Sunoco LP completed its $7.3 billion acquisition of NuStar Energy on May 3. (Source: Shutterstock)
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
Murphy Shares Drop on 4Q Miss, but ’25 Plans Show Promise
2025-02-02 - Murphy Oil’s fourth-quarter 2024 output missed analysts’ expectations, but analysts see upside with a robust Eagle Ford Shale drilling program and the international E&P’s discovery offshore Vietnam.
Alliance Resource Partners Adds More Mineral Interests in 4Q
2025-02-05 - Alliance Resource Partners closed on $9.6 million in acquisitions in the fourth quarter, adding to a portfolio of nearly 70,000 net royalty acres that are majority centered in the Midland and Delaware basins.
BP Pledges Strategy Reset as Annual Profit Falls by a Third
2025-02-11 - BP CEO Murray Auchincloss pledged on Feb. 11 to fundamentally reset the company's strategy as it reported a 35% fall in annual profits, missing analysts' expectations.
Utica’s Infinity Natural Resources Seeks $1.2B Valuation with IPO
2025-01-21 - Appalachian Basin oil and gas producer Infinity Natural Resources plans to sell 13.25 million shares at a public purchase price between $18 and $21 per share—the latest in a flurry of energy-focused IPOs.
Not Sweating DeepSeek: Exxon, Chevron Plow Ahead on Data Center Power
2025-02-02 - The launch of the energy-efficient DeepSeek chatbot roiled tech and power markets in late January. But supermajors Exxon Mobil and Chevron continue to field intense demand for data-center power supply, driven by AI technology customers.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.