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SXL Annual Reports
Last10K.com | 10-K Annual Report Thu Feb 27 2014
Sunoco Logistics Partners L.P.
1818 Market Street
Philadelphia, PA 19103
For further information contact:
For release: Immediately
Jeffrey Shields (media) 215-977-6056
Peter Gvazdauskas (investors) 215-977-6322
SUNOCO LOGISTICS REPORTS RECORD FULL YEAR EARNINGS FOR 2013 AND FIFTH CONSECUTIVE 5 PERCENT QUARTERLY DISTRIBUTION INCREASE
PHILADELPHIA, February 19, 2014 – 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."
Discussing the start-up on Mariner West, Hennigan said, "Operations for our Mariner West pipeline began in the fourth quarter of 2013 at approximately 20,000 barrels per day. This pipeline is providing key ethane takeaway capacity out of the Marcellus with delivery to Sarnia, Canada. We expect this pipeline to be fully operational at approximately 50,000 barrels per day by the end of the second quarter of 2014 in conjunction with origin and destination processing equipment start ups."
Commenting on the open season for the Permian Express 2 pipeline project, Hennigan said, "We are pleased to announce another successful open season for our Partnership. Permian Express 2 has received sufficient commitments to proceed and will provide approximately 200,000 barrels per day of needed takeaway capacity from the rapidly developing Permian Basin region to multiple markets beginning in 2015."
In regard to organic expansion, Hennigan said, "We completed an additional four successful open seasons during 2013: Mariner South NGL pipeline, and three crude pipeline projects targeting growing production areas - Eaglebine Express, Granite Wash Extension and Permian Express 2. These projects will provide additional takeaway capacity out of key domestic production areas and will generate long-term ratable cash flows for the Partnership. We are currently projecting a 2014 organic capital program of at least $1.3 billion which would exceed our record 2013 organic growth of $965 million."
The following information was filed by Sunoco Logistics Partners L.P. (SXL) on Wednesday, February 19, 2014 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Sunoco Logistics Partners L.P.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2014 10-K Annual Report includes:
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