Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report: June 16, 2010

(Date of earliest event reported): June 16, 2010

 

 

SUNOCO LOGISTICS PARTNERS L.P.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   1-31219   23-3096839

(State or other jurisdiction

of incorporation)

 

(Commission

file number)

 

(IRS employer

identification number)

 

1818 Market Street, Philadelphia, PA   19103
(Address of principal executive offices)   (Zip Code)

(215) 977-3000

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 7.01 Regulation FD Disclosure

On June 16, 2010, executives of Sunoco Partners LLC, the general partner of Sunoco Logistics Partners L.P. (the “Partnership”), presented information about the Partnership described in the slides attached to this report as Exhibit 99.1 as part of a larger Sunoco, Inc. slide presentation at an analyst conference hosted by Sunoco, Inc. in New York, NY.

Exhibit 99.1 and the slides thereof are incorporated by reference herein. These slides are also available on the Partnership’s website at www.sunocologistics.com. The full Sunoco, Inc. slide presentation, including the slides referenced herein are available on Sunoco, Inc’s website at www.sunocoinc.com.

The information in this report, being furnished pursuant to Items 7.01 and 9.01 of Form 8-K, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and is not incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

 

Item 9.01 Financial Statements and Exhibits

(c) Exhibits.

 

99.1    Slide presentation given on June 16, 2010 by executives of Sunoco Partners LLC, the general partner of Sunoco Logistics Partners L.P.

Forward-Looking Statements

Statements contained in the exhibit to this report that state the Partnership’s or its management’s expectations or predictions of the future are forward-looking statements. The Partnership’s actual results could differ materially from those projected in such forward-looking statements. Factors that could affect such results include those mentioned in the documents that the Partnership has filed with the Securities and Exchange Commission.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

SUNOCO LOGISTICS PARTNERS LP.
By:   Sunoco Partners LLC,
  its General Partner
  By:   /S/    BRUCE D. DAVIS, JR.        
    Bruce D. Davis, Jr.
  Vice President, General Counsel and Secretary

June 16, 2010

Philadelphia, PA


EXHIBIT INDEX

 

Exhibit No.

  

Exhibit

99.1    Slide presentation given on June 16, 2010 by executives of Sunoco Partners LLC, the general partner of Sunoco Logistics Partners L.P.
Slide Presentation
Sunoco Logistics Partners L.P.
(NYSE: SXL)
Mike Hennigan
Exhibit 99.1


3
Serve key Northeast,
Midwest & Gulf Coast
production/refining centers
2,200 miles of refined
product pipelines
3,850 miles of crude
pipelines
41 refined product terminals
23 million barrels of crude oil
storage capacity
Asset Overview


$22MM
23%
$ 35MM
36%
$40MM
41%
9
2009 EBITDA $343MM
2002 EBITDA $97MM
Growth Strategy
Crude Oil Pipeline System
Refined Products Pipeline System
Terminal Facilities
$182 MM
53%
$103MM
30%
$58MM
17%
Optimize current asset base
Invest in organic extensions
Opportunistically
acquire
complementary assets
Continue focus on platform growth
Successfully integrated 15
acquisitions since 2002 IPO
*  For reconciliation to Net Income, see Slide A2.


3
SXL Future Growth
Outside Sunoco footprint
Nederland terminal
MagTex
organic growth
Crude oil pipeline organic growth
Inside Sunoco footprint
Terminal services and pipeline infrastructure
Blending
Alternative fuels
Debottleneck where appropriate
Most of the historical growth has been outside the Sunoco
footprint. Future growth opportunities exist in both areas. 


11
Organic growth opportunities accelerate
Biodiesel
New terminal at Aldine, TX
Crude pipeline to products pipeline
conversion to supply Longview, TX
Marcellus Shale Mariner project
Blending services are becoming more
essential as market needs expand
Ethanol
Biodiesel
Additive package
More expected in the future
Refined Products Platform


Value from SXL
Latest 12 month
distribution growth: 10%
Highest in competitive
class
LP Distribution increased
in 27 of last 28 quarters
Current annualized
distribution of $4.46 
(6.8% yield as of 5/28/10)
Strong balance sheet
3.6x Debt/EBITDA
Investment grade
Average Annual
Distribution
(per LP unit)
Cancelled
LP/GP
Split (%)
New
LP/GP
Split (%)


8
Summary
Consistent track record of distribution growth
Excellent prospects for future growth both outside and inside
the Sunoco footprint
Particular emphasis on the refined products system
Additional growth expected from integrated opportunities with Sunoco
Improve the refining/logistics/marketing integrated network
Identify possible terminal acquisitions
Work together on integrated opportunities (i.e. Marcellus Shale)
Supporting Sunoco’s aspiration to become the premier provider of
transportation fuels in its markets


Questions?