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% for 2025 and expects full-year 2025 Adjusted EBITDA to be in the range of $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%[26] - Pipeline throughput for Q4 2024 was 1,395 thousand barrels per day, compared to no throughput reported in Q4 2023[27] - Adjusted EBITDA related to unconsolidated affiliates was $48 million in Q4 2024, up from $2 million in Q4 2023[18]