Risk Sleuth
SUNC · 10-K filed 19 Feb 2026 · year to 31 Dec 2025

SunocoCorp

39 named things its latest annual report says its results depend on, each in the company's own words. 33 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

Trans Mountain Pipeline (TMPL)

depends onnamed as a risk
Crude oil sourced by the Burnaby Refinery is delivered from Alberta by the TMPL.Risk factors (Item 1A)

Also named by DINO, ET, SUN

Chevron

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

Also named by HESM, SUN

ExxonMobil

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

Also named by CF, SUN

Phillips 66

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

Also named by CLMT, SUN

Valero

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

Also named by SUN

Other companies

Goodwill and intangible assets

$3.03 billion of goodwill and $2.41 billion of intangible assetsnamed as a risk
As of December 31, 2025, Sunoco’s consolidated balance sheet reflected $3.03 billion of goodwill and $2.41 billion of intangible assets.Risk factors (Item 1A)

Also named by AME, CI, PNFP, PVH

Parkland Corporation

approximately $2.60 billionnamed as a risk
A failure to successfully integrate the acquired assets or businesses, such as NuStar and Parkland, with Sunoco’s existing business in a timely manner may have a material adverse effect on its business, financial condition, results of operations or cash available for distribution to its unitholders, including SunocoCorp.Risk factors (Item 1A)

Also named by ET, SUN

Energy Transfer

28,463,967 Sunoco Common Unitsnamed as a risk
Energy Transfer owns and controls SunocoCorp Manager, and therefore appoints all of the directors of SunocoCorp Manager.Risk factors (Item 1A)

Also named by SUN

Retail site land leases

depends on · approximately 61%named as a risk
Sunoco has rental agreements for approximately 61% of the Sunoco, commission agent or dealer operated retail service stations where it currently controls the real estate.Risk factors (Item 1A)

TanQuid

approximately €465 million
TanQuid owns and operates 15 fuel terminals in Germany and one fuel terminal in Poland.Business (Item 1)

Sunoco LP

depends onnamed as a risk
SunocoCorp’s only cash-generating assets are the Sunoco Class D Units.Business (Item 1)

Places

Burnaby Refinery

operates in · approximately 55,000 barrels per daynamed as a risk
Our Refinery segment is composed of the Burnaby Refinery, which was acquired in the Parkland Acquisition, with an operational capacity of approximately 55,000 barrels per day.Business (Item 1)

Also named by ET, SUN

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, SUN

Canada

operates innamed as a risk
A portion of Sunoco’s revenues are generated from its 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

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 escalating tensions in Venezuela or affecting a customer with whom Sunoco does business, as well as difficulties in staffing, obtaining necessary equipment and supplies and managing foreign operations, may adversely affect its operations or financial results.Risk factors (Item 1A)

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

Hazards

Hurricanes

concentrated innamed as a risk
A substantial portion of Sunoco’s 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

Commodities and inputs

Motor fuel

exposed to its price · 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, SUN

Anhydrous ammonia

earns from · approximately 2,000 miles of ammonia pipelinenamed 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 SUN

Refined petroleum product 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
Sunoco owns and operates pipelines and terminals and, like others in its industry, it uses significant amounts of steel in its projects and relies on its ability to obtain that steel in an affordable way to maintain its 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
Sunoco’s operating results are influenced by prices for motor fuel, crude oil, refinery feedstock and refined petroleum products.Risk factors (Item 1A)

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

Canadian dollar

exposed to its pricenamed as a risk
Parkland’s functional currency is the Canadian dollar, and its consolidated structure includes subsidiaries with multiple other functional currencies.Business (Item 1)

Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more

Electric power

exposed to its pricenamed as a risk
Power costs constitute a significant portion of Sunoco’s operating expenses.Risk factors (Item 1A)

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

Regulators

Federal Energy Regulatory Commission (FERC)

subject tonamed as a risk
Interstate common carrier pipeline operations are subject to rate regulation by the FERC under the Interstate Commerce Act (“ICA”), the Energy Policy Act of 1992 (“EPAct of 1992”), and related rules and orders.Business (Item 1)

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
Some of Sunoco’s pipelines are subject to regulation by the Pipeline and Hazardous Materials Safety Administration (“PHMSA”), pursuant to the Hazardous Liquids Pipeline Safety Act of 1979 (“HLPSA”).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, SUN, UNP

Laws and programs

U.S. Section 232 steel tariffs

exposed to its price · 25% tariff on steel imports, which was increased to 50%named as a risk
For example, 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 foreign countries and individualized higher tariffs on certain other countries.Risk factors (Item 1A)

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

FERC Oil Pipeline Index (PPI-FG)

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)

Also named by DINO, EPD, ET, TRGP

Environmental remediation liabilities

subject to · $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, SUN

Qualifying income exception (Internal Revenue Code Section 7704)

subject to · 90% or morenamed as a risk
As a result, the value of our investment in Sunoco, as well as the anticipated after-tax economic benefit of an investment in our common units, depends largely on Sunoco being treated as a partnership for U.S. federal income tax purposes, which requires that 90% or more of Sunoco’s gross income for every taxable year consist of qualifying income, as defined in Section 7704 of the Internal Revenue Code.Risk factors (Item 1A)

Also named by PAA

Sunoco Credit Agreement

$13.39 billion of debt outstandingnamed as a risk
Sunoco had $13.39 billion of debt outstanding as of December 31, 2025, which includes approximately $3.65 billion aggregate principal amount of debt it assumed and issued in connection with the Parkland Acquisition.Risk factors (Item 1A)

Underground storage tank regulations (RCRA)

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, Sunoco 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 Sunoco’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 SUN

Canadian Environmental Protection Act (CEPA)

subject tonamed as a risk
In Canada, CEPA and similar provincial and local laws and regulations impose restrictions, permitting obligations and other requirements with respect to emissions of pollutants from industrial facilities, including the Burnaby Refinery.Business (Item 1)

Also named by CLH

Indigenous rights claims in British Columbia

subject tonamed 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 SUN

EPA NSPS subpart Kc

subject tonamed as a risk
Costs to comply with new rules under the Clean Air Act can be substantial.Business (Item 1)

Also named by SUN

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 SUN