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JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P.

Sunoco Logistics Partners L.P. · Jun 28, 2016 · 25 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 1
    INVESTOR PRESENTATION June 2016
  2. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 2
    COMPANY OVERVIEW * Retail Fuel Convenience Store / Merchandise Retail operations at 1,338 locations in: Pro forma merchandise sales of 2.2 billion in 2015 Southwest TX, OK, NM, LA 27 consecutive years of Nashville, TN same store…
  3. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 3
    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 wide non-fuel retail merchandise sales are strong and growing…
  4. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 4
    DROPDOWNS HAVE RAPIDLY INCREASED SCALE AND DIVERSITY SUN (1) MACS / 31.58% of Susser 68.42% of Sunoco, Tigermarket Sunoco, LLC Holdings Corp LLC & 100% Sunoco Retail LLC Date August 29, 2014 October 1, 2014 April 1, July 31, March…
  5. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 5
    RETAIL ACQUISITION COMPLETES TRANSITION OF RETAIL ASSETS FROM ETP Completed Retail Acquisition 68.42% of 100% of Sunoco SUN, prior to Retail Acquisition (1) SUN Pro Forma Sunoco, LLC Retail LLC FYE 12/31/15 Adjusted (2) 460…
  6. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 6
    ORGANIC GROWTH, ACQUISITIONS AND DROP DOWNS HAVE MEANINGFULLY INCREASED CASH FLOW, SCALE AND DIVERSITY Adjusted EBITDA (MM) Gallons Sold (MM) SUN 68% LLC + Sunoco R&M SUN 31.58% Sunoco LLC SHC 68.42% Sunoco LLC + Sunoco R&M 7,620…
  7. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 7
    OVER 350 MILLION IN THIRD PARTY M&A SINCE DECEMBER 2014 Aloha Pico Aziz Quick Hawaii Northeast Petroleum Petroleum Stops Sites Distributor Acquired Acquired December 2014 Acquired April Acquired July December 2015 2015 2015 from…
  8. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 8
    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 Building 35-40 new-builds in 2016 in high…
  9. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 9
    NEW BIG BOX STORES DRIVE CASH FLOW GROWTH New stores produce 2-3X cash flows of smaller legacy stores Nearly all new builds are 6,800 sq ft 20% of all Stripes are over 6,800 sq ft 130,000 Sq Ft Lot 20,000 Sq Ft Lot vs. 6,800…
  10. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 10
    SUNS UNIQUE VALUE DRIVERS Fuel Convenience Food Land Bank Typically 40-60 parcels in queue for future development 11
  11. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 11
    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 2015 WTI (/bbl) Retail Margin…
  12. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 12
    DIVERSIFIED LINES OF BUSINESS GENERATE A PORTFOLIO OF STABLE CASH FLOWS Gross Profit Contribution By Channel (FYE 2015) SUN Pro Forma (1) Gallon Breakdown 5% 2% 33% 30% 67% 13% 18% 39% 9% Fuel Gross Profit 37% 26%…
  13. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 13
    BRAND PORTFOLIO WITH POWERFUL REACH AND STRENGTH Brand equity and presence spans fuel, food service and convenience store platforms Sunoco ranks in the top 100 U.S. brands in both familiarity and favorability (1) Second among…
  14. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 14
    FINANCIAL STRATEGY Financial Flexibility Distribution Growth Currently rated Ba2/BB stable Target long-term distribution coverage of 1.1x Target long-term leverage ratio of 4.0x-4.5x Preserve liquidity under revolving credit…
  15. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 15
    SUN CAPITAL STRUCTURE ( in Millions) 3/31/16 As Adjusted 3/31/16 (1) Cash 77 77 Debt 1.5 Billion Revolver 675 675 6.375% Senior Notes Due 2023 800 800 6.25% Senior Notes Due 2021 - 800 5.5% Senior Notes Due 2020 600 600 Other…
  16. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 16
    1Q 2016 OPERATING PERFORMANCE Three Months Ended Three Months Ended March 31, 2015 March 31, 2016 Gallons Sold (in thousands): Retail 589,096 608,141 Wholesale 1,296,575 1,232,599 Total Gallons 1,885,671 1,840,740 Motor Fuel…
  17. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 17
    APPENDIX 18
  18. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 18
    SUMMARY ORGANIZATIONAL STRUCTURE Publicly Traded MLP Energy Transfer Equity, L.P. (NYSE: ETE) Public 100% GP Interest, IDRs Unitholders 2% LP Interest (1) Energy Transfer Partners, L.P. 52% LP (NYSE: ETP) Interest (1) 46% LP…
  19. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 19
    SUN LP POISED TO HOLD A LEADING POSITION IN A STABLE & THRIVING C-STORE INDUSTRY Resilient industry growth 2015 marked the 13th consecutive year of industry-wide merchandise sales growth Increasing demand for convenience and improved…
  20. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 20
    FRAGMENTED CONVENIENCE STORE INDUSTRY OFFERS ATTRACTIVE ACQUISITION OPPORTUNITIES Industry is highly fragmented with nearly Ownership of 124,000 Convenience Stores 80,000 stores having operators with less than Selling Fuels ten…
  21. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 21
    WHOLESALE SEGMENT OVERVIEW Highly complementary with Retail Highlights of the Wholesale Business Increases purchasing power / De minimis direct diversification Wholesale Volume by Channel commodity risk Increases strategic…
  22. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 22
    THE COMBINED PLATFORM IS ONE OF THE LEADING RETAIL PLATFORMS Market Capitalization (mm) US States with Operations EBITDA Last Fiscal Year End (mm) 33,019 43 1,913 4,455 703 30 3,159 24 482 2,929 2,585 422 343 14 14 (1)…
  23. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 23
    RETAIL ACQUISITION OVERVIEW On March 31, 2016, SUN completed its acquisition of the remaining wholesale fuel and retail assets from ETP for a total purchase price of 2.226 billion The transaction is expected to be immediately…
  24. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 24
    SUN RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME ( in Thousands) Predecessor Fiscal Year Fiscal Year Fiscal Year Ended Ended Ended Twelve Months Fiscal Year Ended December 31, December 31, December 31, Ended December December…
  25. JP Morgan Inaugural Energy Equity Conference – Sunoco Logistics Partners L.P. – slide 25
    PRO FORMA RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME ( in Thousands) Fiscal Year Ended December 31, 2015 Legacy SUN, prior to Retail 68.42% Sunoco Pro Forma Acquisition Sunoco LLC Retail LLC Financing Total Net income (loss)…

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