Sunoco LP has completed its $7.3 billion acquisition of NuStar Energy, increasing Sunoco’s credit profile and financial stability, the companies announced May 3.
With NuStar’s incorporation into Sunoco, Sunoco expects to realize at least $150 million of expense and commercial synergies and at least $50 million per year of additional cash flow from refinancing activity.
After clearing a regulatory waiting period from the Federal Trade Commission, the merger was approved by NuStar unitholders at its May 1 special meeting. As of May 3, NuStar’s common units ceased trading on the New York Stock Exchange.
Sunoco also declared a quarterly distribution, representing a 4% increase, for first quarter 2024 of $0.875 per common unit or $3.50 annually.
The distribution will be paid on May 20 to common unitholders of record by May 13, including former NuStar unitholders who received Sunoco units upon the transactions’ closing.
RELATED
Recommended Reading
Canadian Natural Resources Boosting Production in Oil Sands
2024-03-04 - Canadian Natural Resources will increase its quarterly dividend following record production volumes in the quarter.
OGInterview: Building EIV Capital’s Midstream Investment Strategy
2024-05-01 - Midstream-focused EIV Capital has added non-operated assets and transition projects to its portfolio as a sign of the times.
TotalEnergies to Invest $400MM in LPG
2024-05-14 - TotalEnergies is investing more than $400 million into LPG to provide more than 100 million people in Africa and Asia access to clean cooking methods by 2030.
TC Energy Appoints Sean O’Donnell as Executive VP, CFO
2024-04-03 - Prior to joining TC Energy, O’Donnell worked with Quantum Capital Group for 13 years as an operating partner and served on the firm’s investment committee.
Jerry Jones Invests Another $100MM in Comstock Resources
2024-03-20 - Dallas Cowboys owner and Comstock Resources majority shareholder Jerry Jones is investing another $100 million in the company.