DALLAS, March 24, 2020 /PRNewswire/ -- Sunoco LP
(NYSE: SUN) ("SUN" or the "Partnership") today provided revised
capital guidance and an operational update in response to the
COVID-19 pandemic.
"Our products are critical to United
States infrastructure and SUN is committed to responding
with actions that will ensure that there is continuity of supply,"
said Joe Kim, CEO of Sunoco LP.
"Furthermore, the Partnership is undertaking immediate action to
ensure continued financial stability."
SUN is taking the following proactive measures:
- Reduce full year 2020 growth capital expenditures to
approximately $75 million from its
previous guidance of approximately $130
million, a decrease of over 40%
- Reduce full year 2020 maintenance capital expenditures to
$30 million from its previous
guidance of $45 million, a decrease
of over 30%
- Reduce operating costs, particularly targeting general and
administrative and other operating expenses
- Maintain ample liquidity under its $1.5
billion revolving credit facility that matures in
July 2023. The Partnership has no
debt maturities prior to 2023
- Take appropriate actions to maintain a safe working environment
for its employees and partners
- Enact policies and prepare contingency plans to support
business and supply chain continuity
SUN plans to provide a more comprehensive update as part of its
first quarter earnings release in May.
Sunoco LP (NYSE: SUN) is a master limited
partnership with core operations that include the distribution of
motor fuel to approximately 10,000 convenience stores, independent
dealers, commercial customers and distributors located in more than
30 states as well as refined product transportation and
terminalling assets. SUN's general partner is owned by Energy
Transfer Operating, L.P., a wholly owned subsidiary of Energy
Transfer LP (NYSE: ET).
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. 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 Partnership's Annual Report on
Form 10-K 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.
The information contained in this press release is available on
our website at www.SunocoLP.com
Contacts
Investors:
Scott
Grischow, Vice President – Investor Relations and
Treasury
(214) 840-5660, scott.grischow@sunoco.com
Derek Rabe, CFA, Manager –
Investor Relations, Growth and Strategy
(214) 840-5553, derek.rabe@sunoco.com
Media:
Alexis Daniel,
Manager – Communications
(214) 981-0739, alexis.daniel@sunoco.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/sunoco-lp-announces-revised-capital-guidance-and-provides-an-operational-update-301029261.html
SOURCE Sunoco LP