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Sunoco Logistics Partners L.P. (SXL) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Sunoco Logistics Partners L.P.

CIK: 1161154 Ticker: SXL


Exhibit 99.1
 
 
 
 
  
News Release
  
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."


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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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information Document
Condensed Consolidated Balance Sheets (parentheticals)
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity
Acquisitions
Acquisitions (tables)
Acquisitions - Additional Information (details)
Acquisitions - Summary Of Effects Of Acquisition On The Partnership's Condensed Consolidated Balance (details)
Business Segment Information
Business Segment Information (tables)
Business Segment Information - Additional Information (details)
Business Segment Information - Consolidated Balance Sheet Information By Segment (detail)
Business Segment Information - Consolidated Balance Sheet Information By Segment (parenthetical) (detail)
Business Segment Information - Sales And Other Operating Revenue By Segment (detail)
Business Segment Information - Segment Reporting (detail)
Business Segment Information - Segment Reporting Information (parenthetical) (detail)
Cash Distributions
Cash Distributions (tables)
Cash Distributions - Additional Information (details)
Cash Distributions - Schedule Of Cash Distribution To Limited And General Partners (details)
Cash Distributions - Schedule Of Distributions Made To General And Limited Partner (details)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (tables)
Commitments And Contingent Liabilities - Additional Information (details)
Commitments And Contingent Liabilities - Schedule Of Future Minimum Rental Payments (details)
Concentration Of Credit Risk
Concentration Of Credit Risk - Additional Information (details)
Debt
Debt (tables)
Debt - Additional Information (details)
Debt - Long-term Debt Maturities (details)
Debt - Partnership's Debt Balances (details)
Debt - Partnership's Debt Balances (parenthetical) (details)
Derivative And Risk Management - Schedule Of Derivative Instruments, Gain (loss) In Statement Of Financial Performance (parenthetical) (details)
Derivatives And Risk Management
Derivatives And Risk Management (tables)
Derivatives And Risk Management - Additional Information (details)
Derivatives And Risk Management - Fair Values Of Partnership's Derivative Assets And Liabilities (details)
Derivatives And Risk Management - Schedule Of Derivative Instruments, Gain (loss) In Statement Of Financial Performance (details)
Equity Offerings
Equity Offerings - Additional Information (details)
Fair Value Measurements
Fair Value Measurements - Additional Information (details)
Goodwill And Intangible Assets (tables)
Goodwill And Intangible Assets - Components Of Intangible Assets (detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets Goodwill And Intangibles - Additional Information (detail)
Inventories
Inventories (tables)
Inventories - Additional Information (details)
Inventories - Schedule Of Inventories (details)
Investment In Affiliates
Investment In Affiliates (tables)
Investment In Affiliates - Additional Information (details)
Investment In Affiliates - Schedule Of Partnership's Ownership Percentages Not Controlling Financial Interest (details)
Management Incentive Plan
Management Incentive Plan (tables)
Management Incentive Plan - Additional Information (details)
Management Incentive Plan - Schedule Of Fair Value Assumptions (details)
Management Incentive Plan - Summarized Information Restricted Unit Award Activity (details)
Net Income Attributable To Sunoco Logistics Partners L.p. Per Limited Partner Unit
Net Income Attributable To Sunoco Logistics Partners L.p. Per Limited Partner Unit (tables)
Net Income Attributable To Sunoco Logistics Partners L.p. Per Limited Partner Unit - Additional Information (detail)
Net Income Attributable To Sunoco Logistics Partners L.p. Per Limited Partner Unit - Schedule Of Weighted Average Number Of Basic And Diluted (details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (tables)
Organization And Basis Of Presentation - Additional Information (details)
Organization And Basis Of Presentation - Partnership Applied Current Accounting Guidance In Determining Fair Value Of Partners' Capital (details)
Organization And Basis Of Presentation - Summary Of Preliminary Allocation Of Fair Value Of Partners' Capital To Assets And Liabilities (details)
Organization And Basis Of Presentation - Summary Of Preliminary Allocation Of Fair Value Of Partners' Capital To Assets And Liabilities (parenthetical) (details)
Properties, Plants And Equipment
Properties, Plants And Equipment (tables)
Properties, Plants And Equipment - Additional Information (details)
Properties, Plants And Equipment - Schedule Of Properties, Plants And Equipment (details)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) - (tables)
Quarterly Financial Data (unaudited) - Summarized Quarterly Financial Data (details)
Quarterly Financial Data (unaudited) - Summarized Quarterly Financial Data (parenthetical) (details)
Related Party Transactions
Related Party Transactions - Additional Information (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (details)
Summary Of Significant Accounting Policies - Components Of Income Tax Expense (details)
Supplemental Condensed Consolidating Financial Information
Supplemental Condensed Consolidating Financial Information (tables)
Supplemental Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheet (details)
Supplemental Condensed Consolidating Financial Information - Condensed Consolidating Statement Of Cash Flows (details)
Supplemental Condensed Consolidating Financial Information - Condensed Consolidating Statement Of Comprehensive Income (details)
Ticker: SXL
CIK: 1161154
Form Type: 10-K Annual Report
Accession Number: 0001161154-14-000010
Submitted to the SEC: Thu Feb 27 2014 4:18:25 PM EST
Accepted by the SEC: Thu Feb 27 2014
Period: Tuesday, December 31, 2013
Industry: Pipe Lines No Natural Gas

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