Core Viewpoint - New Jersey has declared a state of emergency due to a potential propane shortage caused by a service disruption at Energy Transfer's Marcus Hook Terminal in Pennsylvania, affecting home and commercial heating for approximately 186,000 residents in New Jersey [1][2]. Group 1: Emergency Declaration and Impact - Governor Phil Murphy's emergency order waives hours-of-service regulations for trucking heating fuels to address the supply chain disruption [1]. - The disruption at the Marcus Hook Terminal is due to an electrical fault that occurred on November 19, which has led to a force majeure declaration by Energy Transfer [2]. Group 2: Supply Chain and Distribution - Customers are currently on allocation, receiving only 70% of their propane loads, with increased wait times for trucks loading propane directly from the pipeline [3]. - Trucks are also sourcing propane from alternative distribution hubs, such as Phillips 66's Bayway refinery in Linden, New Jersey [3]. Group 3: Market Conditions and Pricing - Approximately 2.7% of New Jersey households and 5.2% of Pennsylvania households utilize propane for heating, with residential propane prices remaining stable since the incident, while wholesale prices have increased by 30 cents per gallon in New Jersey and 11 cents per gallon in Pennsylvania [5]. - The Pennsylvania Department of Transportation has also waived hours-of-service regulations for bulk propane transport in response to the disruption [5]. Group 4: Regulatory Actions and Future Outlook - The National Propane Gas Association is in discussions with the Federal Motor Carrier Safety Administration for a regional waiver due to the impact on the Mid-Atlantic and New England regions [6]. - The waivers in Pennsylvania and New Jersey are specifically related to the disruption at Marcus Hook and not indicative of an overall propane shortage [7].

昆仑信托与天然气销售天津分公司开展业务交流 2025年11月27日，公司副总裁刘刚带队拜访中国石油天然气股份有限公司天津销售分公司（以下简称"天津分公司"），与天津分公司党委委员、总会计师 杨正光及各部门进行座谈交流。 座谈会上，杨正光对昆仑信托的到访表示热烈欢迎并针对天然气产业链、供应链的项目融资以及股权投资等领域重点展开了介绍，并表示希望深化合作、 拓展更多产融业务合作领域。 刘刚表示昆仑信托作为集团公司资本与金融板块的核心企业，坚守产业金融定位，深化绿色金融服务，昆仑信托将充分发挥金融专业优势，通过创新金融 产品和服务模式，为主业单位提供定制化综合金融解决方案。 天津分公司财务资产部、投资部以及昆仑信托新能源新材料事业部、财富管理中心相关人员参加座谈。 文字 | 江汪洋 天津分公司财务资产部、投资部以及昆仑信托新能源新材料事业部、财富管理中心相关人员参加座谈。 文字 | 江汪洋 新能源新材料事业部 业务总监 新能源新材料事业部 业务总监 编辑 | 李昕玥 昆仑信托与天然气销售天津分公司开展业务交流 2025年11月27日，公司副总裁刘刚带队拜访中国石油天然气股份有限公司天津销售分公司（以下简称"天津分公 ...

Core Insights - Sunoco LP reported $6.03 billion in revenue for Q3 2025, a year-over-year increase of 4.9% [1] - The EPS for the same period was $0.64, a significant improvement from -$0.26 a year ago, but fell short of the consensus estimate of $1.54, resulting in an EPS surprise of -58.44% [1] - The revenue exceeded the Zacks Consensus Estimate of $5.66 billion by 6.54% [1] Financial Performance Metrics - Motor fuel gallons sold were 2,295.00 million gallons, slightly below the average estimate of 2,307.40 million gallons [4] - Fuel revenues reached $5.64 billion, surpassing the two-analyst average estimate of $5.16 billion [4] - Non-fuel revenues were $73 million, below the average estimate of $79.86 million [4] - Lease income was reported at $31 million, slightly above the estimated $30 million [4] - Revenues from external customers in fuel distribution were $5.74 billion, exceeding the estimate of $5.27 billion [4] - Terminal throughput revenues were $29 million, significantly lower than the estimated $85.36 million [4] - Other revenues were $96 million, slightly above the average estimate of $92.85 million [4] - Pipeline throughput revenues were $165 million, below the estimated $201.5 million [4] Segment Adjusted EBITDA - Segment Adjusted EBITDA for Fuel Distribution was $232 million, below the average estimate of $245.71 million [4] - Segment Adjusted EBITDA for Terminals was $75 million, slightly above the average estimate of $74.27 million [4] - Segment Adjusted EBITDA for Pipeline Systems was $182 million, below the average estimate of $203.34 million [4] Stock Performance - Sunoco LP shares returned +6.8% over the past month, outperforming the Zacks S&P 500 composite, which saw a -0.2% change [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance in the near term [3]

Financial Data and Key Metrics Changes - Net income for Q3 2025 was $29 million, down from $45.9 million in Q3 2024, impacted by a $7.8 million one-time gain on asset sales last year [6] - EBITDA decreased to $97.1 million from $119.1 million, while adjusted EBITDA fell to $98.8 million from $114 million [6] - Distributable cash flow was $53 million compared to $71.1 million, with adjusted distributable cash flow at $53.3 million versus $71.6 million [6] - Trailing 12-month distribution coverage remained strong at 1.64 times, or 1.5 times after factoring in distributions to preferred unit holders [6] Business Line Data and Key Metrics Changes - GDSO product margin decreased by $18.8 million to $218.9 million [7] - Gasoline distribution product margin fell by $19.3 million to $144.8 million, with fuel margins down 7% year-over-year to $0.37 per gallon [8] - Stage and operations product margin increased by $0.5 million to $74.1 million, attributed to an increase in sundries [8] - Wholesale segment product margin increased by $6.9 million to $78 million, driven by favorable marketing conditions in gasoline [9] - Commercial segment product margin decreased by $2.5 million to $7 million due to less favorable marketing conditions in bunkering [9] Market Data and Key Metrics Changes - The company expanded its marine fuel supply operations into the Port of Houston, enhancing its presence in the Gulf Coast [4] - The retail network saw a decrease in site count to 1,540, down by 49 from the previous year [8] Company Strategy and Development Direction - The company is focused on capital discipline and operational efficiency, seeking sustainable returns and long-term value creation [12] - The strategy includes optimizing and upgrading the retail portfolio, with a focus on enhancing the convenience store experience through new brands and loyalty programs [4][12] Management's Comments on Operating Environment and Future Outlook - Management noted that the lower-end consumer is under pressure, with consumers trading down to more generic brands [25] - Despite challenges, the company reported strong performance in convenience stores, with year-over-year growth despite a decrease in company-operated sites [25] - Wage inflation has calmed, and there are signs of improvement in labor availability compared to previous years [27][28] Other Important Information - The board declared a quarterly cash distribution of $0.7550 per common unit, marking the 16th consecutive quarterly distribution increase [5] - Capital expenditures for Q3 were $19.7 million, with expectations for maintenance capex of $45 million-$55 million and expansion capex of $40 million-$50 million for the full year [10] Q&A Session Summary Question: Can you talk a little bit more about entering the bunkering market in Houston? - Management indicated that they already have a presence in the business and see differentiated assets compared to competition [17] Question: Can you explain the differentiated offering in the bunkering market? - The differentiation is primarily based on the location of facilities and the approach to market supply [18] Question: How is the acquisition environment looking? - Management noted that there was a quiet period for retail M&A but signs of activity are emerging [21] Question: Are you facing competition from Parkland? - Management confirmed that they do not operate in Parkland's footprint [23] Question: Are you seeing pressure on lower-end consumers? - Yes, there is pressure, but the company is leveraging its loyalty program to drive promotions [25] Question: How is labor availability for the company? - Labor availability has improved, with more applicants compared to the previous years [28]

Core Viewpoint - Sunoco LP (SUN) has shown moderate performance over the past year, with unit gains of 2% and a distribution yield of approximately 7% [1] Group 1: Performance Overview - Units have remained range-bound between $50 and $55 since "Liberation Day" [1] - The integration of Parkland is expected to influence unit performance positively [1] Group 2: Analyst Insights - The analyst has over fifteen years of experience in making contrarian bets based on macro views and stock-specific turnaround stories [1]

Financial Data and Key Metrics Changes - Total EBITDA reached BRL2.7 billion, showing significant growth compared to the previous year, partially driven by the recognition of extraordinary tax credits [14] - Recurring EBITDA for the quarter totaled BRL1.648 billion, representing a 15% increase compared to the second quarter of last year [15] - Net income was BRL1.151 billion in the quarter, an increase of 134% compared to the same period last year [15] - Operating cash generation was BRL1.848 billion, a growth of 73% compared to the same period last year [16] - Net debt at the end of the second quarter was BRL12.635 billion, equivalent to 1.9x net debt to EBITDA, an increase from 1.7 times in the last quarter [17] Business Line Data and Key Metrics Changes - Ipiranga's volume sold in the second quarter was 2% lower compared to the same quarter last year, with a 3% reduction in diesel sales [18] - Ultragaz's recurring adjusted EBITDA was BRL442 million, 11% higher than the same period last year, reflecting better sales mix and efficiency [21] - Ultracargo's EBITDA totaled BRL141 million, which is 15% lower than the same period last year, mainly due to lower cubic meters sold [22] - Hydrovias showed a 10% increase in total volume compared to the same quarter last year, with a recurring adjusted EBITDA increase of 39% [23] Market Data and Key Metrics Changes - The fuel sector continues to experience illegalities, including increased imports of naphtha for selling as gasoline with reduced tax burden [5] - The implementation of single-phase taxation for hydrated ethanol began in May, which is expected to have a positive long-term impact on the market [5] - The LPG market in Brazil is highly competitive, with significant investments needed for efficiency and growth [7] Company Strategy and Development Direction - The company remains committed to long-term value creation and disciplined capital management [4] - Investments in Hydrovias are expected to enhance growth and value creation, with a focus on operational efficiency [4] - The company is actively addressing regulatory changes in the LPG market to ensure safety and competitiveness [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential positive effects of recent regulatory changes, although they acknowledged the initial negative impact on margins [31] - The company anticipates stronger volumes in the third quarter, supported by a trend towards normalization of inventories in the industry [19] - Management highlighted the importance of maintaining a robust capital structure while pursuing growth opportunities [6] Other Important Information - The company completed a buyback program of 25 million shares at an average cost of BRL16.64 [6] - An interim dividend of BRL326 million, equivalent to $0.30 per share, is scheduled for payment in August [6] Q&A Session All Questions and Answers Question: Impact on margins due to informal practices in the industry - Management noted some improvement in margins due to regulatory changes, but it is too early to fully assess the impact [28][34] Question: Competition from Petrobras in the LPG market - Management believes Petrobras could support regulatory consolidation but does not expect immediate changes in the market [35] Question: Discussion on draft discount and IOF tax - Management clarified that the draft discount is related to the IOF tax and that they are managing working capital effectively [30][37] Question: Expectations for cost reduction and EBITDA impact from Hydrovias consolidation - Management expects improvements in management and operations to positively impact EBITDA in the second half of the year [51] Question: Long-term perspective on Ultracargo's expansion projects - Management confirmed ongoing investments in expansion projects, with expectations of reaching EBITDA per cubic meter similar to other terminals by 2026 [58] Question: Capital allocation strategy and return rates for new investments - Management indicated that investments will be selective, focusing on opportunities with a return of about 20% [54][59]

Core Viewpoint - Star Group, L.P. (SGU) has experienced a decline in share price and underperformed against the S&P 500 index following its third-quarter fiscal 2025 results, indicating challenges in revenue and profitability [1] Q3 Results - For the fiscal quarter ending June 30, 2025, Star Group reported revenues of $305.6 million, a decrease of 7.8% from $331.6 million in the prior-year quarter, attributed to lower product sales volumes and decreased selling prices [2] - Home heating oil and propane volume fell by 3.8% to 36.2 million gallons, with customer attrition and warmer weather impacting performance [2] Financial Performance - The company reported a net loss of $16.6 million, compared to a loss of $11 million in the same period last year, with an adjusted EBITDA loss widening to $10.6 million from $4.1 million [3] - Loss per share was 48 cents, wider than the 31 cents loss in the previous year [3] Other Key Business Metrics - Service and installation performance improved, with gross profit rising by $0.6 million to $14 million, reflecting expense control [4] - Delivery and administrative expenses increased by $4.3 million year over year, primarily due to acquisition-related costs [4] Year-to-Date Performance - In the first nine months of fiscal 2025, volumes rose by 11.8% to 262.6 million gallons, supported by colder weather and acquisitions [5] - Product gross profit for the nine months grew by 13% to $480 million, with net income increasing by 45% year over year to $102.2 million [5] Management Commentary - Management highlighted improved service metrics and benefits from propane acquisitions, despite seasonal weaknesses and customer attrition [6] - The company aims to expand its customer base in propane and heating oil while diversifying revenue streams to mitigate weather sensitivity [6] Factors Influencing Results - Revenue decline was linked to reduced heating oil and propane demand due to warmer temperatures, which were 2% warmer than last year and 19.3% warmer than normal [7] - Selling prices fell alongside a 14.3% decline in wholesale product costs [7] Margin Pressures - Margins faced pressure from acquisition-related mix effects, although acquisitions contributed positively to adjusted EBITDA during a typically loss-making quarter [8] - Expense growth was primarily driven by acquisition-related integration costs, while base business expenses were managed tightly [8] Future Outlook - Management expressed confidence in achieving strong fiscal 2025 performance, citing benefits from acquisitions and improved operational execution [10] - The company is positioned as a more resilient and diversified energy provider capable of adapting to varied weather conditions [10] Other Developments - Star Group completed four acquisitions in fiscal 2025, with a focus on propane, which significantly contributed to quarterly results [11] - AI technology has been introduced into customer service interfaces to enhance responsiveness while maintaining a personal touch [11]

Financial Data and Key Metrics Changes - Net income for Q1 2025 was $18.7 million compared to a net loss of $5.6 million in Q1 2024 [7] - EBITDA increased to $91.9 million from $56.9 million year over year [7] - Adjusted EBITDA rose to $91.1 million from $56 million in the prior year [7] - Distributable cash flow (DCF) was $45.7 million in Q1 2025, up from $15.8 million in the prior year [7] - Adjusted DCF increased to $46.4 million compared to $16 million last year [7] - TTM distribution coverage as of March 31, 2025, was 2.03x, or 1.96x after factoring in distributions to preferred unitholders [9] Business Line Data and Key Metrics Changes - GDSO product margin increased by $200,000 to $187.9 million in the quarter [10] - Gasoline distribution product margin rose by $4.2 million to $125.8 million, reflecting higher fuel margins [10] - Station operations product margin decreased by $4 million to $62.1 million due to sales and conversions of certain company-operated sites [10] - Wholesale segment product margin increased by $44.2 million to $93.6 million, driven by favorable market conditions [11] - Product margin from gasoline and gasoline blend stocks increased by $27.4 million to $57.1 million [11] - Product margin from distillates and other oils rose by $16.8 million to $36.5 million, aided by colder winter weather [12] Market Data and Key Metrics Changes - The Northeast experienced a colder winter, which positively impacted the wholesale distillate business [20] - Market conditions were favorable due to the integration of terminal assets, allowing the company to capitalize on market opportunities [20] - A brief period of tariffs on Canadian oil created volatility that benefited the company, although it was short-lived [23] Company Strategy and Development Direction - The company is focused on optimizing terminal assets and maintaining financial discipline while pursuing organic growth and selective acquisitions [6] - The strategy includes continuous review of retail business and assets to maximize operational efficiency [18] - The company aims to leverage its scale and integrated model to navigate disruptions and find opportunities [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and commitment to delivering long-term growth for unitholders [14] - The company is optimistic about its ability to adapt to market conditions and capitalize on opportunities as they arise [14] Other Important Information - The Board increased the quarterly cash distribution on common units to $0.07 per unit, equating to $2.98 on an annualized basis [6] - Upcoming participation in several investor conferences was announced, including the EIC's Annual Energy Infrastructure Investor Conference [13] Q&A Session Summary Question: Discussion on GDSO and terminal opportunities - Management indicated ongoing reviews of retail business and asset optimization, emphasizing opportunistic approaches to acquisitions [18] Question: Market conditions contributing to wholesale performance - Management noted favorable market conditions, including a colder winter and the integration of terminal assets, which enhanced capacity and market opportunities [20] Question: Impact of tariffs on market conditions - Management clarified that the impact of tariffs was brief and did not significantly affect supply or margins, though it may influence store sales in the future [23]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2024 was $97.8 million, down from $112.1 million in Q4 2023, reflecting a challenging fuel margin environment [16] - Adjusted DCF decreased to $46.1 million from $58.8 million year-over-year [16] - Trailing twelve-month distribution coverage was 1.81 times, or 1.72 times after preferred unitholder distributions [17] Business Line Data and Key Metrics Changes - GDSO product margin decreased by $31.8 million to $213.6 million in Q4 2024, with gasoline distribution product margin down $32.1 million to $145.7 million due to lower fuel margins [17][18] - Fuel margins on a cents per gallon basis decreased from $0.44 in Q4 2023 to $0.36 in Q4 2024 [18] - Station operations product margin increased by $0.3 million to $67.9 million in Q4 2024, with a total of 1,584 fueling stations and convenience stores in the GDSO portfolio [20] Market Data and Key Metrics Changes - Wholesale segment product margin increased by $27.9 million to $79.8 million in Q4 2024, driven by favorable market conditions and the acquisition of terminals from Motiva [21] - Product margin from gasoline and gasoline blend stocks increased by $13.2 million to $38.6 million [21] Company Strategy and Development Direction - The company integrated thirty new terminals, doubling storage capacity to approximately 22 million barrels, with significant investments totaling over $528 million [7][8] - The company is focused on leveraging its expanded operating footprint and strong balance sheet to seize growth opportunities [14] - Management emphasized the flexibility of their terminal facilities to source products from various regions, mitigating risks associated with potential tariffs [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the dynamic energy landscape and maintain operational excellence despite challenges [9][10] - The company anticipates 2025 to be a year of opportunity and growth, continuing to integrate recently acquired assets [26][27] Other Important Information - The board declared a distribution of $0.74 per common unit for Q4 2024, marking the thirteenth consecutive quarterly increase [13] - Operating expenses increased by $12.1 million due to the addition of new terminals, while SG&A expenses decreased by $1.9 million [22] Q&A Session Summary Question: What percentage of supply comes from outside the US? - Management indicated that while they cannot disclose exact percentages for competitive reasons, Canadian barrels are significant for the Northeast supply landscape [31][32] Question: How do tariffs affect acquisition plans? - Management stated that tariffs do not change their acquisition strategy, as their terminals are flexible and can source products from various locations [38][39] Question: What are the growth plans for Houston? - Management highlighted plans to grow retail, terminal, and wholesale operations in Houston, focusing on disciplined acquisitions and organic growth [44][48] Question: Any changes in acquisition opportunities or pricing? - Management noted that the market remains active with various opportunities, and they are hopeful for transactions in the coming year [51][52]