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
Technip Energies Wins Marsa LNG Contract
2024-04-22 - Technip Energies contract, which will will cover the EPC of a natural gas liquefaction train for TotalEnergies, is valued between $532 million and $1.1 billion.
Ohio Utica’s Ascent Resources Credit Rep Rises on Production, Cash Flow
2024-04-23 - Ascent Resources received a positive outlook from Fitch Ratings as the company has grown into Ohio’s No. 1 gas and No. 2 Utica oil producer, according to state data.
Chevron, Total’s Anchor Up and (Almost) Running
2024-05-07 - During the Offshore Technology Conference 2024, project managers for Chevron’s Anchor Deepwater Project discussed the progress the project has made on its journey to reach first oil by mid-2024.
Sinopec Brings West Sichuan Gas Field Onstream
2024-03-14 - The 100 Bcm sour gas onshore field, West Sichuan Gas Field, is expected to produce 2 Bcm per year.
TotalEnergies Restarts Gas Production at Tyra Hub in Danish North Sea
2024-03-22 - TotalEnergies said the Tyra hub will produce 5.7 MMcm of gas and 22,000 bbl/d of condensate.