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SXL Annual Reports
Last10K.com | 10-K Annual Report Wed Feb 23 2011
Sunoco Logistics Partners L.P.
1818 Market Street
Philadelphia, Pa. 19103-3615
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Thomas Golembeski (media) 215-977-6298
Peter Gvazdauskas (investors) 215-977-6322
|For release: Immediately|
Sunoco Logistics Partners L.P. Increases Distribution and Reports
Earnings for Fourth Quarter 2010
PHILADELPHIA, January 27, 2011 Sunoco Logistics Partners L.P. (NYSE: SXL) (the Partnership) today announced net income attributable to owners for the fourth quarter 2010 of $59 million ($1.42 per unit diluted), compared with $54 million ($1.30 per unit diluted) for the fourth quarter 2009. Highlights of the fourth quarter 2010 include:
Distributable cash flow of $69 million for the quarter compared to $50 million for the prior year period
Recognized contango inventory profits of approximately $10 million in the fourth quarter 2010
Finished 2010 with a Debt to EBITDA ratio of 3.4x
Sunoco Partners LLC, the general partner of the Partnership, declared a cash distribution for the fourth quarter 2010 of $1.18 per limited partnership unit ($4.72 annualized) to be paid on February 14, 2011 to unitholders of record on February 8, 2011. This represents the twenty-third consecutive quarterly distribution increase and provides 1.4 times coverage of the quarterly cash distribution.
2010 was a record year for Sunoco Logistics, said Lynn L. Elsenhans, Chairman and Chief Executive Officer. We set all-time highs in capital investment and EBITDA generation. Excluding market-related earnings, our ratable EBITDA was up approximately 15 % versus 2009. This is a reflection of our continuing organic growth program, recent acquisitions, and our strong operating base.
Entering 2011, we continue to build upon our diverse asset base with near-term emphasis on expanding our marketing terminal blending services and working toward optimizing our assets in the Marcellus Shale region with Project Mariner. We are projecting $100 to $150 million for our 2011 expansion capital program, excluding major projects and acquisitions, and we expect $45 million of maintenance capital spending. Our balance sheet remains strong and should provide the opportunity to grow beyond our base capital program.
The following information was filed by Sunoco Logistics Partners L.P. (SXL) on Friday, January 28, 2011 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 2011 10-K Annual Report includes:
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