Sunoco LP (NYSE:SUN) Q1 2022 Earnings Conference Call May 4, 2022 10:00 AM ET

Company Participants

Scott Grischow - Vice President of Investor Relations

Dylan Bramhall - Chief Financial Officer

Joe Kim - President & Chief Executive Officer

Karl Fails - Executive Vice President & Chief Operating Officer

Conference Call Participants

Theresa Chen - Barclays

Spiro Dounis - Crédit Suisse

Gabriel Moreen - Mizuho Securities

John Royall - JPMorgan Chase & Co.

Ned Baramov - Wells Fargo Securities

Operator

Greetings and welcome to Sunoco LP's First Quarter 2022 Earnings Conference Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Scott Grischow, Vice President of Investor Relations. Thank you, Scott. 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's website for a reconciliation of each financial measure.

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

Dylan Bramhall

Thanks, Scott. Before I walk through our first quarter results and accomplishments, I'd like to start by thanking our employees for their efforts in delivering excellent financial results this quarter against one of the most difficult macro backdrops in recent history. The team did an outstanding job of executing on our strategies in the face of a rapid increase in oil and gas prices which resulted in the partnership reporting one of its strongest first quarters on record. Moving on to M&A. We closed on our third acquisition in the past six months with the addition of the Gladieux Energy assets to the Sunoco portfolio on March 31, 2022.