Sunoco 2014 Annual Report Download - page 36

34
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SECURITYHOLDER MATTERS
AND PURCHASES OF EQUITY SECURITIES
Our common units are listed on the New York Stock Exchange under the symbol "SXL" beginning on February 5, 2002.
At the close of business on February 25, 2015, there were 64 holders of record of our common units. These holders of record
included the general partner with 67.1 million common units registered in its name, and Cede & Co., a clearing house for stock
transactions, with the majority of the remaining 162.5 million common units registered to it.
Our registration statements to offer our limited partnership interests and debt securities to the public also allows our
general partner to sell, in one or more offerings, any common units it owns. For each offering of our general partner's limited
partnership units, we will provide a prospectus supplement that will contain specific information about the terms of that
offering and the securities offered by our general partner in that offering.
On June 12, 2014, the Partnership completed a two-for-one split of its common units, which resulted in the issuance of
one additional common unit for every one common unit owned. All unit and per unit information included in this report are
presented on a post-split basis. The high and low sales price ranges (composite transactions) and distributions declared (per
unit), by quarter, for 2014 and 2013 were as follows:
2014 2013
Unit Price Declared
Distributions
Unit Price Declared
Distributions
Quarter High Low High Low
1st $ 45.76 $ 36.40 $ 0.3475 $ 34.22 $ 25.17 $ 0.2863
2nd $ 47.82 $ 43.01 $ 0.3650 $ 32.88 $ 28.88 $ 0.3000
3rd $ 51.45 $ 42.20 $ 0.3825 $ 34.11 $ 29.30 $ 0.3150
4th $ 52.47 $ 35.61 $ 0.4000 $ 38.04 $ 32.41 $ 0.3312
Within 45 days after the end of each quarter, we distribute all cash on hand at the end of the quarter, less reserves
established by our general partner in its discretion. This is defined as "available cash" in the partnership agreement. Our general
partner has broad discretion to establish cash reserves that it determines are necessary or appropriate to properly conduct our
business. We will make minimum quarterly distributions of $0.075 per common unit, to the extent there is sufficient cash from
operations after establishment of cash reserves and payment of fees and expenses, including payments to our general partner.
If cash distributions exceed $0.0833 per unit in a quarter, our general partner will receive increasing percentages, up to 50
percent, of the cash distributed in excess of that amount. These distributions are referred to as "incentive distributions." The
amounts shown in the table under "Marginal Percentage Interest in Distributions" are the percentage interests of our general
partner and our unitholders in any available cash from operating surplus that is distributed up to and including the
corresponding amount in the column "Total Quarterly Distribution Target Amount," until the available cash that is distributed
reaches the next target distribution level, if any. The percentage interests shown for our unitholders and our general partner for
the minimum quarterly distribution are also applicable to quarterly distribution amounts that are less than the minimum
quarterly distribution.
There is no guarantee that we will pay the minimum quarterly distribution on the common units in any quarter, and we
are prohibited from making any distributions to our unitholders if it would cause an event of default, or an event of default
exists under the credit facilities or the senior notes (see Item 7. "Management's Discussion and Analysis of Financial Condition
and Results of Operations—Liquidity and Capital Resources").