Sunoco Logistics Partners L.P. (NYSE: SXL) (the "Partnership") today announced its results for the fourth quarter ended December 31, 2013. Adjusted EBITDA for the three months ended December 31, 2013 was $210 million, which contributed to record full year Adjusted EBITDA of $871 million. Adjusted EBITDA was $219 million for the three months ended December 31, 2012. Net income attributable to partners for the fourth quarter 2013 was $102 million ($0.63 per limited partner unit diluted), compared with $139 million ($1.10 per limited partner unit diluted) for the fourth quarter 2012. Additional highlights include:
- Distributable cash flow of $155 million for the fourth quarter 2013
- Twenty-two percent distribution increase to $2.65 (annualized) compared to the fourth quarter 2012
- Ended the quarter with a Debt to Adjusted EBITDA ratio of 2.7x
- Replaced existing credit facilities with a $1.5 billion credit facility
- Commenced operations on the Mariner West pipeline project which delivers ethane from the Marcellus Shale Basin to Sarnia, Canada
- Completed a successful open season for the Permian Express 2 crude oil pipeline project
- Commenced an open season for the Mariner East 2 natural gas liquids ("NGL") pipeline project
"2013 was another record earnings year for our Partnership," said Michael J. Hennigan, president and chief executive officer. "In addition, our organic growth capital reached new highs as we commenced operations on three major growth projects and successfully developed four additional major organic expansion projects that will position us to continue increasing ratable, fee-based cash flows for 2014 and beyond."
Speaking on the record earnings in 2013, Hennigan said, "Our ratable, fee-based cash flows grew approximately 20 percent versus 2012. The growth was driven by the start-up of three major projects combined with our ongoing organic program to expand services at our existing assets, such as our Nederland terminal on the Gulf Coast."
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