Sunoco is a Delaware master limited partnership that operates as the largest independent fuel distributor in the Americas, with operations across the U.S., Canada, the Greater Caribbean, and Europe. The core business is fuel distribution: Sunoco buys motor fuel from refiners at wholesale prices and resells it at a markup to roughly 9,200 dealer and distributor locations, ~1,300 commission agent locations, ~330 company-operated convenience stores, and over 13,000 commercial customers. The key profit driver is the cents-per-gallon margin multiplied by total gallons distributed, with Sunoco distributing over 15 billion gallons annually. Sunoco also earns ancillary income from credit card services, franchise royalties, and property rentals. The second major business is midstream infrastructure — over 14,000 miles of pipeline and 160+ terminals across 32 countries — which generates fee-based revenues tied to throughput volumes and storage utilization, providing stable, recurring cash flows. Sunoco also operates the Burnaby Refinery in British Columbia (~55,000 barrels per day). Sunoco grows through organic capital deployment, bolt-on acquisitions in a highly fragmented U.S. fuel distribution market, and periodic large deals — most recently the ~$9B acquisition of Parkland in 2025 and the NuStar pipeline acquisition in 2024. Management targets at least $600M annually in organic projects and at least $500M in bolt-on M&A, with a capital allocation framework that prioritizes accretive investment, distribution growth, and ~4x leverage.