Sunoco 2014 Annual Report Download - page 3

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Forward-Looking Statements
This annual report on Form 10-K discusses our goals, intentions and expectations as to future trends, plans, events, results of
operations or financial condition, or states other information relating to us, based on the current beliefs of our management as well as
assumptions made by, and information currently available to, our management.
Words such as "may," "anticipates," "believes," "expects," "estimates," "planned," "scheduled" or similar phrases or expressions
identify forward-looking statements. Although we believe these forward-looking statements are reasonable, they are based upon a number of
assumptions, any or all of which may ultimately prove to be inaccurate. These statements are subject to numerous assumptions, uncertainties
and risks that may cause future results to be materially different from the results projected, forecasted, estimated or budgeted, including, but
not limited to the following:
• Our ability to successfully consummate announced acquisitions or expansions and integrate them into our existing business
operations;
• Delays related to construction of, or work on, new or existing facilities and the issuance of applicable permits;
• Changes in supply of or demand for crude oil, refined petroleum products and natural gas liquids ("NGLs") that impact demand for
our pipeline, terminalling and storage services;
• Changes in the short-term and long-term demand for crude oil, refined petroleum products and NGLs we buy and sell;
• An increase in the competition encountered by our terminals, pipelines, and crude oil, refined products and NGLs acquisition and
marketing operations;
• Changes in the financial condition or operating results of joint ventures or other holdings in which we have an equity ownership
interest;
• Changes in the general economic conditions in the United States;
• Changes in laws and regulations to which we are subject, including federal, state, and local tax, safety, environmental and
employment laws;
• Changes in regulations governing composition of the products that we transport, terminal, and store;
• Improvements in energy efficiency and development of technology resulting in reduced demand for refined petroleum products;
• Our ability to manage growth and/or control costs;
• The effect of changes in accounting principles and tax laws and interpretations of both;
• Global and domestic economic repercussions, including disruptions in the crude oil, refined petroleum products and NGLs markets,
from terrorist activities, international hostilities and other events, and the government’s response thereto;
• Changes in the level of operating expenses and hazards related to operating our facilities (including equipment malfunction,
explosions, fires, spills and the effects of severe weather conditions);
• The occurrence of operational hazards or unforeseen interruptions for which we may not be adequately insured;
• The age of, and changes in the reliability and efficiency of our operating facilities;
• Changes in the expected level of capital, operating, or remediation spending related to environmental matters;
• Changes in insurance markets resulting in increased costs and reductions in the level and types of coverage available;
• Risks related to labor relations and workplace safety;
• Non-performance by or disputes with major customers, suppliers or other business partners;
• Changes in our tariff rates implemented by federal and/or state government regulators;
• The amount of our debt, which could make us vulnerable to adverse general economic and industry conditions, limit our ability to
borrow additional funds, place us at competitive disadvantages compared to competitors that have less debt, or have other adverse
consequences;
• Restrictive covenants in our credit agreements;
• Changes in our or our general partner's credit ratings, as assigned by ratings agencies;
• The condition of the debt capital markets and equity capital markets in the United States, and our ability to raise capital in a cost-
effective way;
• Performance of financial institutions impacting our liquidity, including those supporting our credit facilities;
• The effectiveness of our risk management activities, including the use of derivative financial instruments to hedge commodity risks;
• Changes in interest rates on our outstanding debt, which could increase the costs of borrowing; and
• The costs and effects of legal and administrative claims and proceedings against us or any entity in which we have an ownership
interest, and changes in the status of, or the initiation of new litigation, claims or proceedings, to which we, or any entity in which
we have an ownership interest, are a party.
These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in
any of our forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on future results. We
undertake no obligation to update publicly any forward-looking statement, whether as a result of new information or future events.