Here are a few brief analogies for Sunoco LP (SUN):

• The Sysco for gas stations, supplying fuel to thousands of independently run stations.

• Like a McKesson for fuel, acting as a major distributor of gasoline to a wide network of retailers.

• Motor Fuel Distribution: Supplying motor fuel to independently operated dealer stations, distributors, and other consumers across the United States.
• Motor Fuel Retailing: Selling motor fuel directly to consumers at partnership-operated and company-owned retail stores.
• Retail Convenience Store Sales & Services: Operating retail stores that offer merchandise, foodservice, credit card processing, car washes, lottery, ATM services, and other convenience items.
• Real Estate Leasing: Leasing and subleasing real estate properties primarily associated with their fuel distribution network and retail locations.
• Terminal Operations: Operating fuel terminal facilities for storage and distribution, particularly within the Hawaiian Islands.

Sunoco LP (SUN) primarily sells motor fuels to other companies in its Fuel Distribution and Marketing segment. Based on the provided background information, its major business-to-business customers include:

• Independently operated dealer stations
• Distributors
• Partnership operated stations
• Commission agent locations
• Other businesses that are consumers of motor fuel

While specific customer company names are not provided in the background description, these categories represent the primary business-to-business customer base for Sunoco. Additionally, Sunoco operates retail stores in Hawaii and New Jersey, serving individual consumers with motor fuel, merchandise, and other services. However, the company's core business model emphasizes distribution to other businesses.

Joseph Kim, President and Chief Executive Officer

Joseph Kim became President and Chief Executive Officer of Sunoco LP effective January 1, 2018. Prior to this role, he served as President and Chief Operating Officer from June 2017 to December 2017, and as Executive Vice President and Chief Development Officer before that. Before joining Sunoco in October 2015, Mr. Kim held the position of Chief Operating Officer at Pizza Hut. He also worked for fifteen years at Valero Energy, where his most recent position was Senior Vice President of Retail Strategy and Growth. He also held senior roles in operations, investor relations, real estate, and corporate development at Valero. Mr. Kim began his career with Arthur Andersen in Audit and Business Consulting.

Dylan Bramhall, Chief Financial Officer

Dylan Bramhall was appointed Chief Financial Officer of Sunoco LP effective October 28, 2020. He brings over 14 years of industry experience to the position. Prior to joining Sunoco LP, Mr. Bramhall served as Senior Vice President of Finance and Treasurer for Energy Transfer, a subsidiary of Sunoco. He joined Energy Transfer in 2015 as a result of its merger with Regency Energy Partners. While at Regency, Mr. Bramhall held various management positions across the finance, risk, commercial, and operations groups.

Karl R. Fails, Executive Vice President and Chief Operating Officer

Karl R. Fails serves as the Executive Vice President and Chief Operating Officer of Sunoco LP. He assumed the role of Chief Operating Officer as of December 31, 2018. He was also previously listed as the Chief Commercial Officer.

Brian A. Hand, Executive Vice President and Chief Sales Officer

Brian A. Hand holds the title of Executive Vice President and Chief Sales Officer at Sunoco LP. He is also listed as Chief Development and Marketing Officer.

Austin B. Harkness, Executive Vice President and Chief Commercial Officer

Austin B. Harkness is the Executive Vice President and Chief Commercial Officer for Sunoco LP.

The key risks to Sunoco LP (SUN) primarily stem from the evolving energy landscape, operational challenges inherent in fuel distribution, and stringent environmental regulations.

1. Declining Demand for Motor Fuel: Sunoco faces a significant risk from the increasing adoption of electric vehicles (EVs) and other alternative fuels. The accelerating rate of EV adoption in the U.S., with projections suggesting future rates could more than double, directly threatens the demand for motor fuel. This shift could lead to fewer customer visits to convenience stores and dealer locations, reduced demand from wholesale customers, and decreases in both fuel and merchandise sales revenue, ultimately impacting profit margins.

2. Hazards and Risks in Fuel Transport and Storage: Sunoco's operations are subject to inherent hazards and risks associated with transporting and storing motor fuel. These include, but are not limited to, traffic accidents, fires, explosions, spills, and other releases. Such incidents can cause distribution disruptions, environmental pollution, government-imposed fines, clean-up obligations, personal injury claims, and damage to properties.

3. Environmental Laws and Regulations: The company is subject to various federal, state, and local environmental laws and regulations concerning hazardous materials, discharges, and remediation. Compliance with these regulations may require significant capital expenditures for environmental controls and remedial actions to address hydrocarbon or hazardous substance releases, potentially enjoining operations if facilities are deemed non-compliant.

• Fuel Distribution and Marketing: The U.S. gasoline and petroleum wholesaling industry is projected to reach an estimated $905.4 billion in revenue by 2026.
• Retail Stores (Motor Fuel, Merchandise, Foodservice, and other services): The total convenience store industry sales in the U.S. amounted to $859.8 billion in 2023. This figure includes $532.2 billion from fuel sales and $327.6 billion from in-store sales.

• Strategic Acquisitions and Bolt-on Mergers & Acquisitions (M&A): Sunoco has a consistent strategy of pursuing accretive bolt-on acquisitions to expand its footprint and enhance its business. The company targets at least $500 million in annual bolt-on M&A, which is expected to support ongoing expansion and growth. Recent acquisitions, such as Parkland and NuStar, have been significant contributors to past results and are anticipated to continue to drive future growth by diversifying cash flows and enhancing opportunities.
• Synergy Realization from Recent Acquisitions: A significant driver of future revenue growth is the successful integration and realization of synergies from recent acquisitions. For instance, the Parkland acquisition is projected to generate at least $250 million in run-rate synergies by year three, with approximately $125 million of these annualized synergies expected to be realized in 2026.
• Organic Growth and Gross Profit Optimization in Core Fuel Distribution: Sunoco continues to experience volume growth within its legacy fuel distribution business, demonstrating an increase of over 2% year-over-year in the fourth quarter of 2025. The company focuses on growing fuel profit dollars and volumes through its proven gross profit optimization strategies and the effective deployment of capital. This also includes efforts to optimize volumes in regions such as Canada and the Caribbean.
• Expansion and Diversification of Operations: Through its acquisition strategy, Sunoco has expanded its operational reach, establishing itself as the largest independent fuel distributor in the Americas. This expansion has diversified its portfolio across various geographies, including the U.S., Canada, the Greater Caribbean, and Europe, and broadened its asset base to include midstream assets. This diversified presence is expected to create new growth opportunities and allow for international arbitrage capture.

Share Issuance

• Sunoco LP issued common units to NuStar Energy L.P. unitholders as part of the all-equity acquisition of NuStar, completed in May 2024. NuStar common unitholders received 0.400 Sunoco common units for each NuStar common unit in a transaction valued at approximately $7.3 billion, including assumed debt.
• In 2025, Sunoco LP issued 51,517,198 Class D Units in connection with the acquisition of Parkland Corporation.

Outbound Investments

• In May 2024, Sunoco LP completed the acquisition of NuStar Energy L.P. in an all-equity transaction valued at approximately $7.3 billion, including assumed debt.
• Sunoco LP completed the acquisition of Parkland Corporation in October 2025, which involved approximately $2.60 billion in cash and equity, including the issuance of 51,517,198 Class D Units.
• In April 2024, Sunoco LP sold 204 convenience stores located in West Texas, New Mexico, and Oklahoma to 7-Eleven, Inc. for approximately $1.0 billion.

Capital Expenditures

• Total capital expenditures were $215 million in 2023.
• In 2024, total capital expenditures amounted to $344 million, comprising $220 million for growth capital and $124 million for maintenance capital.
• For 2025, total capital expenditures were $651 million, with $440 million allocated to growth capital and $211 million to maintenance capital, focusing on expanding its portfolio including terminals and midstream assets.