Sunoco LP(SUN) - 2024 Q4 - Annual Results

Financial Performance - Net income for Q4 2024 was $141 million, a significant improvement from a net loss of$106 million in Q4 2023[3] - Adjusted EBITDA for Q4 2024 reached $439 million, up from$236 million in Q4 2023, including approximately $7 million in one-time transaction-related expenses[3] - For the full year 2024, net income was$874 million, compared to $394 million in 2023[4] - Adjusted EBITDA for the full year 2024 was$1.46 billion, an increase from $964 million in 2023, including$106 million in one-time transaction-related expenses[4] - Distributable Cash Flow, as adjusted, for Q4 2024 was $261 million, compared to$148 million in Q4 2023[3] - Distributable Cash Flow for the year ended December 31, 2024 was $946 million, compared to$658 million for the year ended December 31, 2023, marking a 44% increase[18] Segment Performance - Fuel Distribution segment profit increased to $302 million in Q4 2024 from$130 million in Q4 2023, reflecting a substantial growth[25] - Pipeline Systems segment profit rose to $203 million in Q4 2024 from$1 million in Q4 2023, driven by increased throughput[27] - Terminals segment profit increased to $120 million in Q4 2024 from$18 million in Q4 2023, attributed to recent acquisitions[30] Distribution and Capital Expenditures - The Board declared a distribution of $0.8865 per unit for Q4 2024, with an annualized distribution of$3.5460 per unit[4] - Total distributions to partners increased to $158 million in Q4 2024 from$90 million in Q4 2023, showing a 75% increase[18] - Total capital expenditures in Q4 2024 were $132 million, including$74 million for growth capital[6] Debt and Leverage - At the end of Q4 2024, long-term debt was approximately $7.5 billion, with a leverage ratio of net debt to Adjusted EBITDA of 4.1 times[6] Future Outlook - The partnership targets a distribution growth rate of at least 5$1.90 billion to $1.95 billion[5][11] Operational Metrics - The partnership sold approximately 8.6 billion gallons of fuel in 2024, with Q4 fuel margin at 10.6 cents per gallon[5] - Motor fuel gallons sold decreased to 2,151 million in Q4 2024 from 2,195 million in Q4 2023, a decline of 2$48 million in Q4 2024, up from $2 million in Q4 2023[18]