Sunoco LP 8-K, filed Mar 24, 2020
Sunoco LP (SUN)
8-K
2020-03-24
For: 2020-03-24
View Original
Added on
April 08, 2026
About this 8-K
Sunoco LP filed this 8-K on March 24, 2020.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Act of 1934
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
, | |||
(Address of principal executive offices, including zip code) | |||
(214 ) 981-0700
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Item 7.01. Regulation FD Disclosure.
On March 24, 2020, Sunoco LP issued a press release providing revised capital guidance and an operational update regarding the COVID-19 pandemic.
A copy of the press release is set forth in Exhibit 99.1 and is incorporated herein by reference. In accordance with General Instruction B.2 of Form 8-K, the information set forth in the attached Exhibit 99.1 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number | Exhibit Description | |
99.1 | ||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SUNOCO LP | |||
By: | Sunoco GP LLC, its general partner | ||
Date: | March 24, 2020 | By: | /s/ Camilla A. Harris |
Camilla A. Harris | |||
Vice President, Controller and Principal Accounting Officer | |||
Exhibit 99.1
 | News Release |
Sunoco LP Announces Revised Capital Guidance and Provides an Operational Update
DALLAS, March 24, 2020 - Sunoco LP (NYSE: SUN) (“SUN” or the “Partnership”) today provided revised capital guidance and an operational update in response to the COVID-19 pandemic.
“Our products are critical to United States infrastructure and SUN is committed to responding with actions that will ensure that there is continuity of supply,” said Joe Kim, CEO of Sunoco LP. “Furthermore, the Partnership is undertaking immediate action to ensure continued financial stability.”
SUN is taking the following proactive measures:
• | Reduce full year 2020 growth capital expenditures to approximately $75 million from its previous guidance of approximately $130 million, a decrease of over 40% |
• | Reduce full year 2020 maintenance capital expenditures to $30 million from its previous guidance of $45 million, a decrease of over 30% |
• | Reduce operating costs, particularly targeting general and administrative and other operating expenses |
• | Maintain ample liquidity under its $1.5 billion revolving credit facility that matures in July 2023. The Partnership has no debt maturities prior to 2023 |
• | Take appropriate actions to maintain a safe working environment for its employees and partners |
• | Enact policies and prepare contingency plans to support business and supply chain continuity |
SUN plans to provide a more comprehensive update as part of its first quarter earnings release in May.
Sunoco LP (NYSE: SUN) is a master limited partnership with core operations that include the distribution of motor fuel to approximately 10,000 convenience stores, independent dealers, commercial customers and distributors located in more than 30 states as well as refined product transportation and terminalling assets. SUN's general partner is owned by Energy Transfer Operating, L.P., a wholly owned subsidiary of Energy Transfer LP (NYSE: ET).
Forward-Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
The information contained in this press release is available on our website at www.SunocoLP.com
Contacts
Investors:
Scott Grischow, Vice President - Investor Relations and Treasury
(214) 840-5660, scott.grischow@sunoco.com
Derek Rabe, CFA, Manager - Investor Relations, Growth and Strategy
(214) 840-5553, derek.rabe@sunoco.com
Media:
Alexis Daniel, Manager - Communications
(214) 981-0739, alexis.daniel@sunoco.com