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PT - 432V5 << - CAUTION WIDE TURNS SUNOCO LP Investor Presentation August 2026 1125 94 OCTANE SUNOCO COLP CAUTION- WIDE TURNS SUNOCO LP SUNOCO
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2 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 statements often address future business and financial events, conditions, expectations, plans or ambitions, and often include, but are not limited to, words such as “believe,” “expect,” “may,” “will,” “should,” “could,” “would,” “anticipate,” “estimate,” “intend,” “plan,” “seek,” “see,” “target” or similar expressions, or variations or negatives of these words, but not all forward-looking statements include such words. Forward-looking statements include, among other things, statements regarding future financial and operating results, guidance, business strategy, capital allocation plans, distribution growth, leverage objectives, acquisition activities and expected benefits from acquisitions.Forward-looking statements by their nature address matters that are, to different degrees, uncertain. All such forward-looking statements are based upon current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions, many of which are beyond the control of Sunoco LP (“Sunoco”, “SUN”, “we”, “our” or “us”) that could cause actual results to differ materially from those expressed in such forward-looking statements. These risks and uncertainties include, among other things, our ability to successfully realize anticipated benefits and synergies from recent acquisitions, including Parkland; consummate and integrate pending acquisitions, including Offen Petroleum; changes in demand for motor fuels and other products; commodity price volatility; general economic, market and competitive conditions; changes in laws and regulations; cybersecurity incidents; operational risks; and other factors discussed in Sunoco’s filings with the Securities and Exchange Commission (“SEC”), including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Any forward-looking statement made by us in this presentation speaks only as of the date of this presentation. Additional risks and uncertainties not currently known or that are currently deemed immaterial may also cause actual results to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, and except as required by applicable law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.This presentation includes certain non-GAAP financial measures as defined under SEC Regulation G. Adjusted EBITDA (“AEBITDA”) is defined as earnings before net interest expense, income taxes, depreciation, amortization and accretion expense, non-cash unit-based compensation expense, gains and losses on disposal of assets, non-cash impairment charges, losses on extinguishment of debt, unrealized gains and losses on commodity derivatives, inventory valuation adjustments, and certain other operating expenses reflected in net income that Sunoco does not believe are indicative of ongoing core operations. Distributable Cash Flow, as adjusted (“DCF”), is defined as AEBITDA less cash interest expense, including the accrual of interest expense related to Sunoco’s long-term debt which is paid on a semi-annual basis, current income tax expense, maintenance capital expenditures and other non-cash adjustments. For DCF, certain transaction-related adjustments and non-recurring expenses are excluded. Free Cash Flow, as adjusted (“FCF”) is defined as DCF less distributions and incentive distribution rights. Forward-Looking Statements Sunoco Investor Relations Contact InformationScott GrischowSenior Vice President – Finance, Treasurer(214) 840-5660scott.grischow@sunoco.comBrian Brungardt, CFADirector – Investor Relations(214) 840-5437brian.brungardt@sunoco.com
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3 $3.20$3.35$3.50$3.65$3.80$3.95$4.102022 2023 2024 2025 2026E $1.3$1.8$2.3$2.8$3.3$3.82024 2025 2026E$1.6 +2% Updated 2026 Financial Outlook and Guidance$3.1 - $3.3 B Adjusted EBITDA(1) Annual growth rate of at least 5%;SUNC investors will receive the same dividend equivalentDistributionDistributionGrowth:$600+ MMMaintenance:$400 - $450 MMBolt-on Acquisitions: $500+ MMCapital and GrowthCapital and Growth AEBITDA ($B)(1)+36%+70%Distribution per Common Unit+4%+5%+10% Key Drivers ofAEBITDA(1)Growth:•Contribution and synergies from Parkland acquisition•Continued strong performance from legacy business•Accretive returns on capital deployedStrong Coverage &Accretive Growth:•Position SUN for distribution increase of at least 5% over a multi-year period $2.1 SupportingLong Term Growth:•Leading scale provides synergies•Broad multi-national investment opportunities•Quick spend, quick return projects / M&ACapital Spending ($MM)Growth CapexM&A (excl. Corporate)(1) AEBITDA is a non-GAAP measure. For definition, please see slide 2 $3.5 - $3.7 BNo ChangeOriginalUpdated$3.5 - $3.7 $0$200$400$600$800$1,000$1,2002024 2025 2026EOn pace for 10% growth in 2026
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Investment Overview
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5 Largest Independent Fuel Distributor in the Americas and Leading Operator of Energy Infrastructure>17 billionGallons Distributed~11,000Contracted Locations>170Owned Terminals(1)~14,000Miles of Pipeline33Countries and TerritoriesNote: Independent refers to not linked to any refinery other than the Burnaby Refinery located in British Columbia; Includes pending Offen acquisition expected to close in 4Q26, subject to regulatory approval(1) As of June 30, 2026, >170 terminals are owned and operated by Sunoco. Additionally, Sunoco utilizes over 200 3rdparty terminals
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6 Compelling Long-Term InvestmentStable Cash Flow•Strong Balance Sheet and Liquidity Position – Provides financial flexibility for growth and reduces risk•Growing Income for Investors –Consistently maintained or increased distributions since IPO in 2012•Balanced and Disciplined Capital Allocation Strategy –Focused on distribution growth, accretive growth opportunities, and a strong balance sheet Accretive Growth•Diversified Portfolio –Operations across the U.S., Canada, the Greater Caribbean, and Europe•Fuel Distribution – Proven history of generating stable income in various market environments; scale and SUN’s proprietary brands are key differentiators that enable higher margin capture•Midstream– Critical nature of assets ensures long-term operations; vertical integration supports high asset utilization and more margin capture along the value chain Strong Financial Profile•Consistent Value Creation for Unitholders – Only AMZI constituent to grow DCF(1)per common unit for the last eight consecutive years (2017 -2025); expect continued growth in 2026 and beyond•Proven Capital Allocation –Since 2017, deployed $20 billion of growth and acquisition capital, increasing DCF(1)per common unit by approximately 62%•Significant Growth Opportunities – Expansive, diversified, and accretive pipeline of investment opportunities(1) Distributable Cash Flow, as adjusted is a non-GAAP measure. For a definition, please see slide 2
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7 Evolution of Asset Portfolio Has Enhanced Income Stability and Financial Strength Fuel DistributionMidstreamRefineryPipeline systems and terminalshave a history of stable cash flowsLargest independent fuel distributor in the Americas with a proven history of stable cash flows Note: Independent refers to not linked to any refinery other than the Burnaby Refinery located in British Columbia(1) Pro Forma 2025 gives effect to the Parkland acquisition as if it had closed on January 1, 2025(2)2022 2023 2024 Pro Forma 2025
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8 Strong Financial Profile•Market capitalization: ~$14 billion(1)•Enterprise value: ~$29 billion(1)•Revenue: ~$47 billion(2)•Core constituent of the Alerian MLP Index (AMZ) and the Alerian MLP Infrastructure Index (AMZI)•Unanimous “Buy / Overweight” rating by equity analyst coverage(3)•Ample liquidity under $2.5 billion unsecured revolving credit facility•Strong credit profile with multiple credit rating upgrades since 2017•Current ratings(3): BB+/Ba1/BB+ (all stable)•Unsecured capital structure with 98% fixed rate debt •Committed to 4.0x long-term leverage target •Attractive distribution yield of ~5%(1)•Consistently maintained a distribution coverage ratio >1.8x since 2022•Maintained distribution through significant market turbulence (e.g. COVID, inflation, commodity volatility)•Annual distribution increases: 2% (2023), 4% (2024), 5% (2025)•On pace for 10% distribution growth in 2026•Targeting ongoing annual growth of at least 5%•Secure and growing distribution•Disciplined investment in growth opportunities•Strong balance sheet (1) As of 7/31/26(2) Represents the Pro Forma trailing 12-month Sunoco and Parkland reported revenue through 6/30/26 (3) Senior unsecured credit ratings of S&P, Moody’s, and Fitch, respectively. Ratings are not recommendations to buy, sell, or hold securities and may be revised or revoked at any time at the sole discretion of the rating organization or analysts, as applicable Financial OverviewBalance Sheet and LiquidityDistributionCapital Allocation Priorities
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9 Flexibility and Optionality for Investors•Structured as a partnership•Pass-through entity; not subject to corporate taxation•K-1 issuer•Owns 100% of assets and liabilities•Structured as an LLC•Taxed as a corporation•1099 issuer•Sole assets are Sunoco LP units; no debt•Minimal corporate income taxes expected for at least five years Sunoco LPNYSE:SUNOperating Assets and SubsidiariesSunocoCorp LLC NYSE:SUNC~27% Limited Partner Interest in SUNSUNUnitholders~73% Limited Partner Interest in SUNSUNCShareholdersSUNC DividendsSUN DistributionsSUN Distributions Sunoco LP (NYSE: SUN)SunocoCorp LLC (NYSE: SUNC)
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10 $2.50$3.00$3.50$4.00$4.50$5.00$5.50$6.00$6.50$7.00$7.50 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E Meaningful and Consistent Growth Distribution per Common UnitDCF(1)per Common Unit SUN is On Pace to Grow DCF(1)per Common Unit >100% (2017 – 2026E)… (1) Distributable Cash Flow, as adjusted is a non-GAAP measure. For a definition, please see slide 2 …Expanding Capital Allocation OpportunitiesContinuation of proven capital allocation strategy:•Secure and growing distribution•Disciplined investment in growth opportunities•Strong balance sheet
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11 (75.0%)25%125%225%325%425%525%625% SUNS&P 500AMLP8.0x8.5x9.0x9.5x10.0x10.5x11.0x11.5x12.0x12.5x13.0xPeer1SUN Peer2Peer3Peer4Peer5Peer6Peer7Peer8Peer9Peer10Peer11 SUN Continues to Offer Material UpsideSUN +624%(1)(24% annual return)S&P 500 +267%(1)(15% annual return) AMZI +90%(1)(7% annual return) After Nine Years of Outperformance……SUN Continues to Trade at Attractive Valuations(2)vs. the S&P 500…Lowest Decile EV / AEBITDA(3)Top Decile Dividend Yield …and Midstream Energy Peers(4)Peer Average ~10.7x(1) Source: Bloomberg, as of 7/31/26. Defined as price appreciation plus reinvestment of dividends/distributions (2) Source: FactSet, as of 7/31/26 Total Shareholder Return EV / AEBITDA(3) AEBITDA is a non-GAAP number. For definition, please see slide 2(4) Includes: CQP, DKL, EPD, ET, GEL, GLP, HESM, MPLX, PAA, USAC, WESSource: FactSet, as of 7/31/26 EV = Market cap + prefequity + min interest + net debt; TTM AEBITDA, as of 2Q26
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Business Segments
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13 Diverse and Stable Business Segments • Largest independent fuel distributor in the Americas with over 17 billion gallons distributed across a broad network• Stable margins driven by scale, diversity, and proprietary brands • Network of ~11,000 contracted locations provides diverse mix of geography and channels• ~200 company-operated locations strategically concentrated in high-margin markets with durable competitive advantages• Proprietary fuel brands enable long-term supply contracts with expanded margins• Segment gross margin anchored by stable, ratable lease income from real estate portfolio and 7-Eleven take-or-pay contract• History of stable and consistent growth through economic shocks and commodity cycles• SUN well positioned within industry dynamics• Geographic diversity creates stability with growth opportunitiesKey SUN Investment HighlightsFuel Distribution Overview Note: Independent refers to not linked to any refinery other than the Burnaby Refinery located in British Columbia; Includes pending Offen acquisition expected to close in 4Q26, subject to regulatory approval
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14 2 4 6 8 10 12 2004507009502019 2020 2021 2022 2023 2024 2025-0.7%+0.2%+1.5%-0.1%+9.5%-13.5%Year-over-Year Gasoline Demand (3)$65.35$76.60$77.60$94.80$68.00$39.20Average WTI ($/bbl) History of Stable and Consistent Growth Through Economic Shocks and Commodity CyclesCOVID – 13% decline in volume from 2019 to 2020; however, SUN delivered 3% AEBITDA(1)growth year-over-year High Inflation and Interest Rates Fuel Distribution AEBITDA(1)(2)Fuel Volume(2) Segment AEBITDA(1)($MM) Billion Gallons (1) AEBITDA is a non-GAAP number. For a definition, please see slide 2(2) Excludes impact of West Texas fuel sale and resegmentation of transmix operations to Terminals segment in 2024(3) Source: EIA, US Product Supplied of Finished Motor Gasoline. Represents national year-over-year growth.
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15 2019 2025 SUN Well Positioned Within Industry DynamicsMarginal Breakeven CostOperator Cost Structure Cost Structure and Scale Determines Impact of Higher Breakeven Margin Industry Facing Escalating Costs(1)and Flat/Lower Fuel Demand(2)SUN’s History of Managing Expenses While Growing AEBITDA(4)Wages: +47%Credit Card Fees: +45%Fuel Demand: -6%WagesCredit Card FeesFuel DemandIllustrative Retail Margin Example •Higher fuel margin required to offset higher operating costs and/or flat/decreasing store gross profit•SUN is a low-cost operator with industry leading scale of over 17 billion gallons per year•Fuel Distribution operating expenses have increased ~5.5% annually (2019 – 2025 CAGR)•Fuel Distribution AEBITDA(4)has grown ~9.0% annually (2019 – 2025 CAGR)$MM Indexed to FY19Inflation increases marginal breakeven costMore Efficient Less EfficientExpenses(3)FD AEBITDA(4)Note: Includes pending Offen acquisition expected to close in 4Q26, subject to regulatory approval(1) National Association of Convenience Store, C-Store Exchange database(2)EIA, U.S. Product Supplied of Finished Motor Gasoline (3) Source: Prior to current segment reporting in 2023, expenses were not allocated proportionally by segment; excludes transaction-related expenses(4) AEBITDA is a non-GAAP number. For a definition, please see slide 22004006008001,0002019 2020 2021 2022 2023 2024 2025
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16 Geographic Diversity Creates Stabilitywith Growth OpportunitiesCanadaUnited States Greater CaribbeanHistory of higher sustained margins compared to U.S.Proven income stability with consistent growthComposed of several unique markets with attractive margins and pockets of high demand growth(1)Opportunity for channel optimization for further income stabilityNote: Independent refers to not linked to any refinery other than the Burnaby Refinery located in British Columbia; Includes pending Offen acquisition expected to close in 4Q26, subject to regulatory approval(1) Source: IMF, World Economic Outlook Database, April 2025; GDP growth from 2025 – 2030 includes Grenada (27%), Dominican Republic (40%), Guyana (59%) and Suriname (180%)Provides fuel for one in five fuel locations in CanadaLargest independent fuel distributor in the U.S.Largest fuel distributor in the Greater CaribbeanOpportunity for channel optimization on newly acquired Parkland assets
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17 Diverse and Stable Business Segments • Multi-geography, multi-commodity independent terminal system:• 49 crude and refined product terminals(1)in continental United States• 18 crude and refined product terminals in Europe• 20 refined product terminals in the Greater Caribbean • Nine terminals in Canada• Six refined product terminals in Hawaii• Leading transmix processor in the U.S. with four facilities• Terminals will remain high-value, critical infrastructure for decades• Vertical integration maximizes the value of terminals• SUN strategy targets critical energy infrastructure in key European markets Key SUN Investment HighlightsTerminals Overview (1) Excludes terminals connected to the Pipeline Systems segment
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18 Terminals Will Remain High-Value, Critical Infrastructure for Decades 500 750 1,000 1,250 1,500 2014 2016 2018 2020 2022 2024Millions of BarrelsTotal U.S. Storage Capacity Has Plateaued(1)Terminal Infrastructure Remains Essential•Capital and regulatory challenges have made new terminal construction projects infrequent•As total storage capacity declines, remaining terminals experience stronger demand•Well-positioned infrastructure adapts to supply new fuel types driven by shifts in regulations and consumer behavior (e.g., low-carbon liquid fuels)•The importance of waterborne terminals will increase in major trading hubs (e.g., New York Harbor, Amsterdam/Rotterdam/Antwerp, and U.S. West Coast) as refinery closures continue (1) Source: U.S. Energy Information Administration Monthly Energy Review, Tables 1.8 and 3.7, May 2024. Excludes natural gas liquids
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19 Vertical Integration Maximizes the Value of Terminals•SUN’s fuel distribution business increases utilization of owned terminals and provides strong alternative in commercial negotiation with tenantsIncreases Utilization•Higher throughput volumes and tank utilization decrease fixed cost per volumeImproves Efficiency•Terminals provide foundation for fuel distribution growth, blending opportunities, and expanding geographic presenceUnlocks Growth•Terminal portfolio increases optionality for low-cost supplyOptimizes Supply Cost2134
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20 SUN Strategy Targets Critical Energy Infrastructure in Key European MarketsAttractive 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 storage solutions than traditional oil and refined products•Geopolitical developments alter traditional supply sources, increasing the need for flexibilityHighlights from Recent Investments•Terminals support European government reserve programs, enabling long-term lease stability •Terminals in Germany, Amsterdam, Ireland, and Poland are fully utilized•German terminals’ river access will continue to support long-term petroleum logistics as additional refineries close
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21 Diverse and Stable Business Segments • ~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 pipeline connected terminals• Pipeline systems will remain high-value, critical infrastructure for decades• Critical energy infrastructure pipeline systems – refined products, crude, and ammonia• Joint venture with Energy Transfer is a highly efficient Permian platformKey SUN Investment HighlightsPipeline Systems Overview
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22 Pipeline Systems Will Remain High-Value, Critical Infrastructure for DecadesTotal U.S. Crude and Product Pipeline Miles(1) •Large pipeline projects are becoming more infrequent, increasing the long-term value of current infrastructure•Direct integration with terminals increases the value of the assets – SUN’s pipeline systems are connected to 69 owned/operated terminals•Pipelines are and will continue to be the safest and lowest cost transportation option for liquid products(1) Source: U.S. DOT, Pipeline and Hazardous Materials Safety Administration1001502002502004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Thousands of Miles
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23 Mid-Continent Refined Products System•Integrated pipeline and terminal network across six states supports domestic agricultural and transportation fuel demand•Extensive refinery connectivity throughout the region provides optionality and reliability for shippers•Growing suite of blending opportunities across all systems allow for incremental value to both customers and SUN Critical Energy Infrastructure Pipeline Systems NDMNNEKSSDIACONMTXOKSouthwest Crude and Refined Products System•Multiple SUN terminals and third-party connection points in key markets•Comprehensive crude and refined products pipeline systems ensure ratable, safe, and efficient supply and delivery throughout the region which are critical for refinery operation and consumer demand•SUN is well-positioned to support growing markets across the region, both domestic and export NEIAILINMOARLAAmmonia System•Only interstate ammonia pipeline in the U.S., spanning 2,000 miles from the Gulf Coast to the Midwest•Agricultural demand expected to remain robust and structurally exclusive•SUN is uniquely positioned to transport low carbon and decarbonized ammonia as the market continues to develop
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24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 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•Lowest breakevens among major crude basins support continued production growth•High-quality customer base provides ratable income streams•Ten counties in the Permian Basin have accounted for 93% of U.S. oil production growth since 2020(1)2060(1) Source: EIA Today in Energy, published 9/2/25(2) Adjusted EBITDA is a non-GAAP measure. For a definition, please see slide 2SUN’s Share of AEBITDA (2) ($MM)NMTX40
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25 Diverse and Stable Business Segments • Burnaby refinery was acquired by Parkland in 2017 from Chevron with advantaged fuel distribution network in British Columbia• #1 market share position with Chevron branded stations• Exclusive licensing rights for the Chevron fuel brand in British Columbia• The acquisition included three terminals in British Columbia• Burnaby refinery has ~55,000 bpd operational capacity• 90% of refinery output supplies SUN customers• Price-advantaged crudes – Trans Mountain Pipeline delivers discounted feedstock to the West Coast• Executed 50-day planned maintenance turnaround in 1Q26 on-budget and on-schedule• Consistently delivers positive cash flow• On a consolidated basis, refinery accounts for ~6% of total SUN 2025 AEBITDA(1)Key SUN Investment Highlights Integrated Refinery and Marketing System (1) Adjusted EBITDA is a non-GAAP measure. For a definition, please see slide 2
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26 01002003004002018 2019 2020 2021 2022 2023 2024 2025•Positive cash flow to be reinvested across SUN’s operations, optimizing growth and value creation•SUN will enhance operational reliability/reduce downtime and produce more fuel for local markets Consistently Delivers Positive Cash FlowBurnaby Refinery - Sustained Positive Cash Flow Performance Since 2018Segment AEBITDA(1)($MM)Extended Shutdown From CovidUnplanned Turnaround in 1Q24 (1) Adjusted EBITDA is a non-GAAP measure. For a definition, please see slide 2
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Future Growth Opportunities
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28 2026History of Buying at the “Right” Price & Integrating…20252024202320222021202020192018One Fuel DistributionBolt-OnNuStar East Coast TerminalsOne Fuel DistributionBolt-OnZenith North America TerminalsCato Oil TerminalOne Fuel DistributionBolt-OnParkland Corporation13 Fuel DistributionBolt-Ons AMID TerminalsSuperior Plus TerminalsSix Fuel Distribution Bolt-OnsIPT TerminalPeerless Oil and GasGladieux TransmixTwo Fuel Distribution Bolt-OnsNuStar EnergyZenith Europe TerminalsPike Fuels TerminalOne Fuel DistributionBolt-On >50 Midstream and Fuel Distribution Transactions Since 2018 TanQuidTerminalsDelta PetroleumOffen Petroleum(1)11 Other Fuel Distribution Bolt-Ons (1) Pending acquisition expected to close in 4Q26, subject to regulatory approval
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29 $2.50$3.00$3.50$4.00$4.50$5.00$5.50$6.00$6.50$7.00$7.50 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E … Has Resulted in Value Creation Distribution per Common UnitDCF(1)per Common Unit(1) Distributable Cash Flow, as adjusted is a non-GAAP measure. For a definition, please see slide 2 SUN is On Pace to Be the Only AMZI Constituent to Grow DCF(1)per Common Unit for Nine Consecutive Years (2017-2026E)
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30 •Midstream Expansion•Fuel Distribution Bolt-OnsFuture Growth Opportunities Across Various Geographies and Segments211 341United States2Canada3Greater Caribbean4Europe•Midstream Expansion•Fuel Distribution Bolt-Ons•Midstream Expansion•Fuel Distribution Bolt-Ons•Midstream ExpansionNote: Includes pending Offen acquisition expected to close in 4Q26, subject to regulatory approval
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31 SUN Positioned to Execute onFuel Distribution Bolt-On StrategyMarginal Breakeven CostOperator Cost Structure Bolt-On Strategy – Capitalize on Being a Low-Cost Operator in a High Breakeven Cost Environment 1122Acquire High-Cost OperatorsSustained Profitability Improvement Driving Long-Term Value CreationDeploy Channel Optimization, Supply Chain Improvement, Expense Management, etc.Highly Fragmented Sector –61% of Sites are Single Store Operators(1) (1) Source: National Association for Convenience Stores. Financial and Operational Lessons from 2025Immediately Accretive Opportunities with the Ability to Flex Spending Up or Down Based on Other Capital Needs33 ~22% (501+ Site Operator)~4% (201-500 Site Operator) ~5% (51-200 Site Operator)~6% (11-50 Site Operator)~63% (1-10 Site Operator)More Efficient Less Efficient
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32 Advantaged Supply Cost from Leading Scale in the Atlantic Basin ExpertiseWaterborne access maximizessourcing optionsLeading Supply Cost Advantage FootprintLeading network of terminal positions from Canada to South AmericaEuropeNorth AfricaSouth AmericaGulf Coast ScaleLargest independently(1)contracted fuel demand in the Atlantic Basin with >7 billion gallons Terminal(2)(1) Defined as: ability to supply from any supplier in any geography(2) Includes 3rdparty terminals where SUN has throughput capacity
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33 Growing Midstream PortfolioSmall MidstreamMedium MidstreamLarge MidstreamFuel Distribution and Midstream Combination •Example: AMID Terminals (2018) – Initial high single-digit acquisition multiple was reduced to mid single-digit multiple through increased throughput and improved utilization•Example: NuStar East Coast Terminals (2021) – Integrated with East Coast Fuel Distribution business and reduced expenses resulting in mid single-digit synergized multiple•Example: NuStar Energy (2024) – Reduced expenses of acquired assets by ~25% while maintaining volume and reliability•Example: Peerless (2022) – Doubled AEBITDA(1)of acquired assets through self supply, expense management, and other commercial synergies •Example: Parkland (2025) – Acquired 29 terminals in North America and the Greater Caribbean•Example: Delta Petroleum (2026) – Strong synergies with Greater Caribbean assets (1) AEBITDA is a non-GAAP number. For a definition, please see slide 2
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Appendix: Historical Financials
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35 Sunoco Adjusted EBITDA and DCF Reconciliations($ in millions)2025 2024 2023Net income $ 527 $ 874 $ 394 Depreciation, amortization and accretion 688 368 187 Interest expense, net 541 391 217 Non-cash unit-based compensation expense 19 17 17 (Gain) loss on disposal of assets and impairment charges (6) 45 (7)Loss on extinguishment of debt 31 2 - Unrealized (gain) loss on commodity derivatives (11) 12 (21)Inventory valuation adjustments 156 86 114 Equity in earnings of unconsolidated affiliates (143) (60) (5)Adjusted EBITDA related to unconsolidated affiliates 221 101 10 Gain on West Texas Sale - (586) - Other non-cash adjustments (38) 32 22 Income tax expense (benefit) 62 175 36 Adjusted EBITDA $ 2,047 $ 1,457 $ 964 Transaction-related expenses 77 106 6 Adjusted EBITDA, excluding transaction-related expenses $ 2,124 $ 1,563 $ 970 Adjusted EBITDA $ 2,047 $ 1,457 $ 964 Adjusted EBITDA related to unconsolidated affiliates (221) (101) (10)Distributable cash flow from unconsolidated affiliates 210 93 7 Series A Preferred Units Distribution (34)Cash interest expense (514) (369) (210)Current income tax (expense) benefit (25) (189) (23)Transaction-related income taxes - 179 - Maintenance capital expenditures (200) (124) (70)Distributable Cash Flow 1,263 946 658 Transaction-related expenses and adjustments 115 135 6 Distributable Cash Flow, as adjusted 1,378 1,081 664
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