Sunoco Logistics Partners reports earnings for the first quarter 2012

PHILADELPHIA, Pa. - Sunoco Logistics Partners L.P. (SXL)  on May 2 announced net income attributable to owners for the first quarter 2012 of $95 million ($0.77 per unit diluted), compared with $48 million ($0.36 per unit diluted) for the first quarter 2011.

Highlights of the first quarter include:

n  Adjusted EBITDA of $161 million.

n  Record distributable cash flow of $122 million.

n  Completed two open seasons for crude pipeline projects in West Texas.

"Demand for our services and assets remained high on continued strong interest for West Texas crude," said Michael J. Hennigan, president and chief executive officer. "Market opportunities within our crude oil business contributed to another excellent quarter."

Commenting on the Partnership's previously announced West Texas crude expansion projects, Hennigan said, "With successful open seasons for our West Texas-Houston and West Texas-Longview projects behind us, we stand ready to meet customer needs now and in the future. An additional open season for our West Texas-Nederland project is currently under way and we are encouraged by the interest we've seen to date. These projects, collectively totaling approximately 110 thousand barrels per day, demonstrate that our attractively positioned assets can bring Permian Basin crude to markets where it makes sense for customers."

Discussing additional organic growth initiatives for the Partnership, Hennigan said, "From an NGL perspective, our Mariner West project, the first ethane pipeline solution in the Marcellus area, is on schedule for a mid-2013 start-up. We are still confident in a Mariner East project as our ability to access waterborne markets will be important as Marcellus and Utica production continues to grow."

In April 2012, Sunoco, Inc. announced that it has entered into a definitive merger agreement to be acquired by Energy Transfer Partners, L.P. The transaction is expected to close in the third or fourth quarter 2012, subject to approval by Sunoco shareholders and customary regulatory approvals.

Sunoco Logistics Partners reports earnings for fourth quarter 2011

Sunoco Logistics Partners L.P. (NYSE: SXL) on Jan. 26 announced net income attributable to owners for the fourth quarter 2011 of $76 million ($0.60 per unit diluted), compared with $59 million ($0.47 per unit diluted) for the fourth quarter 2010.

Net income for the fourth quarter 2011 includes a $42 million charge to impair certain assets and account for regulatory obligations associated with the Partnership's assets which could be negatively impacted by Sunoco, Inc.'s announced exit from its refining operations. Excluding the charge, the Partnership had net income of $118 million ($0.99 per unit diluted).

Highlights of the fourth quarter and full year 2011 include:

-- Adjusted EBITDA for the quarter rose to a record level of $165 million and $544 million for the full year

-- Record distributable cash flow of $110 million for the quarter and $388 million for the full year

-- Continued to focus on growth: $665 million of expansion capital spending, including major acquisitions

-- Completed a three-for-one unit split on Dec. 2, 2011

"The Partnership had a record year in 2011," said Lynn L. Elsenhans, chairman and chief executive officer. "The West Texas crude oil market and developing shale production areas provided many opportunities for us to optimize our assets to generate additional cash flow. In addition, we continue to grow our ratable business which was up 14 percent year over year. 2011 expansion capital was $665 million, including $494 million of major acquisitions. Our acquisitions and organic projects over the past year are in alignment with our goal of creating long-term, sustainable growth."

In looking towards expectations for the future, Elsenhans said, "Our Mariner West project with MarkWest Energy to deliver ethane to Canada is under way. This project is backed by long-term shipper commitments and is expected to be operational by July 2013. We continue to develop our West Texas crude expansion project, which is expected to be on-line in the first quarter of 2013. For 2012, we plan to increase organic capital spending to approximately $300 million in order to capture more value from existing assets such as Eagle Point, Nederland and our patented butane blending technology, as well as Mariner West and the West Texas crude expansion."

Sunoco Logistics Partners earnings up 18 percent; dividend upped

PHILADELPHIA - Sunoco Logistics Partners LP on July 21 said its net income increased 18 percent in the second quarter from a year ago, beating analysts’ estimates.
The Philadelphia-based partnership’s revenue also beat estimates, but was down 61 percent because of a drop in the prices of the oil and the oil products it transports and stores in its pipelines, terminals and storage facilities.
Sunoco Logistics (NYSE: SXL) also increased its distribution to $1.04 per unit for the quarter. That’s up 2.5 percent from its distribution in the first quarter and 11.2 percent from the second quarter a year ago.
The partnership earned $66.6 million, or $1.74 per fully diluted unit, in the quarter, up from $51.3 million, or $1.47 per fully diluted unit, in the second quarter of last year. The average earnings estimate of eight analysts polled by Thomson Reuters First Call was $1.35.
Sunoco Logistics’ revenue in the quarter was $1.29 billion, down from $3.32 billion in the second quarter of last year. The average revenue estimate of six analysts polled by Thomson Reuters FirstCall was $1.25 billion.