HOUSTON -- Susser Petroleum Partners LP officially changed its name to Sunoco LP this week, along with the change of its ticker symbol for its common units to "SUN."
The common units began trading today at market open under the SUN ticker symbol on the New York Stock Exchange. The partnership has also launched its new website today at www.sunocolp.com.
"We are proud to reintroduce the SUN ticker symbol, which traded on the New York Stock Exchange for almost 87 years until the sale of Sunoco Inc. in 2012 to our parent company, Energy Transfer Partners L.P.," said Bob Owens, Sunoco LP chief executive officer. "We believe that Sunoco's iconic brand, built through a long legacy of quality fuel, paired with Stripes' industry-leading convenience-store model, is a tremendous platform for us to grow in our existing markets and expand into new markets."
The partnership successfully completed the first dropdown of Mid-Atlantic Convenience Stores LLC from ETP to SUN early this month and announced the acquisition of Aloha Petroleum Ltd., one of the largest gasoline marketers and convenience-store operators in Hawaii, with an extensive wholesale fuel distribution network and six fuel storage terminals on the islands.
"We plan to continue to grow the new Sunoco LP through additional asset dropdowns from our parent, as well as through organic growth—such as new-builds in attractive, growing markets—and with opportunistic acquisitions such as Aloha Petroleum, expected to close by the end of this year," Owens said.
Expected future dropdown opportunities from Energy Transfer Partners include the fuel marketing, distribution and retail assets of Sunoco Inc. and Susser Holdings' Stripes-branded convenience stores, with more than 5,500 sites between them.
Houston-based Sunoco LP is a master limited partnership (MLP) that primarily distributes motor fuel to convenience stores, independent dealers, commercial customers and distributors. SUN also operates more than 100 convenience stores and retail fuel sites.
SUN's general partner is a wholly owned subsidiary of Energy Transfer Partners L.P. While primarily engaged in natural gas, natural-gas liquids, crude oil and refined products transportation, ETP also operates a retail business with a network of more than 5,500 company- or independently operated retail fuel outlets and convenience stores through its wholly owned subsidiaries, Sunoco Inc. and Stripes LLC.
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