Sunoco LP (SUN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la distribución y la logística de combustible, Sunoco LP (SUN) se destaca como una potencia estratégica, transformando el complejo panorama del comercio petrolero a través de su innovador modelo de negocio. La navegación de múltiples segmentos de clientes desde tiendas de conveniencia hasta operadores de flotas comerciales, Sunoco LP ha creado meticulosamente un enfoque integral que equilibra la distribución eficiente de combustible, las asociaciones estratégicas e infraestructura robusta. Esta exploración del lienzo de modelo de negocio de Sunoco LP revela los intrincados mecanismos que impulsan su éxito en un mercado de energía competitiva, ofreciendo información sobre cómo mantienen una ventaja competitiva a través de estrategias operativas sofisticadas y diversas fuentes de ingresos.

Sunoco LP (Sun) - Modelo de negocios: asociaciones clave

Refinerías y proveedores de petróleo para distribución de combustible

Sunoco LP se asocia con múltiples refinerías de petróleo para asegurar el suministro de combustible. A partir de 2023, la compañía tiene asociaciones estratégicas con:

Socio de refinería	Volumen de suministro anual	Duración del contrato
Phillips 66	85 millones de galones	Acuerdo a 5 años
Petróleo de maratón	72 millones de galones	Acuerdo de 3 años

Cadenas de tiendas de conveniencia minorista para ventas de combustible

Sunoco LP colabora con las principales redes de tiendas de conveniencia:

• 7-Eleven: 500 ubicaciones de combustible de marca
• Círculo K: 350 puntos de distribución de combustible
• Speedway: 250 estaciones de combustible integradas

Empresas de transporte y logística

Las asociaciones de logística clave incluyen:

Socio de logística	Volumen de transporte anual	Tipo de servicio
Servicios de transporte de J.B. Hunt	45 millones de galones	Transporte de camiones de combustible
Transporte de caballero	38 millones de galones	Distribución de combustible regional

Operadores de tuberías para el transporte de combustible

Sunoco LP mantiene asociaciones críticas de tuberías:

• Partners de transferencia de energía: 2.500 millas de tuberías de combustible dedicadas
• Socios de productos empresariales: 1.800 millas de rutas de transporte de combustible

Terminal de combustible y propietarios de instalaciones de almacenamiento

Las asociaciones de almacenamiento estratégico incluyen:

Instalación de almacenamiento	Capacidad de almacenamiento	Ubicación
Energía de Nustar	12 millones de barriles	Costa del Golfo de Texas
Magellan Midstream Partners	8.5 millones de barriles	Región del medio oeste

Sunoco LP (Sun) - Modelo de negocio: actividades clave

Distribución de combustible y logística mayorista

Sunoco LP distribuye aproximadamente 11.5 mil millones de galones de combustible motor anualmente en múltiples estados. La compañía opera 13 terminales de combustible y administra una red de distribución mayorista que atiende a más de 10,000 sitios minoristas.

Métrico de distribución	Volumen anual
Distribución total de combustible	11.5 mil millones de galones
Terminales de combustible	13 Terminales operativos
Sitios minoristas atendidos	Más de 10,000 sitios

Ventas de combustible minorista a través de la red de estaciones de servicio

Sunoco opera 5,560 sitios de combustible minorista en 30 estados, con una presencia significativa en la tienda de conveniencia y los mercados minoristas de combustible.

• Sitios totales de combustible minorista: 5.560
• Estados operados: 30
• Tiendas de conveniencia de marca: aproximadamente 1,000

Transporte y almacenamiento de combustible

La compañía mantiene una robusta infraestructura de transporte con capacidades logísticas dedicadas.

Activo de transporte	Capacidad/cantidad
Capacidad de almacenamiento de combustible	16 millones de barriles
Flota de camiones	350+ vehículos de transporte de combustible

Marketing y gestión de marca

Sunoco invierte aproximadamente $ 45 millones anuales en iniciativas de marketing y desarrollo de marcas.

Eficiencia operativa y optimización de la cadena de suministro

La compañía se centra en la eficiencia de la cadena de suministro con $ 78 millones invertidos en infraestructura tecnológica y optimización de logística en 2023.

• Inversión en tecnología de la cadena de suministro: $ 78 millones
• Mejora de la eficiencia logística: 12% año tras año
• Iniciativas de transformación digital: implementación continua

Sunoco LP (Sun) - Modelo de negocio: recursos clave

Red de distribución de combustible extensa

Sunoco LP opera una red de distribución de combustible que abarca 31 estados en los Estados Unidos, con más de 9,900 salidas de combustible minorista y tiendas de conveniencia.

Métrico de red	Cantidad
Total de salidas de combustible minorista	9,900+
Cobertura geográfica	31 estados de EE. UU.
Volumen anual de distribución de combustible	4.700 millones de galones

Infraestructura estratégica de almacenamiento de combustible y transporte

Sunoco LP mantiene una infraestructura integral de almacenamiento de combustible y transporte.

• Capacidad de almacenamiento total: 14.5 millones de barriles
• Red de tuberías: más de 6,000 millas
• Instalaciones terminales: 62 ubicaciones estratégicas

Relaciones fuertes con proveedores de petróleo

Las relaciones con proveedores de petróleo clave incluyen refinerías principales y productores independientes.

Categoría de proveedor	Número de asociaciones
Refinerías principales	8
Productores independientes	25+

Sistemas avanzados de logística y tecnología

Sunoco LP aprovecha la infraestructura tecnológica avanzada para operaciones eficientes.

• Sistemas de gestión de inventario en tiempo real
• Seguimiento de transporte habilitado para GPS
• Plataformas de distribución de combustible automatizadas

Equipo de gestión y operación experimentado

Equipo de liderazgo con amplia experiencia en el sector energético.

Métrica de gestión	Detalles
Experiencia de gestión promedio	Más de 18 años
Total de empleados	1,400+

Sunoco LP (Sun) - Modelo de negocio: propuestas de valor

Suministro de combustible confiable y constante para los minoristas

Sunoco LP suministra aproximadamente 10,000 sitios minoristas en 30 estados, entregando 1,8 mil millones de galones de combustible motor anualmente a partir de 2023. La compañía opera a través de 5,200 millas de tuberías propietarias y mantiene instalaciones estratégicas de almacenamiento de combustible en regiones de distribución clave.

Métrico	Valor
Sitios minoristas atendidos	10,000
Volumen anual de entrega de combustible	1.800 millones de galones
Longitud de la red de tuberías	5,200 millas

Precios competitivos para productos de combustible

Sunoco LP mantiene el precio competitivo de combustible a través de la adquisición mayorista estratégica, con márgenes de combustible mayoristas promedio de $ 0.15- $ 0.20 por galón en 2023.

Amplia cobertura geográfica

La distribución geográfica incluye regiones clave:

• Texas: 35% de la red de distribución
• Florida: 15% de la red de distribución
• California: 12% de la red de distribución
• Otros estados: 38% de la red de distribución

Servicios eficientes de distribución y transporte de combustible

Las métricas de eficiencia de transporte incluyen:

Métrica de eficiencia	Actuación
Tamaño de la flota	425 camiones cisterna
Tiempo de entrega promedio	12-18 horas
Precisión de la entrega de combustible	99.7%

Cartera diversa de productos de petróleo y combustible

Desglose de la cartera de productos:

• Gasolina: 65% del volumen total de combustible
• Diesel: 25% del volumen total de combustible
• Mezclas de etanol: 7% del volumen total de combustible
• Combustibles especializados: 3% del volumen total de combustible

Ingresos totales de la distribución de combustible en 2023: $ 22.4 mil millones

Sunoco LP (Sun) - Modelo de negocios: relaciones con los clientes

Asociaciones contractuales a largo plazo con minoristas

Sunoco LP mantiene 10.387 puntos de venta de combustible minorista en 30 estados a partir de 2023. La compañía ha establecido acuerdos de suministro a largo plazo con Aproximadamente 9,700 ubicaciones minoristas independientes.

Tipo de asociación	Número de ubicaciones	Duración del contrato
Asociaciones minoristas de marca	7,523	3-5 años
Acuerdos de suministro sin marca	2,177	1-3 años

Ventas directas y gestión de cuentas

Sunoco LP emplea a 872 representantes de ventas directas que administran cuentas de combustible empresarial y comercial. Los ingresos anuales de los canales de ventas directas alcanzaron los $ 19.2 mil millones en 2023.

• Equipo de gestión de cuentas empresariales: 214 profesionales
• Representantes de ventas de combustible comercial: 658 profesionales
• Valor de la cartera de cuenta promedio: $ 22.7 millones por representante

Atención al cliente y asistencia técnica

La compañía opera un centro centralizado de atención al cliente con 237 personal de apoyo dedicado. El tiempo de respuesta promedio para las consultas de los clientes es de 12.4 minutos.

Canal de soporte	Tiempo de respuesta promedio	Volumen de soporte anual
Soporte telefónico	8.6 minutos	412,000 llamadas
Soporte por correo electrónico	17.2 minutos	286,000 correos electrónicos

Plataformas digitales para el seguimiento de pedidos

La plataforma digital de Sunoco LP procesa aproximadamente 64,000 pedidos diarios de combustible con una tasa de precisión del 99.7%. El uso de la plataforma móvil y web aumentó en un 37% en 2023.

• Aplicación móvil Usuarios activos mensuales: 186,000
• Plataforma web Usuarios activos mensuales: 342,000
• Volumen de procesamiento de pedidos digitales: 23.4 millones de pedidos anualmente

Modelo de servicio receptivo y flexible

Sunoco LP mantiene un modelo de servicio flexible con soluciones personalizadas de suministro de combustible para diferentes segmentos de mercado. La tasa de retención de clientes es del 94.3% a partir de 2023.

Segmento de mercado	Nivel de personalización	Tasa de retención
Estaciones de combustible minorista	Alto	96.1%
Flotas comerciales	Medio	92.7%

Sunoco LP (Sun) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, Sunoco LP opera un equipo de ventas directo de aproximadamente 125 representantes de ventas profesionales que cubren 30 estados en los Estados Unidos.

Métrica del equipo de ventas	Valor
Representantes de ventas totales	125
Cobertura geográfica	30 estados
Ventas anuales promedio por representante	$ 3.2 millones

Plataformas de pedidos en línea

Sunoco LP mantiene capacidades robustas de pedidos digitales con las siguientes estadísticas de plataforma digital:

• Volumen de transacción de plataforma digital: 42% de las transacciones totales de combustible
• Valor anual de pedido en línea: $ 1.7 mil millones
• Descarga de la aplicación móvil Recuento: 385,000 usuarios activos

Red de distribución de combustible al por mayor

La infraestructura de distribución mayorista de Sunoco LP incluye:

Métrica de red de distribución	Valor
Centros de distribución totales	87
Volumen anual de distribución de combustible	4.300 millones de galones
Tamaño de la flota logística	624 camiones cisterna

Asociaciones de tiendas de conveniencia

Sunoco LP mantiene asociaciones estratégicas con redes de tiendas de conveniencia:

• Asociaciones totales de tiendas de conveniencia: 1,100 ubicaciones
• Cobertura de asociación: 22 estados
• Ingresos anuales promedio por asociación: $ 2.6 millones

Canales de comunicación digital y comercialización

Las métricas de marketing y comunicación digital para Sunoco LP incluyen:

Canal digital	Métrico de compromiso
Seguidores de redes sociales	215,000
Lista de marketing por correo electrónico	475,000 suscriptores
Sitio web Tráfico mensual	1.2 millones de visitantes

Sunoco LP (Sun) - Modelo de negocio: segmentos de clientes

Tiendas de conveniencia minorista

A partir de 2024, Sunoco LP atiende aproximadamente 9,900 sitios en los Estados Unidos. La compañía opera y suministra combustible para 5.400 tiendas minoristas de conveniencia directamente.

Característica de segmento	Datos específicos
Sitios minoristas totales	9,900 sitios
Tiendas operadas directamente	5.400 tiendas de conveniencia
Volumen de combustible anual	4.300 millones de galones

Propietarios de estaciones de servicio independientes

Sunoco LP proporciona servicios de suministro y distribución de combustible para 4,500 propietarios de estaciones de servicio independientes en múltiples estados.

• Cobertura geográfica: 30 estados
• Soporte de la cadena de suministro: distribución al por mayor de combustible
• Suministro de combustible anual: aproximadamente 1,2 mil millones de galones

Operadores de flota comercial

La compañía sirve Más de 500 clientes de flota comercial con soluciones especializadas de suministro de combustible.

Tipo de flota	Número de clientes
Compañías de camiones	275
Servicios de entrega	125
Flotas municipales	100

Empresas de transporte regional

Sunoco LP apoya Aproximadamente 250 compañías de transporte regional con suministro de combustible constante.

• Volumen de combustible: 600 millones de galones anualmente
• Regiones de servicio: principalmente en el medio oeste y suroeste de los Estados Unidos
• Duración del contrato: típicamente acuerdos de 3-5 años

Consumidores de combustible a gran escala

La compañía ofrece soluciones de combustible para importantes clientes industriales y agrícolas.

Categoría de clientes	Consumo anual de combustible
Clientes industriales	350 millones de galones
Clientes agrícolas	250 millones de galones
Consumidores totales a gran escala	600 millones de galones

Sunoco LP (Sun) - Modelo de negocio: Estructura de costos

Gastos de adquisición de combustible

Los gastos de adquisición de combustible de Sunoco LP para 2022 fueron de $ 22.4 mil millones, lo que representa el 85% de los costos operativos totales. La compañía compra productos de petróleo refinados de múltiples proveedores.

Categoría de gastos	Costo anual	Porcentaje de adquisiciones totales
Adquisición de gasolina	$ 12.6 mil millones	56.3%
Adquisición de combustible diesel	$ 7.2 mil millones	32.1%
Otros productos de combustible	$ 2.6 mil millones	11.6%

Costos de transporte y logística

Los gastos de transporte para 2022 totalizaron $ 1.3 mil millones, cubriendo redes de tuberías, camiones y distribución.

• Transporte de tuberías: $ 620 millones
• Logística de transporte: $ 450 millones
• Mantenimiento de la red de distribución: $ 230 millones

Mantenimiento de la infraestructura

Los costos anuales de mantenimiento de la infraestructura para 2022 fueron de $ 385 millones, cubriendo estaciones minoristas, instalaciones de almacenamiento y equipos.

Categoría de mantenimiento	Costo anual
Mantenimiento de la estación minorista	$ 185 millones
Mantenimiento de la instalación de almacenamiento	$ 125 millones
Reemplazo de equipos	$ 75 millones

Sobrecarga operativa

La sobrecarga operativa para 2022 fue de $ 275 millones, incluidos los gastos administrativos y corporativos.

• Salarios y beneficios para empleados: $ 160 millones
• Costos administrativos corporativos: $ 75 millones
• Tecnología y sistemas: $ 40 millones

Gastos de marketing y ventas

Los gastos de marketing y ventas para 2022 alcanzaron $ 95 millones.

Categoría de marketing	Gasto anual
Marketing digital	$ 35 millones
Publicidad tradicional	$ 40 millones
Promociones de ventas	$ 20 millones

Sunoco LP (SUN) - Modelo de negocios: flujos de ingresos

Ventas de combustible al por mayor

Sunoco LP generó $ 23.45 mil millones en ingresos de ventas de combustible mayoristas en 2023. El segmento mayorista distribuyó aproximadamente 2.100 millones de galones de combustible motor anualmente.

Tipo de combustible	Volumen anual (galones)	Contribución de ingresos
Gasolina	1.400 millones	$ 15.7 mil millones
Diesel	700 millones	$ 7.75 mil millones

Distribución de combustible minorista

La distribución de combustible minorista generó $ 8.2 mil millones en ingresos para Sunoco LP en 2023, lo que representa el 35% de las fuentes de ingresos totales.

• Sitios totales de combustible minorista: 5.560
• Ventas promedio de combustible minorista por sitio: $ 1.47 millones anuales
• Margen de combustible minorista: 15-18 centavos por galón

Servicios de transporte de combustible

Los servicios de transporte de combustible contribuyeron con $ 412 millones en ingresos para 2023.

Servicio de transporte	Ingresos anuales
Transporte de camiones	$ 276 millones
Transporte de tuberías	$ 136 millones

Almacenamiento y tarifas terminales

Las tarifas de almacenamiento y terminal generaron $ 187 millones en ingresos durante 2023.

• Capacidad de almacenamiento total: 36 millones de barriles
• Número de terminales: 41
• Tasa de utilización terminal promedio: 82%

Ingresos de la asociación de la tienda de conveniencia

Las asociaciones de la tienda de conveniencia generaron $ 342 millones en ingresos para 2023.

Tipo de asociación	Ingresos anuales
Asociaciones de marca	$ 214 millones
Ventas minoristas sin combustible	$ 128 millones

Sunoco LP (SUN) - Canvas Business Model: Value Propositions

You're looking at the core value Sunoco LP (SUN) is delivering to its partners and customers as of late 2025, especially following that massive Parkland Corporation acquisition. It's all about stability, scale, and reach.

Stable, fee-based cash flows from midstream assets (Pipeline/Terminals)

The midstream segment is the bedrock here; it's designed to generate cash flow that isn't directly tied to volatile commodity prices. That stability is a major value proposition. For the first quarter of 2025, the Terminals segment delivered Adjusted EBITDA of $66 million, a significant jump from the $24 million seen in the first quarter of 2024. This is further bolstered by the acquisition of TanQuid, which adds fee-based income from infrastructure in Germany and Poland, diversifying those cash flows.

Here's a snapshot of the infrastructure supporting that stability:

Asset Type	Metric	Value (Approximate)
Fuel Distribution Volume (Annual)	Gallons Distributed	9 billion gallons
Pipeline Network	Miles of Pipeline	14,000 miles
Terminals Owned/Operated	Number of Terminals	Over 100

Reliable supply chain for motor fuels across 40+ U.S. states and internationally

Sunoco LP's distribution network is vast, ensuring fuel gets where it needs to go. They distribute approximately 9 billion gallons of fuel annually. This supply chain serves roughly 7,400 Sunoco and partner branded locations, plus additional independent dealers and commercial customers.

North America's largest independent fuel distributor post-Parkland acquisition

The completion of the $9.1 billion acquisition of Parkland Corporation in November 2025 cemented this status, creating the largest independent fuel distributor across the Americas. This scale is a key value driver, supported by expected synergies of over $250 million by 2028. The combined entity significantly expanded its retail footprint, with Parkland adding 650 retail outlets and 1,830 dealer sites to Sunoco's existing network.

Geographic diversification across US, Canada, Europe, and the Greater Caribbean

The geographic footprint is now truly international, moving beyond just the US. Sunoco LP already operated in over 40 U.S. states and the Caribbean. The Parkland deal brought in significant operations in Canada (including the Burnaby refinery) and expanded the reach, as Parkland itself had operations in 26 countries across the Americas.

The geographic spread looks like this:

• Operating in over 40 U.S. states.
• Operations in Puerto Rico.
• Significant presence in Canada post-Parkland.
• Terminals owned and operated in Europe.
• Operations in Mexico.
• Presence in the Greater Caribbean.

Consistent distribution growth, targeting at least 5% for 2025

Sunoco LP is delivering on its commitment to unitholders. The 2025 business outlook includes an annual distribution growth rate target of at least 5%. By October 2025, the company announced its fourth consecutive quarterly increase, with the annualized distribution reaching $3.6808 per common unit for the quarter ended September 30, 2025. This consistent growth reflects a broader trend; since 2022, distributions have increased by approximately 11% as of late 2025. The Q3 2025 Adjusted EBITDA was a record $496 million, with a trailing twelve-month coverage ratio of 1.8 times. Here's the quick math on the 2025 guidance:

Metric	Guidance/Actual (2025)	Context
Target Annual Distribution Growth	At least 5%	For the full 2025 fiscal year
Q3 2025 Annualized Distribution	$3.6808 per unit	Declared October 20, 2025
Adjusted EBITDA (Midpoint Guidance)	$1.925 billion	Represents a 25% increase from 2024
Distribution Increase Since 2022	Approximately 11%	Cumulative growth through Q3 2025

If you're assessing the value proposition, focus on that fee-based EBITDA growth, which is projected to hit a midpoint of $1.925 billion for 2025. Finance: draft 13-week cash view by Friday.

Sunoco LP (SUN) - Canvas Business Model: Customer Relationships

You're looking at how Sunoco LP (SUN) manages the different ways it interacts with its customer base, which is a mix of high-touch and purely transactional relationships.

Dedicated account management for large commercial customers

For wholesale customers, including those in petroleum exploration and production receiving fuel, propane, and lubricating oils, Sunoco LP uses technology to streamline interactions. The company utilizes a proprietary web-based system allowing wholesale customers to access their accounts from a personal computer to obtain prices, place orders, and review invoices, credit card transactions, and electronic funds transfer notifications. Substantially all customer payments are processed by electronic funds transfer.

Transactional relationship with independent retail dealers and branded sites

The fuel distribution arm serves a massive network of retail points. The total network serves approximately 7,400 Sunoco and partner branded locations and additional independent dealers and commercial customers as of 2025. Sunoco LP distributes approximately 9 billion gallons of branded and unbranded fuel annually across more than 40 states and the Caribbean.

The nature of these relationships is often governed by formal agreements, with contract assets related to upfront dealer incentives standing at $256 million as of December 31, 2023.

Customer Type Detail	Metric/Volume	Period/Context
Total Locations Served	Approximately 7,400	2025
Fuel Sold (Q1)	Approximately 2.1 billion gallons	First Quarter 2025
Fuel Sold (Q2)	Approximately 2.2 billion gallons	Second Quarter 2025
Contract Asset Balance (Upfront Payments)	$256 million	December 31, 2023

Long-term contracts for pipeline and terminal throughput services

The midstream segment relies on long-term commitments to secure utilization of its infrastructure. Sunoco-branded supply contracts with distributors generally have both time and volume commitments. These contracts have an initial term of approximately ten years, with an estimated, volume-weighted term remaining of approximately five years. A specific example is the 15-year take-or-pay fuel supply agreement with 7-Eleven, Inc. and SEI Fuel Services, Inc..

Throughput volumes for the infrastructure assets in mid-2025 were:

• Pipeline Systems segment averaged throughput volumes of approximately 1.2 million barrels per day in the second quarter of 2025.
• Terminals segment averaged throughput volumes of approximately 692 thousand barrels per day in the second quarter of 2025.

Investor relations focused on consistent MLP distribution increases

Investor communication centers on predictable returns, consistent with the structure of a master limited partnership (MLP). Sunoco LP is targeting a distribution growth rate of at least 5% for 2025.

Distribution history reflects this commitment:

• The quarterly distribution for the quarter ended September 30, 2025, was $0.9202 per common unit, or $3.6808 on an annualized basis.
• This represented an increase of approximately 1.25% compared with the quarter ended June 30, 2025.
• Since 2022, SUN has increased distributions by approximately 11% as of October 2025.

The Partnership reaffirmed its full-year 2025 Adjusted EBITDA guidance, excluding one-time transaction-related expenses, to be in a range of $1.90 billion to $1.95 billion.

Sunoco LP (SUN) - Canvas Business Model: Channels

You're looking at how Sunoco LP actually gets its product-fuel and midstream services-to the customer, and the numbers show a massive, integrated network. It's not just about selling gas; it's about moving hydrocarbons efficiently across the continent and beyond.

Direct pipeline and terminal throughput services to commercial clients

This channel relies heavily on Sunoco LP's midstream assets. The Partnership operates an extensive network of approximately 14,000 miles of pipeline spanning 16 states, which is key for moving refined products, crude oil, and ammonia to commercial users and its own distribution hubs. For instance, in the third quarter of 2025, the Pipeline Systems segment averaged throughput volumes of approximately 1.3 million barrels per day. This throughput feeds directly into the terminals business, which is also a critical channel for commercial clients needing bulk product access. The Terminals segment averaged throughput volumes of approximately 656 thousand barrels per day in Q3 2025, providing essential storage and loading services.

Wholesale fuel distribution via a network of 7,400 branded/partner sites

This is the core volume driver. Sunoco LP distributes fuel to approximately 7,400 Sunoco and partner branded locations, plus independent dealers and commercial customers. The sheer scale of this is best seen in the gallons moved. For the third quarter of 2025, the Fuel Distribution segment sold approximately 2.3 billion gallons of fuel. The fuel margin achieved across these wholesale transactions in Q3 2025 was 10.7 cents per gallon. Overall, Sunoco LP distributes over 15 billion gallons annually, which shows the consistent demand this channel meets.

Direct sales to unbranded retail stores and other fuel distributors

This is intrinsically linked to the wholesale channel but targets customers who aren't flying the Sunoco flag. The 15 billion gallons distributed annually covers these unbranded sales, independent dealers, and commercial customers alongside the branded network. The ability to serve these diverse buyers is supported by the infrastructure that allows for flexible offloading and delivery, whether through pipeline take-offs or terminal access. The Q1 2025 fuel margin of 11.5 cents per gallon shows the profitability across this broad customer base before the slight dip to 10.7 cents in Q3 2025.

International terminal operations in Europe and the Greater Caribbean

Sunoco LP extends its reach beyond the continental United States into international markets, primarily through its terminals. The Partnership owns and operates 124 fuel terminals across the U.S., Puerto Rico, and Europe, ensuring supply chain reliability. This international footprint was bolstered by strategic moves, including the acquisition of TanQuid, a leading terminal operator in Germany and Poland, announced in the first quarter of 2025. The Caribbean presence is supported by operations in Puerto Rico. These international assets provide stable midstream income, complementing the core U.S. fuel distribution business.

Here's a quick look at the operational scale for the third quarter of 2025:

Segment	Metric	Q3 2025 Value
Fuel Distribution	Gallons Sold	2.3 billion gallons
Fuel Distribution	Fuel Margin	10.7 cents per gallon
Pipeline Systems	Average Throughput	1.3 million barrels per day
Terminals	Average Throughput	656 thousand barrels per day

The strength of these channels is evident in the financial results supporting them:

• Adjusted EBITDA for the Fuel Distribution segment in Q3 2025 was $232 million.
• Adjusted EBITDA for the Pipeline Systems segment in Q3 2025 was $182 million.
• Adjusted EBITDA for the Terminals segment in Q3 2025 was $75 million.
• The Partnership reaffirmed its 2025 annual distribution growth target of at least 5%.
• The Q3 2025 distribution declared was $0.9202 per unit.

The recent acquisition of Parkland Corporation, valued at $9.1 billion, is set to integrate into and enhance these distribution and infrastructure channels going forward.

Sunoco LP (SUN) - Canvas Business Model: Customer Segments

You're looking at the core groups Sunoco LP serves right now, based on their late 2025 operational snapshot. It's a mix of physical fuel buyers and capital providers.

The Fuel Distribution segment, which serves the dealers and commercial users, moved approximately 2.3 billion gallons of fuel in the third quarter of 2025, achieving a fuel margin of 10.7 cents per gallon for all gallons sold in that quarter. Sunoco LP distributes fuel across over 40 U.S. states, Puerto Rico, Europe, and Mexico. This critical infrastructure complements the fuel distribution operations, which serve approximately 7,400 Sunoco and partner branded locations and additional independent dealers and commercial customers as of late 2025. For benchmarking purposes, the number of APlus branded retail fuel sites and convenience stores stood at 76 as of January 1, 2025.

The customer base is served through a vast network, which includes approximately 14,000 miles of pipeline and over 100 terminals. The overall commitment to the distribution network is underscored by the fact that the Partnership is targeting an annual distribution growth rate of at least 5% for 2025.

Here's a breakdown of the key quantitative data points relevant to these segments:

Customer Segment Group	Key Metric	Value (As of late 2025/Q3 2025)
Independent Fuel Dealers & Branded Retailers	Total Locations Served (Approximate)	7,400
Independent Fuel Dealers & Branded Retailers	Q3 2025 Gallons Sold (Fuel Distribution Segment)	2.3 billion gallons
Independent Fuel Dealers & Branded Retailers	Q3 2025 Fuel Margin	10.7 cents per gallon
Commercial Customers (e.g., Municipalities)	Total Locations Served (Included in Total)	Part of approx. 7,400
Unbranded Retail Stores	Total Locations Served (Included in Total)	Part of approx. 7,400
Unitholders (Investors)	Q3 2025 Declared Distribution Per Unit	$0.9202
Unitholders (Investors)	Annualized Distribution Per Unit (Based on Q3 2025)	$3.6808
Unitholders (Investors)	Distribution Increase vs. Q2 2025	Approximately 1.25%
Unitholders (Investors)	Distribution Increase Since 2022	Approximately 11%
Unitholders (Investors)	Trailing 12-Month Distribution Coverage Ratio	1.8 times

The unitholder segment is clearly a focus, given the commitment to capital returns. The Q3 2025 distribution was $0.9202 per common unit, which annualizes to $3.6808 per unit. This was the fourth consecutive quarterly increase, consistent with the Partnership's target of at least 5% annual distribution growth for 2025. The overall debt load, which impacts investor confidence, stood at approximately $9.5 billion in long-term debt at the end of Q3 2025, resulting in a leverage ratio of 3.9 times net debt to Adjusted EBITDA. Distributable Cash Flow, as adjusted, for that quarter was $326 million. You see, the infrastructure scale is massive, but the leverage is defintely something to watch.

The customer base served by the Fuel Distribution segment can be further characterized by the following:

• Geographic Footprint: Operating in over 40 U.S. states, Puerto Rico, Europe, and Mexico.
• Total Annual Volume: Distributes approximately 9 billion gallons of branded and unbranded fuel annually.
• APlus Branded Sites (as of Jan 1, 2025): 76 locations.

Sunoco LP (SUN) - Canvas Business Model: Cost Structure

You're looking at the cost side of Sunoco LP's business, and honestly, it's dominated by the sheer volume of product they move and the debt they've taken on to grow. The cost structure is heavily weighted toward variable costs tied to fuel sales, plus the fixed cost burden of a much larger balance sheet following major 2025 deals.

The most significant component remains the High cost of goods sold (COGS) due to fuel and commodity purchases. For the three months ended June 30, 2025, Sunoco LP reported $5,187 million in Total cost of sales and operating expenses. This reflects the direct cost of the product that fuels their distribution segment, where the fuel margin for all gallons sold in Q2 2025 was 10.5 cents per gallon.

Debt service is a major fixed cost driver now. You see the impact of the major 2025 acquisitions, like Parkland Corporation valued at $9.1 billion, reflected in the balance sheet. At the end of the third quarter of 2025, Sunoco LP's long-term debt stood at approximately $9.5 billion. This level of leverage translates directly into significant interest expense, which is a non-negotiable outflow.

Capital spending is substantial, split between keeping the lights on and expanding the network. The commitment to the physical assets requires consistent investment in both maintenance and growth projects. For the second quarter of 2025, total capital expenditures were $160 million.

Here's the breakdown of that Q2 2025 CapEx:

Capital Expenditure Type	Q2 2025 Amount (Millions USD)	Full Year 2025 Projection (Minimum/Approximate)
Growth Capital Expenditures	$120 million	At least $400 million
Maintenance Capital Expenditures	$40 million	Approximately $150 million
Total Capital Expenditures	$160 million	At least $550 million (sum of projections)

This includes capital expenditures related to joint ventures with Energy Transfer, which accounted for $15 million for growth and $2 million for maintenance in Q2 2025.

Operating costs for pipeline and terminal maintenance and labor are embedded within the overall operating expenses, but the maintenance CapEx of $40 million in Q2 2025 gives you a sense of the required upkeep spend for that period. Labor and general overhead for running the terminals and pipeline systems are part of the overall cost base that needs to be covered by margins and throughput fees.

Finally, you must account for Transaction-related expenses from major 2025 acquisitions. These are one-time costs that hit the income statement but aren't part of the recurring operational cost base. For the second quarter of 2025, Sunoco LP reported $10 million in one-time transaction-related expenses. By the third quarter of 2025, this figure settled at $7 million.

The key cost elements you need to track are:

• Cost of Sales for the three months ended June 30, 2025: $5,187 million.
• Long-term Debt as of September 30, 2025: Approximately $9.5 billion.
• Q3 2025 Maintenance CapEx: $42 million.
• Q2 2025 Transaction Expenses: $10 million.

Finance: draft 13-week cash view by Friday.

Sunoco LP (SUN) - Canvas Business Model: Revenue Streams

You're looking at the core ways Sunoco LP brings in cash as of late 2025. It's a mix of high-volume commodity sales and more stable fee-based infrastructure income. Honestly, the sheer scale of the fuel distribution business drives the top line.

Projected FY 2025 total revenue for Sunoco LP is estimated to be around $25.0 billion. This massive figure is heavily reliant on moving product, but the midstream assets are increasingly important for stable cash flow generation.

The fee-based revenue from the midstream assets, which includes pipelines and terminals, provides a crucial, less volatile component to the overall revenue picture. Here's the breakdown of the Q3 2025 Adjusted EBITDA contribution from these segments:

Revenue Stream Segment	Q3 2025 Adjusted EBITDA
Pipeline Systems	$182 million
Terminals	$75 million

The fuel distribution side generates revenue based on margin per gallon, which can fluctuate with the market, but the volume keeps the dollars flowing. For the third quarter of 2025, the fuel margin revenue metric was:

• Fuel margin for all gallons sold in Q3 2025: 10.7 cents per gallon.

Finally, the direct return to unitholders, which is a key component of the MLP structure, was set for the third quarter of 2025:

• Quarterly distribution declared for Q3 2025: $0.9202 per unit.

This distribution represents a commitment to returning capital, consistent with the Partnership's stated goal of targeting an annual distribution growth rate of at least 5% for 2025. Finance: draft 13-week cash view by Friday.