Sunoco 2014 Annual Report Download - page 45

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43
Permian Longview and Louisiana Extension
This project will enable us to provide takeaway capacity for approximately 100,000 additional barrels per day out of the
basin at Midland to be transported to the Longview area, as well as destinations in Louisiana, utilizing a combination of our
proprietary crude oil system, as well as third party pipelines. The project is expected to commence operations in mid-2016.
Delaware Basin Extension
The Delaware Basin Extension project will provide shippers with new takeaway capacity from the rapidly growing
Delaware Basin area in New Mexico and West Texas to Midland, Texas. The project will consist of approximately 125
miles of new build pipeline and is anticipated to have initial capacity to transport approximately 100,000 barrels per day.
The pipeline is expected to be operational in the first half 2016.
Allegheny Access
The Allegheny Access project will provide transport of refined products from the Midwest to markets in Eastern Ohio
and Western Pennsylvania. The pipeline is expected to commence start up operations by the end of the first quarter 2015.
Conservative Capital Structure
Our goal is to maintain substantial liquidity and a conservative capital structure. Sunoco Logistics Partners Operations L.P.
(the "Operating Partnership"), our wholly-owned subsidiary, maintains a $1.50 billion Credit Facility, which contains an
"accordion" feature, that, under certain conditions, may increase to $2.25 billion.
During 2014, we issued 18.0 million common units for net proceeds of $839 million in connection with an overnight equity
offering and activity under our at-the-market equity offering program ("ATM program"). We also issued $2.0 billion of long-
term debt in connection with senior notes offerings.
We will maintain our conservative capital structure by utilizing a combination of our operating cash flows and debt and
equity issuances to finance our future growth.
Cash Distribution Increases
As a result of our continued growth, our general partner increased our cash distributions to limited partners in all quarters
in the three years ended December 31, 2014. For the quarter ended December 31, 2014, the distribution increased to $0.40 per
common unit ($1.60 annualized). The distribution for the fourth quarter 2014 was paid on February 13, 2015.