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Text: These statements include expectations and assumptions regarding the partnerships future operations and financial performance, including expectations and assumptions related to the impact of the COVID-19 pandemic.
Actual results could differ materially, and the partnership undertakes no obligation to update these statements based on subsequent events.
During todays call, we will also discuss certain non-GAAP financial measures, including adjusted EBITDA and distributable cash flow as adjusted.
In the second quarter, Sunoco continued to showcase the strength of its business model with strong financial results in a period of increasing commodity prices.
For the second quarter of 2021, the partnership recorded net income of $166 million.
Adjusted EBITDA was $201 million compared to $182 million in the second quarter of 2020.
Volumes were 1.93 billion gallons, a sequential increase of approximately 10% from the first quarter as the reopening trend in the U.S. took off Q2.
Year-over-year volumes increased approximately 28%.
Fuel margin was $0.113 per gallon versus $0.135 per gallon in the second quarter of 2020, which Karl will hit on further in his remarks.
Total operating expenses in the second quarter were up slightly compared to the first quarter at $102 million versus $100 million and were up from $97 million in the second quarter of 2020.
Second quarter distributable cash flow as adjusted was $145 million, yielding a current quarter coverage ratio of 1.67 times and a trailing 12-month coverage ratio of 1.41 times consistent with our long-term target of 1.4 times.
On July 22, we declared an $0.8255 per unit distribution, the same as last quarter.
We continue to maintain a stable and secure distribution for our unitholders, which remains the #1 pillar behind our capital allocation strategy.
Leverage at the end of the quarter was 4.27 times, which we expect to continue to decline toward our 4.0 target as the year progresses.
Our 2021 full year EBITDA guidance remains unchanged from the original guidance, which we provided in December 2020.
For the full year 21, we expect adjusted EBITDA between $725 million and $765 million.
Operating expense guidance is unchanged at $440 million to $450 million.
And while we expect higher second half operating expenses, we are trending toward the low end of the full year range.
We continue to expect maintenance capital of approximately $45 million and target growth capital expenditures of $150 million in 2021.
Next, Id like to spend a few minutes on the meaningful expansion to our midstream business that we announced yesterday.
To recap, we announced two terminal transactions that will not only help diversify and strengthen our core fuel distribution business, but will also provide a platform for growth in the markets served by these assets.
The new store assets consist of eight largely refined product terminals, seven of which are on the East Coast and one is just south of Chicago.
These assets have approximately 14.8 million barrels of storage and are accessed via pipeline, truck, rail and marine vessels.
We expect the $250 million purchase price to result in a sub seven times multiple on expected EBITDA, including synergies in the second year of ownership.
The Cato terminal is a gasoline and distillate terminal with 140,000 barrels of storage located in Salisbury, Maryland, and is accessed via truck and marine vessels.
We expect the $5.5 million purchase price to result in a sub-6 times multiple on expected EBITDA, including synergies in the second year of ownership.
Both of these transactions are expected to be immediately accretive to unitholder value.
The second quarters strong results and the announced acquisitions demonstrate our commitment to maintaining Sunocos solid financial footing and increasing value to our stakeholders through our strategy of disciplined capital investment.
I want to start today by giving you some more insight into our important expansion of the midstream business that we announced yesterday.
As we shared in the past, our midstream growth strategy is to focus on opportunities that both diversify our operations and integrate effectively with our overall business.
During the past nine months, weve added a marine terminal in the Albany, New York area.
We are making great progress on our greenfield/brownfield terminal and are now adding nine more terminals to our portfolio.
The Salisbury, Maryland terminal that we are purchasing from Cato oil is in a niche market that fits well with our fuel distribution business.
The NuStar terminals will be fantastic additions.
Linden is the core asset.
Were very excited to have a highly profitable operation in the New York Harbor market with great flexibility and connectivity.
The Baltimore and Jacksonville terminals will strengthen our business and facilitate additional growth in our fuel distribution business in these important markets.
Andrews Air Force Base and Virginia Beach are key assets that support our military.
The Blue Island facility just south of Chicago will be our first terminal in the midwest.
Were looking forward to welcoming the employees from these acquisitions to our team.
If you step back and look at the evolution of our business over the past few years, we have demonstrated that we are able to add terminal assets to our portfolio, operate them well, capture synergies and grow our fuel distribution business in the relevant markets.
Bottom line is with our combined fuel distribution and midstream strategy, we have proven that we can add value.
Next, I will share some thoughts on our second quarter results.
At a high level, our strong results were underlined by better volume performance, margin returning to our guidance range even with a generally unfavorable and rising market and continued discipline on expenses.
Starting with volumes, we were up about 28% from last year, but the more relevant comparison continues to be performance relative to 2019.
Looking at it through that lens, we were down about 6% from 2019 volumes, meaningfully better than last quarter.
Weve seen similar volume performance at the beginning of the third quarter.
As we look at volumes through the back half of the year, it feels as though the pace of closing the gap to 2019 has slowed a bit, but we remain optimistic as overall economic strength in the U.S. continues.
The second quarter showed improvement versus the challenging first quarter.
Even though prices rose another $0.25 per gallon or so in the second quarter, the increased volatility, coupled with our continual margin optimization strategies, resulted in our margins rebounding and returning to our full year 2021 guidance range.
As we look forward, I still feel confident that $0.11 to $0.12 per gallon fuel margin is appropriate for the full year 2021 as we expect similar volatility to persist in the commodity markets through the back half of the year.
The final piece of our strong financial performance was continued expense control and discipline.
As Dylan mentioned earlier, we expect second half expenses to be higher than the first half with full year expenses trending toward the lower end of our guidance range.
Some of the higher spending in the second half of the year is due to timing, and some of it is related to our decisions to defer bringing costs back into the business with a challenging start to the year.
As the margin environment has improved, we are more comfortable returning some of our expenses to a more sustainable level going forward.
We delivered a very strong second quarter.
Fuel volume grew roughly 10% versus the first quarter of this year, while our fuel margins remain very healthy.
The combination of higher industry breakevens with our ability to control costs and optimize gross profit allows us to minimize the downside while still capturing the upside when the commodity market supports it.
Quarter after quarter, we have proven the durability of our business.
Looking forward, the third quarter is off to a good start.
For the month of July, RBOB prices have been volatile.
Within these volatile commodity environments, we have a proven history of delivering attractive margins.
As for volume, the start of the third quarter has seen a moderation of volume growth as compared to the growth we experienced from the first to second quarter.
We still believe that there is upside.
But as of today, we foresee similar volume in the third quarter to what we realized in the second quarter.
With the first half of the year in the books and early readings for the third quarter, we expect to deliver on our full year 2021 adjusted EBITDA guidance.
Moving on to growth.
Were very excited about the expansion of our midstream business through the two announced acquisitions.
Strategically, these acquisitions help diversify and vertically integrate our business while providing a more enhanced platform for fuel distribution growth.
Financially, we executed these transactions at very attractive valuations, especially after adding synergies.
In addition, the Brownsville terminal project is on budget and on time.
We expect the terminal to be up and running in early 2022.
On the field distribution side, we continue to grow organically.
However, well also look for acquisitions.
For both organic growth and acquisitions, well continue to build on our history of maintaining financial discipline, which means protecting the security of our distributions while also protecting our balance sheet.

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for full-year 2021, continues to expect maintenance capital expenditures of about $45 million and growth capital expenditures of $150 million.

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