SUN · 10-K filed 19 Feb 2026 · year to 31 Dec 2025

Sunoco LP

40 named things its latest annual report says its results depend on, each in the company's own words. 32 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Vancouver International Airport

earns from

Fuel from the refinery is sold primarily through Sunoco-owned retail network in British Columbia (“BC”), directly to Vancouver International Airport, and to commercial and cardlock customers.Business (Item 1)

Suppliers

Trans Mountain Pipeline (TMPL)

depends onnamed as a risk

Interruptions or apportionment on the TMPL’s pipeline system can result in us temporarily ceasing or decreasing processing operations at the Burnaby Refinery and may materially affect our business, financial condition and results of operations.Risk factors (Item 1A)

Also named by DINO, ET, SUNC

Third-party pipelines interconnected to terminals

depends onnamed as a risk

We depend upon third-party pipelines and other facilities that provide delivery options to and from our fuel storage terminals and transmix processing facilities.Risk factors (Item 1A)

Chevron

depends on

Our largest branded fuel suppliers in terms of volume are Chevron, Exxon, Phillips 66 and Valero.Business (Item 1)

Also named by HESM, SUNC

ExxonMobil

depends on

Our largest branded fuel suppliers in terms of volume are Chevron, Exxon, Phillips 66 and Valero.Business (Item 1)

Also named by CF, SUNC

Phillips 66

depends on

Our largest branded fuel suppliers in terms of volume are Chevron, Exxon, Phillips 66 and Valero.Business (Item 1)

Also named by CLMT, SUNC

Valero

depends on

Our largest branded fuel suppliers in terms of volume are Chevron, Exxon, Phillips 66 and Valero.Business (Item 1)

Also named by SUNC

Other companies

Parkland Corporation

approximately $2.60 billionnamed as a risk

A failure to successfully integrate the acquired assets or businesses, such as Parkland, with our existing business in a timely manner may have a material adverse effect on our business, financial condition, results of operations or cash available for distribution to our unitholders.Risk factors (Item 1A)

Also named by ET, SUNC

Burnaby Refinery

operates in · approximately 55,000 barrels per daynamed as a risk

Our investment in the Burnaby Refinery is subject to operational risks, including commodity price and pricing pressure and environment, health and safety hazards.Risk factors (Item 1A)

Also named by ET, SUNC

Energy Transfer

28,463,967 of our common unitsnamed as a risk

Energy Transfer owns and controls our General Partner, which has sole responsibility for conducting our business and managing our operations.Risk factors (Item 1A)

Also named by SUNC

Leased retail sites

depends on · approximately 61%named as a risk

We have rental agreements for approximately 61% of the Partnership, commission agent or dealer operated retail service stations where we currently control the real estate.Risk factors (Item 1A)

Places

Germany

operates in · 15 fuel terminals

TanQuid owns and operates 15 fuel terminals in Germany and one fuel terminal in Poland.Business (Item 1)

Also named by APO, AXGN, BF/B, CPRT, DASH, EBAY, GD, GDDY and 12 more

Hawaii

operates in · six in Hawaii

Sunoco owns and operates convenience retail facilities in desirable markets including Hawaii, certain markets of the US mainland and on the New Jersey Turnpike, which is one of the most heavily traveled highways in the nation.Business (Item 1)

Also named by ALK, HHH, RLI, SUNC

Mexico

operates innamed as a risk

Any deterioration of social, political, labor or economic conditions, including the increasing threat of terrorist organizations and drug cartels in Mexico and tensions in Venezuela, or affecting a customer with whom we do business, as well as difficulties in staffing, obtaining necessary equipment and supplies and managing foreign operations, may adversely affect our operations or financial results.Risk factors (Item 1A)

Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more

Canada

operates innamed as a risk

A portion of our revenues are generated from our assets located in Canada, the Greater Caribbean northern Mexico and Europe.Risk factors (Item 1A)

Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more

Middle East

exposed to its pricenamed as a risk

General economic and political conditions, acts of war or terrorism and instability in oil producing regions, particularly in the Middle East, South America, Russia and Africa could significantly impact crude oil supplies, refinery feedstock and refined product petroleum costs.Risk factors (Item 1A)

Also named by BKR, CAG, CINF, CPB, CTAS, FLS, GAIN, J and 10 more

British Columbia

concentrated innamed as a risk

The majority of the Burnaby Refinery’s production remains in British Columbia, Canada but faces competition with Alberta, Canada-based refineries which consume crude from Alberta, Canada and sell to the British Columbia market with transportation through the Trans Mountain Pipeline (“TMPL”) and other means.Business (Item 1)

Also named by ELS, ET, MUR, SUNC

New Jersey Turnpike

operates in

Hazards

Environmental remediation liabilities

$168 millionnamed as a risk

Accordingly, it has recorded estimated undiscounted liabilities for these sites totaling $168 million as of December 31, 2025.Business (Item 1)

Also named by HON, MLI, SUNC

Hurricanes

concentrated innamed as a risk

A substantial portion of our wholesale distribution, refinery operations and retail networks are located in regions susceptible to severe storms, including hurricanes.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Indigenous rights claims in British Columbia

named as a risk

In addition, there is some risk as it relates to indigenous groups asserting aboriginal or treaty rights in various regions of western Canada, particularly in BC.Risk factors (Item 1A)

Also named by SUNC

Commodities and inputs

Motor fuel

earns from · approximately 92% of Sunoco’s total revenues and 42% of Sunoco’s profitnamed as a risk

Sales of refined motor fuels accounted for approximately 92% of Sunoco’s total revenues and 42% of Sunoco’s profit for the year ended December 31, 2025.Risk factors (Item 1A)

Also named by ET, SUNC

Anhydrous ammonia

earns from · 2,021 milesnamed as a risk

adverse weather events resulting in decreased corn acres planted, which may reduce demand for anhydrous ammonia.Risk factors (Item 1A)

Also named by SUNC

Refined petroleum products inventory

exposed to its price · approximately $1.77 billionnamed as a risk

As of December 31, 2025, we held approximately $1.77 billion of such inventory.Market risk (Item 7A)

Steel

exposed to its pricenamed as a risk

We own and operate pipelines and terminals and, like others in our industry, we use significant amounts of steel in our projects and rely on our ability to obtain that steel in an affordable way to maintain our operating margins.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Crude oil

exposed to its pricenamed as a risk

Refining gross margins are primarily driven by commodity prices and are a function of the difference between the costs of feedstock (primarily crude oil) and the market prices for the marketing of finished products (such as gasoline, diesel, jet fuel, lubricants, fuel oil and fuel and lubricant additives).Risk factors (Item 1A)

Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more

Electric power

exposed to its pricenamed as a risk

Power costs constitute a significant portion of our operating expenses.Risk factors (Item 1A)

Also named by BX, DLR, DOW, EXP, OWL, PH, SUNC

Regulators

Federal Energy Regulatory Commission (FERC)

subject tonamed as a risk

Certain of our interstate common carrier pipelines are subject to regulation by the FERC and the STB, which could have an adverse impact on our ability to recover the full cost of operating our pipelines and the revenue we are able to receive from those operations.Risk factors (Item 1A)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Pipeline and Hazardous Materials Safety Administration (PHMSA)

subject tonamed as a risk

We cannot predict the capital and operating expenditures related to Sunoco’s compliance with future PHMSA rulemakings, and such rulemakings may require it to incur significant costs to maintain compliance.Business (Item 1)

Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more

Surface Transportation Board (STB)

subject tonamed as a risk

Our ammonia pipeline is subject to regulation by the Surface Transportation Board (the “STB”) pursuant to the ICA applicable to such pipelines (which differs from the ICA applicable to interstate liquids pipelines).Business (Item 1)

Also named by BRK/B, CP, CSX, L, NSC, SUNC, UNP

Laws and programs

U.S. Section 232 steel tariffs

exposed to its price · 50%named as a risk

On March 12, 2025 the U.S. government imposed a 25% tariff on steel imports, which was increased to 50% on June 4, 2025, and on April 2, 2025, the U.S government announced a 10% tariff on product imports from almost all countries and individualized higher tariffs on certain other countries.Risk factors (Item 1A)

Also named by AESI, ARLP, CLF, ET, JBI, NUE, RBC, SUNC and 2 more

FERC Five-Year Oil Pipeline Index

subject to · PPI-FG minus 1.42%named as a risk

Also on November 20, 2025, the FERC issued a Notice of Proposed Rulemaking on the 2026 Five-Year Oil Pipeline Index (“2026 Index NOPR”), proposing to use the Producer Price Index for Finished Goods (PPI-FG) minus 1.42% as the index level beginning July 1, 2026 to June 30, 2031.Business (Item 1)

Resource Conservation and Recovery Act (RCRA) underground storage tank program

subject to · $254 millionnamed as a risk

As of December 31, 2025, Sunoco has additional reserves of $254 million that represent its estimate for future asset retirement obligations for underground storage tanks.Business (Item 1)

Renewable Fuel Standard (RFS)

subject tonamed as a risk

If the obligation was shifted from the importer/refiner to the blender/distributor, the Partnership would potentially have to utilize the RINs it obtains through its blending activities to satisfy a new obligation and would be unable to sell RINs to other obligated parties, which may cause an impact on the fuel margins associated with the Partnership’s sale of gasoline.Risk factors (Item 1A)

Also named by ADM, AMRC, CF, CLMT, CVX, DAL, DINO, DTE and 13 more

BC Greenhouse Gas Industrial Reporting and Control Act (GGIRCA)

subject tonamed as a risk

The profitability of the Burnaby Refinery and its business are dependent upon opportunities and obligations to create, sell, purchase and retire compliance credits, legislated carbon-intensity standard considerations and legislated and market pricing stringency considerations in which such compliance credits are made to be tradeable.Business (Item 1)

Also named by SUNC

EPA NSPS subpart Kc

subject tonamed as a risk

The EPA’s final rule created new NSPS subpart Kc, which broadened the definition of modification for storage tanks (which would result in significantly broader application of this rule to existing tanks), introduced more stringent emission control requirements for certain tanks, imposed additional annual monitoring requirements for certain tanks, and require control of degassing events, amongst other matters.Business (Item 1)

Also named by SUNC

Canada Clean Fuel Regulations and BC Low Carbon Fuels Act

subject tonamed as a risk

significant expenditures or liabilities resulting from federal, state, provincial and local laws, regulations and bylaws pertaining to environmental protection, operational safety, pipeline safety or the Renewable Fuel Standard (“RFS”) or Canada’s federal and provincial renewable fuel blending and fuel emissions-intensity legislation, including the Clean Fuel Regulations and Low Carbon Fuels Act;Risk factors (Item 1A)

Jones Act

depends on

We operate a waterborne logistics network, including the use of both Jones Act and foreign flag vessels, which is a critical component of our supply chain.Business (Item 1)

Also named by EPD, GD, KEX, KMI, MPLX, RSG

Petroleum Marketing Practices Act (PMPA)

subject to

Under the PMPA, Sunoco may not terminate or fail to renew a branded distributor contract, unless certain enumerated preconditions or grounds for termination or non-renewal are met and it also complies with the prescribed notice requirements.Business (Item 1)

Also named by SUNC

Technology

Electric vehicles

competes withnamed as a risk

Additionally, a shift toward electric, hydrogen, natural gas or other alternative-power vehicles could fundamentally change our customers’ shopping habits or lead to new forms of fueling destinations or new competitive pressures.Risk factors (Item 1A)

Also named by AAP, ALB, AZO, BWA, GPC, LKQ, ON, PRM and 1 more