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Sunoco Logistics Partners L.P. (SXL) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Sunoco Logistics Partners L.P.

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CIK: 1161154 Ticker: SXL



 Exhibit 99.1
 
 
 
  
News Release
  
Sunoco Logistics Partners L.P.
  
3807 West Chester Pike
  
Newtown Square, PA 19073
 
 
For further information contact:
  
For release: Immediately     
Jeffrey Shields (media) 215-977-6056
  
 
Peter Gvazdauskas (investors) 215-977-6322
  
 

SUNOCO LOGISTICS ANNOUNCES FIFTH CONSECUTIVE YEAR OF RECORD
DISTRIBUTABLE CASH FLOW AND RECORD FULL YEAR EARNINGS


NEWTOWN SQUARE, PA February 24, 2016 – Sunoco Logistics Partners L.P. (NYSE: SXL) (the "Partnership") today announced results for the fourth quarter 2015. Adjusted EBITDA for the three months ended December 31, 2015 was $317 million, an $80 million increase compared to the fourth quarter 2014. Net income attributable to partners for the fourth quarter 2015 was $25 million ($0.21 loss per limited partner unit, diluted), compared to a net loss attributable to partners of $127 million ($0.80 loss per limited partner unit, diluted) for the fourth quarter 2014. Both periods included inventory adjustments resulting from the decrease in commodity prices. These non-cash charges were excluded from the Partnership's determination of Adjusted EBITDA and Distributable Cash Flow. Recent highlights include:
•
Distributable Cash Flow of $245 million for the fourth quarter 2015; Record full year amount of $879 million
•
Twenty percent distribution increase to $0.479 ($1.92 annualized) compared to the fourth quarter 2014
•
Distribution coverage ratio of 1.2x for the twelve months ended December 31, 2015
•
Ended the quarter with a Debt-to-Adjusted EBITDA ratio of 3.6x calculated in accordance with our credit agreement
•
Issued $1.2 billion of debt and equity financing during the fourth quarter in support of our expansion capital program
•
Commenced full refrigeration for propane and ethane operations on the Mariner East 1 NGLs project

"We are very pleased to report our 5th consecutive year of record distributable cash flow," said Michael J. Hennigan, President and Chief Executive Officer. "To continue to generate growing distributable cash flow in any market, is our core goal. Our blue bar earnings grew approximately 40 percent in 2015 driven by a diversified group of organic projects including: Permian Express 2 (crude oil), Mariner South (NGLs), Mariner East (NGLs) and Allegheny Access (refined products)."
On Mariner East 1 full start-up, Hennigan said, "We are pleased to announce we are now moving ethane on our Mariner East system. Full refrigeration capability for both ethane and propane at Marcus Hook enables faster loading of ships. Overall, the increased capacity of the Mariner East system benefits both shippers and consumers. Shippers have requested and will benefit from having the flexibility to sell to the local and regional markets, as well as, the international markets as economic conditions dictate. Local consumers across Pennsylvania and the region are benefiting from having access to the substantial natural resources in the western part of the state. Despite the current commodity environment, we are very bullish for the long term prospects of processing and distributing Pennsylvania natural gas liquids at our east coast energy hub."
On Sunoco Logistics' 1.2x distribution coverage and balance sheet, Hennigan said, "Our 2015 distribution coverage was 1.2x and our Debt-to-EBITDA was 3.6x at December 31, 2015 on our revolver covenant basis. Despite challenging market conditions, Sunoco Logistics has maintained a healthy distribution coverage and a balance sheet where our future plans to grow our Partnership remain intact. We are committed to stability and coverage for our investors over the long term."
On Sunoco Logistics in the macro environment, Hennigan said, "Our targeted emphasis of growing in the crude and NGLs shale areas, while maintaining a diversified portfolio, continues to anchor our Partnership. Despite the current commodity price environment, our disciplined approach of managing our distribution based on blue bar cash flow only should provide confidence for our investors as we continue to execute our plan. We will look to continue to develop additional scale and diversity in our assets, and we expect to generate earnings on a long-term basis that will prove to be invaluable for our unitholders."




1
The following information was filed by Sunoco Logistics Partners L.P. (SXL) on Thursday, February 25, 2016 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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Inside Sunoco Logistics Partners L.P.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information Document
Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (parenthetical)
Consolidated Statements Of Equity
Consolidated Statements Of Equity (parenthetical) (parentheticals)
Acquisitions
Acquisitions - Additional Information (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 (phantoms) (detail)
Business Segment Information - Sales And Other Operating Revenue By Segment (detail)
Business Segment Information - Segment Reporting (detail)
Business Segment Information - Segment Reporting Information (phantoms) (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 (phantoms) (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 - Summarized Information Restricted Unit Award Activity (details)
Management Incentive Plan Management Incentive Plan - Summarized Information Restricted Unit Award Activity (phantoms) (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)
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 - Schedule Of Weighted Average Number Of Basic And Diluted (phantoms) (details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation - Additional Information (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)
Properties, Plants And Equipment Properties, Plants And Equipment - Schedule Of Properties, Plants And Equipment (phantoms) (details)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) - (tables)
Quarterly Financial Data (unaudited) - Summarized Quarterly Financial Data (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: 0001161154-16-000062
Submitted to the SEC: Fri Feb 26 2016 5:19:18 PM EST
Accepted by the SEC: Fri Feb 26 2016
Period: Thursday, December 31, 2015
Industry: Pipe Lines No Natural Gas

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