Slide 1: Investor Presentation
Investor Presentation November 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking
Slide 3: Investment Overview
SUNOCO LP Investment Overview
Slide 4: Largest Independent Fuel Distributor in the Americas and Leading Operator of Energy Infrastructure
Largest Independent Fuel Distributor in the Americas and Leading Operator of Energy Infrastructure (1) >15 billion Gallons Distributed ~11,000 Contracted Locations 32 Countries and Territories >160 Owned Terminals(2) ~14,000 Miles of Pipeline 4 Note: Independent refers to not linked to any refinery
Slide 5: Parkland Acquisition Has Strengthened SUN's Foundation
Parkland Acquisition Has Strengthened SUN’s Foundation Stable Cash Flow • Creates largest independent(1) fuel distributor in the Americas • Delivers vast scale for optionality and cost advantages • Diversifies portfolio and optimizes for stability with upside • Adds midstream assets in the Greater C
Slide 6: Compelling Long-Term Investment
Compelling Long-Term Investment Stable Cash Flow Strong Financial Profile Accretive Growth • Diversified Portfolio – • Strong Balance Sheet and • Consistent Value Creation for Operations across the U.S., Liquidity Position – Provides Unitholders – Only AMZI Canada, the Greater financial flexibility
Slide 7: Evolution of Asset Portfolio Has Enhanced Income Stability and Financial Strength
Evolution of Asset Portfolio Has Enhanced Income Stability and Financial Strength Largest independent(1) fuel distributor in the Americas with a proven history of stable cash flows Pipeline systems and terminals have a history of stable cash flows 2022 2023 2024 SUN Combined pro forma TTM 6/30/25 TT
Slide 8: Strong Financial Profile
Strong Financial Profile Financial Overview Balance Sheet and Liquidity • Market capitalization: ~$11 billion(1) • Ample liquidity under $2.5 billion unsecured • Enterprise value: ~$26 billion(1) revolving credit facility • Revenue: ~$41 billion(2) • Strong credit profile with multiple credit rating
Slide 9: Flexibility and Optionality for Investors
Flexibility and Optionality for Investors Sunoco LP (NYSE: SUN) SunocoCorp LLC (NYSE: SUNC) • Structured as a partnership • Structured as an LLC • Pass-through entity; not subject to corporate taxation • Taxed as a corporation • K-1 issuer • 1099 issuer • Owns 100% of assets and liabilities • Sole a
Slide 10: Meaningful and Consistent Growth
Meaningful and Consistent Growth Since 2017, SUN Has Materially Grown DCF(1) …Expanding Capital per Common Unit by ~60%… Allocation Opportunities $6.00 $5.50 Continuation of proven capital allocation strategy: $5.00 • Secure and growing distribution • Disciplined investment in $4.50 growth opportuni
Slide 11: SUN Continues to Offer Material Upside
SUN Continues to Offer Material Upside …SUN Continues to Trade at Attractive After Eight Years of Outperformance… Valuations(2) vs. the S&P 500… SUN +384%(1) 425% (20% annual return) Lowest Decile EV / AEBITDA 325% Top Decile Dividend Yield S&P 500 +233%(1) (15% annual return) 225% Total Return1 …an
Slide 12: Business Segments
SUNOCO LP Business Segments
Slide 13: Diverse and Stable Business Segments: Fuel Distribution Overview
Diverse and Stable Business Segments Fuel Distribution Overview • Largest independent(1) fuel distributor in the Americas with over 15 billion gallons distributed across a broad network • Stable margins driven by scale, diversity, and proprietary brands • Network of ~11,000 contracted locations prov
Slide 14: History of Stable and Consistent Growth Through Economic Shocks and Commodity Cycles
History of Stable and Consistent Growth Through Economic Shocks and Commodity Cycles $950 COVID – 13% decline in 10 volume from 2019 to High Inflation and Interest Rates 2020; however, SUN delivered 3% AEBITDA(1) growth year-over-year 8 $700 Segment AEBITDA ($MM) Billion Gallons 6 $450 4 $200 2 2019
Slide 15: SUN Well Positioned Within Industry Dynamics
SUN Well Positioned Within Industry Dynamics Industry Facing Escalating Cost Structure and Scale SUN’s History of Managing Costs(1) and Flat/Lower Determines Impact of Expenses While Growing Fuel Demand(2) Higher Breakeven Margin AEBITDA Illustrative Retail Margin Example Wages: +49% 600 Credit Card
Slide 16: Geographic Diversity Creates Stability with Growth Opportunities
Geographic Diversity Creates Stability with Growth Opportunities United States Canada Greater Caribbean Largest independent fuel Provides fuel for one in five Largest fuel distributor in the distributor in the U.S. fuel locations in Canada Greater Caribbean Proven income stability with History of hi
Slide 17: Diverse and Stable Business Segments: Terminals Overview
Diverse and Stable Business Segments Terminals Overview • Multi-geography, multi-commodity independent terminal system: • 53 crude and refined product terminals(1) in continental United States • 18 crude and refined product terminals in Europe(2) • 13 refined product terminals in the Greater Caribbe
Slide 18: Terminals Will Remain High-Value, Critical Infrastructure for Decades
Terminals Will Remain High-Value, Critical Infrastructure for Decades Terminal Infrastructure Total U.S. Storage Capacity Remains Essential Has Plateaued(1) • Capital and regulatory challenges have made new terminal construction projects infrequent 1,500 • As total storage capacity declines, remaini
Slide 19: Vertical Integration Maximizes the Value of Terminals
Vertical Integration Maximizes the Value of Terminals Increases Utilization Improves Efficiency • SUN’s fuel distribution business • Higher throughput volumes and tank increases utilization of owned utilization decrease fixed cost per terminals and provides strong 1 2 volume alternative in commercia
Slide 20: SUN Strategy Targets Critical Energy Infrastructure in Key European Markets
SUN Strategy Targets Critical Energy Infrastructure in Key European Markets Attractive Industry Fundamentals • Refinery closures drive increased demand for terminals and storage infrastructure • Stricter regulations create barriers to building new capacity • Renewable fuels require more extensive st
Slide 21: Diverse and Stable Business Segments: Pipeline Systems Overview
Diverse and Stable Business Segments Pipeline Systems Overview • ~6,000 miles of refined product pipeline • ~6,000 miles of crude oil pipeline • ~2,000 miles of ammonia pipeline • Joint ventures with Energy Transfer: J.C. Nolan Distillate Pipeline and Permian Basin Crude Gathering System • 69 pipeli
Slide 22: Pipeline Systems Will Remain High-Value, Critical Infrastructure for Decades
Pipeline Systems Will Remain High-Value, Critical Infrastructure for Decades Total U.S. Crude and Product Pipeline Miles(1) 250 Thousands of Miles 200 150 100 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 • Large pipeline projects are becomi
Slide 23: Critical Energy Infrastructure Pipeline Systems
Critical Energy Infrastructure Pipeline Systems IA ND NE CO IL IN MN MO SD OK NM AR IA NE TX LA KS Mid-Continent Refined Southwest Crude and Products System Refined Products System Ammonia System • Integrated pipeline and terminal • Multiple SUN terminals and third- • Only interstate ammonia pipelin
Slide 24: Joint Venture with Energy Transfer is a Highly Efficient Permian Platform
Joint Venture with Energy Transfer is a Highly Efficient Permian Platform Permian Basin Crude Gathering System • Combination of SUN’s and ET’s pipelines creates expansive system in the Midland and Delaware Basins • Multiple connections to long-haul pipelines provides optionality with customers • Low
Slide 25: Diverse and Stable Business Segments: Integrated Refinery and Marketing System
Diverse and Stable Business Segments Integrated Refinery and Marketing System • Burnaby refinery was acquired by Parkland in 2017 from Chevron with advantaged fuel distribution network in British Columbia • #1 market share position with Chevron branded stations • Exclusive licensing rights for the C
Slide 26: Consistently Delivers Positive Cash Flow
Consistently Delivers Positive Cash Flow Burnaby Refinery - Sustained Positive Cash Flow Performance Since 2018 Extended Unplanned Shutdown From Turnaround in $400 Covid 1Q24 Segment AEBITDA(1) ($MM) $300 $200 $100 $0 2018 2019 2020 2021 2022 2023 2024 1H25 • Positive cash flow to be reinvested acro
Slide 27: Future Growth Opportunities
Future Growth Opportunities
Slide 28: History of Buying at the "Right" Price & Integrating…
History of Buying at the “Right” Price & Integrating… AMID NuStar Energy Peerless Oil Terminals Zenith Europe and Gas Superior Plus Terminals Gladieux Terminals IPT Terminal Pike Fuels Transmix Six Fuel Terminal Two Fuel Distribution One Fuel Distribution Bolt-Ons Distribution
Slide 29: … Has Resulted in Value Creation
… Has Resulted in Value Creation SUN is the Only AMZI Constituent to Grow DCF(1) per Common Unit for the Last Eight Consecutive Years (2017-2024) $6.00 $5.50 $5.00 $4.50 $4.00 $3.50 $3.00 $2.50 2017 2018 2019 2020 2021 2022 2023 2024 TTM 2Q25 DCF(1) per Common Unit Distribution per Common Unit 29 (1
Slide 30: Future Growth Opportunities Across Various Geographies and Segments
Future Growth Opportunities Across Various Geographies and Segments 1 United States • Midstream Expansion • Fuel Distribution Bolt-Ons 2 4 2 Canada • Midstream Expansion • Fuel Distribution 1 Bolt-Ons 3 Greater Caribbean • Midstream Expansion • Fuel Distribution Bolt-Ons 3 4 Europe • Midstream Expan
Slide 31: SUN Positioned to Execute on Fuel Distribution Bolt-On Strategy
SUN Positioned to Execute on Fuel Distribution Bolt-On Strategy Bolt-On Strategy – Capitalize on Being a Highly Fragmented Sector – Low-Cost Operator in a High Breakeven Cost Environment 61% of Sites are Single Store Operators(1) 1 Acquire High-Cost Marginal Breakeven Cost ~22% (500+ Site Operators
Slide 32: Advantaged Supply Cost from Leading Scale in the Atlantic Basin
Advantaged Supply Cost from Leading Scale in the Atlantic Basin Scale Largest independently(1) contracted fuel demand in the Atlantic Basin with >7 billion gallons Europe Footprint Leading network of terminal positions from Canada to South America Gulf Coast North Africa Expertise Waterborne access
Slide 33: Growing Midstream Portfolio
Growing Midstream Portfolio Small Midstream • Example: AMID (2018) – Initial high single-digit acquisition multiple was reduced to mid single-digit multiple through increased throughput and improved utilization Medium Midstream • Example: NuStar East Coast Terminals (2021) – Integrated with East Coa
Slide 34: SUNOLH
SUNOLH