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UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P.

Sunoco Logistics Partners L.P. · Jan 12, 2016 · 31 slides

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Slides

  1. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 1
    UBS MLP ONE-ON-ONE CONFERENCE January 12-13, 2016
  2. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 2
    SUN OFFERS COMPELLING INVESTMENT HIGHLIGHTS Leading Position SUN owns and represents some of the most iconic brands in the motor fuels industry in Attractive Industry Industrywide non-fuel retail merchandise sales are strong and…
  3. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 3
    FINAL DROPDOWN COMPLETES SUNS TRANSFORMATION SUNs Transformation at a Glance Overview of 4th & Final Dropdown ETP Acquires Susser Holdings Corp. (SUSS) ETP sells its remaining wholesale fuel and GP/IDRs of Susser Petroleum Partners LP…
  4. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 4
    FINAL DROPDOWN BENEFITS FOR SUN UNITHOLDERS Credit profile materially improved and will Immediately continue to strengthen as SUN continues accretive to SUNs to expand and diversify organically and through acquisitions distributable…
  5. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 5
    DETAILS OF FINAL DROPDOWN FROM ETP Total purchase price of 2.226 billion for Sources (mm) Term Loan A 2,035 68.42% interest in Sunoco, LLC SUN Units Issued to ETP 194 Equity Private Placement 750 (wholesale fuel business) SUN…
  6. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 6
    FINAL DROPDOWN CONSOLIDATES ALL RETAIL ASSETS INTO SUNOCO LP Current SUN Final Dropdown Dropdown 3: Susser 68.42% of SUN Sunoco R&M SUN Pro Forma Holdings (1) Sunoco, LLC FYE 12/31/14 Adjusted 307 (2) 161 210 (3) 846 168…
  7. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 7
    SUMMARY PRO FORMA ORG STRUCTURE Publicly Traded MLP Energy Transfer Equity, L.P. Businesses to be acquired (NYSE: ETE) Public 100% GP Interest, IDRs Unitholders 2% LP Interest (1) Energy Transfer Partners, L.P. 52% LP (NYSE: ETP)…
  8. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 8
    SUNS UNIQUE VALUE DRIVERS Fuel Convenience Food Land Bank Typically 40-60 parcels in queue for future development 9
  9. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 9
    WHOLESALE AND RETAIL MARGINS ARE RESILIENT THROUGH COMMODITY CYCLES Cents/gal /bbl 30 150 25 130 20 110 15 90 10 70 5 50 0 30 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD 2015 WTI (/bbl) Retail Margin…
  10. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 10
    DROPDOWNS AND ACQUISITIONS HAVE RAPIDLY INCREASED SCALE AND DIVERSITY SUN (1) MACS / Aloha 31.58% of Susser 68.42% of Sunoco, SUN Pro Tigermarket Petroleum, Sunoco, Holdings LLC & 100% Forma Ltd. LLC Corp Sunoco Retail Date August…
  11. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 11
    ORGANIC GROWTH, ACQUISITIONS AND DROP DOWNS HAVE MEANINGFULLY INCREASED CASH FLOW, SCALE AND DIVERSITY Adjusted EBITDA (MM) Gallons Sold (MM) SUN SHC 32% Sunoco LLC 68% Sunoco LLC + Sunoco R&M SUN SHC 32% Sunoco LLC 68% Sunoco LLC +…
  12. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 12
    DIVERSIFIED LINES OF BUSINESS GENERATE A PORTFOLIO OF STABLE CASH FLOWS Gross Profit Contribution By Channel (LTM 9/30/15) Current SUN (1) SUN Pro Forma (2) 6% 5% 27% 2% 31% 35%13% 18% 42% 9% 25% 28% Total = 1,372…
  13. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 13
    THE COMBINED PLATFORM IS ONE OF THE LEADING RETAIL PLATFORMS (2) Enterprise Value (mm) Merchandise Sales 24,478 5,311 7,645 5,477 4,617 2,576 2,127 2,237 3,267 1,435 (1) (3) PF SUN Couche-Tard CST Casey's Murphy USA…
  14. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 14
    LAREDO TACO COMPANY: SUNS SECRET INGREDIENT 15
  15. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 15
    STRIPES & LAREDO TACO COMPANY: STRONG TRACK RECORD OF SAME STORE SALES GROWTH Overview Food Service Sales (1) 26 straight years of same store sales growth 300 Above industry average inside-sales business 250 Laredo Taco Company…
  16. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 16
    GENERATING GROWTH THROUGH INTEGRATION AND EXECUTION OF STRATEGY Key Drivers Average Fuel Gallons Sold per Stripes Retail Store (000s) 1,800 1,705 Leveraging powerful fuel brands 1,700 1,669 1,578 Significant scale in procurement…
  17. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 17
    SUN WILL CONTINUE TO LEVERAGE ORGANIC GROWTH OPPORTUNITIES 40 new-build Stripes stores completed in 2015 in high growth markets with favorable demographics utilizing land bank inventory New to Allows for more open and modern store…
  18. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 18
    FRAGMENTED CONVENIENCE STORE INDUSTRY OFFERS ATTRACTIVE ACQUISITION OPPORTUNITIES Industry is highly fragmented with nearly 80,000 stores comprising of operators Ownership of 128,000 Convenience Stores Selling Fuel (1) with less than…
  19. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 19
    FINANCIAL STRATEGY Distribution Growth Financial Flexibility Target long-term distribution coverage of 1.1x Currently rated Ba2/BB stable Continued focus on organic growth opportunities Target long-term leverage ratio of…
  20. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 20
    SUN HAS CONSISTENTLY GROWN DISTRIBUTIONS SINCE 2012 IPO Proven History of Strong Distribution Growth for 10 Consecutive Quarters and Counting / Unit 24% DPU CAGR 0.80 0.75 0.70 0.69 0.65 0.60 0.60 0.55 0.50 0.52 0.50…
  21. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 21
    SUN CAPITAL STRUCTURE ( in Millions) Historical 9/30/15 As Adjusted 9/30/15 (1) Cash 48 48 Debt 1.5bn Revolver 875 300 6.375% Senior Notes Due 2023 800 800 5.5% Senior Notes Due 2020 600 600 Other Debt 182 182 Term Loan A 0…
  22. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 22
    RATING AGENCY COMMENTS The outlook revision reflects our view that the company's enhanced size and scale accomplished from the transaction only partially offsets our expectation for higher near-term leverage in the range of 5x-5.5x in…
  23. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 23
    SUN IS WELL POSITIONED FOR LONG-TERM GROWTH IN UNITHOLDER VALUE Diversified Business and Geography Mitigates Risk and Volatility Strong Track Leading Record of Market Stable Cash Position with Flows Iconic Brands Highly…
  24. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 24
    SUMMARY SUNOCO LP STRATEGY Stability Visible Growth Significant amount of long-term fuel Ability to pursue combined retail / supply agreements wholesale asset acquisitions in highly attractive markets Historical stability of fuel…
  25. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 25
    APPENDIX 26
  26. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 26
    3Q 2015 OPERATING PERFORMANCE Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Gallons Sold (in thousands): Retail 353,641 1,060,297 Wholesale 608,397 1,788,579 Affiliated 90,387 262,367 Total Pro…
  27. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 27
    SUN LP POISED TO HOLD A LEADING POSITION IN A STABLE & THRIVING C-STORE INDUSTRY Resilient industry growth 2014 marked the 12th consecutive year of industry-wide merchandise sales growth Increasing demand for convenience and improved…
  28. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 28
    SUN RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME ( in Thousands) Predecessor Successor Pro Forma Pro Forma Combined Actual Combined Fiscal Year Fiscal Year Fiscal Year Results for the Results for the Ended Ended Ended Twelve…
  29. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 29
    SUNOCO, LLC RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME ( in Thousands) Fiscal Year Ended December 31, 2013 2014 Net income (loss) 134,413 36,732 Depreciation, amortization and accretion 48,091 50,547 Income tax expense…
  30. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 30
    SUNOCO R&M RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME ( in Thousands) Fiscal Year Ended December 31, 2014 Net income (loss) 82,196 Depreciation, amortization and accretion 73,706 Income tax expense 2 EBITDA 155,902…
  31. UBS MLP ONE ON ONE CONFERENCE – Sunoco Logistics Partners L.P. – slide 31
    SUSSER RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA ( in Thousands) Historical (1) Pro Forma Adjustments Pro Forma Memo - EBITDA and DCF reconciliation Susser SUN (2) Adjustments (3) Susser Fiscal Year Ended Fiscal Year Ended Fiscal…

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