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
(Registrants 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 Partnerships website at www.sunocologistics.com. The full Sunoco, Inc. slide presentation, including the slides referenced herein are available on Sunoco, Incs 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 Partnerships or its managements expectations or predictions of the future are forward-looking statements. The Partnerships 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. |
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 Sunocos aspiration to become the premier provider of
transportation fuels in its markets |
Questions? |