Sunoco LP has reported its financial and operating results for the first quarter ended March 31, 2021.
The partnership’s solid first quarter results demonstrate the durability of its business and management’s capacity to navigate difficult operating conditions as the company faced the combined challenges in the quarter from persistently rising commodity prices, ongoing impacts of COVID-19, and the effects of winter storm Uri.
For the three months ended March 31, 2021, net income was $154 million versus a net loss of $128 million in the first quarter of 2020.
Adjusted EBITDA for the quarter was $157 million compared with $209 million in the first quarter of 2020. The decline in adjusted EBITDA reflects lower reported fuel volume and margins partially offset by a decline in total operating expenses.
Distributable cash flow, as adjusted, for the quarter was $108 million, compared to $159 million a year ago.
The partnership sold 1.76 billion gallons of fuel in the first quarter of 2021 versus 1.90 billion in the first quarter of 2020, a 7.5 percent decline. Fuel margin for all gallons sold was 10.3 cents per gallon for the quarter compared to 13.1 cents per gallon a year ago.
Fuel margin for the first quarter of 2021 included an $18.5 million annual make-up payment under the fuel supply agreement with 7-Eleven, versus a $12.8 million annual make-up payment in first quarter of 2020. SUN expects volumes to continue to improve through the remainder of the year with increased economic activity.
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