Sunoco LP was formed in late 2014 to encompass the stores formerly held by Energy Transfer Partners LP and Susser Petroleum Partners. As of November 2014, the new Sunoco LP held 153 convenience stores, including the Mid-Atlantic Convenience Stores and Aloha Petroleum’s c-stores and gas stations in Hawaii.
The MACS stores dropped down to Sunoco LP from ETP, and the company purchased Honolulu-based Aloha Petroleum LTD and its stores in October 2014.
The 580 Stripes and 47 Sac-N-Pac stores in Texas, New Mexico and Oklahoma are still held by ETP but are expected to “drop-down” to Sunoco LP in 2015. The changes are a result of Susser Petroleum Partners becoming a wholly owned subsidiary of ETP. The subsequent new corporate name of Sunoco LP aligns the Susser-ETP partnership’s legal name with that of ETP’s iconic brand, Sunoco.
Sunoco LP is publicly traded under the SUN ticker symbol. Susser Petroleum is no longer traded publicly.
Q2 2015 Update
In April, Sunoco LP announced that it acquired eight Pico convenience stores in south central Texas from Westex Capital Ltd. of Del Rio, Texas. Sunoco LP will lease the stores to Stripes LLC, the Corpus Christi, Texas-based retail chain owned by Sunoco LP’s parent, Energy Transfer Partners LP. Stripes will operate the stores and will purchase all of the fuel sold at the locations from Sunoco LP. Six of the eight sites are currently branded Valero. The stores are located in the San Antonio area. NRC Realty & Capital Advisors LLC, Chicago, served as exclusive financial advisor to Westex in connection with the transaction.
In another Texas transaction, Susser Petroleum Property Co. LLC has emerged as the lead bidder in an auction for the assets of Aziz Convenience Stores LLC in a chapter 11 bankruptcy proceeding pending in McAllen, Texas. The assets consist primarily of 28 Quick Stop gas stations and convenience stores in Hidalgo County, Texas. Potential bidders have until July 15 to submit a qualifying bid. The auction is scheduled for July 20.
|Headquarters:||Corpus Christi, Texas|
|No. of Stores:||153|
|Average Store Size:||4,000+ sq. ft.|
|States of Operation:||Delaware, Hawaii, Maryland, Virginia|