Business Context and Reporting Period
This Form 8-K Current Report was filed by Sunoco LP on March 6, 2018, regarding events occurring on March 5 and March 6, 2018. The filing addresses changes to the Board of Directors of Sunoco GP LLC, the general partner of Sunoco LP.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance changes and does not contain financial performance data.
Material Changes
The primary material change reported is the composition of the Board of Directors:
- Appointments: Imad K. Anbouba and Oscar A. Alvarez were appointed as independent directors on March 6, 2018.
- Resignations: K. Rick Turner and W. Brett Smith resigned from the Board, effective March 6, 2018.
- Committee Assignments: Mr. Anbouba was appointed Chairman of the Audit Committee and a member of the Compensation Committee. Mr. Alvarez was appointed to the Audit Committee.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future operations. Regarding risks and contingencies, the company explicitly stated that the resignations of Mr. Turner and Mr. Smith were not the result of any disagreement with the Partnership or the General Partner relating to operations, practices, or policies. No unusual items were reported.
Key Facts for Investor Verification
- Verify the new board composition and committee assignments for Imad K. Anbouba and Oscar A. Alvarez.
- Confirm that the resignations of K. Rick Turner and W. Brett Smith were voluntary and unrelated to operational disputes.
- Note that new directors are eligible for cash compensation and phantom unit grants under the 2012 Long Term Incentive Plan.