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TheStreet Open House

Sunoco Logistics Reports Record Earnings For The Fourth Quarter 2012

Stocks in this article: SXL

Sunoco Logistics Partners L.P. (NYSE: SXL) (the “Partnership”) today announced its financial results for the fourth quarter ended December 31, 2012. Adjusted EBITDA for the three months ended December 31, 2012 increased $40 million to $219 million compared to the fourth quarter 2011. Net income attributable to partners for the fourth quarter 2012 was $139 million ($1.10 per limited partner unit diluted), compared with $76 million ($0.60 per limited partner unit diluted) for the fourth quarter 2011. Additional highlights include:

  • Increased distributable cash flow for 2012 to a record level of $604 million
  • Ended the quarter with a Debt to Adjusted EBITDA ratio of 2.0x
  • Record full year Adjusted EBITDA of $810 million, an increase of 41 percent compared to the prior year
  • 31 st consecutive quarterly distribution increase; a 30 percent increase compared to the fourth quarter 2011
  • Successfully completed $700 million in debt financing in January to support the 2013 organic growth program

“2012 was a record year for our Partnership,” said Michael J. Hennigan, president and chief executive officer. “Our earnings reached new highs and we successfully developed six major organic expansion projects that will position us well for 2013 and beyond.”

Speaking on the record earnings in 2012, Hennigan said, “Our crude oil businesses continue to perform well as demand for services to transport domestic production is at an all-time high level. Successful integration of our 2011 acquisitions, combined with our ongoing organic capital program, delivered increasing fee-based cash flows which grew approximately 20 percent versus 2011.”

In regard to organic expansion, Hennigan said, “We completed six successful open seasons during 2012 in addition to our open season for Mariner West which occurred in 2011. These projects, which are primarily crude oil and natural gas liquid driven, will provide additional takeaway capacity out of key domestic production areas and will generate long-term ratable earnings for the Partnership. We are forecasting a 2013 organic capital program of approximately $700 million which would more than double our record 2012 organic growth of nearly $325 million.”

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