Sunoco LP has released its 10-K report today, with shares moving 0.5% on the market and trading at a price of $62.48.
The company, primarily engaged in the distribution of motor fuels to independent dealers, distributors, and end-use customers at retail sites, operates in two segments: Fuel Distribution and Marketing, and All Other. As of December 31, 2023, Sunoco LP operated 75 retail stores in Hawaii and New Jersey and supplied an extensive distribution network of approximately 5,534 company and third-party operated locations throughout the United States and Puerto Rico.
In its most recent annual report, Sunoco LP reported a net income and comprehensive income of $394 million, a decrease of $81 million from the previous year. However, the company's Adjusted EBITDA for 2023 was $964 million, an increase of $45 million from 2022. The increase in Adjusted EBITDA was primarily due to an increase in the profit on motor fuel sales and non-motor fuel profit, partially offset by higher operating costs and interest expenses.
Sunoco LP also announced several strategic transactions, including the acquisition of NuStar Energy L.P. and 204 convenience stores from 7-Eleven, Inc., as well as the acquisition of liquid fuels terminals in Europe from Zenith Energy. The company expects these transactions to diversify its business, add scale, and expand cash for reinvestment and distribution growth.
For more information, you can read the company's full 10-K submission here.
