Sunoco LP
- Open
- 75.75
- Day high
- 76.48
- Day low
- 75.74
- Prev close
- 76.41
- Volume
- 53K
- Mkt cap
- $10.4B
- P/E (TTM)
- 14.8
- EPS (TTM)
- $5.13
- P/B
- 1.2
- P/S
- 0.3
- Yield
- 3.85%
- Per share
- $2.92
Sunoco LP (SUN) is a Energy company listed on NYSE. The stock is up 48% over the past year. Drillr has 1 published research article covering SUN.
Sunoco LP (SUN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SUN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 4, 2026 | $2.50 | $0.94 | -62.4% | $14.3B | +29.1% |
| May 5, 2026 | $1.71 | $2.85 | +66.7% | $10.7B | +4.9% |
| Feb 17, 2026 | $1.64 | $0.09 | -94.5% | $8.6B | -21.0% |
| Nov 5, 2025 | $1.54 | $0.64 | -58.4% | $6.0B | -37.5% |
| Aug 6, 2025 | $1.68 | $0.33 | -80.4% | $5.4B | -3.6% |
| Feb 14, 2024 | $1.00 | $-1.50 | -250.2% | $5.6B | +9.3% |
| Nov 1, 2023 | $1.24 | $2.95 | +137.1% | $6.3B | +12.8% |
| Aug 2, 2023 | $1.25 | $0.78 | -37.6% | $5.7B | -3.2% |
| May 2, 2023 | $1.29 | $1.41 | +9.6% | $5.4B | +6.0% |
| Feb 15, 2023 | $0.77 | $0.42 | -45.7% | $5.9B | +6.3% |
| Nov 1, 2022 | $1.09 | $0.75 | -31.2% | $6.6B | -1.8% |
| Aug 3, 2022 | $1.11 | $1.20 | +8.2% | $7.8B | +32.7% |
SUN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 26, 2026 | Harkness Austinofficer: EVP, Chief Commercial Officer | Grant | 20,000 | — |
| Jun 26, 2026 | Hand Brian Aofficer: EVP-Chief Sales Officer | Grant | 20,000 | — |
| Jan 21, 2026 | Barron Bradley Cdirector | Grant | 2,436 | — |
| Jan 6, 2026 | Skidmore David Kdirector | Grant | 2,436 | — |
| Jan 6, 2026 | Washburne Ray Wdirector | Grant | 2,436 | — |
| Jan 6, 2026 | Alvarez Oscar A.director | Grant | 2,436 | — |
| Jan 6, 2026 | Smith W Brettdirector | Grant | 2,436 | — |
| Dec 9, 2025 | Hand Brian Aofficer: EVP-Chief Sales Officer | Tax | 9,149 | $55.26 |
| Dec 9, 2025 | Harkness Austinofficer: EVP, Chief Commercial Officer | Tax | 9,405 | $55.26 |
| Dec 9, 2025 | Fails Karl Rofficer: EVP & Chief Operations Officer | Tax | 14,600 | $55.26 |
| Dec 9, 2025 | Kim Josephdirector, officer: President & CEO | Tax | 33,810 | $55.26 |
| Dec 9, 2025 | Fails Karl Rofficer: EVP & Chief Operations Officer | Grant | 11,700 | — |
| Dec 9, 2025 | Harkness Austinofficer: EVP, Chief Commercial Officer | Grant | 19,875 | — |
| Dec 9, 2025 | Hand Brian Aofficer: EVP-Chief Sales Officer | Grant | 19,875 | — |
| Dec 9, 2025 | Raymer Rickofficer: VP & Controller & PAO | Tax | 3,519 | $55.26 |
Source: SUN SEC Form 4 filings, latest Jun 26, 2026. For informational purposes only — not investment advice.
See the full SUN insider & 13F page →Sunoco LP company profile
Overview
Sunoco LP (NYSE:SUN) is a Dallas-based master limited partnership that operates as one of the largest wholesale motor fuel distributors in the United States. Originally founded in 1886 as Sun Oil Company, the modern entity was formed through a series of acquisitions and restructurings, with the current partnership structure established in 2012. The company underwent significant transformation in 2014 when it changed its name from Susser Petroleum Partners LP to Sunoco LP following strategic acquisitions. In 2024, Sunoco completed its largest acquisition to date with the $7.3 billion purchase of NuStar Energy, significantly expanding its midstream operations and creating a more diversified energy infrastructure platform across fuel distribution, pipeline systems, and terminal operations.
Business
Sunoco LP operates as a comprehensive energy infrastructure company with three primary business segments that together form an integrated supply chain for refined petroleum products. The company's operations span from wholesale fuel distribution to midstream pipeline transportation and storage terminal facilities. Fuel Distribution and Marketing represents the company's largest segment, generating approximately 60-65% of total adjusted EBITDA. This business involves purchasing motor fuel from independent refiners and major oil companies, then distributing it to independently operated gas stations, other distributors, and partnership-operated locations across the United States. The company distributes over 8 billion gallons of motor fuel annually, primarily gasoline and diesel fuel, serving as a critical link between refineries and retail fuel outlets. This segment also includes a small retail operation with convenience stores in Hawaii and New Jersey. Pipeline Systems comprises approximately 25-30% of adjusted EBITDA and operates an extensive network of refined product and crude oil pipelines. These pipelines transport petroleum products from refineries to distribution terminals and end markets, with throughput capacity exceeding 1.3 million barrels per day. The pipeline infrastructure includes both refined product lines that carry gasoline and diesel, and crude oil gathering systems that collect oil from production areas, particularly in regions like the Permian Basin. Terminal Operations accounts for roughly 10-15% of adjusted EBITDA and involves operating storage and handling facilities for refined petroleum products. These terminals serve as critical nodes in the supply chain, receiving products from refineries and pipelines, storing them, and then loading them onto trucks for final distribution to retail locations. The terminal network includes facilities across the United States and internationally, with combined throughput capacity of approximately 600,000-700,000 barrels per day. The integration of these three segments creates operational synergies, as Sunoco can optimize the entire supply chain from pipeline transportation through terminal storage to final wholesale distribution, providing the company with multiple revenue streams and enhanced operational flexibility.
Revenue model
Sunoco LP generates revenue through multiple complementary business models across its integrated energy infrastructure platform. The company's diversified approach provides stability and multiple avenues for profit generation. In the Fuel Distribution segment, Sunoco operates on a margin-based model, earning the difference between its wholesale purchase price and selling price of motor fuel. The company typically earns between $0.10-$0.13 per gallon distributed, with margins influenced by factors such as price volatility, supply-demand dynamics, and competitive positioning. Revenue comes from selling approximately 8+ billion gallons annually to independent dealers, distributors, and company-operated stations. The business benefits from elevated price volatility and tight supply conditions, which tend to widen wholesale margins. The Pipeline Systems segment generates revenue through long-term transportation contracts with shippers, typically earning fees based on volume throughput. These contracts often include minimum volume commitments and inflation escalators, providing relatively stable and predictable cash flows. Revenue is generated from moving over 1.3 million barrels per day through the pipeline network, with customers including refiners, marketers, and other energy companies. Terminal Operations earn revenue through storage fees, throughput charges, and various ancillary services. Customers pay for tank storage capacity and handling services as products move through the terminals. This segment benefits from long-term contracts and provides steady cash flows with limited commodity price exposure. Several factors influence the company's profitability margins. Positive margin drivers include increased price volatility in refined products markets, which typically expands wholesale fuel margins; supply chain disruptions that create arbitrage opportunities; economic growth driving higher fuel demand; and operational synergies from the integrated business model. Negative margin pressures can arise from oversupply conditions in refined products markets, economic downturns reducing fuel consumption, increased competition from other wholesale distributors, regulatory changes affecting fuel specifications or environmental standards, and rising operational costs including labor and maintenance expenses. The company's integrated model provides some protection against margin compression in any single segment, as strong performance in one area can offset weakness in others. Additionally, the pipeline and terminal segments provide more stable, fee-based income that helps balance the more volatile fuel distribution margins.
Competitive moat
Sunoco LP possesses a moderate competitive moat built primarily around its integrated infrastructure network and operational scale, though the strength of this moat varies across its business segments. The company's strongest competitive advantages lie in its integrated supply chain model that combines fuel distribution, pipeline transportation, and terminal storage. This vertical integration creates operational synergies and cost advantages that are difficult for competitors to replicate without significant capital investment. The company can optimize product flows across its entire network, reduce transportation costs, and capture margin opportunities at multiple points in the supply chain. Scale advantages provide another layer of protection, particularly in fuel distribution where Sunoco ranks among the largest wholesale distributors in the United States. This scale enables better purchasing power with refiners, more efficient logistics operations, and the ability to serve large customers with nationwide fuel requirements. The company's 8+ billion gallon annual distribution volume creates meaningful economies of scale in procurement and operations. The pipeline and terminal assets offer the strongest moat characteristics, as these represent critical infrastructure that is expensive and time-consuming to duplicate. Pipeline routes and terminal locations often benefit from regulatory barriers to entry and strategic geographic positioning. Long-term contracts with minimum volume commitments provide additional stability and customer stickiness. However, the moat faces several challenges. The fuel distribution business operates in a highly competitive market with relatively low barriers to entry for smaller regional competitors. While scale provides advantages, the business is ultimately commodity-based with limited product differentiation. Regulatory risks pose ongoing challenges, particularly regarding environmental regulations and potential policy shifts toward electric vehicles that could reduce long-term fuel demand. Technological disruption represents the most significant long-term threat to the moat. The gradual adoption of electric vehicles could eventually reduce demand for gasoline and diesel fuel, though this transition is expected to occur over decades rather than years. The company's pipeline and terminal infrastructure may retain value longer, as these assets could potentially be repurposed for other energy products including renewable fuels. Overall, Sunoco's moat is moderately strong in the near to medium term, supported by integrated operations and scale advantages, but faces long-term challenges from energy transition trends that could gradually erode demand for its core products.
Risks & safety
Sunoco LP presents a moderate margin of safety with manageable financial risks but some areas of concern regarding leverage and capital intensity. **Financial Position:** • Cash position: $172 million as of Q1 2025, relatively low for the company's size • Total debt: Approximately $6+ billion with leverage ratio of 4.1x EBITDA, at the higher end of management's target range • Current ratio: 1.55x indicating adequate short-term liquidity • Interest coverage: Strong with EBITDA of $1.56 billion covering interest expenses comfortably **Debt and Solvency:** • Leverage target: Management maintains 4.0x EBITDA target, currently slightly above at 4.1x • Debt structure: Mix of term loans and revolving credit facilities with $1.4 billion remaining capacity • Refinancing risk: Manageable given the company's cash flow generation and credit facility availability • Distribution coverage: 1.9x trailing twelve months, providing reasonable cushion **Valuation Metrics:** • P/E ratio: 11.9x based on recent earnings, reasonable for the sector • EV/EBITDA: 16.6x, somewhat elevated but reflects recent acquisitions • Price-to-book: Reasonable given asset-heavy nature of the business • Free cash flow yield: Modest at current levels due to high capital requirements **Other Considerations:** • Capital intensity: High maintenance and growth capex requirements strain free cash flow generation • Commodity exposure: Margins subject to refined product price volatility • Regulatory environment: Potential long-term headwinds from environmental regulations and EV adoption • Distribution sustainability: Well-covered currently but dependent on continued operational performance
Recent development
Over the past several years, Sunoco LP has undergone significant strategic transformation through major acquisitions and portfolio optimization that have fundamentally reshaped the company's business profile and growth trajectory. The most transformative development was the $7.3 billion acquisition of NuStar Energy completed in May 2024, which dramatically expanded Sunoco's midstream operations and created a more diversified, integrated energy infrastructure platform. This all-equity transaction added extensive pipeline systems and terminal operations, increasing the company's adjusted EBITDA from approximately $964 million in 2023 to over $1.56 billion in 2024. Management has consistently exceeded initial synergy expectations, raising targets from $150 million to $200 million annually, with $125 million expected in 2025 and the full run-rate achieved by 2026. Concurrent with the NuStar acquisition, Sunoco executed a strategic portfolio optimization by divesting 204 convenience stores to 7-Eleven for approximately $1 billion. This divestiture allowed the company to focus on its core wholesale fuel distribution business while generating proceeds to help finance the NuStar acquisition and reduce leverage. The company has also pursued international expansion through targeted acquisitions in Europe and the Caribbean. Notable transactions include the acquisition of two European product terminals from Zenith Energy for €170 million, the recent acquisition of TanQuid in Germany for €500 million (Germany's largest independent storage operator), and operations in Puerto Rico through the Peerless acquisition. These international investments provide geographic diversification and exposure to different market dynamics. Strategic partnerships have become another key growth avenue, exemplified by the joint venture with Energy Transfer in Permian Basin crude and water gathering assets. This partnership approach allows Sunoco to participate in attractive opportunities while sharing capital requirements and risks. Most recently, Sunoco announced the pending $9.1 billion acquisition of Parkland Corporation, which would further expand the company's geographic footprint and operational scale, particularly in Canadian markets. This transaction represents continued execution of the company's strategy to build a leading North American energy infrastructure platform through strategic acquisitions and operational integration. Throughout this transformation period, management has maintained disciplined financial management, keeping leverage near target levels while consistently growing distributions to unitholders and delivering on operational synergy targets ahead of schedule.
SUN company profile · for informational purposes only — not investment advice.
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