Sunoco LP (SUN) completed the roughly-$1.9 billion acquisition of Susser Holdings Corp. (SHC) from ETP Holdco Corp. and Heritage Holdings Inc., Sunoco and parent company Energy Transfer Partners (ETP) said July 31. ETP Holdco and Heritage are subsidiaries of ETP.
SUN paid $966.9 million in cash and issued ETP's subsidiaries about 21.98 million units valued at about $966.9 million. Also, 11 million SUN units owned by SHC will be exchanged for another 11 million new SUN units to a subsidiary of ETP.
SHC's assets are mainly about 680 Stripes convenience stores selling motor fuel and merchandise in Texas, Oklahoma and New Mexico.
SUN will acquire new organic growth opportunities and third-party acquisition opportunities.
SHC will be owned by SUN's indirect wholly owned subsidiary, Susser Petroleum Property Co. LLC.
Recommended Reading
Spate of New Contracts Boosts TechnipFMC's Subsea Profits
2024-04-30 - TechnipFMC's operational profits are growing as the company heightened its focus on “quality” subsea orders, which earned $2.4 billion for the first quarter.
Message in a Bottle: Tracing Production from Zone to Wellhead
2024-04-30 - New tracers by RESMAN Energy Technology enable measurement while a well is still producing.
Defeating the ‘Four Horsemen’ of Flow Assurance
2024-04-18 - Service companies combine processes and techniques to mitigate the impact of paraffin, asphaltenes, hydrates and scale on production—and keep the cash flowing.
Tech Trends: AI Increasing Data Center Demand for Energy
2024-04-16 - In this month’s Tech Trends, new technologies equipped with artificial intelligence take the forefront, as they assist with safety and seismic fault detection. Also, independent contractor Stena Drilling begins upgrades for their Evolution drillship.
AVEVA: Immersive Tech, Augmented Reality and What’s New in the Cloud
2024-04-15 - Rob McGreevy, AVEVA’s chief product officer, talks about technology advancements that give employees on the job training without any of the risks.