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Achieved record adjusted EBITDA of $2,120,000,000 for 2025, driven by the successful integration of NuStar and the initial two-month contribution from the Parkland acquisition.
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Expanded the operational footprint to 32 countries, transitioning from a U.S.-centric model to the largest independent fuel distributor in the Americas with new scale in Canada, the Caribbean, and Europe.
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Attributed fuel distribution outperformance to a ‘gross profit optimization’ playbook, which successfully grew legacy volumes by over 2% despite a flat overall U.S. demand environment.
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Identified Canada as a high-margin, high-stability market with structural barriers to entry similar to the U.S. West Coast, exceeding initial management expectations for profitability.
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Leveraged the Caribbean’s fragmented market through a dual strategy: navigating highly regulated pricing for stability while using global supply scale to command advantages in free-market jurisdictions.
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Maintained a defensive posture through volatile commodity cycles while positioning as a consolidator capable of extracting material synergies that competitors cannot replicate.
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Returned leverage to the 4 times target significantly faster than the original 12-to-18-month forecast, providing immediate flexibility for further capital deployment.
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Projecting 2026 adjusted EBITDA between $3,100,000,000 and $3,300,000,000, assuming the realization of $125,000,000 in Parkland synergies during the first year.
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Established a new ‘floor’ for growth by targeting at least $500,000,000 in annual bolt-on acquisitions across the expanded global footprint, focusing on high-synergy, fragmented markets.
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Committed to a minimum 5% annual distribution growth rate for both Sun and SunC unitholders, supported by eight consecutive years of DCF per unit growth.
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Anticipates minimal corporate income taxes at the SunC level for at least five years, ensuring distribution parity with Sunoco LP units for the medium term.
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Assumes a 50-day planned maintenance turnaround at the newly acquired refining operations starting in Q1 2026, with a long-term goal of stabilizing operations regardless of market crack spreads.
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Introduced a new four-segment reporting structure to incorporate refining operations and legacy Parkland assets into the financial framework.
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Incurred approximately $60,000,000 in one-time transaction expenses during Q4 related to the closing of the Parkland acquisition.
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Closed the Tancwood acquisition in January 2026, which is expected to immediately bolster the terminal segment’s stable income stream.
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Noted that while U.S. demand remains flat, elevated breakeven margins for retailers continue to provide a ‘bullish’ environment for wholesale fuel profit margins.
