Sunoco LP reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in total assets, which rose to $14,122 million from $6,826 million at the end of 2023. This increase was primarily driven by the acquisition of NuStar Energy L.P. for approximately $2.85 billion, completed on May 3, 2024. The acquisition included the assumption of $3.5 billion in debt and the issuance of about 51.5 million common units.

Despite the growth in assets, Sunoco's sales revenue for the three months ended September 30, 2024, decreased to $5,424 million from $6,208 million in the same period of 2023. The decline in revenue was attributed to lower motor fuel sales, which fell to $33 million from $73 million year-over-year. However, service revenue saw a substantial increase, rising to $298 million from $73 million, reflecting the impact of the NuStar acquisition.

The company's net income for the third quarter of 2024 was $2 million, a significant drop from $272 million in the prior year, largely due to unfavorable inventory valuation adjustments totaling $197 million. In contrast, net income for the nine months ended September 30, 2024, increased to $733 million from $500 million in 2023, bolstered by a $598 million gain from the sale of 204 convenience stores to 7-Eleven, Inc. in April 2024.

Total liabilities also increased significantly, reaching $9,942 million compared to $5,848 million at the end of 2023, primarily due to the debt assumed in the NuStar acquisition. Total equity rose to $4,180 million from $978 million, reflecting the issuance of new common units.

Sunoco's adjusted EBITDA for the three months ended September 30, 2024, was $456 million, up from $257 million in the same period of 2023. For the nine months, adjusted EBITDA increased to $1,018 million from $728 million, indicating improved operational performance despite the challenges in revenue generation.

The company also made strategic moves, including the acquisition of liquid fuels terminals in Amsterdam and Bantry Bay for €170 million ($185 million) and a terminal in Portland, Maine, for approximately $24 million. Additionally, a joint venture with Energy Transfer was formed to combine crude oil and produced water gathering assets in the Permian Basin, enhancing Sunoco's operational footprint.

Overall, while Sunoco LP faced revenue challenges in the latest quarter, strategic acquisitions and a strong performance in adjusted EBITDA reflect its ongoing efforts to strengthen its market position and operational capabilities.