DALLAS, Aug. 1, 2018 /PRNewswire/ -- Sunoco LP
(NYSE: SUN) ("Sunoco") announced today the completion of the
acquisition of the equity interests of Sandford Energy, LLC,
Sandford Transportation, LLC and their respective subsidiaries for
approximately $66 million plus
working capital adjustments. The acquired wholesale fuels business
distributes approximately 115 million gallons of fuel annually to
exploration, drilling and oil field services customers, primarily
in basins in Central and West
Texas and Oklahoma.
The acquisition is consistent with Sunoco's strategy of
utilizing its scale to grow the core fuel distribution business.
The transaction was funded using cash on hand and amounts
available under Sunoco's revolving credit facility and is expected
to be immediately accretive to Sunoco with
respect to distributable cash flow.
About Sunoco LP
Sunoco LP (NYSE: SUN) is a master
limited partnership that distributes motor fuel to approximately
9,200 convenience stores, independent dealers, commercial customers
and distributors located in more than 30 states. SUN's general
partner is owned by Energy Transfer Equity, L.P. (NYSE:
ETE).
The information contained in this press release is available on
the Sunoco LP website at www.SunocoLP.com.
Forward-Looking Statements
This press release may
include certain statements concerning expectations for the future
that are forward-looking statements as defined by federal
law. Forward-looking statements may be identified by the use
of the words "anticipates," "expects," "intends," "plans,"
"should," "could," "would," "may," "will," "believes," "estimates,"
"potential," "opportunity," "value-creating," "designed,"
"predict," "seek," "ongoing," "increases" or "continue" and
variations or similar expressions. Such forward-looking statements
are subject to a variety of known and unknown risks, uncertainties,
and other factors that are difficult to predict and many of which
are beyond management's control. An extensive list of factors that
can affect future results are discussed in the Annual Report
on Form 10-K filed by SUN and other documents filed from time to
time with the Securities and Exchange Commission. The
partnership undertakes no obligation to update or revise any
forward-looking statement to reflect new information or events.
Contacts
Scott Grischow
Senior Director – Investor Relations and Treasury
(214) 840-5660, scott.grischow@sunoco.com
Derek Rabe, CFA
Senior Analyst – Investor Relations and Finance
(214) 840-5553, derek.rabe@sunoco.com
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SOURCE Sunoco LP