Sunoco LP / SunocoCorp: Tailwinds abound

Research evidence excerpt

Sunoco LP / SunocoCorp: Tailwinds abound

Equity Research

14 July 2026

Sunoco LP / SunocoCorp

Tailwinds abound

We believe SUN is well-positioned to benefit from multiple

tailwinds amid ongoing geopolitical uncertainty. Its FD

segment continues to capitalize on commodity price North America Midstream and Refining NEUTRAL

Unchangedvolatility, while the Burnaby refinery continues to generate

meaningful earnings, supported by elevated crack spreads. North America Midstream and Refining

Theresa Chen, CFA

+1 212 526 7195

Looking ahead, commodity price volatility continues to be a tailwind for SUN's outlook. Its theresa.chen@barclays.com

broad asset footprint provides the flexibility to optimize margins and flows across its BCI, US

downstream network, allowing SUN to redirect supply, access alternative sourcing Kelsey Zhu

channels, and capitalize on regional pricing dislocations. +1 212 526 5146

kelsey.zhu@barclays.com

Notably, SUN's Canadian assets provide an additional layer of diversification relative to BCI, US

more US-focused fuel distribution peers. Its 55-kbpd Burnaby refinery offers exposure to

Eve Abraham

West Coast refining economics amid a tight supply-demand backdrop, which should

+1 212 526 7805

further bolster the outlook from here. eveanna.abraham@barclays.com

BCI, US

• In 2Q26, we look for adj. EBITDA of $940mm vs. Bloomberg consensus of $913mm. Our

estimates reflect continued strength across the business despite the roll off of a 1x inventory

gain and 7-Eleven make-up payment last quarter. We forecast Fuel Distribution EBITDA of

$432mm, with results reflecting steady volumes (3.9bn gal) and a CPG margin of $0.155 vs.

$0.14 in 1Q (excl. temporary benefits). We think volumes likely reflected typical seasonal