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Sunoco Logistics Announces Unit Split And Earnings For First Quarter 2014

Stocks in this article: SXL

Sunoco Logistics Partners L.P. (NYSE: SXL) (the "Partnership") today announced its results for the first quarter ended March 31, 2014. Adjusted EBITDA for the three months ended March 31, 2014 was $208 million, compared to $236 million for the three months ended March 31, 2013. Net income attributable to partners for the first quarter 2014 was $107 million ($0.66 per limited partner unit diluted), compared with $140 million ($1.09 per limited partner unit diluted) for the first quarter 2013. Highlights include:

  • Distributable cash flow of $158 million for the first quarter 2014
  • Eighth consecutive distribution increase of at least 5 percent; twenty-one percent distribution increase to $2.78 (annualized) compared to the first quarter 2013
  • Ended the quarter with a Debt to Adjusted EBITDA ratio of 3.0x calculated in accordance with our credit agreement
  • Established an at-the-market equity offering program up to $250 million
  • Acquired additional ownership interests in Explorer Pipeline for $42 million
  • Successfully completed $1.0 billion in debt financing in April to finance our expansion capital program

"New assets continue to generate increasing fee-based, long-term cash flow to help offset the margin decline which we expected in our crude marketing business," said Michael J. Hennigan, president and chief executive officer. "Our first quarter results demonstrate this as we saw year-over-year growth in three of our four segments. Our Permian Express 1 and Longview Access projects bolstered our Crude Pipeline earnings. We continue to see growth in our Terminal Facilities, particularly with the expanded oil flows through Nederland and with our growing butane blending business. In addition, with the startup of our Mariner West project, our Refined Products Pipelines earnings have increased as we begin to convert under-performing gasoline and distillate pipeline assets to higher demand natural gas liquid service."

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