[Second Quarter 2025 Financial and Operating Results Overview](index=1&type=section&id=Second%20Quarter%202025%20Financial%20and%20Operating%20Results%20Overview) [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) Sunoco LP reported **$86 million** net income and **$454 million** Adjusted EBITDA in Q2 2025, with strong growth in pipeline systems and terminals offsetting fuel distribution changes Q2 2025 Key Financial Metrics | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (YoY) | Q2 2025 Adjusted EBITDA (Excluding Transaction-Related Expenses) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (YoY) | Q2 2025 Adjusted EBITDA by Business Segment | Business Segment | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (YoY) | [Distribution](index=1&type=section&id=Distribution) Sunoco LP declared a **$0.9088** distribution per unit for Q2 2025, an annualized **$3.6352**, marking the third consecutive quarterly increase and aligning with the company's annual distribution growth target of at least 5% Q2 2025 Distribution Information | Metric | Amount | Change (YoY) | - This marks SUN's third consecutive quarter of distribution growth, aligning with the company's target of at least **5% annual distribution growth** for 2025, with distributions increasing by approximately **10% since 2022**[4](index=4&type=chunk) [Liquidity and Leverage](index=1&type=section&id=Liquidity%20and%20Leverage) As of June 30, 2025, Sunoco LP reported approximately **$7.8 billion** in long-term debt, **$1.2 billion** in available liquidity, and a net debt to Adjusted EBITDA leverage ratio of **4.2x** Q2 2025 End Liquidity and Leverage | Metric | Amount (million USD) | - The company reaffirmed its full-year 2025 Adjusted EBITDA guidance target of **$1.90 billion to $1.95 billion**, excluding transaction-related expenses[6](index=6&type=chunk) [Capital Spending](index=2&type=section&id=Capital%20Spending) In Q2 2025, Sunoco LP's total capital spending was **$160 million**, comprising **$120 million** for growth capital and **$40 million** for maintenance capital, including its share in joint ventures Q2 2025 Capital Spending | Category | Amount (million USD) | [Strategic Developments](index=2&type=section&id=Strategic%20Developments) The Parkland acquisition has received over **93%** shareholder approval and is awaiting regulatory and exchange listing approvals, with completion anticipated in Q4 2025 - Parkland shareholders have voted to approve the merger with SUN, with over **93%** of votes cast in favor of the transaction[8](index=8&type=chunk) - The merger transaction remains on track and is expected to close in the **fourth quarter of 2025**[8](index=8&type=chunk) [Company Information](index=2&type=section&id=Company%20Information) [About Sunoco LP](index=2&type=section&id=About%20Sunoco%20LP) Sunoco LP is a leading energy infrastructure and fuel distribution limited partnership operating across over **40 U.S. states**, Puerto Rico, Europe, and Mexico, with approximately **14,000 miles** of pipelines and **100+ terminals** - Sunoco LP is a leading energy infrastructure and fuel distribution limited partnership with operations across over **40 U.S. states**, Puerto Rico, Europe, and Mexico[10](index=10&type=chunk) - Midstream operations include approximately **14,000 miles** of pipeline network and over **100 terminals**[10](index=10&type=chunk) - Fuel distribution serves approximately **7,400 Sunoco** and partner-branded sites, along with other independent dealers and commercial customers[10](index=10&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements regarding future expectations, subject to known and unknown risks, uncertainties, and other factors beyond management's control, with no obligation for the company to update or revise them - The press release contains forward-looking statements subject to various known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control[11](index=11&type=chunk) - The company undertakes no obligation to update or revise any forward-looking statements to reflect new information or events[11](index=11&type=chunk) [Contacts](index=2&type=section&id=Contacts) Investor and media contact information is provided for further company inquiries or information - Investor Contact: Scott Grischow, Treasurer, Senior Vice President – Finance, (214) 840-5660, scott.grischow@sunoco.com[12](index=12&type=chunk) - Media Contact: Chris Cho, Senior Manager – Communications, (469) 646-1647, chris.cho@sunoco.com[12](index=12&type=chunk) [Consolidated Financial Statements](index=3&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, Sunoco LP's total assets were **$14.428 billion**, slightly up from **$14.375 billion** at year-end 2024, with total liabilities at **$10.331 billion** and total equity at **$4.097 billion** Consolidated Balance Sheet Key Data | Metric (million USD) | June 30, 2025 | December 31, 2024 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) In Q2 2025, Sunoco LP's revenue was **$5.39 billion**, down from **$6.174 billion** in the prior year, with net income at **$86 million**, significantly lower than **$501 million** previously, mainly due to West Texas sales proceeds and increased interest expense Condensed Consolidated Statements of Operations Key Data (Three Months Ended) | Metric (million USD) | Q2 2025 | Q2 2024 | Change (YoY) | Condensed Consolidated Statements of Operations Key Data (Six Months Ended) | Metric (million USD) | H1 2025 | H1 2024 | Change (YoY) | [Supplemental Financial Data and Non-GAAP Reconciliations](index=5&type=section&id=Supplemental%20Financial%20Data%20and%20Non-GAAP%20Reconciliations) [Reconciliation of Adjusted EBITDA and Distributable Cash Flow](index=5&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA%20and%20Distributable%20Cash%20Flow) This section provides a detailed reconciliation from net income to Adjusted EBITDA and Distributable Cash Flow (Adjusted), highlighting adjustments for depreciation, amortization, interest expense, non-cash compensation, and transaction-related expenses Reconciliation of Net Income to Adjusted EBITDA and Distributable Cash Flow | Metric (million USD) | Q2 2025 | Q2 2024 | [Explanation and Limitations of Non-GAAP Measures](index=5&type=section&id=Explanation%20and%20Limitations%20of%20Non-GAAP%20Measures) This section defines Adjusted EBITDA and Distributable Cash Flow (Adjusted), explains their utility in assessing operational performance and distribution capacity, and details their limitations, emphasizing they are not substitutes for GAAP net income or operating cash flow - Adjusted EBITDA and Distributable Cash Flow (Adjusted) are utilized to assess operational performance, distribution capacity, and debt service capability, also serving as internal planning tools[19](index=19&type=chunk)[20](index=20&type=chunk) - Limitations of non-GAAP measures include not reflecting total cash expenditures, changes in working capital, cash requirements for interest or principal payments, or future replacement of depreciated assets[23](index=23&type=chunk) - Due to varying calculation methodologies, the company's Adjusted EBITDA and Distributable Cash Flow (Adjusted) may not be comparable to similarly titled measures used by other companies[23](index=23&type=chunk) [Segment Performance Analysis](index=7&type=section&id=Segment%20Performance%20Analysis) [Summary Analysis of Quarterly Results by Segment](index=7&type=section&id=Summary%20Analysis%20of%20Quarterly%20Results%20by%20Segment) In Q2 2025, Sunoco LP's Adjusted EBITDA was **$454 million**, with **$206 million** from Fuel Distribution, **$177 million** from Pipeline Systems, and **$71 million** from Terminals; Adjusted EBITDA was **$464 million** excluding transaction-related expenses Segment Adjusted EBITDA | Segment | Q2 2025 (million USD) | Q2 2024 (million USD) | Reconciliation of Segment Profit to Gross Profit | Metric (million USD) | Q2 2025 | Q2 2024 | [Fuel Distribution Segment](index=8&type=section&id=Fuel%20Distribution%20Segment) The Fuel Distribution segment reported **$206 million** in Adjusted EBITDA for Q2 2025, a decrease from **$245 million** year-over-year, driven by slightly lower fuel volumes and a reduced fuel margin per gallon from **11.8 cents to 10.5 cents**, primarily due to the West Texas asset sale Fuel Distribution Segment Key Operating and Financial Data | Metric | Q2 2025 | Q2 2024 | - The decrease in fuel volumes was primarily due to the **April 2024 West Texas asset sale**, partially offset by volume growth from investments and margin optimization[28](index=28&type=chunk) - Segment Adjusted EBITDA decreased mainly due to a **$29 million** decline in fuel margin per gallon and **$6 million** in increased expenses related to the Parkland acquisition[29](index=29&type=chunk)[30](index=30&type=chunk) [Pipeline Systems Segment](index=8&type=section&id=Pipeline%20Systems%20Segment) The Pipeline Systems segment achieved **$177 million** in Adjusted EBITDA for Q2 2025, a significant increase from **$53 million** year-over-year, driven by improved segment gross profit and reduced operating costs, despite slightly lower throughput, largely due to the NuStar acquisition and ET-S Permian formation Pipeline Systems Segment Key Operating and Financial Data | Metric | Q2 2025 | Q2 2024 | - Throughput decreased primarily due to the **July 2024 contribution of assets to ET-S Permian**[29](index=29&type=chunk) - Segment Adjusted EBITDA growth was primarily driven by an **$11 million** increase in segment gross profit (timing impact of NuStar acquisition), a **$48 million** increase in Adjusted EBITDA from the ET-S Permian formation, and a **$65 million** reduction in operating costs (mainly due to reduced one-time administrative expenses related to the 2024 NuStar acquisition)[31](index=31&type=chunk) [Terminals Segment](index=9&type=section&id=Terminals%20Segment) The Terminals segment achieved **$71 million** in Adjusted EBITDA for Q2 2025, a significant increase from **$22 million** year-over-year, driven by increased throughput from recent acquisitions and improved segment gross profit and operating costs, particularly due to the timing impact of the NuStar acquisition Terminals Segment Key Operating and Financial Data | Metric | Q2 2025 | Q2 2024 | - Throughput increased primarily due to recently acquired assets[32](index=32&type=chunk) - Segment Adjusted EBITDA growth was primarily driven by a **$33 million** increase in segment gross profit (timing impact of NuStar acquisition) and a **$14 million** reduction in operating costs (mainly due to reduced one-time administrative expenses related to the 2024 NuStar acquisition)[33](index=33&type=chunk)

Core Insights - Parkland Corporation reported a record second quarter Adjusted EBITDA of $508 million, reflecting the strength and run rate potential of its diversified business [1][11] - The company is advancing the Sunoco Transaction, which is valued at approximately U.S.$9.1 billion, including assumed debt [5][6] - Parkland's Canadian and International businesses demonstrated resilience, with strong supply optimization and operations at the Burnaby refinery contributing to above mid-cycle refining margins [2][11] Financial Performance - For Q2 2025, total sales and operating revenue was $6,874 million, down from $7,504 million in Q2 2024 [10] - Adjusted EBITDA increased slightly from $504 million in Q2 2024 to $508 million in Q2 2025, driven by strong operations at the Burnaby Refinery and robust performance in Canada [11] - Net earnings rose significantly to $172 million ($0.99 per share) compared to $70 million ($0.40 per share) in Q2 2024 [11][12] Segment Highlights - Canada segment delivered Adjusted EBITDA of $190 million, up from $168 million in Q2 2024, attributed to stronger fuel unit margins and volume growth [11] - International segment's Adjusted EBITDA was $168 million, down from $180 million in Q2 2024, impacted by lower unit margins due to market instability [11] - USA segment's Adjusted EBITDA decreased to $26 million from $47 million in Q2 2024, primarily due to lower fuel unit margins and reduced retail volumes [11] Sunoco Transaction Update - Parkland shareholders approved the Sunoco Transaction with over 93 percent of votes in favor, and the transaction is expected to close in Q4 2025 [6][7] - The company has received necessary regulatory approvals, including from the Court of King's Bench of Alberta and Competition Act (Canada) clearance [6][7] 2025 Guidance - Parkland remains on track to meet its 2025 Adjusted EBITDA Guidance range of $1,800 to $2,100 million and Capital Expenditure Guidance range of $475 to $525 million [8]

Sunoco LP (SUN) ended the recent trading session at $55.09, demonstrating a +2.84% change from the preceding day's closing price. This move outpaced the S&P 500's daily loss of 0.3%. Elsewhere, the Dow lost 0.46%, while the tech-heavy Nasdaq lost 0.38%. The stock of master limited partnership has fallen by 0.04% in the past month, lagging the Oils-Energy sector's gain of 3.2% and the S&P 500's gain of 3.64%. Market participants will be closely following the financial results of Sunoco LP in its upcoming rel ...

Core Insights - Stardust Solar Energy Inc. has reported a significant increase in its project backlog, reaching approximately $3.6 million in signed contracts, which is an 80% increase from the previous $2 million backlog reported in February 2025 [1][2] - The backlog consists of residential and small-commercial solar-PV and battery-storage installations scheduled to commence over the next 12 months [1] - The company's CEO highlighted the growing interest in their franchise model among homeowners and businesses seeking reliable clean-energy solutions, indicating a robust pipeline and an expanding North-American footprint of 96 territories [2] Strategic Initiatives Driving Momentum - The company is expanding its franchise network in high-growth Sun Belt markets in the U.S. and increasing its presence in Canada, which is contributing to immediate project flow and enhanced brand visibility [8] - Stardust Solar offers exclusive access to premium products such as Tesla Powerwall and Hanwha Qcells panels, enabling franchisees to provide industry-leading efficiency and reliability [8] - The company has certified over 2,500 renewable-energy professionals through its accredited training programs, ensuring quality installations and high customer satisfaction [8] Company Overview - Stardust Solar is a North American franchisor specializing in renewable energy installation services, including solar panels, energy storage systems, and electric vehicle supply equipment [4] - The company provides entrepreneurs with comprehensive support, including business management services, marketing, sales, engineering, and project management [4]

Core Insights - Stardust Solar Energy Inc. has expanded its franchise network by awarding new franchises in Etobicoke and Temiskaming, Ontario, increasing its total to 96 territories across North America and the Caribbean [1][2][8] - The company aims to surpass 100 territories by the end of 2025, with Ontario identified as a high-potential region for growth [2][8] Company Overview - Stardust Solar specializes in renewable energy installation services, focusing on solar panels, energy storage systems, and electric vehicle supply equipment [4] - The company provides franchise partners with comprehensive support, including business management services, marketing, sales, engineering, and project management [4] Strategic Context - The addition of the new Ontario franchises enhances Stardust Solar's service coverage in the Greater Toronto Area and Northern Ontario, contributing to its Canadian network of over 30 territories [8] - The company has more than tripled its franchise count since 2023, driven by organic growth and targeted acquisitions [8]

Company Overview - Sunoco LP (NYSE: SUN) is a leading energy infrastructure and fuel distribution master limited partnership operating in over 40 U.S. states, Puerto Rico, Europe, and Mexico [4] - The Partnership's midstream operations include an extensive network of approximately 14,000 miles of pipeline and over 100 terminals [4] - Sunoco serves approximately 7,400 Sunoco and partner branded locations, as well as additional independent dealers and commercial customers [4] - The general partner of Sunoco LP is owned by Energy Transfer LP (NYSE: ET) [4] Upcoming Financial Results - Sunoco LP will release its second quarter 2025 financial and operating results before the market opens on Wednesday, August 6, 2025 [1] - Management will hold a conference call on the same day at 9:00 a.m. Central Daylight Time (10:00 a.m. Eastern Daylight Time) to discuss the results [1]

Core Viewpoint - Stardust Solar Energy Inc. reported solid financial performance in Q1 2025, highlighting growth in revenue and gross margin, alongside an expansion of its franchise network [2][5]. Financial Highlights - Revenue for Q1 2025 was CAD 1.00 million, a 20% increase from CAD 0.83 million in Q1 2024 [6]. - Gross margin improved to 48%, up from 27.4% in Q1 2024 [6]. - Franchise fees and royalties reached a record high of CAD 0.33 million, a 2.5-fold increase compared to Q1 2024 [6]. - Product gross profit rose 110% year-over-year to CAD 0.10 million, with product gross margin at 18% [6]. - The net loss for Q1 2025 was CAD 0.65 million, or CAD 0.01 per share, compared to a net loss of CAD 0.39 million or CAD 0.02 per share in Q1 2024 [6]. Operational Review - The company added 4 net new franchise territories, bringing the total to 87 as of March 31, 2025 [2][6]. - The accredited training programs were expanded to include new advanced curriculums [2]. - Product sales were lower year-over-year due to a large commercial order in Q1 2024, but underlying product revenue met management's expectations [2]. Balance Sheet and Liquidity - Current liabilities decreased by CAD 553,993, a 30% reduction, and total liabilities decreased by CAD 987,202, a 36% reduction [4]. - As of March 31, 2025, the company had CAD 0.62 million in cash and cash equivalents, with working capital of CAD 1.77 million [4]. - Loan and lease obligations were reduced to CAD 0.45 million from CAD 0.88 million at March 31, 2024, primarily due to the repayment of a high-interest facility [4]. Outlook - Trailing-twelve-month revenue as of March 31, 2025, was CAD 3.8 million, a 4.7% increase from the twelve months ended December 31, 2024 [5]. - Management anticipates revenue growth to accelerate through the remainder of 2025, driven by franchise additions and an expanding installation backlog [5]. - The company is reallocating resources from investor-relations activities to focus on direct customer acquisition and franchise support [5].

Sunoco LP (SUN) ended the recent trading session at $55.03, demonstrating a +1.07% change from the preceding day's closing price. This move outpaced the S&P 500's daily gain of 0.83%. Elsewhere, the Dow gained 0.77%, while the tech-heavy Nasdaq added 1.02%. The stock of master limited partnership has risen by 2.25% in the past month, lagging the Oils-Energy sector's gain of 5.14% and the S&P 500's gain of 4.99%.Analysts and investors alike will be keeping a close eye on the performance of Sunoco LP in its u ...

Core Insights - Stardust Solar Energy Inc. reported a revenue of $3.61 million for 2024, marking a 38% increase from 2023, driven primarily by the U.S. franchise segment which saw a remarkable 483% year-over-year growth [2][4]. Financial Performance - The company incurred one-time costs of $0.99 million related to professional fees and a non-cash reverse-takeover transaction cost of $3.90 million during its public-listing process, which are expected to decline significantly in 2025 [3][4]. Business Expansion - Stardust Solar expanded its franchise territories from 27 to 83 in 2024, and currently operates in 94 territories across North America. Strategic partnerships with Tesla and Rematek Energie have bolstered support for franchisees [4][5]. Future Outlook - Management anticipates continued revenue growth in 2025, fueled by deeper market penetration in the U.S., direct procurement of equipment, and the launch of a mobile certification application aimed at enhancing installer training [4][5].

Group 1 - Parkland shareholders approved Sunoco's acquisition with 93% voting in favor of the deal despite some initial pushback from shareholders [1] - The likelihood of regulatory challenges regarding the acquisition is considered low [1] Group 2 - The article emphasizes the importance of macro views and stock-specific turnaround stories for achieving outsized returns with a favorable risk/reward profile [1]