Sunoco LP provides revised capital guidance and operational update in response to COVID-19 (13.73 +0.51) $SPY $TVIX $DRIP $GUSH
SUN is taking the following proactive measures in response to the pandemic:
Reduce full year 2020 growth capital expenditures to approx. $75 mln from its previous guidance of approx. $130 miln, a decrease of over 40%.
Reduce FY20 maintenance capital expenditures to $30 mln from its previous guidance of $45 mln, a decrease of over 30%.
Reduce operating costs, particularly targeting general and administrative and other operating expenses.
Maintain ample liquidity under its $1.5 bln revolving credit facility that matures in July 2023. The Partnership has no debt maturities prior to 2023.
Enact policies and prepare contingency plans to support business and supply chain continuity.
SUN plans to provide a more comprehensive update as part of its first quarter earnings release in May.