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Sunoco Logistics Reports Earnings For The Third Quarter 2013 And Fourth Consecutive 5 Percent Quarterly Distribution Increase

Sunoco Logistics Partners L.P. (NYSE: SXL) (the “Partnership”) today announced its results for the third quarter ended September 30, 2013. Adjusted EBITDA for the three months ended September 30, 2013 decreased $23 million to $181 million compared to the third quarter 2012. Net income attributable to partners for the third quarter 2013 was $78 million ($0.45 per limited partner unit diluted), compared with $134 million ($1.09 per limited partner unit diluted) for the third quarter 2012. Additional highlights include:
  • Distributable cash flow of $121 million for the third quarter 2013
  • Twenty-two percent distribution increase to $2.52 (annualized), compared to the third quarter 2012 of $2.07 (annualized)
  • Ended the quarter with a Debt to Adjusted EBITDA ratio of 2.5x
  • Completed a successful open season for Granite Wash Extension crude oil pipeline project
  • Commenced an open season for the Permian Express 2 crude oil pipeline project

“As we continue to execute our growth plan, new assets are generating increasing ratable, long-term cash flow to help offset the recent market decline in our crude margin business,” said Michael J. Hennigan, president and chief executive officer. “The third quarter was an excellent quarter financially for our base, ratable businesses. But as we predicted, softening market conditions in our crude oil acquisition and marketing business reduced our market related earnings.”

On the Partnership's recently announced distribution, Hennigan added, “We were pleased to announce our fourth consecutive 5 percent quarter over quarter increase. This also represents the thirty-fourth successive quarter that we have increased our distribution. We are committed to growing stable, ratable cash flow for the Partnership and distributing that cash to our owners.”

As an update to recently announced open seasons, Hennigan said, “We are pleased to announce our tenth successful open season since 2011 as our Granite Wash Extension pipeline has received sufficient commitments to proceed as planned. This pipeline will provide Granite Wash producers the ability to deliver their rapidly growing crude production to various markets and refineries in Texas, on the Gulf Coast and in the MidContinent.”

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