Sunoco 2015 Annual Report Download - page 45

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Successor Predecessor
Year Ended December 31, Period from
Acquisition,
October 5, 2012 to
December 31, 2012 (4)
Period from
January 1, 2012 to
October 4, 2012 (4)
Year Ended
December 31,
2015 (1) 2014 (2) 2013 (3) 2011 (5)
(in millions) (in millions)
Cash Flow Data:
Net cash provided by operating
activities $ 598 $ 566 $ 749 $ 280 $ 411 $ 430
Net cash used in investing activities $ (2,854) $ (2,866) $ (957) $ (139) $ (224) $ (609)
Net cash provided by (used in) financing
activities $ 2,192 $ 2,362 $ 244 $ (140) $ (190) $ 182
Capital expenditures:
Expansion (6) $ 2,620 $ 2,346 $ 851 $ 118 $ 206 $ 171
Maintenance (7) 86 70 46 21 29 42
Acquisitions 131 433 60 — — 396
Total capital expenditures $ 2,837 $ 2,849 $ 957 $ 139 $ 235 $ 609
(1) Cash flows related to expansion capital expenditures in 2015 included projects to: invest in the previously announced Mariner
projects and Allegheny Access pipeline project; invest in our crude oil infrastructure by increasing our pipeline capabilities through
announced expansion capital and joint projects; expand the service capabilities of our acquisition and marketing activities; and
upgrade the service capabilities at our bulk marine terminals. Cash flows related to acquisitions in 2015 included $131 million
related to the acquisition of remaining ownership interest in the West Texas Gulf Pipe Line Company ("West Texas Gulf") crude oil
pipeline.
(2) Cash flows related to expansion capital expenditures in 2014 included projects to: invest in the previously announced Mariner and
Allegheny Access projects; invest in our crude oil infrastructure by increasing our pipeline capabilities through previously
announced expansion capital and joint projects in Texas and Oklahoma; expand the service capabilities of our acquisition and
marketing activities; and upgrade the service capabilities at our bulk marine terminals. Cash flows related to acquisitions in 2014
included $65 million related to a crude oil acquisition and marketing business and a controlling financial interest in a related rail
facility, $325 million related to the acquisition of additional ownership interest in West Texas Gulf, and $42 million related to the
acquisition of additional ownership interest in Explorer Pipeline Company.
(3) Cash flows related to expansion capital expenditures in 2013 included projects to: invest in our crude oil infrastructure by
increasing our pipeline capabilities through previously announced expansion capital projects in Texas and Oklahoma; expand upon
our acquisition and marketing activities; upgrade the service capabilities at the Eagle Point and Nederland terminals; and invest in
the previously announced Mariner and Allegheny Access projects. We also acquired the Marcus Hook Industrial Complex for $60
million in 2013.
(4) Cash flows related to expansion capital expenditures for the periods from October 5, 2012 to December 31, 2012 and from
January 1, 2012 to October 4, 2012 included projects to: expand upon our acquisition and marketing activities, upgrade the service
capabilities at the Eagle Point and Nederland terminals; invest in our crude oil infrastructure by increasing our pipeline capabilities
through previously announced growth projects in West Texas and expanding the crude oil trucking fleet; and to invest in the
Mariner pipeline projects.
(5) Expansion capital expenditures in 2011 included projects to expand upon our butane blending services, increase tankage at the
Nederland terminal, increase connectivity of the crude oil pipeline assets in Texas and increase our crude oil trucking fleet to meet
the demand for transportation services in the southwest United States. Cash flows related to acquisitions in 2011 included $73
million related to the acquisition of the East Boston terminal, $222 million related to the acquisition of the Texon L.P. ("Texon")
crude oil acquisition and marketing business, $2 million related to the acquisition of the Eagle Point tank farm and $99 million
related to the acquisition of a controlling financial interest in Inland Corporation ("Inland").
(6) Expansion capital expenditures are capital expenditures made to acquire and integrate complimentary assets, to improve operational
efficiencies or reduce costs and to expand existing and construct new facilities, such as projects that increase storage or throughput
volume.
(7) Maintenance capital expenditures are capital expenditures required to maintain equipment reliability, tankage and pipeline integrity
and safety, and to address environmental regulations. We treat maintenance expenditures that do not extend the useful life of
existing assets as operating expenses as incurred.