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SEC Filings
S-4/A
SUSSER HOLDINGS CORP filed this Form S-4/A on 08/16/2016
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Table of Contents
Index to Financial Statements

ETP Retail does not control, and therefore may not be able to cause or prevent certain actions by, its unconsolidated affiliates.

ETP Retail’s unconsolidated affiliates, Sunoco and PES are independently managed, and ETP Retail does not control the decisions of their governing bodies. Consequently, it may be difficult or impossible for ETP Retail to cause those unconsolidated affiliates to take actions that it believes would be in ETP Retail’s best interests. Likewise, ETP Retail may be unable to prevent adverse actions taken by those unconsolidated affiliates.

The operating results of ETP Retail’s unconsolidated affiliates and non-controlling interests may be adversely affected by unfavorable economic and market conditions.

Economic conditions worldwide have, from time to time, contributed to slowdowns in the oil and gas industry, which could impact ETP Retail’s unconsolidated affiliates and consequently impact the value of ETP Retail’s investment and/or the distributions that it receives from its investments in those unconsolidated affiliates. For example, ETP Retail’s unconsolidated affiliate, PES, has its own unique business and economic risks as follows:

 

    the price volatility of crude oil, other feedstocks, refined products and fuel and utility services may have a material adverse effect on PES’ financial condition, results of operation and cash flows;

 

    PES’ results of operations are affected by crude oil price differentials, which may fluctuate substantially;

 

    persistently low crude oil prices could reduce domestic crude oil production and affect crude oil price differentials and refining operating margins which, in turn, would adversely affect PES’ financial condition, results of operations and cash flows;

 

    a material decrease in crude oil production in the Bakken region could result in a material decrease in the volume of attractively priced Bakken crude oil processed by PES’ refining operations;

 

    disruption of PES’ ability to obtain an adequate supply of crude oil could reduce liquidity and increase costs;

 

    the inherent risks in operating the refining and logistics assets could result in unscheduled downtime of PES’ refining and other assets, which could expose PES to potentially significant losses, costs or liabilities for which PES may not be fully covered by insurance;

 

    PES’ inability to generate or obtain the necessary number of Renewable Identification Numbers (“RINs”) and waiver credits could result in a regulatory compliance failure, which, in turn, could adversely affect PES’ financial condition, results of operations and cash flows;

 

    PES is subject to interruptions of supply as a result of its reliance on railroads for transportation of domestic crude oil;

 

    PES is subject to interruptions of supply and distribution as a result of its reliance on pipelines for refined products;

 

    the geographic concentration of PES’ operations creates significant exposure to the risks of the local economy and other local adverse conditions;

 

    a shortage in rail locomotives or railroad crews may adversely affect PES’ financial condition, results of operations and cash flows;

 

    a substantial portion of PES’ workforce is unionized, and PES may face labor disruptions that could interfere with its operations;

 

    laws and regulations restricting emissions of greenhouse gases could force PES to incur increased capital and operating costs and could have a material adverse effect on PES’ financial condition, results of operations and cash flows;

 

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