Sunoco LP (SUN) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, thank you for standing by. Welcome to Sunoco LP and Sunoco Corp Q1 2026 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask the question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. I will now like to hand the conference over to Scott Grishaw. You may begin. Thank you. Good morning, everyone. On the call with me this morning are Joe Kim, President and Chief Executive Officer, Carl Fales, Chief Operating Officer, Austin Harkness, Chief Commercial Officer, Brian Hand, Chief Sales Officer, and Dylan Bramhall, Chief Financial Officer. Today's call will contain forward-looking statements that include expectations and assumptions regarding Snoqualmie's future operations and financial performance. Actual results could differ materially, and we undertake no obligation to update these statements based on subsequent events. Please refer to our earnings release as well as our filings with the SEC for a list of these factors. During today's call, we will also discuss certain non-GAAP financial measures, including adjusted EBITDA and distributable cash flow as adjusted. please refer to the Sunoco LP website for a reconciliation of each financial measure. The partnership started off 2026 with a strong quarter, delivering adjusted EBITDA of $867 million, excluding approximately $9 million of one-time transaction expenses. The first quarter benefited from a one-time gain on a sale of inventory of approximately $102 million. With the acquisition of Parkland Corporation last year and the elevated commodity price envi...