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Sunoco
SUN
#1588
Rank
C$19.84 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
C$105.32
Share price
3.01%
Change (1 day)
48.91%
Change (1 year)
๐Ÿ›ข Oil&Gas โšก Energy
Categories
  1. Sunoco
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

Sunoco - 10-Q quarterly report FY2026 Q2


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Sunoco.jpg
FORM 10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
 OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended: June 30, 2026
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
 OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-35653
SUNOCO LP
(Exact name of registrant as specified in its charter) 
Texas30-0740483
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
8111 Westchester Drive, Suite 400, Dallas, Texas 75225
(Address of principal executive offices, including zip code)
(214) 981-0700
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Units Representing Limited Partner InterestsSUNNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
ý
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging Growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.):    Yes  ☐     No  ý
The registrant had 136,896,651 common units, 16,410,780 Class C units and 51,517,198 Class D units, each representing limited partner interests, outstanding as of July 31, 2026.


SUNOCO LP
FORM 10-Q
TABLE OF CONTENTS
 
PART I - FINANCIAL INFORMATION
4
Consolidated Balance Sheets
4
Consolidated Statements of Operations
5
Consolidated Statements of Comprehensive Income
6
Consolidated Statements of Equity
7
Consolidated Statements of Cash Flows
8
Notes to Consolidated Financial Statements
9
1. Organization and Principles of Consolidation
9
2. Summary of Significant Accounting Policies
9
3. Acquisitions
10
4. Cash and Cash Equivalents
11
5. Accounts Receivable, net
11
6. Inventories, net
11
7. Investments in Unconsolidated Affiliates
12
8. Accrued Expenses and Other Current Liabilities
13
9. Debt Obligations
14
10. Other Non-Current Liabilities
15
11. Related Party Transactions
16
12. Revenue
16
13. Commitments and Contingencies
17
14. Equity
18
15. Segment Reporting
19
16. Net Income per Common Unit
22
17. Derivatives
22
24
Recent Developments
25
Results of Operations
29
Liquidity and Capital Resources
34
Description of Indebtedness
37
39
40
PART II - OTHER INFORMATION
41
41
42
43
2

Definitions
References to the “Partnership,” “Sunoco,” “we,” “us” and “our” refer to Sunoco LP and its consolidated subsidiaries. In addition, the following is a list of certain acronyms and terms used throughout this document:
AOCIaccumulated other comprehensive income (loss)
Burnaby Refineryrefinery located in Burnaby, British Columbia owned and operated by the Partnership, which was acquired in the Parkland Acquisition
Credit FacilitySunoco LP's $2.50 billion revolving credit facility, which matures in June 2030
DeltaDelta Petroleum Group (BVI) Limited, a subsidiary of the Partnership acquired on April 1, 2026
Energy TransferEnergy Transfer LP (NYSE: ET)
ET-S PermianET-S Permian Holdings Company LP, a joint venture between Sunoco LP and Energy Transfer, which owns crude oil and water gathering pipelines and storage assets in the Permian Basin
EURIBOREuro Interbank Offered Rate
Exchange ActSecurities Exchange Act of 1934, as amended
FERCUnited States Federal Energy Regulatory Commission
FIFOfirst-in, first-out
GAAPaccounting principles generally accepted in the United States of America
General PartnerSunoco GP LLC, the general partner of Sunoco LP
IDRsincentive distribution rights
IslaIsla Dominicana de Petroleo Corporation
J.C. Nolancollectively, J.C. Nolan Terminal Co., LLC and J.C. Nolan Pipeline Co., LLC, both of which are joint ventures between Sunoco LP and Energy Transfer, which own a diesel fuel storage terminal in Midland, Texas and a 500-mile diesel fuel pipeline
LIFOlast-in, first-out
NuStarNuStar Energy L.P.
NuStar Acquisitionacquisition of NuStar completed on May 3, 2024
NuStar LogisticsNuStar Logistics L.P., a wholly owned subsidiary acquired in the NuStar Acquisition
NYSENew York Stock Exchange
ParklandParkland Corporation, a subsidiary of the Partnership acquired on October 31, 2025
Parkland AcquisitionSunoco's acquisition of Parkland completed on October 31, 2025
Partnership AgreementSunoco's Agreement of Limited Partnership, as amended to date
SARASociete Anonyme de la Raffinerie des Antilles refinery
SECUnited States Securities and Exchange Commission
Series A Preferred Units7.875% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
Sunoco RetailSunoco Retail LLC, a wholly owned corporate subsidiary of Sunoco LP
SunocoCorpSunocoCorp LLC, a Texas limited liability company (NYSE: SUNC), an affiliate which owns all of the Partnership's outstanding Class D Units
TanQuidTanQuid GmbH & Co. KG, a subsidiary of the Partnership acquired on January 16, 2026
3

PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
SUNOCO LP
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(unaudited)
June 30,
2026		December 31,
2025
ASSETS
Current assets:
Cash and cash equivalents$773 $891 
Accounts receivable, net3,284 1,972 
Accounts receivable from affiliates66 — 
Inventories, net2,390 2,383 
Other current assets269 270 
Total current assets6,782 5,516 
Property, plant and equipment16,000 15,256 
Accumulated depreciation(2,332)(1,848)
Property, plant and equipment, net13,668 13,408 
Other assets:
Operating lease right-of-use assets, net1,496 1,449 
Goodwill3,064 3,026 
Intangible assets, net2,343 2,411 
Other non-current assets963 928 
Investments in unconsolidated affiliates1,610 1,624 
Total assets$29,926 $28,362 
 LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$3,516 $2,485 
Accounts payable to affiliates496 331 
Accrued expenses and other current liabilities1,062 953 
Operating lease current liabilities182 211 
Current maturities of long-term debt6 17 
Total current liabilities5,262 3,997 
Operating lease non-current liabilities1,345 1,255 
Long-term debt, net13,308 13,372 
Advances from affiliates76 78 
Deferred tax liabilities1,059 1,139 
Other non-current liabilities528 512 
 Total liabilities21,578 20,353 
Commitments and contingencies (Note 13)
Equity:
Limited partners:
Preferred unitholders (1,500,000 units issued and outstanding as of June 30, 2026 and December 31, 2025)
1,507 1,507 
Common unitholders (136,895,901 units issued and outstanding as of June 30, 2026 and 136,866,854 units issued and outstanding as of December 31, 2025)
4,249 3,970 
Class C unitholders - held by subsidiaries (16,410,780 units issued and outstanding as of June 30, 2026 and December 31, 2025)
— — 
Class D unitholder (51,517,198 units issued and outstanding as of June 30, 2026 and December 31, 2025)
2,637 2,538 
Accumulated other comprehensive loss(45)(6)
 Total equity8,348 8,009 
Total liabilities and equity$29,926 $28,362 


The accompanying notes are an integral part of these consolidated financial statements.
4

SUNOCO LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per unit data)
(unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
REVENUES:
Sales revenue$13,670 $5,046 $23,813 $9,897 
Service revenue546 314 1,054 613 
Lease revenue43 30 82 59 
Total revenues14,259 5,390 24,949 10,569 
COSTS AND EXPENSES:
Cost of sales (excluding items shown separately below)12,795 4,821 21,796 9,347 
Operating expenses
381 145 711 288 
General and administrative
159 50 314 89 
Lease expense
56 19 109 35 
(Gain) loss on disposal of assets and impairment charges3 (2)2 1 
Depreciation, amortization and accretion
282 154 568 310 
Total cost of sales and operating expenses13,676 5,187 23,500 10,070 
OPERATING INCOME583 203 1,449 499 
OTHER INCOME (EXPENSE):
Interest expense, net(204)(123)(405)(244)
Equity in earnings of unconsolidated affiliates47 31 89 63 
Loss on extinguishment of debt— (17)(1)(19)
Other, net(64)(1)(91)(1)
INCOME BEFORE INCOME TAXES362 93 1,041 298 
Income tax expense79 7 114 5 
NET INCOME283 86 927 293 
Less: Preferred unitholders' interest in net income29 — 59 — 
Less: Class D unitholder's interest in net income49 — 198 — 
NET INCOME ATTRIBUTABLE TO COMMON UNITS$205 $86 $670 $293 
NET INCOME PER COMMON UNIT:
Basic
$0.94 $0.33 $3.81 $1.55 
Diluted
$0.94 $0.33 $3.79 $1.54 
WEIGHTED AVERAGE COMMON UNITS OUTSTANDING:
Basic
136,895,211 136,432,676 136,892,005 136,350,550 
Diluted
137,735,133 137,146,019 137,644,970 137,040,946 
CASH DISTRIBUTION PER COMMON UNIT$1.0023 $0.9088 $1.9922 $1.8064 
The accompanying notes are an integral part of these consolidated financial statements.
5

SUNOCO LP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in millions)
(unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net income$283 $86 $927 $293 
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment(29)2 (39)3 
Actuarial loss related to pension and other postretirement benefit plans— (1)— (1)
(29)1 (39)2 
Comprehensive income254 87 888 295 
Less: Comprehensive income attributable to Preferred unitholders29 — 59 — 
Less: Comprehensive income attributable to Class D unitholder49 — 198 — 
Comprehensive income attributable to common units$176 $87 $631 $295 
The accompanying notes are an integral part of these consolidated financial statements.
6

SUNOCO LP
CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in millions)
(unaudited)
Common UnitholdersClass D UnitholderSeries A Preferred UnitholdersAOCITotal
Balance, December 31, 2025$3,970 $2,538 $1,507 $(6)$8,009 
Cash distributions to unitholders, including incentive distributions(189)(48)(59)— (296)
Non-cash unit-based compensation6 — — — 6 
Other comprehensive loss, net of tax— — — (10)(10)
Other(6)— — — (6)
Net income465 149 30 — 644 
Balance, March 31, 20264,246 2,639 1,478 (16)8,347 
Cash distributions to unitholders, including incentive distributions(209)(51)— — (260)
Non-cash unit-based compensation7 — — — 7 
Other comprehensive loss, net of tax— — — (29)(29)
Net income205 49 29 — 283 
Balance, June 30, 2026$4,249 $2,637 $1,507 $(45)$8,348 
Common UnitholdersAOCITotal
Balance, December 31, 2024$4,066 $2 $4,068 
Cash distributions to unitholders, including incentive distributions(159)— (159)
Non-cash unit-based compensation4 — 4 
Other comprehensive income, net of tax— 1 1 
Units issued in acquisition5 — 5 
Other36 (6)30 
Net income 207 — 207 
Balance, March 31, 20254,159 (3)4,156 
Cash distributions to unitholders, including incentive distributions(163)— (163)
Non-cash unit-based compensation5 — 5 
Other comprehensive income, net of tax— 1 1 
Units issued in acquisition13 — 13 
Other(1)— (1)
Net income 86 — 86 
Balance, June 30, 2025$4,099 $(2)$4,097 
The accompanying notes are an integral part of these consolidated financial statements.
7

SUNOCO LP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
(unaudited)
Six Months Ended June 30,
20262025
OPERATING ACTIVITIES:
Net income$927 $293 
Reconciliation of net income to net cash provided by operating activities:
Depreciation, amortization and accretion568 310 
Amortization of deferred financing fees18 8 
Loss on disposal of assets and impairment charges2 1 
Loss on extinguishment of debt 1 19 
Other non-cash, net(17)28 
Non-cash unit-based compensation expense13 9 
Deferred income tax expense (benefit)10 (6)
Inventory valuation adjustments(426)(21)
Loss on foreign currency exchange114 — 
Equity in earnings of unconsolidated affiliates(89)(63)
Distributions from unconsolidated affiliates89 117 
Net change in operating assets and liabilities, net of effects of acquisitions and divestitures345 (296)
Net cash provided by operating activities1,555 399 
INVESTING ACTIVITIES:
Capital expenditures(372)(261)
TanQuid acquisition, net of cash acquired(194)— 
Delta acquisition, net of cash acquired(75)— 
Cash paid for other acquisitions(72)(104)
Contributions to unconsolidated affiliates(26)(40)
Distributions from unconsolidated affiliates in excess of cumulative earnings37 47 
Proceeds from disposal of property, plant and equipment4 8 
Net cash used in investing activities(698)(350)
FINANCING ACTIVITIES:
Senior notes borrowings1,200 1,000 
Senior notes repayments(1,604)(620)
GoZone bond repayment— (75)
Credit Facility borrowings1,896 1,536 
Credit Facility repayments(1,896)(1,533)
Loan origination costs(15)(13)
Cash distributions to common unitholders, including incentive distributions(398)(322)
Cash distributions to Class D unitholders(99)— 
Cash distributions to Series A Preferred unitholders(59)— 
Net cash used in financing activities(975)(27)
Net change in cash and cash equivalents(118)22 
Cash and cash equivalents, beginning of period891 94 
Cash and cash equivalents, end of period$773 $116 
The accompanying notes are an integral part of these consolidated financial statements.
8

SUNOCO LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollar amounts, except per unit data, are in millions)
(unaudited)
1.Organization and Principles of Consolidation
As used in this document, the terms “Partnership,” “Sunoco,” “we,” “us” or “our” should be understood to refer to Sunoco LP and its consolidated subsidiaries, unless the context clearly indicates otherwise.
We are a Texas master limited partnership. We are managed by our General Partner, which is owned by Energy Transfer. As of June 30, 2026, Energy Transfer and its subsidiaries owned 100% of the membership interest in our General Partner, 28,463,967 of our common units and all of our IDRs. In addition, Energy Transfer controls SunocoCorp, which owns all of the outstanding Class D Units and currently holds the rights to appoint and remove members of our General Partner.
We are primarily engaged in energy infrastructure and distribution of motor fuels across 33 countries and territories in North America, the Greater Caribbean and Europe. Our midstream operations include an extensive network of approximately 14,000 miles of pipeline and over 170 terminals. Our fuel distribution operations distribute over 15 billion gallons annually to approximately 11,000 Sunoco and partner branded locations, as well as independent dealers and commercial customers.
The consolidated financial statements include Sunoco LP, a publicly traded Texas limited partnership, and its wholly owned subsidiaries. In the opinion of the Partnership’s management, such financial information reflects all adjustments necessary for a fair presentation of the financial position and the results of operations for such interim periods in accordance with GAAP. All significant intercompany accounts and transactions have been eliminated in consolidation.
The operations of certain pipelines and terminals in which we own an undivided interest are proportionately consolidated in the accompanying consolidated financial statements.
2.Summary of Significant Accounting Policies
Interim Financial Statements
The accompanying interim consolidated financial statements have been prepared in accordance with GAAP. Pursuant to Regulation S-X, certain information and disclosures normally included in the annual consolidated financial statements have been condensed or omitted. The interim consolidated financial statements and notes included herein should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 19, 2026.
Significant Accounting Policies
As of June 30, 2026, there have been no changes in the Partnership's significant accounting policies from those described in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 19, 2026.
Motor Fuel and Sales Taxes
Certain motor fuel and sales taxes are collected from customers and remitted to governmental agencies either directly by the Partnership or through suppliers. The Partnership’s accounting policy for wholesale direct sales to dealers, distributors and commercial customers is to exclude the collected motor fuel tax from sales and cost of sales.
For retail locations where the Partnership holds inventory, including commission agent locations, motor fuel sales and motor fuel cost of sales include motor fuel taxes. Such amounts were $84 million and $35 million for the three months ended June 30, 2026 and 2025, respectively, and $269 million and $64 million for the six months ended June 30, 2026 and 2025, respectively. Merchandise sales and cost of merchandise sales are reported net of sales tax in our consolidated statements of operations.
Recent Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires disclosure of specified information about certain costs and expenses in the notes to the consolidated financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 is to be applied on a prospective basis, with retrospective application permitted. We are currently evaluating the impact, if any, of ASU 2024-03 on our consolidated financial statements and related disclosures.
9

3.Acquisitions
TanQuid Acquisition
On January 16, 2026, the Partnership completed the acquisition of TanQuid for €206 million ($239 million) and assumed debt with a fair value of €298 million ($346 million). TanQuid owns and operates 15 fuel terminals in Germany and one fuel terminal in Poland. The transaction was funded using cash on hand and amounts available under the Partnership's Credit Facility.
The acquisition was recorded using the acquisition method of accounting which requires, among other things, that assets and liabilities assumed be recognized on the balance sheet at their estimated fair values as of the date of acquisition, with any excess purchase price over the fair value of net assets acquired recorded to goodwill. Management, with the assistance of a third-party valuation specialist, determined the fair value of assets and liabilities as of the date of the acquisition. Determining the fair value involves the use of management's judgment as well as the use of significant estimates and assumptions.
As of the date these financial statements were issued, management and the third-party valuation specialist continue to evaluate certain assumptions, which could result in a change to the allocation of the fair value among reporting units or between line items on the consolidated balance sheet, potentially impacting deferred tax balances and/or goodwill.
The following table summarizes the preliminary allocation of the purchase price among assets acquired and liabilities assumed.
As of January 16, 2026
Total current assets$65 
Property, plant and equipment639 
Operating lease right-of-use assets, net59 
Other non-current assets1 
Total assets764 
Total current liabilities9 
Long-term debt346 
Operating lease non-current liabilities66 
Deferred tax liabilities62 
Other non-current liabilities42 
Total liabilities525 
Total consideration239 
Cash acquired45 
Total consideration, net of cash acquired$194 
Delta Acquisition
On April 1, 2026, the Partnership completed the acquisition of Delta for approximately $81 million, excluding cash acquired and net working capital. The purchase price was allocated $36 million to property, plant and equipment, net, $15 million to intangible assets, and $24 million to goodwill. Delta owns and operates terminals and fuel distribution assets across five Caribbean markets. The transaction was funded using cash on hand and amounts available under the Partnership's Credit Facility.
Other Acquisitions
In the first and second quarters of 2026, the Partnership completed other acquisitions for total cash consideration of approximately $50 million and $22 million, respectively, plus working capital. These transactions were accounted for as asset acquisitions.
On August 5, 2026, the Partnership entered into a definitive agreement to acquire a U.S.-based fuel distribution network in an all-cash transaction valued at approximately $600 million. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions.
10

4.Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, demand deposits and short-term investments with original maturities of three months or less.
The net change in operating assets and liabilities, net of effects of acquisitions and divestitures, included in the reconciliation of net income to net cash provided by operating activities is comprised as follows:
Six Months Ended June 30,
20262025
Accounts receivable, net$(1,346)$125 
Accounts receivable from affiliates(66)— 
Inventories, net411 (90)
Other assets259 (41)
Accounts payable1,056 (328)
Accounts payable to affiliates165 19 
Accrued expenses and other current liabilities118 (9)
Other non-current liabilities(252)28 
$345 $(296)
Non-cash investing and financing activities and supplemental cash flow information:
Six Months Ended June 30,
20262025
Units issued in connection with acquisitions$— $18 
Lease assets obtained in exchange for new lease liabilities143 35 
Interest paid384 231 
5.Accounts Receivable, net
Accounts receivable, net, consisted of the following:
June 30,
2026		December 31,
2025
Accounts receivable, trade$2,606 $1,686 
Credit card receivables51 42 
Other receivables672 286 
Allowance for expected credit losses(45)(42)
Accounts receivable, net$3,284 $1,972 
6.Inventories, net 
Fuel inventories included balances stated at the lower of cost or market using the LIFO method, except for certain fuel inventories in the Caribbean, as discussed below. As of June 30, 2026 and December 31, 2025, the Partnership’s fuel inventory balance included lower of cost or market reserves of $19 million and $472 million, respectively. For the three months ended June 30, 2026 and 2025, the Partnership's cost of sales included unfavorable inventory valuation adjustments of $18 million and $40 million, respectively, which decreased net income. For the six months ended June 30, 2026 and 2025, the Partnership’s cost of sales included favorable inventory valuation adjustments of $426 million and $21 million, respectively, which increased net income.
Inventories, net, consisted of the following:
June 30,
2026		December 31,
2025
Fuel$2,186 $2,178 
Other204 205 
Inventories, net$2,390 $2,383 
During the three months ended March 31, 2026, the Partnership reduced its overall fuel inventories, resulting in a LIFO liquidation. Based on the assumed impact to cost of sales if the liquidated inventories had been replaced, the effect of the LIFO liquidation was an increase of $102 million to pre-tax income, or $0.54 per common unit (excluding any income tax impact or any assumed changes to distributions) for the six months ended June 30, 2026, with no impact to the three months ended June 30, 2026. Interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs;
11

consequently, these interim estimates are subject to changes during the remainder of the year that could impact the final year-end inventory levels or valuation.
Certain of the Partnership’s fuel inventories in the Caribbean are stated at the lower of cost or market using the first-in, first-out method, under which the cost of fuel sold consists of older acquisition costs, including transportation and storage costs. These FIFO method inventories totaled $145 million and $88 million as of June 30, 2026 and December 31, 2025, respectively.
7.Investments in Unconsolidated Affiliates
Description of Investments
The following is a summary of the Partnership’s significant unconsolidated investments:
J.C. Nolan
Sunoco owns a 50% interest in J.C. Nolan, which provides diesel fuel storage in Midland, Texas with storage capacity of 130,000 barrels and transports diesel fuel from a tank farm in Hebert, Texas to Midland, Texas on a 500-mile pipeline with a throughput capacity of approximately 36 thousand barrels per day.
ET-S Permian
Sunoco owns a 32.5% interest in ET-S Permian, which operates more than 5,000 miles of crude oil and water gathering pipelines with crude oil storage capacity in excess of 11 million barrels.
SARA
Sunoco owns a 29% interest in SARA, which is a refinery based in Martinique with operations to sell refined crude oil in Guadeloupe, French Guiana and Martinique.
Isla
Sunoco owns a 50% interest in Isla, which is comprised of over 200 retail locations alongside an integrated commercial and aviation business in the Dominican Republic.
Summary of Balances Related to Unconsolidated Affiliates
The carrying values of the Partnership’s investments in unconsolidated affiliates as of June 30, 2026 and December 31, 2025 were as follows:
June 30,
2026		December 31,
2025
J.C. Nolan$117 $121 
ET-S Permian1,151 1,161 
SARA132 141 
Isla179 171 
Other31 30 
$1,610 $1,624 
The following table presents equity in earnings (losses) of unconsolidated affiliates:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
J.C. Nolan$1 $1 $3 $3 
ET-S Permian42 30 79 60 
SARA2 — 3 — 
Isla2 — 5 — 
Other— — (1)— 
$47 $31 $89 $63 
12

The following tables present selected balance sheet and income statement data for ET-S Permian (on a 100% basis):
June 30,
2026		December 31,
2025
Current assets
$134 $122 
Property, plant and equipment, net3,335 3,333 
Other assets356 308 
Total assets$3,825 $3,763 
Current liabilities$247 $159 
Non-current liabilities36 31 
Equity3,542 3,573 
Total liabilities and equity$3,825 $3,763 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues (1)
$9,051 $5,632 $16,189 $9,092 
Operating income131 97 245 189 
Net income130 93 244 185 
(1)    Includes transactions with affiliates of $8.96 billion and $5.55 billion for the three months ended June 30, 2026 and 2025, respectively, and $16.00 billion and $8.90 billion for the six months ended June 30, 2026 and 2025, respectively.
8.Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following:
June 30,
2026		December 31,
2025
Wage and other employee-related accrued expenses$66 $92 
Accrued tax expense157 187 
Accrued insurance expense23 37 
Accrued interest expense195 183 
Dealer deposits22 21 
Accrued capital expenditures27 46 
Accrued environmental expense32 10 
Contract liabilities107 102 
Other433 275 
Total$1,062 $953 
13

9.Debt Obligations
Our debt obligations consisted of the following:
June 30,
2026		December 31,
2025
Credit Facility$— $— 
6.000% senior notes due 2026 (1)
— 500 
3.875% CAD senior notes due 2026 (1)
— 400 
Parkland 3.875% CAD senior notes due 2026 (1)
— 37 
6.000% senior notes due 2027 (1)
— 600 
5.625% senior notes due 2027 (2)
550 550 
5.875% senior notes due 2027
499 499 
Parkland 5.875% senior notes due 2027 (1)
— 1 
5.875% senior notes due 2028
400 400 
7.000% senior notes due 2028
500 500 
6.000% CAD senior notes due 2028
268 277 
Parkland 6.000% CAD senior notes due 2028 (1)
— 14 
4.500% senior notes due 2029
800 800 
7.000% senior notes due 2029
750 750 
4.375% CAD senior notes due 2029
384 397 
Parkland 4.375% CAD senior notes due 2029 (1)
— 40 
4.500% senior notes due 2029
790 790 
Parkland 4.500% senior notes due 2029 (1)
— 10 
4.500% senior notes due 2030
800 800 
6.375% senior notes due 2030
600 600 
4.625% senior notes due 2030
798 798 
Parkland 4.625% senior notes due 2030 (1)
— 2 
5.625% senior notes due 2031
1,000 1,000 
5.375% senior notes due 2031
600 — 
7.250% senior notes due 2032
750 750 
6.625% senior notes due 2032
493 493 
Parkland 6.625% senior notes due 2032 (1)
— 7 
6.250% senior notes due 2033
1,000 1,000 
5.875% senior notes due 2034
900 900 
5.625% senior notes due 2034
600 — 
GoZone Bonds322 322 
Lease-related financing obligations and other subsidiary debt596 233 
Net unamortized premiums, discounts and fair value adjustments— 2 
Deferred debt issuance costs(86)(83)
Total debt13,314 13,389 
Less: current maturities6 17 
Total long-term debt, net$13,308 $13,372 
(1)    These senior notes were redeemed during the six months ended June 30, 2026. See additional information under “Recent Transactions.”
(2)     As of June 30, 2026, $550 million aggregate principal amount of senior notes due before June 30, 2027 were classified as long-term as management has the intent and ability to refinance the borrowings on a long-term basis.
Recent Transactions
In March 2026, the Partnership issued $600 million aggregate principal amount of 5.375% senior notes due 2031 and $600 million aggregate principal amount of 5.625% senior notes due 2034. These notes will mature on July 15, 2031 and July 15, 2034, respectively, and interest is payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2026. The Partnership used a portion of the net proceeds from this private offering to redeem in full its $500 million aggregate principal amount of 6.000% senior notes due 2026 and its $600 million aggregate principal amount of 6.000% senior notes due 2027.
In March 2026, the Partnership redeemed Parkland's remaining senior notes.
In June 2026, the Partnership redeemed all of its outstanding 3.875% CAD senior notes due 2026.
14

GoZone Bonds
NuStar Logistics' obligations include revenue bonds issued by the Parish of St. James, Louisiana pursuant to the Gulf Opportunity Zone Act of 2005 (the “GoZone Bonds”).
As reflected in the table below, the holders of the Series 2008, Series 2010B and Series 2011 GoZone Bonds are required to tender their bonds at the applicable mandatory purchase date in exchange for 100% of the principal plus accrued and unpaid interest, after which these bonds may be remarketed with a new interest rate established. Each of the Series 2010 and Series 2010A GoZone Bonds is subject to redemption on or after June 1, 2030 by the Parish of St. James, at Sunoco's option, in whole or in part, at a redemption price of 100% of the principal amount to be redeemed plus accrued and unpaid interest. Interest on the GoZone Bonds is payable semi-annually on June 1 and December 1 of each year.
The following table summarizes the GoZone Bonds outstanding as of June 30, 2026:
SeriesDate IssuedAmount OutstandingInterest RateMandatory Purchase DateOptional Redemption DateMaturity Date
Series 2008June 26, 2008$56 6.10 %June 1, 2030n/aJune 1, 2038
Series 2010July 15, 2010100 6.35 %n/aJune 1, 2030July 1, 2040
Series 2010AOctober 7, 201043 6.35 %n/aJune 1, 2030October 1, 2040
Series 2010BDecember 29, 201048 6.10 %June 1, 2030n/aDecember 1, 2040
Series 2011October 1, 202575 3.70 %June 1, 2030n/aAugust 1, 2041
NuStar Logistics’ agreements with the Parish of St. James related to the GoZone Bonds contain: (i) customary restrictive covenants that limit the ability of NuStar Logistics and its subsidiaries to, among other things, create liens, enter into certain sale leaseback transactions, and engage in certain consolidations, mergers or asset sales; and (ii) a repurchase provision which provides that if Sunoco undergoes a change of control that is followed by a ratings decline that occurs within 60 days of the change of control, then each holder may require the trustee, with funds provided by NuStar Logistics, to repurchase all or a portion of that holder’s GoZone Bonds at a price equal to 101% of the aggregate principal amount repurchased, plus any accrued and unpaid interest. The Partnership and certain of its subsidiaries are guarantors to the agreements related to the GoZone Bonds.
Credit Facility
The Partnership's $2.50 billion Credit Facility matures on June 17, 2030, which date may be extended in accordance with the terms of the Credit Facility. The Credit Facility can be increased from time to time upon Sunoco's written request, subject to certain conditions, up to an aggregate amount of $3.50 billion. As of June 30, 2026, we had no outstanding borrowings on the Credit Facility, and $183 million in standby letters of credit were outstanding. The unused availability on the Credit Facility as of June 30, 2026 was $2.32 billion. The weighted average interest rate on the total amount outstanding as of June 30, 2026 was 5.46%. The Partnership was in compliance with all financial covenants as of June 30, 2026. The Partnership's net leverage ratio was 3.7 to 1.00 at June 30, 2026.
Receivables Financing Agreement
Upon the closing of the NuStar Acquisition, the commitments under NuStar’s receivables financing agreement were reduced to zero during a suspension period, for which the period end has not been determined. As of June 30, 2026, this facility had no outstanding borrowings.
Fair Value of Debt
The aggregate estimated fair value and carrying amount of our consolidated debt obligations as of June 30, 2026 were $13.36 billion and $13.31 billion, respectively. As of December 31, 2025, the aggregate fair value and carrying amount of our consolidated debt obligations were $13.52 billion and $13.39 billion, respectively. The fair value of our consolidated debt obligations is a Level 2 valuation based on the respective debt obligations' observable inputs for similar liabilities.
10.Other Non-Current Liabilities
Other non-current liabilities consisted of the following:
June 30,
2026		December 31,
2025
Asset retirement obligations$208 $254 
Accrued environmental expense, long-term192 158 
Other128 100 
Total$528 $512 
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11.Related Party Transactions
We are party to fee-based commercial agreements with various affiliates for pipeline, terminalling and storage services. We also have agreements with subsidiaries of Energy Transfer and our unconsolidated affiliates for the purchase and sale of fuel. Additionally, under our Partnership Agreement, our General Partner does not receive a management fee or other compensation for its role as our general partner. However, our General Partner is reimbursed for all expenses incurred on our behalf. These expenses include shared service fees, as well as all other expenses necessary or appropriate to the conduct of our business that are allocable to us, as provided for in our Partnership Agreement. There is no cap on the amount that may be paid or reimbursed to our General Partner.
Summary of Related Party Transactions
Related party transactions for the three and six months ended June 30, 2026 and 2025 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Motor fuel sales to affiliates$253 $5 $486 $7 
Bulk fuel purchases from affiliates551 323 986 617 
Expense reimbursement12 10 24 21 
12.Revenue
The following table depicts the disaggregation of revenue:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Fuel$13,387 $4,991 $23,262 $9,798 
Non-fuel309 75 596 142 
Lease income43 30 82 59 
Pipeline throughput186 163 362 321 
Terminal throughput42 31 81 58 
Refinery135 — 281 — 
Other157 100 285 191 
Total revenues$14,259 $5,390 $24,949 $10,569 
Contract Balances with Customers
The balances of the Partnership’s contract assets and contract liabilities as of June 30, 2026 and December 31, 2025 were as follows:
June 30,
2026		December 31, 2025
Contract assets$607 $480 
Accounts receivable from contracts with customers2,612 1,686 
Contract liabilities136 125 
The following tables summarize the consolidated activity of our contract liabilities:
Contract Liabilities
Balance, December 31, 2025$125 
Additions51 
Revenue recognized(40)
Balance, June 30, 2026$136 
Contract Liabilities
Balance, December 31, 2024$39 
Additions10 
Revenue recognized(16)
Balance, June 30, 2025$33 
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Remaining Performance Obligations
The following table presents our estimated revenues from contracts with customers for remaining performance obligations that have not yet been recognized, representing our contractually committed revenue as of June 30, 2026:
Remaining Performance Obligations
2026(remaining)$241 
2027338 
2028238 
2029170 
2030144 
Thereafter288 
Total$1,419 
Our contractually committed revenue, for purposes of the tabular presentation above, is generally limited to customer contracts that have fixed pricing and fixed volume terms and conditions, including contracts with payment obligations for minimum volume commitments.
Costs to Obtain or Fulfill a Contract
The Partnership recognized amortization on capitalized costs incurred to obtain contracts of $17 million and $10 million for the three months ended June 30, 2026 and 2025, respectively, and $34 million and $19 million for the six months ended June 30, 2026 and 2025, respectively.
13.Commitments and Contingencies
Litigation and Contingencies
We may, from time to time, be involved in litigation and claims arising out of our operations in the normal course of business. In the ordinary course of business, we are sometimes threatened with or named as a defendant in various lawsuits seeking actual and punitive damages for personal injury and property damage. We maintain liability insurance with insurers in amounts and with coverage and deductibles management believes are reasonable and prudent, and which are generally accepted in the industry. However, there can be no assurance that the levels of insurance protection currently in effect will continue to be available at reasonable prices or that such levels will remain adequate to protect us from material expenses related to personal injury or property damage in the future. In addition, various regulatory agencies such as tax authorities, environmental agencies, or other such agencies may perform audits or reviews to ensure proper compliance with regulations. We are not fully insured for any claims that may arise from these various agencies and there can be no assurance that any claims arising from these activities would not have an adverse, material effect on our consolidated financial statements.
Environmental Remediation
Sunoco is subject to various federal, state, provincial and local environmental laws and regulations and makes financial expenditures in order to comply with regulations governing its operations adopted by federal, state, provincial and local regulatory agencies. Pursuant to the Resource Conservation and Recovery Act of 1976 (“RCRA”), as amended, the United States Environmental Protection Agency has established a comprehensive regulatory program for the detection, prevention, investigation and cleanup of leaking underground storage tanks. State, provincial or local agencies are often delegated the responsibility for implementing the federal program or developing and implementing equivalent state or local regulations. Additionally, with respect to the Burnaby Refinery, the federal Storage Tank Systems for Petroleum Products and Allied Petroleum Products Regulations impose technical standards for design, installation, operation and removal of federally regulated tanks.
Federal and state regulations require us to provide and maintain evidence that we are taking financial responsibility for corrective action and compensating third parties in the event of a release from our underground storage tank systems, pipelines and terminals. In order to comply with these requirements, we have historically obtained private insurance in the states in which we operate. These policies provide protection from third-party liability claims. During 2026, our coverage was $15 million per occurrence and in the aggregate. Our sites continue to be covered by these policies.
We are currently involved in the investigation and remediation of contamination at motor fuel storage and gasoline store sites where releases of regulated substances have been detected. We accrue for anticipated future costs and the related probable state
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reimbursement amounts for remediation activities. The table below reflects recorded estimated undiscounted liabilities for these sites which are classified as accrued expenses, other current liabilities and other non-current liabilities.
June 30,
2026		December 31,
2025
Current$32 $10 
Non-current192 158 
Total environmental liabilities$224 $168 
New York Motor Fuel Excise Tax Audit
New York State issued a motor fuel excise tax assessment to Sunoco, LLC, a wholly owned subsidiary of the Partnership, in the amount of approximately $20 million, exclusive of penalties and interest, for the periods of March 2017 through May 2020. Sunoco, LLC filed an appeal with the New York State Division of Tax Appeals challenging the assessment. Sunoco, LLC cannot predict the outcome of this matter at this time.
14.Equity
As of June 30, 2026, Energy Transfer and its subsidiaries owned 28,463,967 of our common units and the public owned 108,431,934 of our common units. As of June 30, 2026, our wholly owned subsidiaries owned all of the 16,410,780 Class C units representing limited partner interests in the Partnership. In connection with the Parkland Acquisition, Sunoco issued to SunocoCorp 51,517,198 Class D Units which are economically equivalent to Sunoco's publicly traded common units (the “Class D Units”).
Sunoco Common Units
The change in our outstanding common units for the six months ended June 30, 2026 was as follows: 
Number of Units
Number of common units at December 31, 2025
136,866,854 
Phantom unit vesting29,047 
Number of common units at June 30, 2026
136,895,901 
Class C Units
As of June 30, 2026, the Partnership had outstanding an aggregate of 16,410,780 Class C Units, all of which are held by wholly owned subsidiaries of the Partnership.
Class C Units (i) are not convertible or exchangeable into Common Units or any other units of the Partnership and are non-redeemable; (ii) are entitled to receive distributions of available cash of the Partnership (other than available cash derived from or attributable to any distribution received by the Partnership from Sunoco Retail, the proceeds of any sale of the membership interests of Sunoco Retail, or any interest or principal payments received by the Partnership with respect to indebtedness of Sunoco Retail or its subsidiaries) at a fixed rate equal to $0.8682 per quarter for each Class C Unit outstanding; (iii) do not have the right to vote on any matter except as otherwise required by any non-waivable provision of law; (iv) are not allocated any items of income, gain, loss, deduction or credit attributable to the Partnership’s ownership of, or sale or other disposition of, the membership interests of Sunoco Retail, or the Partnership’s ownership of any indebtedness of Sunoco Retail or any of its subsidiaries (“Sunoco Retail Items”); (v) will be allocated gross income (other than from Sunoco Retail Items) in an amount equal to the cash distributed to the holders of Class C Units and (vi) will be allocated depreciation, amortization and cost recovery deductions as if the Class C Units were Common Units and 1% of certain allocations of net termination gain (other than from Sunoco Retail Items).
Pursuant to the terms described above, these distributions do not have an impact on the Partnership’s consolidated cash flows and as such, are excluded from total cash distributions and allocation of limited partners’ interest in net income.
Class D Units
As of June 30, 2026, the Partnership had outstanding an aggregate of 51,517,198 Class D Units, which were issued in connection with the Parkland Acquisition in October 2025 and are held by SunocoCorp.
Class D Units (i) except as required by law and in addition to the voting rights established in the Partnership Agreement, are entitled to vote; (ii) shall represent limited partnership interests and common unit interests in the Partnership and shall be economically equivalent to other Partnership common units and no distribution may be made in respect of the Partnership’s common units unless an equal distribution is simultaneously made on the Class D Units; and (iii) provide dividend equalization rights for the period beginning on October 31, 2025 and ending December 31, 2027 (the “Equalization Period”), the Partnership shall ensure that SunocoCorp shall have cash necessary and sufficient to pay distributions on each SunocoCorp common unit for
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each quarter during the Equalization Period in an amount equal to 100% of the distributions paid by the Partnership on each Sunoco common unit during such quarter.
Preferred Units
In September 2025, the Partnership closed a private offering of 1.5 million of its 7.875% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units (the “Series A Preferred Units”) at an offering price of $1,000 per unit. The Partnership received net proceeds of approximately $1.47 billion from the sale of the Series A Preferred Units after deducting the initial purchasers' discount and other estimated offering expenses. The Partnership used the net proceeds from this private offering (i) on the closing date of the Parkland Acquisition, to fund a portion of the cash consideration for the Parkland Acquisition, and (ii) prior to the closing date of the Parkland Acquisition, to temporarily reduce the borrowings outstanding under the Partnership's Credit Facility and to pay interest and fees in connection therewith.
Cash Distributions
Our Partnership Agreement sets forth the calculation used to determine the amount and priority of cash distributions that the common unitholders receive.
Cash distributions declared and/or paid with respect to Sunoco common units and Class D Units subsequent to December 31, 2025 were as follows:
Limited Partners
Period EndedRecord DatePayment DatePer Unit DistributionDistributions on Common UnitsDistributions on Class D UnitsDistribution to IDR Holders
December 31, 2025February 6, 2026February 19, 2026$0.9317 $128 $48 $60 
March 31, 2026May 8, 2026May 20, 20260.9899 136 51 71 
June 30, 2026August 7, 2026August 19, 20261.0023 137 52 74 
Cash distributions with respect to our Series A Preferred Units, which are paid semi-annually, were as follows:
Record DatePayment DateRate
March 2, 2026March 18, 2026$39.38 
Accumulated Other Comprehensive Loss
The following table presents the components of AOCI, net of tax:
June 30,
2026		December 31,
2025
Foreign currency translation adjustment$(45)$(6)
Total AOCI included in partners’ capital, net of tax$(45)$(6)
15.Segment Reporting
Description of Segments
Our consolidated financial statements reflect four reportable segments: Fuel Distribution, Pipeline Systems, Terminals and Refinery.
Fuel Distribution. Our Fuel Distribution segment supplies fuel to customers that include independently operated dealer and distributor stations, commission agent operators, and commercial businesses. In addition, we supply our directly operated convenience retail facilities. Our Fuel Distribution segment also includes income from the Partnership’s properties that are leased, in addition to credit card services, franchise royalties and retail operations in North America and the Greater Caribbean.
Pipeline Systems. Our Pipeline Systems segment includes an integrated pipeline and terminal network comprised of approximately 6,000 miles of refined product pipeline (including the pipeline of J.C. Nolan), approximately 6,000 miles of crude oil pipeline (including the pipelines of ET-S Permian), approximately 2,000 miles of ammonia pipeline and 69 terminals.
Terminals. Our Terminals segment is composed of four transmix processing facilities and 102 refined product terminals (18 in Europe, six in Hawaii, nine in Canada, 20 in the Greater Caribbean and 49 in the continental United States).
Refinery. Our Refinery segment includes the Burnaby Refinery, which was acquired in the Parkland Acquisition, with an operational capacity of approximately 55,000 barrels per day. The refinery consumes primarily sweet conventional crude oil and sweet synthetic crude oil to produce gasoline, diesel and jet fuel among other products.
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Segment Operating Results
We report Adjusted EBITDA by segment as a measure of segment performance. We define Adjusted EBITDA as net income before net interest expense, income tax expense, depreciation, amortization and accretion expense, non-cash compensation expense, gains and losses on disposal of asset, non-cash impairment charges, losses on extinguishment of debt, unrealized gains and losses on commodity derivatives, inventory valuation adjustments, certain foreign currency transaction gains and losses and certain other operating expenses reflected in net income that we do not believe are indicative of ongoing core operations. Inventory valuation adjustments that are excluded from the calculation of Adjusted EBITDA represent changes in lower of cost or market reserves on the Partnership's inventory; these amounts are unrealized valuation adjustments applied to fuel volumes remaining in inventory at the end of the period.
The following tables present financial information by segment for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues:
Fuel Distribution
Revenues from external customers$13,739 $5,096 $23,940 $9,999 
Intersegment revenues686 9 904 22 
14,425 5,105 24,844 10,021 
Pipeline Systems
Revenues from external customers202 181 396 354 
Intersegment revenues5 1 9 2 
207 182 405 356 
Terminals
Revenues from external customers183 113 332 216 
Intersegment revenues388 230 673 466 
571 343 1,005 682 
Refinery
Revenues from external customers135 — 281 — 
Intersegment revenues858 — 1,364 — 
993 — 1,645 — 
Eliminations(1,937)(240)(2,950)(490)
Total$14,259 $5,390 $24,949 $10,569 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cost of sales:
Fuel Distribution$13,534 $4,843 $22,717 $9,398 
Pipeline Systems12 (1)26 (1)
Terminals371 219 580 440 
Refinery815 — 1,423 — 
Eliminations(1,937)(240)(2,950)(490)
Total$12,795 $4,821 $21,796 $9,347 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating and lease expenses, excluding non-cash unit-based compensation:
Fuel Distribution$305 $74 $574 $146 
Pipeline Systems54 45 103 89 
Terminals75 43 138 85 
Refinery— — — — 
Total$434 $162 $815 $320 
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Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
General and administrative expenses, excluding non-cash unit-based compensation:
Fuel Distribution$122 $26 $244 $46 
Pipeline Systems14 11 26 20 
Terminals12 10 23 17 
Refinery7 — 13 — 
Total$155 $47 $306 $83 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Other (1):
Fuel Distribution$(40)$(44)$276 $5 
Pipeline Systems(63)(50)(119)(101)
Terminals— — 44 3 
Refinery(4)— (9)— 
Total$(107)$(94)$192 $(93)
(1)    Other by segment includes Adjusted EBITDA from unconsolidated affiliates, unrealized gains and losses on commodity derivatives, inventory valuation adjustments and other less significant items, as applicable.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Segment Adjusted EBITDA:
Fuel Distribution$504 $206 $1,033 $426 
Pipeline Systems190 177 369 349 
Terminals113 71 220 137 
Refinery175 — 218 — 
Total$982 $454 $1,840 $912 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Reconciliation of net income to Adjusted EBITDA:
Net income$283 $86 $927 $293 
Depreciation, amortization and accretion282 154 568 310 
Interest expense, net204 123 405 244 
Non-cash unit-based compensation expense7 5 13 9 
(Gain) loss on disposal of assets and impairment charges3 (2)2 1 
Loss on extinguishment of debt— 17 1 19 
Unrealized (gains) losses on commodity derivatives(6)(7)50 (8)
Inventory valuation adjustments18 40 (426)(21)
Equity in earnings of unconsolidated affiliates(47)(31)(89)(63)
Adjusted EBITDA related to unconsolidated affiliates75 51 144 101 
Other non-cash adjustments84 11 131 22 
Income tax expense79 7 114 5 
Adjusted EBITDA (consolidated)$982 $454 $1,840 $912 
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16.Net Income per Common Unit
A reconciliation of the numerators and denominators of the basic and diluted per unit computations is as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net income$283 $86 $927 $293 
Less:
Incentive distribution rights
74 40 145 79 
Distributions on unvested phantom unit awards
2 1 4 3 
Preferred unitholders' interest in net income29 — 59 — 
Class D unitholder's interest in net income49 — 198 — 
Common unitholders’ interest in net income
$129 $45 $521 $211 
Weighted average common units outstanding:
Basic
136,895,211 136,432,676 136,892,005 136,350,550 
Dilutive effect of unvested phantom unit awards839,922 713,343 752,965 690,396 
Diluted
137,735,133 137,146,019 137,644,970 137,040,946 
Net income per common unit:
Basic
$0.94 $0.33 $3.81 $1.55 
Diluted
$0.94 $0.33 $3.79 $1.54 
17.Derivatives
Our subsidiaries hold working inventories of refined petroleum products, renewable fuels, gasoline blendstocks and transmix in storage. While in storage, volatility in the market price of stored motor fuel could adversely impact the price at which we can later sell the motor fuel. However, we may use futures, forwards and other derivative instruments (collectively, “positions”) to hedge a variety of price risks relating to deviations in that inventory from a target base operating level established by management. Derivative instruments utilized consist primarily of exchange-traded futures contracts traded on the New York Mercantile Exchange, Chicago Mercantile Exchange and Intercontinental Exchange, as well as over-the-counter transactions (including swap agreements) entered into with established financial institutions and other credit-approved energy companies. While these derivative instruments represent economic hedges, they are not designated as hedges for accounting purposes. We may also engage in controlled trading in accordance with specific parameters set forth in a written risk management policy.
On a consolidated basis, the Partnership had derivative positions on 6.9 million barrels with an aggregate unrealized gain of $63 million at June 30, 2026.
The following table summarizes the location and amounts recognized in our consolidated statements of operations with respect to our derivative financial instruments:
Location of Gain (Loss) Recognized on Income on Derivatives
Amount of Gain (Loss) Recognized in Income on Derivatives
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Derivatives not designated as hedging instruments:
Commodity derivativesCost of sales$(85)$14 $3 $28 
Interest rate derivativesOther, net2 — 2 — 
Total$(83)$14 $5 $28 
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The following table summarizes our interest rate swaps outstanding, none of which were designated as hedges for accounting purposes:
Notional Amount Outstanding
Term
Type (1)
June 30, 2026
December 2030 (2)
Pay an average fixed rate of 2.5095% and receive a floating rate
$126 
(1)Floating rates are based on EURIBOR.
(2)The December 2030 interest rate swap was acquired in conjunction with the Partnership's acquisition of TanQuid in 2026, with a notional amount of €111 million ($126 million).

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular dollar amounts, except per gallon data, are in millions)
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and notes to consolidated financial statements included elsewhere in this report. Additional discussion and analysis related to the Partnership is contained in our Annual Report on Form 10-K, including the audited consolidated financial statements for the fiscal year ended December 31, 2025 included therein.
Adjusted EBITDA is a non-GAAP financial measure of performance that has limitations and should not be considered as a substitute for net income or other GAAP measures. Please see “Key Measure Used to Evaluate and Assess Our Business” below for a discussion of our use of Adjusted EBITDA in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and a reconciliation to net income for the periods presented.
Cautionary Statement Regarding Forward-Looking Statements
Some of the information in this Quarterly Report on Form 10-Q may contain forward-looking statements within the meaning of Section 21E of the Exchange Act. All statements, other than statements of historical fact included in this Quarterly Report on Form 10-Q, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. Statements using words such as “believe,” “plan,” “could,” “expect,” “anticipate,” “intend,” “forecast,” “assume,” “estimate,” “continue,” “position,” “predict,” “project,” “goal,” “strategy,” “budget,” “potential,” “will” and other similar words or phrases are used to help identify forward-looking statements, although not all forward-looking statements contain such identifying words. Descriptions of our objectives, goals, targets, plans, strategies, costs, anticipated capital expenditures, expected cost savings and benefits are also forward-looking statements. These forward-looking statements are based on our current plans and expectations and involve a number of risks and uncertainties that could cause actual results and events to vary materially from the results and events anticipated or implied by such forward-looking statements, including:
•our ability to integrate acquisitions from affiliates or third parties, including the ability to successfully integrate Parkland's business;
•business strategy and operations of Energy Transfer and its conflicts of interest with us;
•changes in the price of and demand for the motor fuel that we distribute and our ability to appropriately hedge any motor fuel we hold in inventory;
•our dependence on limited principal suppliers;
•competition in the wholesale motor fuel distribution and retail store industry;
•changing customer preferences for alternate fuel sources or improvement in fuel efficiency;
•volatility of fuel prices or a prolonged period of low fuel prices and the effects of actions by, or disputes among or between, oil producing countries with respect to matters related to the price or production of oil;
•any acceleration of the domestic and/or international transition to a low carbon economy as a result of policy changes or otherwise;
•the possibility of cyber and malware attacks;
•changes in our credit rating, as assigned by rating agencies;
•a deterioration in the credit and/or capital markets, including as a result of recent increases in cost of capital resulting from Federal Reserve policies and changes in financial institutions’ policies or practices concerning businesses linked to fossil fuels;
•general economic conditions, including sustained periods of inflation, supply chain disruptions, new, increased and reciprocal tariffs and associated central bank monetary policies;
•environmental, tax and other federal, state and local laws and regulations;
•the macroeconomic, regulatory or other potential effects of a prolonged government shutdown;
•changes to, and the application of, regulation of tariff rates and operational requirements related to our joint ventures’ and subsidiaries’ interstate and intrastate pipelines, including the impact on the raw materials;
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•political and economic conditions and events in the U.S. and in foreign oil, natural gas and NGL producing countries, including embargoes, political and regulatory changes implemented by the Trump Administration and foreign investments, continued hostilities in the Middle East, including the Israel-Hamas conflict, conflict with Iran and other sustained military campaigns, the armed conflict in Ukraine and associated economic sanctions on Russia, conditions in South America, including most recently in Venezuela, Central America and China and acts of terrorism or sabotage;
•the fact that we are not fully insured against all risks incident to our business;
•dangers inherent in the storage and transportation of motor fuel;
•our ability to manage growth and/or control costs;
•our ability to successfully identify and consummate strategic acquisitions at purchase prices that are accretive to our financial results and to successfully integrate acquired businesses;
•our reliance on senior management, supplier trade credit and information technology; and
•our partnership structure, which may create conflicts of interest between us and our General Partner and its affiliates, and limits the fiduciary duties of our General Partner and its affiliates.
All forward-looking statements, expressed or implied, are expressly qualified in their entirety by the foregoing cautionary statements.
Many of the foregoing risks and uncertainties are, and will be, heightened by any further worsening of the global business and economic environment. New factors that could impact forward-looking statements emerge from time to time, and it is not possible for us to predict all such factors. Should one or more of the risks or uncertainties described or referenced in this Quarterly Report on Form 10-Q, our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 19, 2026 occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements.
You should not put undue reliance on any forward-looking statements. When considering forward-looking statements, please review the risks described or referenced under the heading “Part II - Item 1A. Risk Factors” herein, including the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 19, 2026. The list of factors that could affect future performance and the accuracy of forward-looking statements is illustrative but by no means exhaustive. Accordingly, all forward-looking statements should be evaluated with the understanding of their inherent uncertainty. The forward-looking statements included in this report are based on, and include, our estimates as of the filing of this report. We anticipate that subsequent events and market developments will cause our estimates to change. However, we specifically disclaim any obligation to update any forward-looking statements after the date of this Quarterly Report on Form 10-Q, except as required by law, even if new information becomes available in the future.
In addition to risks and uncertainties in the ordinary course of business that are common to all businesses, important factors that are specific to our structure as a limited partnership, our industry and our company could materially impact our future performance and results of operations.
Overview
As used in this Management’s Discussion and Analysis of Financial Condition and Results of Operations, the terms “Partnership,” “we,” “us” or “our” should be understood to refer to Sunoco LP and its consolidated subsidiaries, unless the context clearly indicates otherwise.
We are a Texas master limited partnership primarily engaged in energy infrastructure and distribution of motor fuels across 33 countries and territories in North America, the Greater Caribbean and Europe. Our midstream operations include an extensive network of approximately 14,000 miles of pipeline and over 170 terminals. Our fuel distribution operations distribute over 15 billion gallons annually to approximately 11,000 Sunoco and partner branded locations, as well as independent dealers and commercial customers.
Recent Developments
TanQuid Acquisition
On January 16, 2026, the Partnership completed the acquisition of TanQuid for €206 million ($239 million) and assumed debt with a fair value of €298 million ($346 million as of January 16, 2026). TanQuid owns and operates 15 fuel terminals in Germany and one fuel terminal in Poland. The transaction was funded using cash on hand and amounts available under the Partnership's Credit Facility.
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Delta Acquisition
On April 1, 2026, the Partnership completed the acquisition of Delta for approximately $81 million, excluding cash acquired and net working capital.. Delta owns and operates terminals and fuel distribution assets across five Caribbean markets. The transaction was funded using cash on hand and amounts available under the Partnership's Credit Facility.
Other Acquisitions
In the first and second quarters of 2026, the Partnership completed other acquisitions for total cash consideration of approximately $50 million and $22 million, respectively, plus working capital. These transactions were accounted for as asset acquisitions.
On August 5, 2026, the Partnership entered into a definitive agreement to acquire a U.S.-based fuel distribution network in an all-cash transaction valued at approximately $600 million. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions.
Regulatory Update
OECD Pillar Two Global Minimum Tax
The acquisition of Parkland brought Sunoco into the scope of the Pillar Two global minimum tax regime. Several jurisdictions in which Sunoco now operates have enacted legislation implementing the Organization for Economic Co-operation and Development (“OECD”) Pillar Two global minimum tax framework. These rules generally impose a 15% minimum top-up tax on the profits of large multinational enterprises. Sunoco estimates its Pillar Two global minimum tax expense to be immaterial in 2026 and has not accrued any current tax expense related to Pillar Two during the six months ended June 30, 2026.
On January 5, 2026, the OECD released new guidance that provides relief for U.S. parented multinationals and establishes a side-by-side framework for the U.S. tax system to coexist with Pillar Two global minimum tax. Effective for fiscal years beginning on or after January 1, 2026, U.S. parented multinationals would be exempt from the main charging provisions of Pillar Two. Sunoco will continue to estimate and potentially accrue Pillar Two global minimum tax until the relevant jurisdictions in which Sunoco operates enact the side-by-side framework into law.
Interstate Common Carrier Regulation
In December 2020, the FERC issued an order setting the indexed rate at the Producer Price Index for Finished Goods (PPI-FG) plus 0.78% during the five-year period commencing July 1, 2021 and ending June 30, 2026. The FERC received requests for rehearing of its December 17, 2020 order and on January 20, 2022, granted rehearing and modified the oil index. Specifically, for the five-year period commencing July 1, 2021 and ending June 30, 2026, FERC-regulated liquids pipelines charging indexed rates were permitted to adjust their indexed ceilings annually by PPI-FG minus 0.21%. The FERC directed liquids pipelines to recompute their ceiling levels for July 1, 2021 through June 30, 2022, as well as the ceiling levels for the period July 1, 2022 through June 30, 2023, based on the new index level. Where an oil pipeline’s filed rates exceeded its ceiling levels, the FERC ordered such oil pipelines to reduce the rate to bring it into compliance with the recomputed ceiling level to be effective March 1, 2022. Some parties sought rehearing of the January 20, 2022 order with the FERC, which was denied by the FERC on May 6, 2022. Certain parties appealed the January 20 and May 6 orders. On July 26, 2024, the D.C. Circuit ruled in LEPA v. FERC that the FERC violated the Administrative Procedure Act because the January 20, 2022 order modified the index without following notice and comment. As a result, the D.C. Circuit vacated the January 20, 2022 order and on September 17, 2024, the FERC reinstated the index level established by its original December 17, 2020 order, directed pipelines to file an informational filing to show their recomputed ceiling levels reflecting the reinstated index level and stated that pipelines could file to prospectively increase their indexed rates to their recomputed levels. On October 17, 2024, the FERC issued a Supplemental Notice of Proposed Rulemaking (“Supplemental NOPR”) that proposed a reduction to the then-effective index by one percent.
On November 20, 2025, the FERC withdrew the Supplemental NOPR and confirmed that the PPI-FG-0.78% index established in its December 17, 2020 order will remain in effect through June 30, 2026. On the same day, the FERC issued an Order Denying Rehearing of the Reinstatement Order and Granting Remedial Relief (“Remedial Relief Order”), which granted remedial relief to liquids pipelines for the period of March 1, 2022 to September 17, 2024 (the “Locked-In Period”), when the lower index was effective under the order vacated by the D.C. Circuit in LEPA v. FERC, but only if such pipelines charged the maximum rate allowed under the applicable index ceiling during the relevant time period. Parties have since filed requests for clarification or rehearing, as well as court appeals, to determine whether pipelines may recover rate differences in other scenarios. Those requests and appeals remain pending.
Also on November 20, 2025, the FERC issued a Notice of Proposed Rulemaking on the 2026 Five-Year Oil Pipeline Index (“2026 Index NOPR”), proposing to use the Producer Price Index for Finished Goods (“PPI-FG”) minus 1.42% as the index level beginning July 1, 2026 to June 30, 2031. The NOPR proceeded through the standard notice-and-comment process, with comments submitted in late 2025 and early 2026.
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On December 18, 2025, the FERC issued an Order Denying Petition for Emergency Relief (“Emergency Relief Order Denial”), which denied a petition requesting emergency relief from invoices issued by a liquid pipeline company to recover amounts of indexed rates for the Locked-In Period and explained that, consistent with the Remedial Relief Order, pipelines that charged the maximum rates permitted under the FERC’s now-vacated January 20, 2022 rehearing order during the Locked-In Period may invoice shippers to recover the amounts that would have been chargeable under the December 17, 2020 order.
In January 2026, multiple shippers filed petitions for review at the D.C. Circuit challenging the FERC’s November 20, 2025 orders, including the (i) Remedial Relief Order, (ii) Order Terminating Supplemental NOPR, and (iii) Emergency Relief Order Denial. These appeals are pending.
On April 24, 2026, the FERC issued an order setting the indexed rate at PPI-FG minus 0.55% during the five-year period commencing July 1, 2026 through June 30, 2031 (“Index Order”). Following issuance of the final rule on April 24, 2026, shippers and other parties filed petitions for review with the D.C. Circuit challenging the Index Order. Those petitions are pending.
Separately, on December 15, 2022, the FERC had issued a Proposed Policy Statement on Oil Pipeline Affiliate Committed Service, which addressed whether a contract for committed transportation service complies with the Interstate Commerce Act (“ICA”) where the only shipper to obtain the committed service is an affiliate of the regulated entity. The proposed policy statement would have created a rebuttable presumption that affiliate contracts are unduly discriminatory and not just and reasonable in certain circumstances and required a pipeline to produce additional evidentiary support for affiliate contracts rates and terms. On February 19, 2026, the FERC withdrew the proposed policy statement on the basis that the record contained insufficient evidence of discriminatory open season terms and conditions to merit an industry-wide policy statement. The FERC noted, however, that it would continue to address issues related to affiliated-only committed service in individual proceedings.
On May 21, 2026, the FERC issued a notice of proposed rulemaking to revise its blanket certificate regulations to expand the scope and scale of projects that interstate natural gas pipelines may construct without a case-specific authorization order and to increase the cost limits for such projects, among other changes.
Regulation of Intrastate Crude Oil and Products Pipelines
In addition to federally regulated body oversight, various states, including Colorado, Kansas, Louisiana, North Dakota and Texas, maintain commissions focused on the rates and practices of common carrier pipelines offering services within their borders. Although the applicable state statutes and regulations vary, they generally require that intrastate pipelines publish tariffs setting forth all rates, rules and regulations applying to intrastate service, and generally require that pipeline rates and practices be just, reasonable and nondiscriminatory.
Shippers may challenge tariff rates, rules and regulations on our pipelines. In most instances, state commissions have not initiated investigations of the rates or practices of pipelines in the absence of shipper complaints. There are no pending challenges or complaints regarding our tariffs or tariff rates.
In addition, as noted above, the rates, terms and conditions for shipments of crude oil or petroleum products on Sunoco’s pipelines could be subject to regulation by the FERC under the ICA and the Energy Policy Act of 1992 (“EPAct of 1992”) if the crude oil or petroleum products are transported in interstate or foreign commerce whether by its pipelines or other means of transportation. Since Sunoco does not control the entire transportation path of all crude oil or petroleum products shipped on our pipelines, FERC regulation could be triggered by our customers’ transportation decisions.
Regulation of Interstate Ammonia Pipelines
Our ammonia pipeline is subject to regulation by the Surface Transportation Board (the “STB”) pursuant to the ICA applicable to such pipelines (which differs from the ICA applicable to interstate liquids pipelines). Under that regulation, the ammonia pipeline’s rates, classifications, rules and practices related to the interstate transportation of anhydrous ammonia must be reasonable and, in providing interstate transportation, the ammonia pipeline may not subject a person, place, port or type of traffic to unreasonable discrimination. Similar to the crude and refined products pipelines, the rates for transportation services on the ammonia pipeline are required to be in a tariff which is posted publicly on Sunoco’s website, however, that tariff is not required to be on file with the STB. The STB does not prescribe an indexing approach similar to the EPAct of 1992 but rates under the STB must be reasonable and the pipeline may not subject a person, place, port or type of traffic to unreasonable discrimination.
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Key Measure Used to Evaluate and Assess Our Business
Adjusted EBITDA, as used throughout this document, is defined as net income before net interest expense, income tax expense, depreciation, amortization and accretion expense, non-cash compensation expense, gains and losses on disposal of asset, non-cash impairment charges, losses on extinguishment of debt, unrealized gains and losses on commodity derivatives, inventory valuation adjustments, certain foreign currency transaction gains and losses and certain other operating expenses reflected in net income that we do not believe are indicative of ongoing core operations. Inventory valuation adjustments that are excluded from the calculation of Adjusted EBITDA represent changes in lower of cost or market reserves on the Partnership's inventory; these amounts are unrealized valuation adjustments applied to fuel volumes remaining in inventory at the end of the period.
Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation of Adjusted EBITDA to net income, which is the most directly comparable financial measure calculated and presented in accordance with GAAP, read “Key Operating Metrics and Results of Operations” below.
We believe Adjusted EBITDA is useful to investors in evaluating our operating performance because:
•Adjusted EBITDA is used as a performance measure under our Credit Facility;
•securities analysts and other interested parties use Adjusted EBITDA as a measure of financial performance; and
•our management uses Adjusted EBITDA for internal planning purposes, including aspects of our consolidated operating budget and capital expenditures.
Adjusted EBITDA is not a recognized term under GAAP and does not purport to be an alternative to net income as a measure of operating performance. Adjusted EBITDA has limitations as an analytical tool, and one should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations include:
•it does not reflect interest expense or the cash requirements necessary to service interest or principal payments on our Credit Facility or senior notes;
•although depreciation, amortization and accretion are non-cash charges, the assets being depreciated, amortized and accreted will often have to be replaced in the future, and Adjusted EBITDA does not reflect cash requirements for such replacements; and
•as not all companies use identical calculations, our presentation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Adjusted EBITDA reflects amounts for the unconsolidated affiliates based on the same recognition and measurement methods used to record equity in earnings of unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliates as those excluded from the calculation of Adjusted EBITDA, such as interest, taxes, depreciation, amortization, accretion and other non-cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. Sunoco does not control its unconsolidated affiliates; therefore, Sunoco does not control the earnings or cash flows of such affiliates. The use of Adjusted EBITDA or Adjusted EBITDA related to unconsolidated affiliates as an analytical tool should be limited accordingly.
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Results of Operations
Consolidated Results
Three Months Ended
June 30,		Six Months Ended
June 30,
20262025Change20262025Change
Segment Adjusted EBITDA:
Fuel Distribution$504 $206 $298 $1,033 $426 $607 
Pipeline Systems190 177 13 369 349 20 
Terminals113 71 42 220 137 83 
Refinery175 — 175 218 — 218 
Adjusted EBITDA (consolidated)$982 $454 $528 $1,840 $912 $928 
Three Months Ended
June 30,		Six Months Ended
June 30,
20262025Change20262025Change
Reconciliation of net income to Adjusted EBITDA:
Net income$283 $86 $197 927 $293 $634 
Depreciation, amortization and accretion282 154 128 568 310 258 
Interest expense, net204 123 81 405 244 161 
Non-cash unit-based compensation expense7 5 2 13 9 4 
(Gain) loss on disposal of assets and impairment charges3 (2)5 2 1 1 
Loss on extinguishment of debt— 17 (17)1 19 (18)
Unrealized (gains) losses on commodity derivatives(6)(7)1 50 (8)58 
Inventory valuation adjustments18 40 (22)(426)(21)(405)
Equity in earnings of unconsolidated affiliates(47)(31)(16)(89)(63)(26)
Adjusted EBITDA related to unconsolidated affiliates75 51 24 144 101 43 
Other non-cash adjustments84 11 73 131 22 109 
Income tax expense79 7 72 114 5 109 
Adjusted EBITDA (consolidated)$982 $454 $528 $1,840 $912 $928 
Net Income. For the three and six months ended June 30, 2026 compared to the same periods last year, net income increased by $197 million and $634 million, or approximately 229% and 216%, respectively, primarily due to higher Segment Adjusted EBITDA from all our segments, with the most significant increases driven by the Parkland Acquisition and other acquisitions; these increases were partially offset by increases in depreciation, amortization and accretion and interest expense. These increases and decreases are discussed further below.
Adjusted EBITDA (consolidated). For the three and six months ended June 30, 2026 compared to the same periods last year, Adjusted EBITDA increased primarily due to the Parkland Acquisition and other acquisitions.
Additional information on changes impacting net income and comprehensive income (loss) and Adjusted EBITDA for the three and six months ended June 30, 2026 compared to the same periods last year is available below and in “Segment Operating Results.”
Depreciation, Amortization and Accretion. For the three and six months ended June 30, 2026 compared to the same periods last year, depreciation, amortization and accretion increased primarily due to additional depreciation and amortization from assets recently placed in service and from recent acquisitions.
Interest Expense, net. For the three and six months ended June 30, 2026 compared to the same periods last year, interest expense increased primarily due to an increase in average total long-term debt, including debt assumed in the Parkland Acquisition.
Loss on Extinguishment of Debt. For the three and six months ended June 30, 2025, loss on extinguishment of debt was primarily due to the termination of bridge financing related to the Parkland Acquisition.
Unrealized (Gains) Losses on Commodity Derivatives. The unrealized gains and losses on our commodity derivatives represent the changes in fair value of our commodity derivatives. The change in unrealized gains and losses between periods is impacted by
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the notional amounts and commodity price changes on our commodity derivatives. Additional information on commodity derivatives is included in “Item 3. Quantitative and Qualitative Disclosures about Market Risk” below.
Inventory Valuation Adjustments. Inventory valuation adjustments represent changes in lower of cost or market reserves using the LIFO method on the Partnership’s inventory. These amounts are unrealized valuation adjustments applied to fuel volumes remaining in inventory at the end of the period. For the three months ended June 30, 2026 and 2025, the Partnership's cost of sales included unfavorable inventory valuation adjustments of $18 million and $40 million, respectively, which decreased net income. For the six months ended June 30, 2026 and 2025, the Partnership’s cost of sales included favorable inventory valuation adjustments of $426 million and $21 million, respectively, which increased net income.
Adjusted EBITDA Related to Unconsolidated Affiliates and Equity in Earnings of Unconsolidated Affiliates. See additional information in “Supplemental Information on Unconsolidated Affiliates” and “Segment Operating Results.”
Income Tax Expense. For the three and six months ended June 30, 2026 compared to the same periods last year, income tax expense increased primarily due to increased corporate earnings from recent acquisitions. Some of the recent acquisitions have subsidiaries that operate in foreign jurisdictions where those subsidiaries are subject to statutory income tax rates that are higher than the U.S. federal corporate income tax rate. Additionally, the income tax expense from those recent acquisitions was further increased due to the non-deductibility of a portion of foreign currency exchange losses in certain Canadian subsidiaries and losses incurred in certain foreign subsidiaries that operate in foreign jurisdictions that do not impose a corporate income tax.
Supplemental Information on Unconsolidated Affiliates
The following table presents financial information related to unconsolidated affiliates:
Three Months Ended
June 30,		Six Months Ended
June 30,
20262025Change20262025Change
Equity in earnings (losses) of unconsolidated affiliates:
J.C. Nolan$1 $1 $— $3 $3 $— 
ET-S Permian42 30 12 79 60 19 
SARA2 — 2 3 — 3 
Isla2 — 2 5 — 5 
Other— — — (1)— (1)
Total$47 $31 $16 $89 $63 $26 
Adjusted EBITDA related to unconsolidated affiliates(1):
J.C. Nolan$4 $3 $1 $7 $6 $1 
ET-S Permian59 48 11 112 95 17 
SARA6 — 6 11 — 11 
Isla6 — 6 12 — 12 
Other— — — 2 — 2 
Total$75 $51 $24 $144 $101 $43 
Distributions received from unconsolidated affiliates:
J.C. Nolan$3 $3 $— $6 $5 $1 
ET-S Permian52 43 9 108 159 (51)
SARA8 — 8 8 — 8 
Isla2 — 2 4 — 4 
Other— — — — — — 
Total$65 $46 $19 $126 $164 $(38)
(1)These amounts represent our proportionate share of the Adjusted EBITDA of our unconsolidated affiliates and are based on our equity in earnings or losses of our unconsolidated affiliates adjusted for our proportionate share of the unconsolidated affiliates’ interest, depreciation, amortization, accretion, non-cash items and taxes.
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Segment Operating Results
We evaluate segment performance based on Segment Adjusted EBITDA, which we believe is an important performance measure of the core profitability of our operations. This measure represents the basis of our internal financial reporting and is one of the performance measures used by senior management in deciding how to allocate capital resources among business segments.
The following tables identify the components of Segment Adjusted EBITDA, which is calculated as follows:
•Segment profit, operating expenses and selling, general and administrative expenses. These amounts represent the amounts included in our consolidated financial statements that are attributable to each segment.
•Adjusted EBITDA related to unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliates as those excluded from the calculation of Segment Adjusted EBITDA, such as interest, taxes, depreciation, amortization, accretion and other non-cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. We do not control our unconsolidated affiliates; therefore, we do not control the earnings or cash flows of such affiliates.
The following analysis of segment operating results includes a measure of segment profit. Segment profit is a non-GAAP financial measure and is presented herein to assist in the analysis of segment operating results and particularly to facilitate an understanding of the impacts that changes in sales revenues have on the segment performance measure of Segment Adjusted EBITDA. Segment profit is similar to the GAAP measure of gross profit, except that segment profit excludes charges for depreciation, amortization and accretion. The most directly comparable measure to segment profit is gross profit.
The following table presents a reconciliation of segment profit to gross profit:
Three Months Ended
June 30,		Six Months Ended
June 30,
20262025Change20262025Change
Fuel Distribution segment profit$891 $262 $629 $2,127 $623 $1,504 
Pipeline Systems segment profit195 183 12 379 357 22 
Terminals segment profit200 124 76 425 242 183 
Refinery segment profit178 — 178 222 — 222 
Total segment profit1,464 569 895 3,153 1,222 1,931 
Depreciation, amortization and accretion, excluding corporate and other281 153 128 565 309 256 
Gross profit$1,183 $416 $767 $2,588 $913 $1,675 
In addition, for the Fuel Distribution segment, the following section includes information on the components of segment profit by sales type, which components are included in order to provide additional disaggregated information to facilitate the analysis of segment profit and Segment Adjusted EBITDA. These components of segment profit are calculated consistent with the calculation of segment profit; therefore, these components also exclude charges for depreciation, amortization and accretion.
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Fuel Distribution
Three Months Ended
June 30,		Six Months Ended
June 30,
20262025Change20262025Change
Motor fuel gallons sold (millions)4,125 2,188 1,937 7,921 4,275 3,646 
Motor fuel profit cents per gallon (1)
17.1 ¢10.5 ¢6.6 ¢17.0 ¢11.0 ¢6.0 ¢
Fuel profit$686 $191 $495 $1,730 $488 $1,242 
Non-fuel profit162 41 121 315 76 239 
Lease profit43 30 13 82 59 23 
Fuel Distribution segment profit$891 $262 $629 $2,127 $623 $1,504 
Unrealized (gains) losses on commodity risk management activities(4)(7)3 50 (8)58 
Expenses, excluding non-cash unit-based compensation expense (2)
(427)(100)(327)(818)(192)(626)
Adjusted EBITDA related to unconsolidated affiliates6 — 6 14 — 14 
Inventory valuation adjustments18 40 (22)(380)(18)(362)
Other20 11 9 40 21 19 
Segment Adjusted EBITDA$504 $206 $298 $1,033 $426 $607 
(1)    Excludes the impact of inventory valuation adjustments consistent with the definition of Adjusted EBITDA.
(2)    Includes operating expenses, general and administrative and lease expense.
Volumes. For the three and six months ended June 30, 2026 compared to the same periods last year, volumes increased primarily due to the Parkland Acquisition.
Segment Adjusted EBITDA. For the three months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our Fuel Distribution segment increased due to the net impact of the following:
•an increase of $610 million in segment profit (excluding unrealized gains and losses on commodity risk management activities and inventory valuation adjustments) primarily due to the Parkland Acquisition and other acquisitions; and
•an increase of $6 million in Adjusted EBITDA related to unconsolidated affiliates due to investments acquired in the Parkland Acquisition; partially offset by
•an increase of $327 million in expenses primarily due to the Parkland Acquisition.
For the six months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our Fuel Distribution segment increased due to the net impact of the following:
•an increase of $1.2 billion in segment profit (excluding unrealized gains and losses on commodity risk management activities and inventory valuation adjustments) primarily due to the Parkland Acquisition and other acquisitions, as well as a favorable impact from a one-time gain on sale of inventory in the current period; and
•an increase of $14 million in Adjusted EBITDA related to unconsolidated affiliates due to investments acquired in the Parkland Acquisition; partially offset by
•an increase of $626 million in expenses primarily due to the Parkland Acquisition.
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Pipeline Systems
Three Months Ended
June 30,		Six Months Ended
June 30,
20262025Change20262025Change
Pipelines throughput (thousand barrels per day)1,347 1,231 116 1,319 1,244 75 
Pipeline Systems segment profit$195 $183 $12 $379 $357 $22 
Expenses, excluding non-cash unit-based compensation expense (1)
(68)(56)(12)(129)(109)(20)
Adjusted EBITDA related to unconsolidated affiliates63 51 12 119 101 18 
Other— (1)1 — — — 
Segment Adjusted EBITDA$190 $177 $13 $369 $349 $20 
(1)    Includes operating expenses, general and administrative and lease expense.
Volumes. For the three and six months ended June 30, 2026 compared to the same periods last year, the increase in throughput volumes reflected the impact of refinery turnarounds in the prior period and overall increased market demand in 2026.
Segment Adjusted EBITDA. For the three months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our Pipeline Systems segment increased due to the net impact of the following:
•a $12 million increase in segment profit primarily due to increased throughput driven by market demand and new business, along with a regulatory order impacting prior period rates; and
•a $12 million increase in Adjusted EBITDA related to ET-S Permian; partially offset by
•a $12 million increase in expenses primarily due to higher maintenance costs, utility costs and corporate allocations.
For the six months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our Pipeline Systems segment increased due to the net impact of the following:
•a $22 million increase in segment profit primarily due to increased throughput driven by market demand and new business, along with a regulatory order impacting prior period rates; and
•an $18 million increase in Adjusted EBITDA related to ET-S Permian; partially offset by
•a $20 million increase in expenses primarily due to higher maintenance costs, utility costs and corporate allocations.
Terminals
Three Months Ended
June 30,		Six Months Ended
June 30,
20262025Change20262025Change
Throughput (thousand barrels per day)1,065 702 363 1,039 661 378 
Terminals segment profit$200 $124 $76 $425 $242 $183 
Expenses, excluding non-cash unit-based compensation expense (1)
(87)(53)(34)(161)(102)(59)
Inventory valuation adjustments— — — (44)(3)(41)
Segment Adjusted EBITDA$113 $71 $42 $220 $137 $83 
(1)    Includes operating expenses, general and administrative and lease expense.
Volumes. For the three and six months ended June 30, 2026 compared to the same periods last year, volumes increased due to recently acquired assets.
Segment Adjusted EBITDA. For the three months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our Terminals segment increased due to the net impact of the following:
•a $76 million increase in segment profit (excluding inventory valuation adjustments) primarily due to the acquisitions of Parkland and TanQuid, as well as customer growth; partially offset by
•a $34 million increase in expenses primarily due to the acquisitions of Parkland and TanQuid.
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For the six months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our Terminals segment increased due to the net impact of the following:
•a $142 million increase in segment profit (excluding inventory valuation adjustments) primarily due to the acquisitions of Parkland and TanQuid, as well as customer growth; partially offset by
•a $59 million increase in expenses primarily due to the acquisitions of Parkland and TanQuid.
Refinery
Three Months Ended
June 30,		Six Months Ended
June 30,
20262025Change20262025Change
Crude utilization97 %— %97 %68 %— %68 %
Composite utilization103 %— %103 %71 %— %71 %
Crude throughput (thousand barrels per day)54 — 54 37 — 37 
Bio-feedstock throughput (thousand barrels per day)3 — 3 2 — 2 
Refinery segment profit (1)
$178 $— $178 $222 $— $222 
Unrealized gains on commodity risk management activities(2)— (2)— — — 
Expenses, excluding non-cash unit-based compensation expense (2)
(7)— (7)(13)— (13)
Adjusted EBITDA related to unconsolidated affiliates6 — 6 11 — 11 
Inventory valuation adjustments— — — (2)— (2)
Segment Adjusted EBITDA$175 $— $175 $218 $— $218 
(1)    Includes $50 million and $111 million of production costs, supply and logistics, and terminal operating costs for the three and six months ended June 30, 2026.
(2)    Includes operating expenses, general and administrative and lease expense.
Volumes. For the three and six months ended June 30, 2026 compared to the same periods last year, volumes increased due to recently acquired assets.
Segment Adjusted EBITDA. For the three and six months ended June 30, 2026 compared to the same periods last year, Segment Adjusted EBITDA related to our Refinery segment increased due to the Parkland Acquisition.
Liquidity and Capital Resources
Liquidity
Our principal liquidity requirements are to finance current operations, to fund capital expenditures, including acquisitions from time to time, to service our debt and to make distributions. We expect our ongoing sources of liquidity to include cash generated from operations, borrowings under our Credit Facility and the issuance of additional long-term debt or partnership units as appropriate given market conditions. We expect that these sources of funds will be adequate to provide for our short-term and long-term liquidity needs.
Our ability to meet our debt service obligations and other capital requirements, including capital expenditures and acquisitions, will depend on our future operating performance which, in turn, will be subject to general economic, financial, business, competitive, legislative, regulatory and other conditions, many of which are beyond our control. As a normal part of our business, depending on market conditions, we will from time to time consider opportunities to repay, redeem, repurchase or refinance our indebtedness. Changes in our operating plans, lower than anticipated sales, increased expenses, acquisitions or other events may cause us to seek additional debt or equity financing in future periods. There can be no guarantee that financing will be available on acceptable terms or at all. Debt financing, if available, could impose additional cash payment obligations and additional covenants and operating restrictions. In addition, any of the risks described or referenced under the heading “Part II - Item 1A. Risk Factors” herein, including the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2025 may also significantly impact our liquidity.
As of June 30, 2026, we had $773 million of cash and cash equivalents on hand and borrowing capacity of $2.32 billion on our Credit Facility. The Partnership was in compliance with all financial covenants at June 30, 2026. Based on our current estimates, we expect to utilize capacity under the Credit Facility, along with cash from operations, to fund our announced growth capital expenditures and working capital needs for 2026; however, we may issue debt or equity securities as we deem prudent to provide liquidity for new capital projects or other partnership purposes.
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Cash Flows
Our cash flows may change in the future due to a number of factors, some of which we cannot control. These factors include regulatory changes, the price of products and services, the demand for such products and services, margin requirements resulting from significant changes in commodity prices, operational risks, the successful integration of our acquisitions and other factors.
Operating Activities
Changes in cash flows from operating activities between periods primarily result from changes in earnings, excluding the impacts of non-cash items and changes in operating assets and liabilities (net of effects of acquisitions and divestitures). Non-cash items include recurring non-cash expenses, such as depreciation, amortization and accretion expense and non-cash unit-based compensation expense. Cash flows from operating activities also differ from earnings as a result of non-cash charges that may not be recurring, such as impairment charges. Our daily working capital requirements fluctuate within each month, primarily in response to the timing of payments for motor fuels, motor fuels tax and rent.
Six months ended June 30, 2026 compared to six months ended June 30, 2025. Net cash provided by operating activities during 2026 was $1.56 billion compared to $399 million for 2025, and net income was $927 million for 2026 and $293 million for 2025. The difference between net income and net cash provided by operating activities for the six months ended June 30, 2026 primarily consisted of net changes in operating assets and liabilities of $345 million and non-cash items totaling $194 million.
The non-cash activity in 2026 and 2025 consisted primarily of depreciation, amortization and accretion of $568 million and $310 million, respectively, non-cash unit-based compensation expense of $13 million and $9 million, respectively, favorable inventory valuation adjustments of $426 million and $21 million, respectively, loss on extinguishment of debt of $1 million and $19 million, respectively, loss on disposal of assets and impairment charges of $2 million and $1 million, respectively, amortization of deferred financing fees of $18 million and $8 million, respectively, and deferred income tax expense of $10 million and deferred income tax benefit of $6 million, respectively. Net income also included equity in earnings of unconsolidated affiliates of $89 million and $63 million in 2026 and 2025, respectively. In 2026, there was a $114 million loss on foreign currency exchange due to our foreign operations resulted from the Parkland Acquisition.
Cash provided by operating activities included cash distributions received from unconsolidated affiliates that were deemed to be paid from cumulative earnings, which distributions were $89 million in 2026 and $117 million in 2025.
Investing Activities
Cash flows from investing activities primarily consist of capital expenditures, cash contributions to unconsolidated affiliates, cash amounts paid for acquisitions and cash proceeds from the sale or disposal of assets. Changes in capital expenditures between periods primarily result from increases or decreases in our growth capital expenditures to fund our construction and expansion projects.
Six months ended June 30, 2026 compared to six months ended June 30, 2025. Net cash used in investing activities during 2026 was $698 million compared to $350 million in 2025. Capital expenditures for 2026 were $372 million compared to $261 million for 2025. In 2026, we paid $194 million for the acquisition of TanQuid, $75 million for the acquisition of Delta and $72 million in cash for other acquisitions. In 2025, we paid $104 million in cash for other acquisitions. Proceeds from disposal of property, plant and equipment were $4 million and $8 million for 2026 and 2025, respectively.
In 2026 and in 2025, we paid $26 million and $40 million in cash contributions to unconsolidated affiliates, respectively. Distributions from unconsolidated affiliates in excess of cumulative earnings were $37 million and $47 million for 2026 and 2025, respectively.
Financing Activities
Changes in cash flows from financing activities between periods primarily result from changes in the levels of borrowings and equity issuances, which are primarily used to fund our acquisitions and growth capital expenditures. Distributions increase between the periods based on increases in the number of common units outstanding or increases in the distribution rate.
Six months ended June 30, 2026 compared to six months ended June 30, 2025. Net cash used in financing activities during 2026 was $975 million compared to $27 million in 2025.
During the six months ended June 30, 2026, we:
•borrowed $1.20 billion and repaid $1.60 billion in senior notes;
•borrowed $1.90 billion and repaid $1.90 billion under the Credit Facility;
•paid $15 million in loan origination costs;
•paid $59 million in distributions to Series A Preferred unitholders;
35

•paid $99 million in distributions to Class D unitholders; and
•paid $398 million in distributions to our common unitholders, including incentive distributions.
During the six months ended June 30, 2025, we:
•borrowed $1.00 billion and repaid $620 million in senior notes;
•borrowed $1.54 billion and repaid $1.53 billion under the Credit Facility;
•repurchased $75 million principal amount of Series 2011 GoZone Bonds;
•paid $13 million in loan origination costs; and
•paid $322 million in distributions to our common unitholders, including incentive distributions.
We intend to pay cash distributions to the holders of our common units and Class C Units on a quarterly basis, to the extent we have sufficient cash from our operations after establishment of cash reserves and payment of fees and expenses, including payments to our General Partner and its affiliates. Class C unitholders receive distributions at a fixed rate equal to $0.8682 per quarter for each Class C Unit outstanding. There is no guarantee that we will pay a distribution on our units. On July 27, 2026, we declared a quarterly distribution of $1.0023 per common unit based on the results for the three months ended June 30, 2026, excluding distributions to Class C unitholders. The distribution will be approximately $137 million in the aggregate for common units, approximately $52 million with respect to Class D Units and approximately $74 million with respect to IDRs, and will be paid on August 19, 2026 to unitholders of record as of August 7, 2026.    
Capital Expenditures
For the six months ended June 30, 2026, total capital expenditures on an accrual basis were $401 million, which included $231 million for growth capital and $170 million for maintenance capital. This includes the Partnership's proportionate share of capital expenditures related to its investments in ET-S Permian and J.C. Nolan of $25 million for growth capital and $4 million for maintenance capital.
We currently expect to spend between $400 million and $450 million in maintenance capital expenditures and at least $600 million in growth capital for the full year 2026. These amounts include the Partnership's proportionate share for joint ventures.
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Description of Indebtedness
As of the dates set forth below, our outstanding consolidated indebtedness was as follows:
June 30,
2026		December 31,
2025
Credit Facility$— $— 
6.000% senior notes due 2026 (1)
— 500 
3.875% CAD senior notes due 2026 (1)
— 400 
Parkland 3.875% CAD senior notes due 2026 (1)
— 37 
6.000% senior notes due 2027 (1)
— 600 
5.625% senior notes due 2027 (2)
550 550 
5.875% senior notes due 2027
499 499 
Parkland 5.875% senior notes due 2027 (1)
— 1 
5.875% senior notes due 2028
400 400 
7.000% senior notes due 2028
500 500 
6.000% CAD senior notes due 2028
268 277 
Parkland 6.000% CAD senior notes due 2028 (1)
— 14 
4.500% senior notes due 2029
800 800 
7.000% senior notes due 2029
750 750 
4.375% CAD senior notes due 2029
384 397 
Parkland 4.375% CAD senior notes due 2029 (1)
— 40 
4.500% senior notes due 2029
790 790 
Parkland 4.500% senior notes due 2029 (1)
— 10 
4.500% senior notes due 2030
800 800 
6.375% senior notes due 2030
600 600 
4.625% senior notes due 2030
798 798 
Parkland 4.625% senior notes due 2030 (1)
— 2 
5.625% senior notes due 2031
1,000 1,000 
5.375% senior notes due 2031
600 — 
7.250% senior notes due 2032
750 750 
6.625% senior notes due 2032
493 493 
Parkland 6.625% senior notes due 2032 (1)
— 7 
6.250% senior notes due 2033
1,000 1,000 
5.875% senior notes due 2034
900 900 
5.625% senior notes due 2034
600 — 
GoZone Bonds322 322 
Lease-related financing obligations and other subsidiary debt596 233 
Net unamortized premiums, discounts and fair value adjustments— 2 
Deferred debt issuance costs(86)(83)
Total debt13,314 13,389 
Less: current maturities6 17 
Total long-term debt, net$13,308 $13,372 
(1)    These senior notes were redeemed during the six months ended June 30, 2026. See additional information under “Recent Transactions.”
(2)     As of June 30, 2026, $550 million aggregate principal amount of senior notes due before June 30, 2027 were classified as long-term as management has the intent and ability to refinance the borrowings on a long-term basis.
Recent Transactions
In March 2026, the Partnership issued $600 million aggregate principal amount of 5.375% senior notes due 2031 and $600 million aggregate principal amount of 5.625% senior notes due 2034. These notes will mature on July 15, 2031 and July 15, 2034, respectively, and interest is payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2026. The Partnership used a portion of the net proceeds from this private offering to redeem in full its $500 million aggregate principal amount of 6.000% senior notes due 2026 and its $600 million aggregate principal amount of 6.000% senior notes due 2027.
In March 2026, the Partnership redeemed Parkland's remaining senior notes.
In June 2026, the Partnership redeemed all of its outstanding 3.875% CAD senior notes due 2026.
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Credit Facility
As of June 30, 2026, we had no outstanding borrowings on the Credit Facility, which matures on June 17, 2030, and $183 million standby letters of credit were outstanding. The unused availability on the Credit Facility as of June 30, 2026 was $2.32 billion. The weighted average interest rate on the total amount outstanding as of June 30, 2026 was 5.46%. The Partnership was in compliance with all financial covenants as of June 30, 2026.
Upon the closing of the NuStar Acquisition, the commitments under NuStar’s receivables financing agreement were reduced to zero during a suspension period, for which the period end has not been determined. As of June 30, 2026, this facility had no outstanding borrowings.
Guarantor Summarized Financial Information
The senior notes issued by NuStar Logistics are fully and unconditionally guaranteed by Sunoco LP, Sunoco Finance Corp. and certain of its subsidiaries; the senior notes issued by Sunoco LP and the senior notes co-issued by Sunoco LP and Sunoco Finance Corp. are fully and unconditionally guaranteed by NuStar, NuStar Logistics and certain other subsidiaries. Each guarantee of the senior notes (i) ranks equally in right of payment with all other existing and future unsecured senior indebtedness of that guarantor, (ii) is structurally subordinated to all existing and any future indebtedness and obligations of any subsidiaries of that guarantor that do not guarantee the notes and (iii) ranks senior to its guarantee of our subordinated indebtedness. See Note 9 of the Notes to Financial Statements in Item 1. “Financial Statements” for a discussion of certain of our debt obligations.
The following tables present summarized combined balance sheet and income statement information for Sunoco LP, Sunoco Finance Corp. and NuStar Logistics (the “Issuers”), as well as the subsidiaries that guarantee the senior notes issued by those three entities (collectively with the Issuers, the “Guarantor Issuer Group”). Intercompany items among the Guarantor Issuer Group have been eliminated in the summarized combined financial information below, as well as intercompany balances and activity for the Guarantor Issuer Group with non-guarantor subsidiaries, including the Guarantor Issuer Group’s investment balances in non-guarantor subsidiaries.
In accordance with Rule 13-01 of Regulation S-X, the summarized financial information of the Guarantor Issuer Group presented below excludes the respective entities’ investments in the non-guarantor subsidiaries, which investments totaled $5.21 billion as of June 30, 2026. Because the non-guarantor subsidiaries are not guarantors under the senior notes issued by the Guarantor Issuer Group, the assets and equity of the non-guarantor subsidiaries are not directly available to satisfy the repayment of those senior notes; however, the Partnership directly or indirectly owns all of the equity and controlling interest in the non-guarantor subsidiaries, and for substantially all of those subsidiaries, there are no significant restrictions on the ability of the subsidiaries to pay distributions or make loans to such subsidiaries’ respective parent. Consequently, the Partnership believes that its consolidated financial statements more accurately depict its ability to meet its obligations under its senior notes issued by the Guarantor Issuer Group.
The balances as of December 31, 2025 in the table below have been adjusted from previously reported amounts to conform to the current period; the change includes the impact of allocating fair value to non-guarantor subsidiaries in connection with purchase accounting that was in process as of December 31, 2025.
Summarized Combined Balance Sheet Information for the Guarantor Issuer Group:June 30,
2026		December 31,
2025
Current assets$3,121 $2,544 
Non-current assets11,666 11,317 
Current liabilities(a)
2,847 1,816 
Non-current liabilities, including long-term debt13,936 14,200 
(a)Excludes $316 million and $418 million of net intercompany payables owed to the non-guarantor subsidiaries from the Guarantor Issuer Group as of June 30, 2026 and December 31, 2025, respectively.
Long-term assets for the non-guarantor subsidiaries totaled $11.48 billion and $11.53 billion as of June 30, 2026 and December 31, 2025, respectively.
Summarized Combined Income Statement Information for the Guarantor Issuer Group:Six Months Ended June 30, 2026
Revenues$12,558 
Operating income983 
Net income626 
Revenues and net income for the non-guarantor subsidiaries totaled $12.39 billion and $301 million, respectively, for the six months ended June 30, 2026.
38

Critical Accounting Estimates
The Partnership's critical accounting estimates are described in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 19, 2026. No significant changes have occurred subsequent to the Form 10-K filing.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Interest Rate Risk
We are subject to market risk from exposure to changes in interest rates based on our financing, investing and cash management activities. As of June 30, 2026, we had $289 million of variable rate debt outstanding. A hypothetical change of 100 basis points would result in a maximum potential change to interest expense of approximately $3 million annually.
Our primary exposure relates to:
•interest rate risk on short-term borrowings; and
•the impact of interest rate movements on our ability to obtain adequate financing to fund future acquisitions.
While we cannot predict or manage our ability to refinance existing debt or the impact interest rate movements will have on our existing debt, management evaluates our financial position on an ongoing basis. From time to time, we may enter into interest rate swaps to reduce the impact of changes in interest rates on our floating rate debt.
The following table summarizes our interest rate swaps outstanding, none of which were designated as hedges for accounting purposes (dollar amounts presented in millions):
Notional Amount Outstanding
Term
Type (1)
June 30, 2026
December 2030 (2)
Pay an average fixed rate of 2.5095% and receive a floating rate$126 
(1)Floating rates are based on EURIBOR.
(2)The December 2030 interest rate swap was acquired in conjunction with the Partnership's acquisition of TanQuid in 2026, with a notional amount of €111 million ($126 million).
Commodity Price Risk
Our subsidiaries hold working inventories of refined petroleum products, renewable fuels, gasoline blendstocks and transmix in storage. As of June 30, 2026, we held approximately $1.90 billion of such inventory. While in storage, volatility in the market price of stored motor fuel could adversely impact the price at which we can later sell the motor fuel. However, we may use futures, forwards and other derivative instruments (collectively, “positions”) to hedge a variety of price risks relating to deviations in that inventory from a target base operating level established by management. Derivative instruments utilized consist primarily of exchange-traded futures contracts traded on the New York Mercantile Exchange, Chicago Mercantile Exchange and Intercontinental Exchange, as well as over-the-counter transactions (including swap agreements) entered into with established financial institutions and other credit-approved energy companies. While these derivative instruments represent economic hedges, they are not designated as hedges for accounting purposes. We may also engage in controlled trading in accordance with specific parameters set forth in a written risk management policy.
On a consolidated basis, the Partnership had derivative positions on 6.9 million barrels with an aggregate unrealized gain of $63 million at June 30, 2026, for which an assumed hypothetical 10% change in the underlying price of the commodity would result in an impact of approximately $42 million to pre-tax income, excluding any offsetting impact to the inventory that is economically hedged by these open positions.
Foreign Currency Translation Risk
We generate revenues, incur expenses, and maintain investments and subsidiaries in currencies other than the U.S. dollar. As a result, our reported earnings, cash flows, and AOCI are exposed to fluctuations in foreign currency exchange rates. Changes in exchange rates can affect the U.S. dollar value of our foreign‑currency‑denominated assets and liabilities, as well as the translation of the operating results and financial position of our international subsidiaries. We may utilize derivative instruments, including foreign currency forward contracts and other hedging strategies, to mitigate the effects of foreign currency‑denominated cash flow and earnings exposures. As of June 30, 2026, the Partnership did not have any outstanding foreign currency derivatives.
39

Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As required by paragraph (b) of Rule 13a-15 under the Exchange Act, our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Based on such evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, has concluded, as of the end of the period covered by this report, that our disclosure controls and procedures were effective at the reasonable assurance level for which they were designed in that the information required to be disclosed by the Partnership in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) or Rule 15d-15(f) of the Exchange Act) during the three months ended June 30, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
40

PART II – OTHER INFORMATION
Item 1. Legal Proceedings
For information regarding legal proceedings, see our Annual Report on Form 10-K filed with the SEC on February 19, 2026 and Note 13 in “Item 1. Financial Statements” in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.
Sunoco, Aloha Petroleum and other affiliates are defendants in lawsuits alleging liability for climate change impacts from greenhouse gas emissions in Hawaii, Maine and Vermont. Plaintiffs in these cases allege deceptive marketing and concealment of information about these effects, violations of state consumer protection and unfair trade practices laws, and seek certain equitable relief, statutory and civil penalties, punitive damages, disgorgement of profits and attorney’s fees. We are unable to estimate the possible loss or range of loss in excess of amounts accrued. Sunoco intends to vigorously defend the subject claims.
Item 1A. Risk Factors
There have been no material changes from the risk factors described in “Part I — Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 19, 2026, as updated by Exhibit 99.1 to our current report on Form 8-K filed on July 6, 2026.
41

Item 6. Exhibits
Exhibit No.Description
2.1
Agreement and Plan of Merger, dated as of January 22, 2024, by and among Sunoco LP, Saturn Merger Sub, LLC, NuStar Energy L.P., Riverwalk Logistics, L.P., NuStar GP, LLC and Sunoco GP, LLC (incorporated by reference to Exhibit 2.1 of the current report on Form 8-K (File Number 001-35653) filed by the registrant on January 22, 2024)
2.2
Contribution Agreement, by and among Sunoco LP, SUN Pipeline Holdings LLC, NuStar Permian Transportation and Storage LLC, NuStar Permian Crude Logistics LLC, NuStar Permian Holdings LLC, NuStar Logistics, L.P., ET-S Permian Holdings Company LP, ET-S Permian Pipeline Company LLC, ET-S Permian Marketing Company LLC, Energy Transfer LP, and Energy Transfer Crude Marketing, LLC, dated as of July 14, 2024 (incorporated by reference to Exhibit 2.1 of the current report on Form 8-K (File Number 001-35653) filed by the registrant on July 18, 2024)
2.3
Arrangement Agreement, dated as of May 4, 2025, by and among Sunoco LP, NuStar GP Holdings, LLC, 2709716 Alberta Ltd. and Parkland Corporation (incorporated by reference to Exhibit 2.1 of the current report on Form 8-K (File Number 001-35653) filed by the registrant on May 6, 2025)
2.4
First Amending Agreement to the Arrangement Agreement, dated as of May 26, 2025, by and among Sunoco LP, NuStar GP Holdings, LLC, 2709716 Alberta Ltd. and Parkland Corporation (incorporated by reference to Exhibit 2.1 of the current report on Form 8-K (File Number 001-35653) filed by the registrant on May 29, 2025)
2.5
Second Amending Agreement, dated as of October 10, 2025, by and among Sunoco LP, 2709716 Alberta ULC, SunocoCorp LLC, and Parkland Corporation (incorporated by reference to Exhibit 2.3 of the current report on Form 8-K (File Number 001-35653) filed by the registrant on November 3, 2025)
2.6
Plan of Conversion of Sunoco LP, dated as of July 2, 2026 (incorporated by reference to Exhibit 2.1 of the current report on Form 8-K12B (File Number 001-35653) filed by the registrant on July 6, 2026)
3.1
Certificate of Formation of Sunoco LP, dated as of July 2, 2026 (incorporated by reference to Exhibit 3.1 of the current report on Form 8-K12B (File Number 001-35653) filed by the registrant on July 6, 2026)
3.2
Agreement of Limited Partnership of Sunoco LP, dated as of July 6, 2026 (incorporated by reference to Exhibit 3.2 of the current report on Form 8-K12B (File Number 001-35653) filed by the registrant on July 6, 2026)
22.1 *
List of Guarantor and Issuer Subsidiaries
31.1 *
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act
31.2 *
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act
32.1 **
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
32.2 **
101 *
The following financial information from the Partnership’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, formatted in Inline XBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements
104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
*Filed herewith
**Furnished herewith
42

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
 
SUNOCO LP
BySunoco GP LLC, its general partner
Date: August 6, 2026By/s/ Rick Raymer
Rick Raymer
Vice President, Controller and Principal Accounting Officer
(In his capacity as principal accounting officer)
43

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