Here are 1-3 brief analogies for Sunoco (SUN):

• The Sysco for gasoline.
• Casey's General Stores primarily focused on fuel wholesale.

• Motor Fuels: Sunoco is a leading wholesale distributor of gasoline and diesel fuels to a vast network of independent dealers and commercial customers.
• Fuel Distribution Services: This service involves comprehensive logistics and supply chain management for the efficient delivery of motor fuels across its extensive network.
• Retail Fuel and Convenience Store Operations: Sunoco operates convenience stores under various brands that sell motor fuels, along with a diverse range of merchandise, directly to consumers.

Sunoco LP (symbol: SUN) primarily sells motor fuel and petroleum products on a wholesale basis to other companies, making it a business-to-business (B2B) operation rather than selling directly to individual consumers at the pump.

Due to its extensive distribution network spanning over 40 states and its diverse customer base of approximately 10,000 locations, Sunoco does not have any single major customer (defined as accounting for 10% or more of its consolidated revenues) that can be individually identified by name or symbol in its public filings. Its customer base is highly fragmented across various types of companies.

Sunoco's major customer categories, which consist of various companies, include:

• Independent Convenience Store Operators and Gas Station Dealers: These are typically privately-owned businesses that operate retail fuel stations, often branded as Sunoco, Stripes, or other third-party brands, purchasing fuel wholesale from Sunoco for resale to consumers.
• Commercial Customers: This category includes a wide range of businesses, government entities, and industrial operations that purchase fuel in bulk for their vehicle fleets, heavy equipment, or other operational needs.
• Other Fuel Distributors: Sunoco also supplies fuel to other wholesale distributors who then further distribute it to their own networks of retail locations or commercial clients.

Joseph Kim President and Chief Executive Officer

Joseph Kim has served as President and Chief Executive Officer of Sunoco LP since 2018. He previously held the roles of President and Chief Operating Officer in 2017, and Executive Vice President and Chief Development Officer from 2015 to 2017. Before joining Sunoco, Mr. Kim was the Chief Operating Officer at Pizza Hut and spent fifteen years at Valero Energy, where his most recent position was Senior Vice President of Retail Strategy and Growth. He began his career with Arthur Andersen Business Consulting. Mr. Kim holds a bachelor's degree in business administration from Trinity University.

Dylan Bramhall Chief Financial Officer

Dylan Bramhall has been the Chief Financial Officer of Sunoco LP since 2020. He previously served as the Senior Vice President of Finance and Treasurer at Energy Transfer. Mr. Bramhall is also a member of Energy Transfer's Risk Oversight Committee and serves on the Board of Directors for Permian Express Partners.

Karl R. Fails Executive Vice President and Chief Operations Officer

Karl R. Fails has served as Executive Vice President and Chief Operations Officer of Sunoco LP since 2021. Prior to this, he was the Senior Vice President and Chief Operations Officer from 2019 to 2021, and Chief Commercial Officer from 2018 to 2019. He also held the position of Executive Vice President of Supply & Trading from 2017 to 2018 and various other leadership roles within Sunoco. Before his tenure at Sunoco, Mr. Fails held operations and engineering positions in the refining business for Valero Energy and Exxon. He earned Bachelor's degrees in Chemical Engineering and Math from Brigham Young University and an MBA from the University of California, Berkeley.

Brian A. Hand Executive Vice President and Chief Sales Officer

Brian A. Hand has served as the Executive Vice President and Chief Sales Officer of Sunoco LP since 2024. He previously held roles as Senior Vice President and Chief Sales Officer from 2020 to 2024, and Senior Vice President, Chief Development & Marketing Officer. Mr. Hand also served as Chief Procurement Officer for several of the Partnership's subsidiaries. Prior to joining Sunoco, he held leadership positions at Hewlett Packard, Blockbuster, Inc., and Cingular Wireless.

Scott Grischow Vice President: Treasury and Investor Relations

Scott Grischow serves as the Vice President of Treasury and Investor Relations at Sunoco. He is also listed as a Board Member of Sunoco LP.

1. High Financial Leverage and Debt Burden: Sunoco LP carries a substantial long-term debt, reported at approximately $9.5 billion as of Q3 2025, with a leverage ratio (net debt to Adjusted EBITDA) of 3.9 times. This elevated debt increases interest payments, which in turn reduces cash available for distributions or future growth projects and limits the company's financial flexibility, particularly if market conditions deteriorate or if projected earnings and acquisition synergies do not materialize as expected.
2. Acquisition and Integration Risks: The proposed $9.1 billion merger with Parkland Corporation, along with other acquisitions like NuStar, introduces significant strategic and operational risks. These include potential shareholder conflicts, regulatory hurdles (such as required divestitures to address antitrust concerns), and the substantial costs and complexities associated with integrating new operations. Unsuccessful integration or delays in achieving expected synergies could exacerbate financial pressures and undermine investor confidence.
3. Regulatory Pressures and Energy Transition: Sunoco faces increasing regulatory pressures, especially from environmental regulations targeting carbon emissions, which impose escalating compliance costs. Legislation like the Inflation Reduction Act of 2022 could further increase operational costs, for example, through new methane emissions charges. Moreover, incentives aimed at shifting drivers away from fossil fuels pose a long-term risk by potentially decreasing demand for Sunoco's core product line.

The accelerating global transition to electric vehicles (EVs), driven by technological advancements, increasing consumer adoption, and government mandates, poses a clear emerging threat to Sunoco's core business of distributing motor fuels. As EV market share grows, demand for gasoline and diesel will decrease, directly impacting Sunoco's fuel distribution volumes, terminal utilization, and overall revenue streams from its primary product.

Sunoco LP (NYSE: SUN) operates primarily in two main business segments: Fuel Distribution and Marketing, and Convenience Store Operations. The company is a prominent independent fuel distributor in the United States, supplying motor fuels such as gasoline, diesel, and renewable fuels across more than 40 U.S. states and territories. Additionally, Sunoco operates a network of company-owned and branded convenience stores, although a significant portion of its convenience store operations were divested to 7-Eleven, with a long-term fuel supply agreement in place.

Addressable Markets for Sunoco's Main Products and Services:

1. Fuel Distribution and Marketing

• North America Refined Petroleum Products Market: This market, which includes gasoline, diesel, jet fuel, heating oil, and kerosene, was valued at approximately USD 531.22 billion in 2024. It is projected to reach USD 629.28 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 2.86%. The United States is a dominant force within this market.
• U.S. Gasoline & Petroleum Wholesaling Market: The market size for gasoline and petroleum wholesaling in the U.S. was estimated at $664.1 billion in 2024 and is projected to reach $664.7 billion in 2025. This market experienced a CAGR of 6.3% between 2020 and 2025.

2. Convenience Store Operations

• U.S. Convenience Store Market: Total in-store sales for the U.S. convenience store market are estimated at $297 billion in 2024. Another assessment values the United States Convenience Stores Market at USD 159.93 billion in 2024, with an anticipated growth to USD 287.07 billion by 2033. Convenience stores are a significant retail channel in the U.S., with approximately 80% of all fuel sales in the country occurring at these locations.

Sunoco LP (SUN) is anticipated to drive future revenue growth over the next two to three years through several key strategies and market dynamics:

1. Strategic Acquisitions and Synergy Realization: Sunoco's recent acquisition of Parkland Corporation, completed on October 31, 2025, is a significant driver. This acquisition is expected to be immediately accretive to distributable cash flow and is projected to generate over $250 million in synergies by 2028, leading to more than 10% accretion. Analysts also suggest that Sunoco's acquisition-driven expansion in a fragmented market will generate scale, cost synergies, and aid in margin recovery, thereby contributing to overall revenue and earnings growth. Previous acquisitions, such as NuStar and Zenith European terminals, have already contributed to growth in the Pipeline Systems and Terminals segments.
2. Growth in Fuel Distribution Volumes: Sunoco has demonstrated an ability to increase its fuel distribution volumes, outpacing broader market trends. For example, in Q3 2025, fuel distribution volumes increased by 7% year-over-year to 2.3 billion gallons. The company's investments in its growth capital program and bolt-on transactions within fuel distribution are yielding tangible results in volume expansion.
3. Optimization of Fuel Profit Margins: Analysts foresee a substantial improvement in Sunoco's profit margins, projecting a rise from the current 1.3% to 5.8% within three years. This anticipated increase is attributed to the successful integration of new acquisitions and sustained strength in industry fuel pricing. While margins saw some normalization in Q3 2025, the company has focused on profit optimization strategies, supported by market conditions like elevated break-evens and commodity volatility.
4. Expansion and Performance of Midstream Operations: Sunoco's extensive midstream infrastructure, encompassing approximately 14,000 miles of pipelines and over 100 terminals across North America, the Greater Caribbean, and Europe, serves as a critical component of its operations. This segment has shown strong performance, with the Terminals segment reporting significant adjusted EBITDA growth in Q1 2025, partly due to acquisitions, and the Pipeline Systems segment also experiencing a surge in EBITDA in Q3 2025.

Share Repurchases

No significant information available for share repurchases over the last 3-5 years. The company's share count has generally risen due to issuances for acquisitions.

Share Issuance

• Sunoco issued approximately 51.5 million common units to Parkland shareholders as part of the Parkland Corporation acquisition, with SunocoCorp holding about 27.4% of Sunoco's outstanding common units.
• In September 2025, Sunoco completed a private offering of 1.5 million Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units at $1,000 per unit, generating gross proceeds of $1.5 billion ($1.48 billion net proceeds), primarily to fund the Parkland acquisition.
• The company regularly issues new shares to fund acquisitions, such as the NuStar Energy takeover.

Outbound Investments

• Sunoco acquired Parkland Corporation for approximately $9.1 billion, with the acquisition closing on October 31, 2025. This deal established Sunoco as the largest independent fuel distributor in the Americas and is expected to generate over $250 million in synergies by 2028.
• On May 3, 2024, Sunoco acquired NuStar Energy L.P. in an all-equity transaction valued at $7.3 billion, which enhanced Sunoco's infrastructure network by adding substantial pipeline and storage assets.
• In January 2024, Sunoco LP sold 204 convenience stores to 7-Eleven, Inc. for approximately $1.0 billion, a move that shifted Sunoco to primarily focus on being a motor fuel distributor.

Capital Expenditures

• Total capital expenditures for the third quarter of 2025 were $157 million, comprising $115 million for growth capital and $42 million for maintenance capital.
• For the second quarter of 2025, capital expenditures totaled $160 million, including $120 million for growth and $40 million for maintenance.
• Sunoco's capital expenditures are primarily focused on growth projects and maintenance, with a 2025 outlook including at least $400 million for growth capital and approximately $150 million for maintenance capital.