Exhibit 99.1

sunocolp.jpg
News Release
Sunoco LP Announces First Quarter Financial and Operating Results

DALLAS, May 8, 2019 - Sunoco LP (NYSE: SUN) (“SUN” or the “Partnership”) today reported financial and operating results for the three-month period ended March 31, 2019.

Net income was $109 million versus net loss of $315 million in the first quarter of 2018. Results include a non-cash $47 million write-down on assets held for sale offset by $93 million of non-cash inventory adjustments.

Adjusted EBITDA(1) totaled $153 million compared with $109 million in the first quarter of 2018. Results were supported by an increase in the Partnership’s fuel volumes and lower operating expenses.

Distributable Cash Flow, as adjusted(1), was $99 million, compared to $85 million a year ago. This year-over-year increase reflects higher Adjusted EBITDA partially offset by higher cash interest expense and current income tax expense.

Recent Accomplishments and Other Developments

Reported current quarter cash coverage of 1.15 times and trailing twelve months coverage of 1.36 times. SUN’s leverage ratio of net debt to Adjusted EBITDA, calculated in accordance with its credit facility, was 4.24 times at the end of the first quarter.

Closed the private offering of $600 million in aggregate principal amount of 6.000% senior notes due 2027 on March 14, 2019. Net proceeds from this offering were used to repay a portion of the outstanding borrowings under SUN’s existing $1.5 billion revolving credit facility.

Signed a non-binding letter of intent to enter into a joint venture on a diesel fuel pipeline to West Texas. Energy Transfer LP (NYSE: ET) (“Energy Transfer”) will operate the pipeline for the joint venture, which will transport diesel fuel from Hebert, Texas to a terminal in the Midland, Texas area. The pipeline is expected to have an initial capacity of 30,000 barrels per day and is anticipated to be in service before the end of 2019.
Distribution
On April 25, 2019, the Board of Directors of SUN’s general partner declared a distribution for the first quarter of 2019 of $0.8255 per unit, which corresponds to $3.3020 per unit on an annualized basis. The distribution will be paid on May 15, 2019 to common unitholders of record on May 7, 2019.
Liquidity
At March 31, SUN had borrowings of $150 million against its revolving line of credit and other long-term debt of $2.9 billion. In the first quarter of 2019, SUN did not issue any common units through its at-the-market equity program.
Capital Spending
SUN's gross capital expenditures for the first quarter were $26 million, which included $22 million for growth capital and $4 million for maintenance capital.

Excluding acquisitions and expected capital commitment to the pipeline joint venture with Energy Transfer, SUN expects to spend approximately $90 million on growth capital and approximately $45 million on maintenance capital for the full year 2019.

SUN’s segment results and other supplementary data are provided after the financial tables below.

(1)
Adjusted EBITDA and Distributable Cash Flow, as adjusted, are non-GAAP financial measures of performance that have limitations and should not be considered as a substitute for net income. Please refer to the discussion and tables under



The following information was filed by Sunoco Lp (SUN) on Wednesday, May 8, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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