Sunoco 2012 Annual Report Download - page 106

Predecessor
First Quarter Second Quarter Third Quarter Fourth Quarter
(in millions, except per unit amounts)
2011
Sales and other operating revenue:
Unaffiliated customers .............................. $1,955 $2,385 $2,808 $3,325
Affiliates ........................................ $ 303 $ 39 $ 39 $ 51
Gross profit(1) ......................................... $ 113 $ 158 $ 172 $ 198
Operating income ..................................... $ 75 $ 121 $ 128 $ 112
Net Income(4) ......................................... $ 50 $ 96 $ 97 $ 79
Net Income attributable to noncontrolling interests ........... 2 2 2 3
Net Income attributable to Sunoco Logistics Partners L.P. ...... $ 48 $ 94 $ 95 $ 76
Less: General Partner’s interest ....................... (12) (14) (14) (14)
Limited Partners’ interest ............................... $ 36 $ 80 $ 81 $ 62
Net Income attributable to Sunoco Logistics Partners L.P. per
Limited Partner unit—basic ........................... $ 0.36 $ 0.80 $ 0.78 $ 0.60
Net Income attributable to Sunoco Logistics Partners L.P. per
Limited Partner unit—diluted .......................... $ 0.36 $ 0.80 $ 0.78 $ 0.60
(1) Gross profit equals sales and other operating revenue less cost of products sold and operating expenses.
(2) Net income for the first quarter 2012 includes an $11 million gain for cash payments received for the
cancellation of existing throughput and deficiency agreements in connection with the Partnership’s sale of
refined products terminal and pipeline assets in Big Sandy, Texas and a $9 million non-cash impairment
charge related to a cancelled software project for the crude oil acquisition and marketing business and a
refined products pipeline project in Texas.
(3) Net income for the second quarter 2012 includes a $10 million gain on the reversal of certain regulatory
obligations. Such expenses were no longer expected to be incurred as the Philadelphia refinery will continue
to operate in connection with Sunoco’s joint venture with The Carlyle Group.
(4) Net income for the fourth quarter 2011 includes a charge of $42 million for certain crude oil terminal assets
which would have been negatively impacted if Sunoco’s Philadelphia refinery was permanently idled. This
included a $31 million non-cash impairment for asset write-downs at the Fort Mifflin Terminal Complex
and $11 million for regulatory obligations which would have been incurred if the assets were permanently
idled.
20. Supplemental Condensed Consolidating Financial Information
The Partnership serves as guarantor of the senior notes. These guarantees are full and unconditional. For
purposes of the following footnote, Sunoco Logistics Partners L.P. is referred to as “Parent Guarantor” and
Sunoco Logistics Partners Operations L.P. is referred to as “Subsidiary Issuer.” All other consolidated
subsidiaries of the Partnership are collectively referred to as “Non-Guarantor Subsidiaries.”
The following supplemental condensed consolidating financial information reflects the Parent Guarantor’s
separate accounts, the Subsidiary Issuer’s separate accounts, the combined accounts of the Non-Guarantor
Subsidiaries, the combined consolidating adjustments and eliminations and the Parent Guarantor’s consolidated
accounts for the dates and periods indicated. For purposes of the following condensed consolidating information,
the Parent Guarantor’s investments in its subsidiaries and the Subsidiary Issuer’s investments in its subsidiaries
are accounted for under the equity method of accounting.
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