Sunoco's storied name, absent from the New York Stock Exchange since the Philadelphia company was acquired by a Dallas energy firm in 2012, will return to the Big Board this year.
Energy Transfer Partners L.P. (ETP), a Dallas pipeline company that became Sunoco Inc.'s parent company two years ago, announced Thursday night that it will give its recently acquired Texas convenience-store company, Susser Petroleum Partners, a new name that is kind of an old one - Sunoco L.P.
The new Sunoco L.P., which will trade under the ticker symbol SUN, will eventually become the corporate umbrella for ETP's growing portfolio of fuel stations and convenience stores, including Sunoco Inc. ETP had said it intended to drop its retail assets into the Susser partnership when it announced the $1.8 billion acquisition in April.
The name change adds a new wrinkle to Sunoco's convoluted corporate organizational chart, but the aim seems simple - to capitalize on the best-known brand of ETP's increasingly far-flung network of fuel stations.
"The change in name and ticker symbol is intended to align the partnership's legal and marketing name with that of ETP's iconic brand, Sunoco," the company said in a news release. "The partnership is proud to be able to trade under the SUN symbol, which traded on the New York Stock Exchange for almost 87 years until the sale of Sunoco to ETP in October 2012."
Along with the name change, ETP announced it agreed to sell, or drop down, the assets of Mid-Atlantic Convenience Stores L.L.C. to Susser for $768 million. Mid-Atlantic's assets include 110 company-operated retail convenience stores and 210 dealer-operated and consignment sites in Virginia, the District of Columbia, Maryland, Tennessee, and Georgia.
Susser also announced the acquisition of Aloha Petroleum Ltd. in Honolulu for $240 million. Aloha markets fuel through about 100 Shell, Aloha, and Mahalo stations, about half of which are company-operated. It also runs a wholesale fuel-distribution network and owns six fuel-storage terminals in the state.
"Hawaii is a great new market for us, with an economy that has grown faster than the overall U.S. economy in the last few years," Bob Owens, Susser's chief executive, said in a statement. Owens is also CEO of Sunoco Inc.
Susser, which trades on the New York Stock Exchange under the ticker symbol SUSP (until it changes to SUN), also announced a new $1.25 billion revolving credit facility with a syndicate of banks.
Susser, soon to be Sunoco L.P., will move its headquarters to Dallas from Houston. ETP officials said previously that they intended to maintain a large corporate presence in Philadelphia area, where Sunoco has been based for a century.
The transactions and the name change are expected to take place by the end of the year.