Sunoco LP Completes Acquisition of NuStar Energy L.P.

Source: www.gulfoilandgas.com 5/3/2024, Location: North America

Sunoco LP announced the completion of the acquisition of NuStar Energy L.P. ("NuStar") and a 4% increase in its quarterly distribution.

NuStar Energy Acquisition
Sunoco announced the completion of the acquisition of NuStar. The merger was approved by NuStar unitholders at its Special Meeting held on May 1, 2024. Effective as of the opening of markets on May 3, 2024, NuStar's common units ceased trading on the New York Stock Exchange.

The completion of this transaction increases Sunoco's stability and credit profile, strengthens its financial foundation, and enhances its ability to grow. Sunoco expects to realize at least $150 million of expense and commercial synergies. In addition, Sunoco expects at least $50 million per year of additional cash flow from refinancing activity. Sunoco expects the transaction to be immediately accretive to distributable cash flow per LP unit, growing to greater than 10% accretion by the third year following close.

Quarterly Distribution Increase
Sunoco also announced that the Board of Directors of its general partner declared a quarterly distribution for the first quarter of 2024 of $0.8756 per common unit or $3.5024 per common unit on an annualized basis. The distribution will be paid on May 20, 2024, to common unitholders of record on May 13, 2024 (including the former NuStar unitholders who received Sunoco common units upon the completion of the merger).

Building on the 2% increase last year, this 4% increase demonstrates Sunoco's continued confidence in the business and in future distribution increases.

Sunoco will provide additional details about the NuStar acquisition and distribution increase on Sunoco's first quarter 2024 conference call on May 8, 2024, at 9:00 a.m. Central Daylight Time.


Denmark >>  7/12/2024 - KKR, a leading global investment firm, and Palm Capital, the pan-European real estate private equity specialist announced the acquisition of a prime l...
United States >>  7/12/2024 - Bowman Consulting Group Ltd. (the “Company” or “Bowman”), a national engineering services firm delivering infrastructure design solutions to customers...

Norway >>  7/11/2024 - As of Thursday 11 July, French infrastructure group Vinci is the owner of all shares in Helios Nordic Energy. The full upfront payment of EUR 73 milli...
United States >>  7/11/2024 - Energy Services of America Corporation (the "Company" or "Energy Services") announced Nitro Construction Services, a subsidiary of Energy Services, ha...

United States >>  7/11/2024 - Martin Resource Management Corporation (“MRMC”), owner of the general partner of Martin Midstream Partners L.P. (NASDAQ:MMLP) (“MMLP”), announces that...
United States >>  7/11/2024 - H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $64 billion of capital under management, is pleased to announce that one ...




Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.