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Sunoco Logistics Increases Distribution 10 Percent Quarter Over Quarter And Reports Earnings For The Third Quarter 2012

Sunoco Logistics Partners L.P. (NYSE: SXL) (the “Partnership”) today announced net income attributable to partners for the third quarter 2012 of $134 million ($1.09 per limited partner unit diluted), compared with $95 million ($0.78 per limited partner unit diluted) for the third quarter 2011. Additionally, Sunoco Partners LLC, the general partner of the Partnership, declared a cash distribution for the third quarter 2012 of $0.5175 per common unit ($2.07 annualized) to be paid on November 14, 2012 to unit holders of record on November 8, 2012. This represents a 10 percent increase over the second quarter 2012 cash distribution of $0.47 per common unit ($1.88 annualized) and a 25 percent increase over the third quarter 2011 cash distribution of $0.4133 per common unit ($1.65 annualized). Additional highlights of the third quarter include:
  • Adjusted EBITDA of $188 million, a 25 percent increase from prior year
  • An increase in distributable cash flow of 37 percent from the prior year to $149 million
  • Completed successful open seasons for the Permian Express Phase I, Allegheny Access and Mariner East projects
  • Ended the quarter with a Debt to Adjusted EBITDA ratio of 2.3x

“Strong demand for our services and other market opportunities within our crude oil business contributed to another excellent quarter,” said Michael J. Hennigan, president and chief executive officer. “Our assets are attractively positioned across our footprint and we are always looking at ways to optimize their use. The three successful open seasons we completed during the quarter demonstrate our commitment to both customers and organic growth in our business.”

Successful open seasons have now been completed for three exciting projects that will add to the Partnership’s fee-based businesses. The projects touch each of the Partnership’s key platforms, providing balanced growth:
  • Permian Express Phase I, a crude oil pipeline project, provides West Texas producers and Gulf Coast refiners with a fast and flexible crude oil solution. It is expected to be operational in the second quarter of 2013 at an initial capacity of 90,000 barrels per day, with full capacity of 150,000 barrels per day on-line in late 2013 or early 2014.
  • Allegheny Access, a refined products pipeline project, will transport refined products from the Midwest to markets in eastern Ohio and western Pennsylvania. It is expected to be operational in the first half of 2014 with an initial capacity of 85,000 barrels per day and will be expandable to 110,000 barrels per day.
  • Mariner East, a natural gas liquids project, will move ethane and propane by pipeline from western Pennsylvania to Marcus Hook, Pennsylvania, where it will be processed, stored, and distributed to local, regional, and international markets. The project is anticipated to have an initial capacity to transport approximately 70,000 barrels per day of natural gas liquids and can be expanded to support higher volumes. Mariner East is expected to be transporting propane by the second half of 2014 and to be fully operational to deliver both propane and ethane in the first half of 2015.

“Together, these projects represent an ambitious growth plan that will create tremendous value,” Hennigan said. “For 2013, we plan to increase organic capital spending to approximately $700 million in connection with our announced major projects, as well as continued expansion of our existing assets.”

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