintenance costs and repairs.
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Terminals
| Three Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Throughput (thousand barrels per day) | 1,040 | 683 | |||||||||
| Terminals segment profit | $ | 208 | $ | 128 | |||||||
Expenses, excluding non-cash unit-based compensation expense (1) | (86) | (52) | |||||||||
| Inventory valuation adjustments | — | (1) | |||||||||
| Segment Adjusted EBITDA | 122 | 75 | |||||||||
| Transaction-related expenses | 2 | 1 | |||||||||
| Segment Adjusted EBITDA, excluding transaction-related expenses | $ | 124 | $ | 76 | |||||||
(1) Includes operating expenses, general and administrative and lease expense.
Volumes. For the three months ended September 30, 2026 compared to the same period last year, volumes increased due to recently acquired assets.
Segment Adjusted EBITDA. For the three months ended September 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our Terminals segment increased due to the net impact of the following:
•an increase of $81 million in segment profit (excluding inventory valuation adjustments) primarily due to the acquisitions of Parkland and TanQuid, as well as improvement in our transmix business performance; partially offset by
•an increase of $34 million in expenses primarily due to the acquisitions of Parkland and TanQuid.
Refinery
| Three Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Crude utilization | 99 | % | — | % | |||||||
| Composite utilization | 105 | % | — | % | |||||||
| Crude throughput (thousand barrels per day) | 54 | — | |||||||||
| Bio-feedstock throughput (thousand barrels per day) | 3 | — | |||||||||
Refinery segment profit (1) | $ | 243 | $ | — | |||||||
| Unrealized gains on commodity risk management activities | (2) | — | |||||||||
Expenses, excluding non-cash unit-based compensation expense (2) | (8) | — | |||||||||
| Adjusted EBITDA related to unconsolidated affiliates | 5 | — | |||||||||
| Segment Adjusted EBITDA | 238 | — | |||||||||
| Transaction-related expenses | — | — | |||||||||
| Segment Adjusted EBITDA, excluding transaction-related expenses | $ | 238 | $ | — | |||||||
(1) Includes $47 million of production costs, supply and logistics, and terminal operating costs for the three months ended September 30, 2026.
(2) Includes operating expenses, general and administrative and lease expense.
Volumes. For the three months ended September 30, 2026 compared to the same period last year, volumes increased due to recently acquired assets.
Segment Adjusted EBITDA. For the three months ended September 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our Refinery segment increased due to the Parkland Acquisition.
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SUNOCOCORP LLC FINANCIAL INFORMATION
The following section provides financial information for SUNC. SUNC’s separate financial statements will reflect SUN on a consolidated basis for all periods; accordingly, the information below reflects SUN on a consolidated basis for the entire period.
SUNOCOCORP LLC
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(unaudited)
| September 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 760 | $ | 891 | |||||||
| Accounts receivable, net | 4,270 | 1,972 | |||||||||
| Accounts receivable from affiliates | 57 | — | |||||||||
| Inventories, net | 2,403 | 2,383 | |||||||||
| Other current assets | 317 | 270 | |||||||||
| Total current assets | 7,807 | 5,516 | |||||||||
| Property, plant and equipment | 16,082 | 15,256 | |||||||||
| Accumulated depreciation | (2,544) | (1,848) | |||||||||
| Property, plant and equipment, net | 13,538 | 13,408 | |||||||||
| Other assets: | |||||||||||
| Operating lease right-of-use assets, net | 1,541 | 1,449 | |||||||||
| Goodwill | 3,123 | 3,026 | |||||||||
| Intangible assets, net | 2,355 | 2,411 | |||||||||
| Other non-current assets | 878 | 928 | |||||||||
| Investments in unconsolidated affiliates | 1,607 | 1,624 | |||||||||
| Total assets | $ | 30,849 | $ | 28,362 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 3,929 | $ | 2,485 | |||||||
| Accounts payable to affiliates | 641 | 331 | |||||||||
| Accrued expenses and other current liabilities | 1,315 | 953 | |||||||||
| Operating lease current liabilities | 185 | 211 | |||||||||
| Current maturities of long-term debt | 7 | 17 | |||||||||
| Total current liabilities | 6,077 | 3,997 | |||||||||
| Operating lease non-current liabilities | 1,375 | 1,255 | |||||||||
| Long-term debt, net | 13,156 | 13,372 | |||||||||
| Advances from affiliates | 76 | 78 | |||||||||
| Deferred tax liabilities | 1,141 | 1,135 | |||||||||
| Other non-current liabilities | 584 | 512 | |||||||||
| Total liabilities | 22,409 | 20,349 | |||||||||
| Commitments and contingencies | |||||||||||
| Equity: | |||||||||||
Common unitholders (51,517,198 units issued and outstanding as of September 30, 2026 and December 31, 2025) | 2,621 | 2,542 | |||||||||
| Accumulated other comprehensive loss | (63) | (6) | |||||||||
| Total Member's Equity | 2,558 | 2,536 | |||||||||
| Noncontrolling interests | 5,882 | 5,477 | |||||||||
| Total equity | 8,440 | 8,013 | |||||||||
| Total liabilities and equity | $ | 30,849 | $ | 28,362 | |||||||
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SUNOCOCORP LLC
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in millions, except per unit data)
(unaudited)
| Three Months Ended September 30, 2026 | Nine Months Ended September 30, 2026 | ||||||||||
| REVENUES: | $ | 18,029 | $ | 42,978 | |||||||
| COSTS AND EXPENSES: | |||||||||||
| Cost of sales (excluding items shown separately below) | 16,469 | 38,265 | |||||||||
Operating expenses | 327 | 1,038 | |||||||||
General and administrative | 147 | 461 | |||||||||
Lease expense | 56 | 165 | |||||||||
| Loss on disposal of assets and impairment charges | 10 | 12 | |||||||||
Depreciation, amortization and accretion | 280 | 848 | |||||||||
| Total cost of sales and operating expenses | 17,289 | 40,789 | |||||||||
| OPERATING INCOME | 740 | 2,189 | |||||||||
| OTHER INCOME (EXPENSE): | |||||||||||
| Interest expense, net | (197) | (602) | |||||||||
| Equity in earnings of unconsolidated affiliates | 31 | 120 | |||||||||
Loss on extinguishment of debt | (1) | (2) | |||||||||
| Other, net | 32 | (59) | |||||||||
| INCOME BEFORE INCOME TAXES | 605 | 1,646 | |||||||||
Income tax expense | 133 | 296 | |||||||||
| NET INCOME | 472 | 1,350 | |||||||||
| Less: Net income attributable to noncontrolling interests | 391 | 1,120 | |||||||||
| NET INCOME ATTRIBUTABLE TO MEMBERS | $ | 81 | $ | 230 | |||||||
| NET INCOME PER COMMON UNIT: | |||||||||||
| Basic | $ | 1.57 | $ | 4.46 | |||||||
| Diluted | $ | 1.55 | $ | 4.42 | |||||||
| WEIGHTED AVERAGE COMMON UNITS OUTSTANDING: | |||||||||||
Basic | 51,517,198 | 51,517,198 | |||||||||
Diluted | 51,598,805 | 51,571,581 | |||||||||
| CASH DISTRIBUTION PER COMMON UNIT | $ | 1.0148 | $ | 3.0070 | |||||||
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SUNOCOCORP LLC
SUPPLEMENTAL INFORMATION
(Dollars and units in millions)
(unaudited)
| Three Months Ended September 30, 2026 | |||||
| Reconciliation of net income to Adjusted EBITDA: | |||||
| Net income | $ | 472 | |||
| Depreciation, amortization and accretion | 280 | ||||
| Interest expense, net | 197 | ||||
| Non-cash unit-based compensation expense | 7 | ||||
| Loss on disposal of assets and impairment charges | 10 | ||||
| Loss on extinguishment of debt | 1 | ||||
| Unrealized gains on commodity derivatives | (57) | ||||
| Inventory valuation adjustments | (19) | ||||
| Equity in earnings of unconsolidated affiliates | (31) | ||||
| Adjusted EBITDA related to unconsolidated affiliates | 56 | ||||
| Income tax expense | 133 | ||||
Adjusted EBITDA (1) | 1,049 | ||||
Transaction-related expenses (3) | 11 | ||||
Adjusted EBITDA (1), excluding transaction-related expenses | $ | 1,060 | |||
Adjusted EBITDA (1) | $ | 1,049 | |||
| Adjusted EBITDA related to unconsolidated affiliates | (56) | ||||
| Distributable cash flow from unconsolidated affiliates | 53 | ||||
| Sunoco Series A Preferred Unit Holders' Distributions | (29) | ||||
| Cash interest expense | (189) | ||||
| Income tax expense, current | (138) | ||||
Maintenance capital expenditures (2) | (113) | ||||
| Distributable Cash Flow (consolidated) | 577 | ||||
| Distributable Cash Flow from Sunoco LP | (577) | ||||
| Distributions from Sunoco LP | 52 | ||||
| Distributable Cash Flow attributable to the common unitholders of SunocoCorp | $ | 52 | |||
| Distributions to common unitholders | $ | 52 | |||
| Common units outstanding - end of period | 51.5 | ||||
(1)Adjusted EBITDA is defined as net income before net interest expense, income tax expense, depreciation, amortization and accretion expense, non-cash compensation expense, gains and losses on disposal of assets, non-cash impairment charges, losses on extinguishment of debt, unrealized gains and losses on commodity derivatives, inventory valuation adjustments, certain foreign currency transaction gains and losses and certain other operating expenses reflected in net income that we do not believe are indicative of ongoing core operations. We define Distributable Cash Flow as Adjusted EBITDA less preferred unit distributions, cash interest expense, including the accrual of interest expense related to our long-term debt which is paid on a semi-annual basis, current income tax expense, maintenance capital expenditures and other non-cash adjustments. On a consolidated basis, Distributable Cash Flow includes 100% of the Distributable Cash Flow of Sunoco LP; however, given the existence of noncontrolling interests in Sunoco LP, the Distributable Cash Flow generated by Sunoco LP is not available in its entirety to be distributed to SunocoCorp’s unitholders. In order to reflect the cash flows available for distribution to SunocoCorp’s unitholders, we have reported for SunocoCorp Distributable Cash Flow attributable to its common unitholders, which reflects distributions to be received by SunocoCorp from Sunoco LP.
We believe Adjusted EBITDA and Distributable Cash Flow are useful to SunocoCorp's investors in evaluating its
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performance because:
•Adjusted EBITDA is used as a performance measure under our revolving credit facility;
•securities analysts and other interested parties use such metrics as measures of financial performance, ability to make distributions to our unitholders and debt service capabilities;
•our management uses them for internal planning purposes, including aspects of our consolidated operating budget and capital expenditures; and
•Distributable Cash Flow provides useful information to investors as it is a widely accepted financial indicator used by investors to compare partnership performance, and as it provides investors an enhanced perspective of the operating performance of our assets and the cash our business is generating.
Adjusted EBITDA and Distributable Cash Flow are not recognized terms under GAAP and do not purport to be alternatives to net income as measures of operating performance or to cash flows from operating activities as a measure of liquidity. Adjusted EBITDA and Distributable Cash Flow have limitations as analytical tools, and one should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Some of these limitations include:
•they do not reflect our total cash expenditures, or future requirements for capital expenditures or contractual commitments;
•they do not reflect changes in, or cash requirements for, working capital;
•they do not reflect interest expense or the cash requirements necessary to service interest or principal payments on our revolving credit facility or senior notes;
•although depreciation, amortization and accretion are non-cash charges, the assets being depreciated, amortized and accreted will often have to be replaced in the future, and Adjusted EBITDA does not reflect cash requirements for such replacements; and
•as not all companies use identical calculations, our presentation of Adjusted EBITDA and Distributable Cash Flow may not be comparable to similarly titled measures of other companies.
Adjusted EBITDA reflects amounts for the unconsolidated affiliates based on the same recognition and measurement methods used to record equity in earnings of unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliates as those excluded from the calculation of Adjusted EBITDA, such as interest, taxes, depreciation, amortization, accretion and other non-cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. We do not control our unconsolidated affiliates; therefore, we do not control the earnings or cash flows of such affiliates. The use of Adjusted EBITDA or Adjusted EBITDA related to unconsolidated affiliates as an analytical tool should be limited accordingly. Inventory valuation adjustments that are excluded from the calculation of Adjusted EBITDA represent changes in lower of cost or market reserves on the Sunoco LP's inventory. These amounts are unrealized valuation adjustments applied to fuel volumes remaining in inventory at the end of the period.
(2) For the three months ended September 30, 2026, excludes $4 million for our proportionate share of maintenance capital expenditures related to our investments in ET-S Permian and J.C. Nolan, as these amounts are included in “Distributable cash flow from unconsolidated affiliates.”
(3) For the three months ended September 30, 2026, SUN incurred $11 million of transaction-related expenses.
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