Sunoco 2Q Fuel Volumes 28% Increase – Commodity Commentary

By Robb M. Stewart

Sunoco LP’s fuel sales jumped year over year in the second quarter, but remained below pre-pandemic levels, and it continues to expect higher volumes across the board. the year.

On the results:

The partnership, whose core businesses include distributing fuel to approximately 10,000 convenience stores, independent dealers, commercial customers and distributors, said it sold 1.9 billion gallons of fuel in the quarter, up 28% from the same period last year and down 6% from the second quarter of 2019.

The fuel margin for all gallons sold was 11.3 cents per gallon for the quarter, down from 13.5 cents a year ago, Sunoco said.

The company reported adjusted earnings before interest, taxes, depreciation, and amortization for the quarter of $ 201 million, up from $ 182 million a year earlier, which it said reflects an increase in fuel volume and production. Gross margin excluding fuel, partially offset by lower fuel margins and slightly higher operating expenses.

On orientation:

Sunoco said that excluding any effect in 2021 from recently announced acquisitions, it continues to expect adjusted EBITDA for the full year of 2021 of $ 725 million to $ 765 million.

He said 2021 forecasts of 7.25 billion to 7.75 billion gallons of fuel, fuel margins of 11 to 12 cents per gallon and operating expenses of between 440 and 450 million dollars.

In February, Sunoco announced the sale of 7.09 billion gallons in 2020.

Write to Robb M. Stewart at [email protected]

Previous US DOL Rescinds Trump-Era Rule Regarding Co-Employer Status Under FLSA | FordHarrison
Next Fisher Investments surpassed $ 100 billion in assets under management in early 2019, contained the flames of a PR crisis in late 2019, and has a legitimate chance of reaching $ 200 billion in assets. under management this year