Sunoco (SUN) | Credit Investor

Next 12 Months: Starting Case

$ in millions	Last 12 Months	Next Quarter (4Q26E)	vs. 4Q25A	Next 12 Months	Change
Revenue	$51,578	$12,731	48.0%	$57,718	11.9%
Adj. EBITDA	$3,465	$546	33.7%	$3,716	7.2%
Free Cash Flow	$2,064	$113	(71.1%)	$1,911	(7.4%)
Net Debt, end of period	$12,403	$12,290		$10,492	(15.4%)
Net Debt / Adj. EBITDA	3.6x	3.4x		2.8x	-0.8x
Total Liquidity, end of period	$3,060	$3,173		$4,971	62.5%

The credit over the next year

Sunoco is now a much larger fuel distributor after buying Parkland on October 31, 2025, and leverage is back to about 3.5x, so the next year turns on whether fuel margin holds near 17 cents a gallon on roughly 4.2 billion gallons a quarter. Each cent of margin is about $42mm of quarterly gross profit, while pipelines and terminals add steady fee income. The swing factor is the Burnaby refinery, whose profit rose from $40mm to $243mm a quarter in 2026 on refining margins that can fall back quickly.

Leverage falls from 3.6x to 2.8x over the next four quarters on the starting case.
Free cash flow of $1.91bn is projected over the next year, enough to cover the $1.05bn of debt due in that time.
Net debt shrinks from $12.40bn to $10.49bn; maturing debt is assumed refinanced unless changed in the model.
Liquidity a year out is $4.97bn, against $3.06bn today.
Company guidance for fiscal 2026: adjusted EBITDA of $3.50bn to $3.70bn on its own definition.

Due inside a year: 5.625% Senior Notes due 2027 (NuStar Logistics) ($550mm); 5.875% Senior Notes due 2027 ($499mm).

Built from the inputs on the Projections tab of the model; change them there. A starting case from history, not a forecast.

Capital Structure

Cap Structure	Amt Out.	Mkt Price	Yield	Lev. Through	View
Unrestricted Cash	$760.0
5.625% Senior Notes due 2027 (NuStar Logistics)	550.0	100.0%	5.62%	0.2x	Bullish
5.875% Senior Notes due 2027	499.0	100.0%*	5.83%	0.3x	Bullish
7.000% Senior Notes due 2028	500.0	101.8%*	5.10%	0.4x	Bullish
5.875% Senior Notes due 2028	400.0	100.1%*	5.75%	0.6x	Bullish
4.500% Senior Notes due 2029 (May)	800.0	97.8%*	5.47%	0.8x	Bullish
4.500% Senior Notes due 2029 (October)	790.0	97.8%*	5.32%	1.0x	Bullish
7.000% Senior Notes due 2029	750.0	102.5%*	5.30%	1.2x	Bullish
4.375% CAD Senior Notes due 2029	383.0	100.0%	4.37%	1.3x	Bullish
4.500% Senior Notes due 2030	800.0	97.0%*	5.44%	1.6x	Bullish
4.625% Senior Notes due 2030	798.0	96.8%*	5.65%	1.8x	Bullish
6.375% Senior Notes due 2030 (NuStar Logistics)	600.0	100.0%	6.37%	2.0x	Bullish
Revolving Credit Facility due 2030	111.0	100.0%	4.35%	2.0x	Bullish
5.625% Senior Notes due 2031	1,000.0	99.4%*	5.78%	2.3x	Bullish
5.375% Senior Notes due 2031	600.0	98.7%*	5.68%	2.5x	Bullish
7.250% Senior Notes due 2032	750.0	103.4%*	6.50%	2.7x	Bullish
6.625% Senior Notes due 2032	493.0	101.6%*	6.30%	2.8x	Bullish
6.250% Senior Notes due 2033	1,000.0	100.5%*	6.15%	3.1x	Bullish
5.875% Senior Notes due 2034	900.0	98.5%*	6.13%	3.4x	Bullish
5.625% Senior Notes due 2034	600.0	97.1%*	6.09%	3.6x	Bullish
GoZone Bonds Series 2008 (6.10%, put 2030)	56.0	100.0%	6.10%	3.6x	Bullish
GoZone Bonds Series 2010 (6.35%)	100.0	100.0%	6.35%	3.6x	Bullish
GoZone Bonds Series 2010B (6.10%, put 2030)	48.0	100.0%	6.10%	3.6x	Bullish
GoZone Bonds Series 2010A (6.35%)	43.0	100.0%	6.35%	3.6x	Bullish
GoZone Bonds Series 2011 (3.70%, put 2030)	75.0	100.0%	3.70%	3.6x	Bullish
Lease-related financing obligations and other subsidiary debt	597.0	100.0%	N/a	3.8x	Bullish
Total Debt	$13,163.0			3.8x
Net Debt	$12,403.0			3.6x

Last Twelve Months

Revenue	$51,578
Implied Costs	(48,113)
Adj. EBITDA	$3,465
(-) Interest Expense	(726)
(-) Capex	(579)
Memo: FCF	$2,064
Total Liquidity	$3,060.0

Next 12 months, starting case▲ Revenue $51.58bn → $57.72bn▲ Adj. EBITDA $3.47bn → $3.72bn▼ Free cash flow $2.06bn → $1.91bn▼ Net leverage 3.6x → 2.8x▲ Liquidity $3.06bn → $4.97bn

Sunoco

			9/30/26						Face Value / Adj. EBITDA
Cap Structure	Coupon	Maturity	Amt Out.	Mkt Price	YTM	Next Call	Yield to Call	View	2020A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Unrestricted Cash			$760.0
Undrawn Revolver ($2,500mm facility)			2,300.0
Total Liquidity			$3,060.0

5.625% Senior Notes due 2027 (NuStar Logistics)	5.625%	4/28/2027	550.0	100.0%	5.62%	1/28/2027 @ 100	5.62%	Bullish
5.875% Senior Notes due 2027	5.875%	7/15/2027	499.0	100.0%*	5.85%	11/7/2025 @ 100	5.83%	Bullish
7.000% Senior Notes due 2028	7.00%	9/15/2028	500.0	101.8%*	6.01%	9/15/2027 @ 100	5.10%	Bullish
5.875% Senior Notes due 2028	5.875%	3/15/2028	400.0	100.1%*	5.83%	3/15/2026 @ 100	5.75%	Bullish
4.500% Senior Notes due 2029 (May)	4.50%	5/15/2029	800.0	97.8%*	5.47%	5/15/2027 @ 100	9.17%	Bullish
4.500% Senior Notes due 2029 (October)	4.50%	10/1/2029	790.0	97.8%*	5.32%	10/1/2026 @ 100	9.17%	Bullish
7.000% Senior Notes due 2029	7.00%	5/1/2029	750.0	102.5%*	5.90%	5/1/2027 @ 101.75	5.30%	Bullish
4.375% CAD Senior Notes due 2029	4.375%	3/26/2029	383.0	100.0%	4.37%	3/26/2026 @ 100	4.37%	Bullish
4.500% Senior Notes due 2030	4.50%	4/30/2030	800.0	97.0%*	5.44%	4/30/2027 @ 100	10.74%	Bullish
4.625% Senior Notes due 2030	4.625%	5/1/2030	798.0	96.8%*	5.65%	5/1/2027 @ 100	11.39%	Bullish
6.375% Senior Notes due 2030 (NuStar Logistics)	6.375%	10/1/2030	600.0	100.0%	6.37%	4/1/2030 @ 100	6.37%	Bullish
Revolving Credit Facility due 2030	4.35%	6/17/2030	111.0	100.0%	4.35%	N/a	N/a	Bullish
5.625% Senior Notes due 2031	5.625%	3/15/2031	1,000.0	99.4%*	5.78%	9/15/2027 @ 102.813	9.04%	Bullish
5.375% Senior Notes due 2031	5.375%	7/15/2031	600.0	98.7%*	5.68%	3/15/2028 @ 102.688	8.04%	Bullish
7.250% Senior Notes due 2032	7.25%	5/1/2032	750.0	103.4%*	6.50%	5/1/2027 @ 103.625	7.40%	Bullish
6.625% Senior Notes due 2032	6.625%	8/15/2032	493.0	101.6%*	6.30%	8/15/2027 @ 103.313	8.19%	Bullish
6.250% Senior Notes due 2033	6.25%	7/1/2033	1,000.0	100.5%*	6.15%	7/1/2028 @ 103.125	7.43%	Bullish
5.875% Senior Notes due 2034	5.875%	3/15/2034	900.0	98.5%*	6.13%	9/15/2028 @ 102.938	8.10%	Bullish
5.625% Senior Notes due 2034	5.625%	7/15/2034	600.0	97.1%*	6.09%	3/15/2029 @ 102.813	7.97%	Bullish
GoZone Bonds Series 2008 (6.10%, put 2030)	6.10%	6/1/2038	56.0	100.0%	6.10%	N/a	N/a	Bullish
GoZone Bonds Series 2010 (6.35%)	6.35%	7/1/2040	100.0	100.0%	6.35%	6/1/2030 @ 100	6.35%	Bullish
GoZone Bonds Series 2010B (6.10%, put 2030)	6.10%	12/1/2040	48.0	100.0%	6.10%	N/a	N/a	Bullish
GoZone Bonds Series 2010A (6.35%)	6.35%	10/1/2040	43.0	100.0%	6.35%	6/1/2030 @ 100	6.35%	Bullish
GoZone Bonds Series 2011 (3.70%, put 2030)	3.70%	8/1/2041	75.0	100.0%	3.70%	N/a	N/a	Bullish
Lease-related financing obligations and other subsidiary debt	N/a	N/a	597.0	100.0%	N/a	N/a	N/a	Bullish
Other debt, discounts and issuance costs	N/a	N/a	(80.0)
Total Debt			$13,163.0						21.2x	14.9x	15.7x	11.2x	8.0x	3.8x	3.5x	3.5x
Net Debt			$12,403.0						20.0x	14.0x	14.8x	10.5x	7.6x	3.6x	2.8x	2.3x
						Adj. EBITDA			$620	$885	$839	$1,176	$1,642	$3,465	$3,716	$3,716

Key Financials

	2020A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$10,710	$25,729	$23,068	$22,693	$25,201	$51,578	$57,718	$57,718
Y/Y Growth		140.2%	(10.3%)	(1.6%)	11.1%		11.9%	0.0%
(-) Cost of Revenue	(9,654)	(24,350)	(21,703)	(20,595)	(22,409)	(45,941)	(51,320)	(51,320)
Gross Profit	$1,056	$1,379	$1,365	$2,098	$2,792	$5,637	$6,398	$6,398
Gross Margin	9.9%	5.4%	5.9%	9.2%	11.1%	10.9%	11.1%	11.1%
(+/-) Other Operating Costs, net of D&A	(450)	(508)	(543)	(939)	(1,169)	(2,197)	(2,707)	(2,707)
EBITDA	$606	$871	$822	$1,159	$1,623	$3,440	$3,691	$3,691
(+) Add-backs: stock comp, restructuring, impairments	14	14	17	17	19	25	25	25
Adj. EBITDA	$620	$885	$839	$1,176	$1,642	$3,465	$3,716	$3,716
Margin	5.8%	3.4%	3.6%	5.2%	6.5%	6.7%	6.4%	6.4%
(-) Restructuring and other cash add-backs	--	--	--	--	--	--	--	--
Cash EBITDA	$620	$885	$839	$1,176	$1,642	$3,465	$3,716	$3,716
(-) Interest Expense (Cash Only)	(162)	(176)	(202)	(339)	(434)	(726)	(892)	(892)
(-) Capex	(124)	(186)	--	--	--	(579)	(646)	(646)
(+/-) Working Capital and Other	44	(148)	(37)	(288)	(16)	(96)	--	--
Memo: FCF	$378	$375	$600	$549	$1,192	$2,064	$1,911	$1,911
% of Debt	2.9%	2.8%	4.6%	4.2%	9.1%	15.7%	14.5%	14.5%

Liquidity

Unrestricted Cash	$760.0
Undrawn Revolver	2,300.0
Total Liquidity	$3,060.0
(-) Debt due through 2028	(1,949.0)
(+/-) Free cash flow, last twelve months	2,064.0
Liquidity after maturities and a year of cash flow	$3,175.0

Tranches are from the debt table in the latest quarterly or annual report.Blue figures are inputs in the model. Price is 100% of face unless marked *, which is a bond fund's own valuation from its SEC holdings report, not a traded price.Secured and unsecured are judged from each instrument's name. Adj. EBITDA is operating income plus D&A, stock compensation, restructuring and impairment charges as tagged in SEC filings; it is not the company's own adjusted figure. Free cash flow is cash from operations less capital spending.

The basket review for this company has not finished yet. When it does, this tab shows the dollar capacity to move value or prime lenders, the playbook moves that fit, and what they would do to each tranche. Meanwhile, see the liability management playbook.

Key Financials

	2020A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$10,710	$25,729	$23,068	$22,693	$25,201	$51,578	$57,718	$57,718
Y/Y Growth		140.2%	(10.3%)	(1.6%)	11.1%		11.9%	0.0%
(-) Cost of Revenue	(9,654)	(24,350)	(21,703)	(20,595)	(22,409)	(45,941)	(51,320)	(51,320)
Gross Profit	$1,056	$1,379	$1,365	$2,098	$2,792	$5,637	$6,398	$6,398
Gross Margin	9.9%	5.4%	5.9%	9.2%	11.1%	10.9%	11.1%	11.1%
(+/-) Other Operating Costs, net of D&A	(450)	(508)	(543)	(939)	(1,169)	(2,197)	(2,707)	(2,707)
EBITDA	$606	$871	$822	$1,159	$1,623	$3,440	$3,691	$3,691
(+) Add-backs: stock comp, restructuring, impairments	14	14	17	17	19	25	25	25
Adj. EBITDA	$620	$885	$839	$1,176	$1,642	$3,465	$3,716	$3,716
Margin	5.8%	3.4%	3.6%	5.2%	6.5%	6.7%	6.4%	6.4%
(-) Restructuring and other cash add-backs	--	--	--	--	--	--	--	--
Cash EBITDA	$620	$885	$839	$1,176	$1,642	$3,465	$3,716	$3,716
(-) Interest Expense (Cash Only)	(162)	(176)	(202)	(339)	(434)	(726)	(892)	(892)
(-) Capex	(124)	(186)	--	--	--	(579)	(646)	(646)
(+/-) Working Capital and Other	44	(148)	(37)	(288)	(16)	(96)	--	--
Memo: FCF	$378	$375	$600	$549	$1,192	$2,064	$1,911	$1,911
% of Debt	2.9%	2.8%	4.6%	4.2%	9.1%	15.7%	14.5%	14.5%

Key Drivers

Driver	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E	Sensitivity	Next 12m impact ($mm)
Fuel margin per gallon cents per gallon	17.7	17.0	17.1	16.8	17.7	17.0	17.1	16.8	17.7	17.0	17.1	16.8	$42.0mm on revenue	--
Motor fuel gallons sold million gallons per quarter	3,314	3,796	4,125	4,197	4,197	4,125	4,125	4,197	4,197	4,125	4,125	4,197	$4.4mm on revenue	5,272
Burnaby refinery crude throughput thousand barrels per day	49	21	54	54	54	54	54	54	54	54	54	54	$17.0mm on revenue	646
Pipeline Systems throughput thousand barrels per day	1,371	1,291	1,347	1,333	1,371	1,291	1,347	1,333	1,371	1,291	1,347	1,333	$0.2mm on revenue	--
Terminals throughput thousand barrels per day	715	1,013	1,065	1,040	1,040	1,040	1,065	1,040	1,040	1,040	1,065	1,040	$0.6mm on revenue	222

Sunoco is now a much larger fuel distributor after buying Parkland on October 31, 2025, and leverage is back to about 3.5x, so the next year turns on whether fuel margin holds near 17 cents a gallon on roughly 4.2 billion gallons a quarter. Each cent of margin is about $42mm of quarterly gross profit, while pipelines and terminals add steady fee income. The swing factor is the Burnaby refinery, whose profit rose from $40mm to $243mm a quarter in 2026 on refining margins that can fall back quickly.

Bottoms-Up Projections: starting case

$ in millions	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E
Revenue	$8,600	$10,690	$14,259	$18,029	$12,731	$12,699	$14,259	$18,029	$12,731	$12,699	$14,259	$18,029
Y/Y Growth	63.2%	106.4%	164.5%	198.9%	48.0%	18.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Adj. EBITDA	$408	$1,158	$872	$1,027	$546	$1,302	$856	$1,012	$546	$1,302	$856	$1,012
Margin	4.7%	10.8%	6.1%	5.7%	4.3%	10.3%	6.0%	5.6%	4.3%	10.3%	6.0%	5.6%
Free Cash Flow	$392	$255	$928	$489	$113	$870	$407	$521	$113	$870	$407	$521
Cash, end of period	891	718	773	760	873	1,743	2,150	2,671	2,784	3,654	4,061	4,582
Total Debt, end of period	13,389	13,932	13,314	13,163	13,163	13,163	13,163	13,163	13,163	13,163	13,163	13,163
Net Debt / Adj. EBITDA	7.6x	5.6x	4.4x	3.6x	3.4x	3.0x	3.0x	2.8x	2.8x	2.6x	2.4x	2.3x

Revenue is built from Sales Revenue, Service Revenue, Lease Revenue, each driven by volume and by price and mix against the same quarter a year earlier. Every cost line, interest, taxes, capital spending and working capital has its own input on the Projections tab of the model. This is a starting case built from history, not a forecast.

Earnings call: Q3 2026 · Nov 3, 2026

Slides Webcast and audio replay Investor relations site

Record quarter after the Parkland deal. EBITDA topped $1 billion, leverage fell to about 3.5x, and full-year EBITDA should beat the $3.5 to $3.7 billion range.

Takeaways

Adjusted EBITDA was $1.049 billion, or $1.060 billion before $11 million of deal costs, up from $489 million a year ago. The jump reflects a full quarter of Parkland plus the TanQuid terminals.
Revenue rose to $18.0 billion from $6.0 billion. Fuel volumes were about 4.2 billion gallons, but fuel margin slipped to 16.8 cents a gallon from 17.1 cents in Q2.
Segment mix was mixed. Fuel distribution EBITDA was $523 million, terminals $122 million and the refinery $238 million, while pipeline EBITDA fell to $166 million from $182 million.
Distributable cash flow, as adjusted, was $588 million against $267 million of distributions, so coverage stays above 2x. The distribution rose 1.25% to $1.0148 a unit.
Leverage on the credit facility basis fell to about 3.5x from 3.7x in Q2 and 4.0x at year end. Long-term debt was about $13.2 billion with roughly $2.3 billion of revolver availability.
After quarter end Sunoco closed the roughly $600 million all-cash Offen Petroleum fuel distribution deal on October 27, which will use some of the new leverage headroom.

Debt and capital

Long-term debt about $13.2 billion at September 30, 2026, down from $13.4 billion at year end. Cash was $760 million.
Net debt to EBITDA about 3.5x, below the long-term target of about 4x. Management says it returned to target within a year of the Parkland close.
2026 refinancing: $600 million 5.375% notes due 2031 and $600 million 5.625% notes due 2034 issued in March, used to redeem the 6.000% 2026 and 2027 notes.
Other redemptions this year: remaining Parkland notes in March, the 3.875% CAD notes due 2026 in June, and the 6.000% CAD notes due 2028 in August.
About $1.05 billion of notes due before September 30, 2027 are classed as long term because management intends to refinance them.
Interest expense rose to $197 million from $131 million on the larger post-Parkland debt stack. The $600 million Offen purchase was all cash.

Guidance

2026 Adjusted EBITDA: now expected to exceed the $3.5 to $3.7 billion range, effectively raised again after the $400 million lift in August.
Distribution growth: target of at least 5% a year held, with the eighth straight quarterly increase.

Tone: Confident and growth focused, stressing record results, falling leverage and steady distribution increases.

Q2 2026Slides · Webcast
Q1 2026Slides · Webcast
Q4 2025Slides · Webcast

Summary written with AI from Press release and Form 10-Q only. Sunoco does not publish a call transcript or prepared remarks, and it did not file or post a separate Q3 earnings slide deck.. Slides, audio and any transcript are the company's and open on its own site. Full transcripts from transcript vendors are not reproduced here.

Last quarter: Third quarter 2026

Parkland lifted Adjusted EBITDA to $1.05bn, leverage fell to 3.5x, and Sunoco expects to beat its 2026 range.

Results

Revenue was $18.0bn, up from $6.0bn a year earlier, mostly because Parkland was not owned in the prior-year quarter.
Adjusted EBITDA was $1,049mm versus $489mm a year earlier; excluding $11mm of one-time deal costs it was $1,060mm.
Net income was $499mm versus $137mm, and Distributable Cash Flow, as adjusted, was $588mm versus $326mm.
Segment Adjusted EBITDA: Fuel Distribution $523mm, Refinery $238mm, Pipeline Systems $166mm, Terminals $122mm.
Total capex was $237mm, split $121mm growth and $116mm maintenance, including its share of joint ventures with Energy Transfer.

Why

Fuel Distribution sold about 4.2bn gallons versus 2.3bn a year earlier, and margin rose to 16.8 cents per gallon from 10.7 cents, both mainly from Parkland.
The refinery acquired with Parkland ran at 99% crude utilization and added $238mm, up from $175mm in the second quarter.
Terminals rose to $122mm from $75mm on the Parkland and TanQuid acquisitions and a better transmix business.
Pipeline Systems fell to $166mm from $182mm because of lower ET-S Permian earnings and prior-year contract deficiency payments that did not repeat.

Balance sheet and guidance

Long-term debt was about $13.2bn at September 30, down from $13.3bn at June 30, with cash of $760mm.
About $2.3bn was left available on the revolving credit facility.
Net debt to Adjusted EBITDA under the revolver definition was about 3.5x, down from 3.7x in June and 4.0x in March.
2026 Adjusted EBITDA range of $3.5bn to $3.7bn was left in place, but the company said it expects to exceed it.
The range itself was raised by $400mm in the second quarter release, so this quarter held the range while signaling upside.

What to watch

The Offen Petroleum deal closed on October 27; the release gives no price or funding detail, so check fourth-quarter debt and leverage.
Refinery earnings swing widely: $43mm in the first quarter during a 50-day turnaround versus $238mm now, so a weaker crack or outage would hit EBITDA.
Working capital grew: receivables rose to $4.3bn from $2.0bn at year end and payables to $3.9bn from $2.5bn, which can reverse with fuel prices.

From the company's press release filed Nov 3, 2026. Figures in this section are as the company reports them, including its own adjusted EBITDA.

Filings

Earnings releases 8

Nov 3, 20268-K for Nov 3, 2026: Results; Regulation FD · Press release
Aug 4, 20268-K for Aug 4, 2026: Results; Regulation FD · Press release
May 5, 20268-K for May 5, 2026: Results; Regulation FD · Press release
Feb 26, 20268-K for Feb 26, 2026: Results; Regulation FD; Other event · Press release · Presentation or supplement
Feb 17, 20268-K for Feb 17, 2026: Results; Regulation FD · Press release
Nov 5, 20258-K for Nov 5, 2025: Results; Regulation FD · Press release
Sep 4, 20258-K for Sep 4, 2025: Results; Regulation FD; Other event · Press release · Presentation or supplement · Press release
Aug 6, 20258-K for Aug 6, 2025: Results; Regulation FD · Press release

Annual reports (10-K) 5

Quarterly reports (10-Q) 12

Current reports (8-K) 20

Sep 10, 20268-K for Sep 3, 2026: Listing notice; Regulation FD
Aug 10, 20268-K for Aug 10, 2026: Regulation FD
Apr 21, 20268-K for Apr 21, 2026: Regulation FD; Other event
Mar 9, 20268-K for Mar 9, 2026: Material agreement; New debt
Feb 27, 20268-K for Feb 26, 2026: Regulation FD
Jan 16, 20268-K for Jan 16, 2026: Other event
Jan 6, 20268-K for Jan 6, 2026: Regulation FD
Nov 10, 20258-K for Nov 5, 2025: Material agreement; New debt; Other event
Nov 3, 20258-K for Oct 31, 2025: Material agreement; Acquisition or disposal completed; Equity sold; Bylaw change; Other event
Oct 27, 20258-K for Oct 27, 2025: Regulation FD
Oct 21, 20258-K for Oct 21, 2025: Other event
Oct 20, 20258-K for Oct 20, 2025: Regulation FD; Other event
Oct 14, 20258-K for Oct 14, 2025: Regulation FD
Oct 6, 20258-K for Oct 6, 2025: Material agreement; New debt; Other event
Sep 22, 20258-K for Sep 19, 2025: Regulation FD; Other event
Sep 18, 20258-K for Sep 18, 2025: Material agreement; New debt; Bylaw change; Other event
Sep 9, 20258-K for Sep 4, 2025: Equity sold
Sep 5, 20258-K for Sep 4, 2025: Regulation FD
Aug 8, 20258-K for Aug 8, 2025: Material agreement; New debt
Jul 24, 20258-K for Jul 24, 2025: Regulation FD; Other event

Other filings 8

Sep 28, 202625
Apr 3, 2024424B3
Mar 20, 2024S-4/A
Feb 26, 2024S-4
Jun 16, 2022424B3
May 20, 2022S-4
Jun 7, 2021424B3
May 20, 2021S-4

Links open the document on SEC EDGAR. Earnings call transcripts are not SEC filings and belong to their publishers, so they are not reproduced here; the press release and slides filed with each results 8-K are.

Coming up

Feb 18, 2027Results. Full-year results for the period ending 2026-12-31. The date is an estimate: last year's filing date moved forward a year.
Apr 28, 2027Maturity. 5.625% Senior Notes due 2027 (NuStar Logistics): $550mm outstanding comes due.
Jul 15, 2027Maturity. 5.875% Senior Notes due 2027: $499mm outstanding comes due.
Mar 15, 2028Maturity. 5.875% Senior Notes due 2028: $400mm outstanding comes due.
Sep 15, 2028Maturity. 7.000% Senior Notes due 2028: $500mm outstanding comes due.

Recent 8-K filings

Nov 3, 2026Reported results; Regulation FD disclosure
Sep 10, 2026Listing notice; Regulation FD disclosure
Aug 10, 2026Regulation FD disclosure
Aug 4, 2026Reported results; Regulation FD disclosure