Sunoco LP (NYSE: SUN) has just announced an increase in its quarterly distribution to $0.8865, marking a 1.25% rise from the previous quarter's distribution. This represents the third consecutive increase in the annual distribution growth rate.
Looking ahead, Sunoco LP has set a target for its 2025 distribution growth rate of at least 5%, with plans to announce future increases on a quarterly basis. This news comes as the company touts its strong long-term financial outlook and a proven track record of delivering accretive growth, indicating a clear path for continued multi-year distribution increases.
The distribution declared for the fourth quarter of 2024 amounts to $3.5460 per common unit on an annualized basis and is set to be paid on February 19, 2025, to common unitholders of record on February 7, 2025.
Sunoco LP, a leading energy infrastructure and fuel distribution master limited partnership, operates across over 40 U.S. states, Puerto Rico, Europe, and Mexico. Its midstream operations encompass a vast network of approximately 14,000 miles of pipeline and over 100 terminals, complementing the partnership's fuel distribution operations, which serve about 7,400 Sunoco and partner branded locations as well as additional independent dealers and commercial customers. Sunoco LP's general partner is owned by Energy Transfer LP (NYSE: ET). As a result of these announcements, the company's shares have moved -0.4% on the market, and are now trading at a price of $55.57. Check out the company's full 8-K submission here.
