Business Context and Reporting Period
This Form 8-K, filed on March 30, 2016, by Sunoco LP (the "Partnership"), reports on the acquisition of Sunoco Retail Businesses effective January 1, 2016. The filing provides financial statements for the acquired businesses and pro forma financial information for the Partnership reflecting the consummation of the acquisition and related financing.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Instead, it references the following documents filed as exhibits which contain the detailed data:
- Audited Combined Financial Statements: For the Sunoco Retail Businesses as of December 31, 2015 and 2014, and for the years ended December 31, 2015, 2014, and 2013 (Exhibit 99.1).
- Unaudited Pro Forma Financial Statements: For Sunoco LP as of December 31, 2015, and for the years ended December 31, 2015 and 2014 (Exhibit 99.2).
Material Changes
The primary material change is the acquisition of:
- 100% of the issued and outstanding membership interests of Sunoco Retail, LLC ("SUN Retail").
- 68.42% of the issued and outstanding membership interests of Sunoco, LLC ("SUN LLC").
These assets were acquired from ETP Retail Holdings, LLC ("Contributor") pursuant to a Contribution Agreement dated November 15, 2015.
Guidance, Outlook, and Risks
The filing text does not contain specific management commentary, forward-looking guidance, or a discussion of risks and contingencies. The document serves primarily to disclose the transaction and incorporate the relevant financial exhibits by reference.
Investor Verification Checklist
- Review Exhibit 99.1 for the audited financial performance of the acquired Sunoco Retail Businesses for 2013-2015.
- Review Exhibit 99.2 for the unaudited pro forma combined financial statements of Sunoco LP to understand the impact of the acquisition on the Partnership's balance sheet and operations.
- Verify the details of the financing related to the acquisition as referenced in the pro forma notes.
- Confirm the effective date of the transaction (January 1, 2016) against the Partnership's consolidated reporting periods.