Core Viewpoint - The Government of Canada has approved the acquisition of Parkland Corporation by Sunoco LP, with the transaction expected to close in the fourth quarter of 2025, pending further regulatory approvals and customary closing conditions [1][2]. Company Overview: Parkland Corporation - Parkland Corporation is a leading international fuel distributor and convenience retailer operating in 26 countries across the Americas, with approximately 4,000 retail and commercial locations [3]. - The company focuses on providing essential fuels and environmentally friendly options, including renewable fuels and ultra-fast EV charging solutions [3]. - Parkland's strategy is built on two pillars: Customer Advantage, which emphasizes brand differentiation and customer loyalty, and Supply Advantage, which aims to achieve the lowest cost to serve in challenging markets [4]. Company Overview: Sunoco LP - Sunoco LP is a master limited partnership involved in energy infrastructure and fuel distribution, operating in over 40 U.S. states, Puerto Rico, Europe, and Mexico [5]. - The partnership has an extensive midstream operation, including approximately 14,000 miles of pipeline and over 100 terminals, serving around 7,400 branded locations and independent dealers [5].

Group 1 - Cosan S.A. (NYSE:CSAN) experienced a significant share price decline of 20.92% from September 18 to September 25, 2025, making it one of the worst-performing energy stocks during that week [1] - The company announced plans to raise up to 10 billion Brazilian reais (approximately $1.9 billion) through a public offering aimed at reducing its increasing debt [3] - Analysts from Citi indicated that the public offering could lead to a 40-50% dilution for current shareholders, but it is expected to be beneficial as it would allow Cosan S.A. to enter a new phase focused on deleveraging [4] Group 2 - Following the recent downturn, Cosan S.A.'s share price has decreased by 51% over the past year [4]

Core Viewpoint - Parkland Corporation and Sunoco LP announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, a significant regulatory approval for Sunoco's acquisition of Parkland, expected to close in Q4 2025, pending other regulatory approvals and customary closing conditions [1][2]. Group 1: Company Overview - Parkland Corporation is a leading international fuel distributor and convenience retailer operating in 26 countries across the Americas, with approximately 4,000 retail and commercial locations [3]. - The company focuses on providing essential fuels and renewable energy solutions, including ultra-fast EV charging and carbon credit options, aiming to lower environmental impact [3]. - Parkland's strategy is built on two pillars: Customer Advantage, which emphasizes brand differentiation and customer loyalty, and Supply Advantage, which aims for the lowest cost to serve in challenging markets [4]. Group 2: Sunoco LP Overview - Sunoco LP operates as a master limited partnership in energy infrastructure and fuel distribution across over 40 U.S. states, Puerto Rico, Europe, and Mexico, with a network of approximately 14,000 miles of pipeline and over 100 terminals [5]. - The partnership serves around 7,400 branded locations and additional independent dealers and commercial customers, supported by its extensive midstream operations [5].

Core Viewpoint - Sunoco LP is progressing towards the acquisition of Parkland Corporation, with the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act being a significant regulatory milestone for the transaction, which is anticipated to close in Q4 2025, pending other regulatory approvals and customary closing conditions [1][2]. Company Overview Sunoco LP - Sunoco LP operates as a leading energy infrastructure and fuel distribution master limited partnership across over 40 U.S. states, Puerto Rico, Europe, and Mexico, featuring approximately 14,000 miles of pipeline and over 100 terminals [3]. - The partnership serves around 7,400 branded locations and additional independent dealers and commercial customers, with its general partner owned by Energy Transfer LP [3]. Parkland Corporation - Parkland is recognized as a prominent international fuel distributor and convenience retailer, operating in 26 countries across the Americas, with a retail network that caters to everyday consumer needs [4]. - The company emphasizes environmental sustainability by offering renewable fuels, ultra-fast EV charging, and various solutions for carbon credits and solar power, with around 4,000 retail and commercial locations in Canada, the U.S., and the Caribbean [4][5]. Strategic Focus Parkland's Strategy - Parkland's strategy is built on two main pillars: Customer Advantage and Supply Advantage, aiming to be the preferred choice for customers through competitive pricing, reliable service, and a strong loyalty program [5]. - The Supply Advantage focuses on achieving the lowest cost to serve in challenging markets, leveraging well-positioned assets and significant scale to enhance business performance [5].

Summary of Ultrapar (NYSE: UGP) 2025 Investor Day Company Overview - **Company**: Ultrapar - **Event**: 2025 Investor Day - **Date**: September 19, 2025 Key Points Industry Context - The fuel market in Brazil has been experiencing significant changes, particularly with the rise of biofuels driven by government mandates [9][11] - Petrobras, the main supplier in Brazil, has lost market share to private refineries and imports, leading to increased competition and market volatility [11][12] - The market has seen a growth of 4% above GDP over the past four years, primarily due to biofuels [9] Safety and Operational Excellence - Safety is emphasized as a core value and license to operate, with Ipiranga reporting no reportable incidents in August [8][9] - Continuous improvement in safety culture and operational processes is a priority for the company [8][49] Market Dynamics - Ipiranga has maintained stable market share despite the competitive landscape, while IBP has lost significant market share [12] - Tax asymmetry and irregular operations have disrupted the market, but recent regulatory changes are aimed at improving compliance [12][15] Financial Performance - Ipiranga has doubled its EBITDA, reflecting strong operational performance and favorable market conditions [46] - The company has invested between BRL 400 million to BRL 700 million annually in key buyers, impacting its competitive positioning [18] Logistics and Distribution - Ipiranga has made significant progress in logistics, reducing storage expenses and increasing freight productivity [25][26] - The company aims to capture BRL 250 million in benefits over the next two years through improved logistics [27] Product and Service Expansion - Ipiranga is the largest independent operator of biofuels in Brazil and is expanding its product offerings, including lubricants and convenience store partnerships [24][35] - The company has restructured its AMPM franchise to enhance value for resellers and consumers [34] Regulatory Environment - The Brazilian LPG market is characterized by robust regulation, ensuring quality and safety in operations [54][59] - Recent regulatory reviews are aimed at maintaining high standards in the LPG market, with a focus on branded bottles and quality assurance [60][62] Future Outlook - Ultrapar is focused on sustainable growth, with plans to expand its logistics capabilities and enhance operational efficiency [105][106] - The company is exploring new energy solutions, including biomethane and electric energy, to diversify its offerings [76][75] Investment and Growth Strategy - Ultrapar has invested over BRL 3 billion in the last decade, with expectations for returns in the coming years [64] - The company is committed to maintaining a strong market presence through strategic investments and operational excellence [102] Community Engagement - Ipiranga has initiatives aimed at social responsibility, including medical support programs for truck drivers and local communities [44] Additional Insights - The company is leveraging technology and innovation to enhance operational efficiency, including the use of AI for contract evaluation and performance monitoring [99][100] - Ultrapar's commitment to ESG goals includes a focus on waste reduction and sustainability in its operations [100] This summary encapsulates the key points discussed during the Ultrapar 2025 Investor Day, highlighting the company's strategic focus, market dynamics, and future growth prospects.

Core Viewpoint - Parkland Corporation has initiated the process for shareholders to elect their preferred form of consideration in connection with the Sunoco Arrangement, which involves a cash and equity transaction for the acquisition of all issued and outstanding Company Shares [1][10]. Group 1: Shareholder Communication - A Letter of Transmittal has been mailed to registered holders of common shares, detailing the necessary documentation and information required to obtain their entitled consideration under the Sunoco Arrangement [2]. - Registered shareholders must follow the instructions in the Letter of Transmittal to ensure proper submission to Computershare Investor Services Inc., the depositary for the Sunoco Arrangement [2][3]. Group 2: Election Options - Shareholders can choose from three options for their consideration in exchange for each Company Share: 1. C$44.00 in cash (Cash Elected Consideration) 2. Approximately 0.536 SunocoCorp Units (Unit Elected Consideration) 3. A combination of cash and units, subject to proration and adjustments (Combination Elected Consideration) [4][7]. - Failure to submit a properly completed Letter of Transmittal by the Election Deadline will result in shareholders being deemed to have elected the Combination Elected Consideration [4]. Group 3: Election Deadline - The Election Deadline has not yet been determined, but Parkland will announce it prior to the closing date of the Sunoco Arrangement [5]. Group 4: Company Overview - Parkland Corporation is a leading international fuel distributor and convenience retailer, operating in 26 countries across the Americas, with approximately 4,000 retail and commercial locations [6]. - The company focuses on providing essential fuels while also offering renewable fuel options, ultra-fast EV charging, and solutions for carbon credits and solar power [6].

Financial Performance - Ultrapar reported strong operating cash generation of R$ 1.8 billion[5], with R$ 0.9 billion used to reduce debt[5] - Net income increased by 47% to R$ 1.151 billion[23] - EBITDA increased by 15% to R$ 1.468 billion[23] - Recurring EBITDA increased by 55% to R$ 2.070 billion[23] Debt and Leverage - Net debt increased to R$ 12.635 billion[26], primarily due to the consolidation of Hidrovias' debt[30] - The company reduced the draft discount by R$ 909 million[5, 23, 30] - Financial leverage (Net debt + draft discount / LTM EBITDA) was 1.9x[26] Segment Performance - Ipiranga's EBITDA decreased by 13% to R$ 678 million[34] due to irregularities in the fuel sector and international prices under Petrobras prices[32, 38] - Ultragaz's total EBITDA increased by 11% to R$ 442 million[42] driven by better sales mix and greater efficiency in the bulk segment[43] - Ultracargo's EBITDA decreased by 15% to R$ 141 million[47] due to lower m³ sold and costs related to expansion[45, 48] - Hidrovias' recurring EBITDA was R$ 348 million[57], with R$ 234 million consolidated into Ultrapar's EBITDA[59]

Second Quarter 2025 Performance Overview - Retail Segment gross profit decreased by 1% to $76.127 million[6] - Retail Segment operating income decreased by 10% to $25.299 million[6] - Wholesale Segment gross profit decreased by 12% to $24.865 million[6] - Wholesale Segment operating income decreased by 15% to $17.744 million[6] - Net income increased by 103% to $25.168 million[8] - Adjusted EBITDA decreased by 13% to $37.083 million[8] - Distributable Cash Flow decreased by 14% to $22.396 million[8] Capital Management - Second quarter capital expenditures totaled $11.8 million, including $9.3 million in growth capex[13] - Credit facility balance was $727.0 million as of June 30, 2025[13] - Leverage ratio was 3.65x at June 30, 2025[13]

Core Viewpoint - CrossAmerica Partners LP reported a significant improvement in net income for Q2 2025 compared to Q2 2024, primarily due to asset sales, although overall performance remains below prior-year levels [3][4][5]. Financial Performance - Net Income for Q2 2025 was $25.2 million, up from $12.4 million in Q2 2024, reflecting a $12.7 million increase [4][5]. - Adjusted EBITDA decreased to $37.1 million in Q2 2025 from $42.6 million in Q2 2024, a decline of $5.5 million [4][5]. - Distributable Cash Flow for Q2 2025 was $22.4 million, down from $26.1 million in Q2 2024 [4][5]. - The Distribution Coverage Ratio for Q2 2025 was 1.12x, compared to 1.30x in Q2 2024 [4][5]. Segment Performance Retail Segment - Retail segment gross profit for Q2 2025 was $76.1 million, slightly down from $76.6 million in Q2 2024 [5][7]. - Motor fuel gallons distributed in the retail segment decreased to 141.7 million in Q2 2025 from 143.0 million in Q2 2024, a 1% decline [7][8]. - Merchandise gross profit increased by 2% year-over-year, with same-store merchandise sales excluding cigarettes rising by 4% [9][10]. Wholesale Segment - Wholesale segment gross profit fell to $24.9 million in Q2 2025 from $28.1 million in Q2 2024, a 12% decrease [11][12]. - Wholesale motor fuel gallons distributed decreased to 179.2 million in Q2 2025 from 192.1 million in Q2 2024, a 7% decline [11][12]. Asset Management and Divestment - CrossAmerica sold 60 properties for $64.0 million during Q2 2025, resulting in a net gain of $29.7 million [13]. - The company reduced debt by over $50 million through asset sales, strengthening its balance sheet [3][4]. Liquidity and Capital Resources - As of June 30, 2025, CrossAmerica had $727.0 million outstanding under its credit facility, down from $778.0 million at the end of 2024 [14]. - Leverage was reported at 3.65 times as of June 30, 2025, compared to 4.36 times at the end of 2024 [14]. Distributions - The Board declared a quarterly distribution of $0.5250 per limited partner unit for Q2 2025, payable on August 14, 2025 [15].

Financial Data and Key Metrics Changes - The company reported a record second quarter with adjusted EBITDA of $464 million, excluding approximately $10 million of one-time transaction-related expenses, and distributable cash flows as adjusted of $300 million [3] - The leverage at the end of the quarter was just under 4.2 times [4] - A distribution of $90.88 per common unit was declared, representing an increase of 1.25% compared to the previous quarter, resulting in a trailing twelve-month coverage ratio of 1.9 times [4] Business Line Data and Key Metrics Changes - In the Fuel Distribution segment, adjusted EBITDA was $214 million, with volumes at 2.2 billion gallons, up 5% from the previous quarter but flat compared to the same quarter last year [6][7] - The Pipeline Systems segment reported adjusted EBITDA of $177 million, with throughput at 1.2 million barrels per day, down from 1.3 million barrels per day in the first quarter [8] - The Terminals segment delivered adjusted EBITDA of $73 million, with throughput at 692,000 barrels per day, up from 620,000 barrels per day in the first quarter [9] Market Data and Key Metrics Changes - The company continues to see solid demand across its system despite macro volatility, with gross profit supported by longer haul tariffs and strong agricultural demand in the Midwest [9] - The overall market for fuel distribution remains flat, but the company expects to leverage its investments for increased volume and EBITDA in the second half of the year [8][10] Company Strategy and Development Direction - The company aims to continue generating increasing distributable cash flow per unit, positioning itself for ongoing distribution increases and additional growth [5] - The acquisition of Parkland is expected to enhance the scale and efficiency of the company's pipeline and terminal segments, with anticipated double-digit accretion [13][14] - The company is focused on strong operational execution, expense discipline, and profit optimization while continuing to grow its asset base [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year guidance, with all three business segments performing well [12] - The company anticipates a strong second half of the year, outperforming the first half, driven by organic growth and acquisitions [12][14] - Recent macro developments, such as the expiration of the federal EV tax credit, are expected to support robust refined product demand for decades [16] Other Important Information - The company spent approximately $120 million on growth capital and $40 million on maintenance capital in the second quarter [3] - The company is on track to meet its 2025 projected capital spend, which includes at least $400 million of growth capital [3] Q&A Session Summary Question: Update on Parkland acquisition synergies and tax implications - Management feels confident in achieving $250 million in synergies by year three and maintaining a long-term leverage target of four times within twelve to eighteen months [21][24] - The recent budget bill is expected to minimize cash tax leakage and maintain parity dividends [25][26] Question: Expectations for fuel margins in the second half of the year - Management indicated that the fundamentals for the fuel distribution business remain healthy, with expectations for noticeable volume growth and healthy margins in the second half [31][33] Question: Capital allocation post-Parkland and Tanguid acquisitions - The top priorities post-acquisition are integrating the acquired assets and returning the balance sheet to the target leverage [44] - The company will assess market opportunities for growth after achieving integration and synergies [44][46] Question: Seasonal slowdown in fuel distribution volumes - Management confirmed expectations for a strong second half of the year, driven by organic investments and roll-up acquisitions [51][53]