Sunoco LP (NYSE:SUN) Q2 2022 Earnings Conference Call August 3, 2022 10:00 AM ET

Company Participants

Scott Grischow - VP, IR & Treasury

Dylan Bramhall - CFO

Karl Fails - EVP & COO

Joseph Kim - President, CEO & Director

Conference Call Participants

Gabriel Moreen - Mizuho Securities

Elvira Scotto - RBC Capital Markets

John Royall - JPMorgan Chase & Co.

Ned Baramov - Wells Fargo Securities

Operator

Greetings, and welcome to Sunoco LP's Second Quarter 2022 Earnings Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Scott Grischow, Vice President, Investor Relations and Treasury. Thank you. You may begin.

Scott Grischow

Thank you, and good morning, everyone. On the call with me this morning are Joe Kim, Sunoco LP's President and Chief Executive Officer; Karl Fails, Chief Operations Officer; Dylan Bramhall, Chief Financial Officer; and other members of the management team.

Today's call will contain forward-looking statements that are subject to various risks and uncertainties. These statements include expectations and assumptions regarding the partnership's future operations and financial performance, including expectations and assumptions related to the impact of the COVID-19 pandemic. Actual results could differ materially, and the partnership undertakes no obligation to update these statements based on subsequent events. Please refer to our earnings release as well as our filings with the SEC for a list of these factors.

During today's call, we will also discuss certain non-GAAP financial measures, including adjusted EBITDA and distributable cash flow as adjusted. Please refer to the Sunoco LP website for a reconciliation of each financial measure.

I will now turn the call over to Dylan to discuss the second quarter results and our outlook for the remainder of 2022.

Dylan Bramhall

Thanks, Scott. The second quarter brought a continuation of Sunoco's strong financial performance with the resiliency of our business more evident than ever. Sunoco's consistent financial results throughout commodity cycles and various macro environments have become the hallmark of our partnership, we expect the second half of the year will bring more of the same.

The free cash flow generation of our operations allows us to remain consistent in our capital allocation strategy and focus on our 3 pillars. First, to maintain a stable and secure distribution for our unitholders; second, to protect our balance sheet through debt paydown when prudent; and third, to pursue disciplined investment in our growth opportunities like the recent acquisitions we've announced in the past few quarters.