Cuộc họp báo cáo kết quả kinh doanh Quý 3/2026 của Sunoco LP: EBITDA kỷ lục và triển vọng tăng trưởng

Sunoco LP báo cáo EBITDA điều chỉnh quý 3 năm 2026 đạt mức kỷ lục nhờ việc tối ưu hóa phân phối nhiên liệu và hiệu quả kinh tế tích cực từ Nhà máy lọc dầu Burnaby đã hỗ trợ hoạt động kinh doanh. Ban lãnh đạo cho biết công ty rất tự tin rằng kết quả cả năm sẽ vượt mức trần của kế hoạch dự báo.

Các điểm chính

• EBITDA điều chỉnh kỷ lục trong quý 3 năm 2026 đạt 1,06 tỷ USD, không bao gồm khoảng 11 triệu USD chi phí giao dịch một lần. Dòng tiền có thể phân phối đã điều chỉnh là 588 triệu USD.
• Mức phân phối hàng quý đạt khoảng 1,015 USD trên mỗi đơn vị quỹ phổ thông Sunoco LP và cổ phiếu SunocoCorp, tăng 1,25% so với quý trước và hơn 10% so với cùng kỳ năm ngoái.
• EBITDA điều chỉnh của mảng Phân phối nhiên liệu tăng lên 532 triệu USD, so với 516 triệu USD trong quý 2 năm 2026 và 238 triệu USD trong quý 3 năm 2025, không bao gồm chi phí giao dịch.
• EBITDA điều chỉnh của Nhà máy lọc dầu Burnaby đã tăng lên 238 triệu USD từ 175 triệu USD trong quý trước. Biên lợi nhuận lọc dầu vượt 54 USD/thùng, trong khi chi phí vẫn ở mức dưới 10 USD/thùng trong quý thứ hai liên tiếp.
• Sunoco kết thúc quý với tỷ lệ đòn bẩy khoảng 3,5 lần, thấp hơn mục tiêu dài hạn 4 lần, và 2,3 tỷ USD hạn mức tín dụng quay vòng khả dụng.
• Ban lãnh đạo kỳ vọng kết quả năm 2026 sẽ vượt mức trần của dự báo và tin tưởng năm 2027 có thể là một năm kỷ lục khác ngay cả khi biên lợi nhuận lọc dầu trở lại gần mức giữa chu kỳ.

Dữ liệu tài chính cốt lõi

Hoạt động kinh doanh và Vận hành

Phân phối nhiên liệu

EBITDA điều chỉnh đạt 532 triệu USD, không bao gồm 9 triệu USD chi phí giao dịch. Sunoco đã phân phối khoảng 4,2 tỷ gallon, với biên lợi nhuận nhiên liệu là 0,168 USD/gallon. Sản lượng tăng nhẹ so với quý trước, trong khi biên lợi nhuận giảm nhẹ.

Ban lãnh đạo cho rằng kết quả đạt được là nhờ quy mô, tính linh hoạt trong nguồn cung và việc tối ưu hóa thương mại trong bối cảnh biến động thị trường gia tăng, đặc biệt là đối với dầu diesel. Công ty nhấn mạnh rằng họ quản lý hoạt động kinh doanh dựa trên tổng lợi nhuận nhiên liệu, EBITDA và tỷ suất sinh lời trên vốn sử dụng, thay vì các kết quả sản lượng hoặc biên lợi nhuận riêng lẻ theo quý.

Sunoco đã hoàn tất thương vụ thâu tóm Offen Petroleum trị giá 600 triệu USD sau khi kết thúc quý. Offen bổ sung khoảng 2,5 tỷ gallon sản lượng phân phối nhiên liệu hàng năm và mở rộng sự hiện diện của Sunoco tại vùng Trung Tây và vùng Núi Phía Tây nước Mỹ. Ban lãnh đạo kỳ vọng thương vụ thâu tóm này sẽ tăng cường nguồn cung, vận tải và cơ hội tăng trưởng trên cả hoạt động kinh doanh có thương hiệu và không có thương hiệu.

Lọc dầu

EBITDA điều chỉnh của Nhà máy lọc dầu Burnaby đạt 238 triệu USD, tăng từ 175 triệu USD trong quý 2. Công suất chế biến trung bình đạt 57.000 thùng/ngày, cao hơn một chút so với quý trước.

Biên lợi nhuận lọc dầu vượt mức 54 USD/thùng, trong khi chi phí vẫn ở mức dưới 10 USD/thùng. Ban lãnh đạo cho biết môi trường thị trường thuận lợi và việc thực thi vận hành hiệu quả đều đóng góp vào kết quả này, đồng thời thừa nhận rằng biên lợi nhuận lọc dầu sẽ biến động theo thời gian.

Hệ thống đường ống

EBITDA điều chỉnh của Hệ thống đường ống là 166 triệu USD, giảm từ 190 triệu USD trong quý 2 năm 2026 và 182 triệu USD trong quý 3 năm 2025. Sản lượng vận chuyển đạt khoảng 1,3 triệu thùng/ngày, hầu như không đổi so với quý trước cũng như so với cùng kỳ năm ngoái.

Mức giảm so với quý trước phản ánh đóng góp thấp hơn từ các liên doanh và việc không còn lợi ích từ khoản hoàn trả FERC nhận được trong nửa đầu năm 2026. Ban lãnh đạo tiếp tục xem mảng này là một hoạt động kinh doanh hạ tầng ổn định với các cơ hội cải thiện hiệu suất sử dụng và mở rộng sản lượng thông qua chi tiêu vốn có mục tiêu.

Kho cảng đầu mối

EBITDA điều chỉnh của mảng Kho cảng đầu mối đạt 124 triệu USD, không bao gồm 2 triệu USD chi phí giao dịch, so với 115 triệu USD trong quý 2 năm 2026 và 76 triệu USD trong quý 3 năm 2025. Sản lượng thông qua vẫn duy trì gần mức 1 triệu thùng/ngày.

Kết quả kinh doanh hưởng lợi từ hoạt động xử lý hỗn hợp nhiên liệu (transmix) và đóng góp từ mạng lưới được mở rộng tại Châu Âu của Sunoco. Ban lãnh đạo cũng nhấn mạnh các cơ hội gia tăng hiệu suất sử dụng và hỗ trợ mảng Phân phối nhiên liệu thông qua các khoản đầu tư được đảm bảo bởi khách hàng.

Dự báo của Ban lãnh đạo

Ban lãnh đạo cho biết Sunoco rất tự tin rằng EBITDA điều chỉnh năm 2026 sẽ vượt mức trần của dự báo hiện tại, mặc dù chưa đưa ra phạm vi cập nhật mới. Công ty kỳ vọng năm 2026 sẽ đánh dấu năm thứ tám liên tiếp tăng trưởng EBITDA.

Sunoco dự kiến phát hành dự báo chính thức cho năm 2027 vào đầu tháng 1. Ban lãnh đạo tin rằng năm 2027 có thể là một năm kỷ lục khác ngay cả khi biên lợi nhuận lọc dầu tiến gần hơn về mức giữa chu kỳ, đồng thời kỳ vọng hoạt động kinh doanh sẽ tiếp tục tăng trưởng trong năm 2028.

Công ty trước đó đã đặt mục tiêu nhiều năm đạt ít nhất 500 triệu USD mỗi năm cho các thương vụ thâu tóm bổ sung. Ban lãnh đạo kỳ vọng các thương vụ thâu tóm bổ sung trong năm 2026 sẽ đạt tổng cộng khoảng 1,5 tỷ USD. Bao gồm cả vốn tăng trưởng hữu cơ, tổng vốn triển khai tăng trưởng dự kiến sẽ vượt 2 tỷ USD.

Chi phí hoạt động của mảng Phân phối nhiên liệu có thể biến động theo từng quý, nhưng ban lãnh đạo kỳ vọng tổng chi phí sẽ giảm trong năm 2027 so với năm 2026, một phần nhờ việc tiếp tục tích hợp Parkland.

Rủi ro và các điểm chính cần theo dõi

• Nhu cầu xăng và dầu diesel tại Canada đã giảm ở mức phần trăm từ thấp đến trung bình của khoảng một chữ số trong bối cảnh giá nhiên liệu biến động mạnh hơn, mặc dù ban lãnh đạo đánh giá biên lợi nhuận vẫn ở mức cao.
• Nhu cầu xăng tại Mỹ giảm ở mức một chữ số thấp so với cùng kỳ năm ngoái, trong khi nhu cầu dầu diesel gần như đi ngang, dựa trên dữ liệu từ EIA do ban lãnh đạo dẫn chiếu.
• Burnaby mang lại tiềm năng tăng trưởng khi biên lợi nhuận lọc dầu mở rộng, nhưng đóng góp của nhà máy này vẫn chịu ảnh hưởng bởi sự biến động của biên lợi nhuận lọc dầu.
• Lợi nhuận từ mảng đường ống có thể biến động giữa các quý do đóng góp từ liên doanh, giá hợp đồng, hiệu ứng thời điểm và các khoản mục quản lý nhà nước không thường xuyên.
• Ban lãnh đạo cho biết thời điểm và mức độ nhạy cảm của nhu cầu đối với giá nhiên liệu ở mức cao kéo dài vẫn khó dự báo.

Tóm tắt phiên hỏi đáp với chuyên gia phân tích

Triển vọng tăng trưởng năm 2027: Ban lãnh đạo cho rằng năm 2026 không phải là một ngoại lệ. Công ty kỳ vọng sẽ tiếp tục tăng trưởng trong năm 2027 ngay cả theo giả định lọc dầu ở mức giữa chu kỳ, nhờ sự hỗ trợ từ cả bốn mảng hoạt động, các thương vụ thâu tóm và đầu tư hữu cơ.

Tích hợp Parkland: Sunoco cho biết thương vụ thâu tóm Parkland đã tạo ra mức tăng trưởng khoảng 25% dòng tiền có thể phân phối trên mỗi đơn vị quỹ phổ thông trong chưa đầy một năm sở hữu. Các nỗ lực tích hợp cũng góp phần làm giảm chi phí hoạt động của mảng Phân phối nhiên liệu.

Vai trò chiến lược của Burnaby: Ban lãnh đạo không có ý định mở rộng hoạt động lọc dầu như một chiến lược độc lập. Họ xem Burnaby là một mảng nhỏ hơn cung cấp tiềm năng tăng trưởng vượt trội khi biên lợi nhuận lọc dầu tăng cường, bên cạnh ba mảng ổn định và tăng trưởng hơn. Sunoco sẽ chỉ cân nhắc một nhà máy lọc dầu khác nếu đó là một phần của một giao dịch lớn hơn tương tự như Parkland.

Nhu cầu và biên lợi nhuận nhiên liệu: Ban lãnh đạo cho biết nhu cầu tại Mỹ vẫn duy trì khả năng chống chịu tốt bất chấp biến động. Tại Canada, nhu cầu yếu hơn đi kèm với biên lợi nhuận mạnh mẽ. Vùng Caribe tiếp tục là thị trường tăng trưởng, nơi công ty kỳ vọng sản lượng tăng trưởng tích cực và biên lợi nhuận mở rộng.

Thay đổi tiềm năng trong dòng chảy sản phẩm: Ban lãnh đạo cho biết các dự án đường ống đề xuất có thể thay đổi dòng chảy sản phẩm tinh chế trên khắp khu vực miền Trung nước Mỹ. Sunoco tin rằng hệ thống đường ống Mid-Continent và danh mục logistics mở rộng sẽ giúp công ty thích ứng hoặc hưởng lợi từ những chuyển dịch trong chuỗi cung ứng.

Toàn văn Biên bản Cuộc họp Kết quả Kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to Sunoco and SunocoCorp Q3 2026 Earnings Conference Call. [Operator Instructions]

I would now like to turn the call over to Scott Grischow, Senior Vice President of Finance. Please go ahead.

Scott Grischow

Thank you, and good morning, everyone. On the call with me this morning are Joe Kim, President and Chief Executive Officer; Karl Fails, Chief Operating Officer; Austin Harkness, Chief Commercial Officer; Brian Hand, Chief Sales Officer; and Dylan Bramhall, Chief Financial Officer.

Today's call will contain forward-looking statements that include expectations and assumptions regarding Sunoco LP's future operations and financial performance. Actual results could differ materially, and we undertake 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.

The partnership continued its strong performance in 2026, with a record third quarter adjusted EBITDA of $1.06 billion, excluding approximately $11 million of onetime transaction expenses. Third quarter distributable cash flow as adjusted was $588 million. On October 22, we announced a distribution of approximately [ $1.015 ] for both Sunoco LP common units and SunocoCorp shares. This represents a quarterly increase of 1.25% from the prior quarter, over 10% versus the third quarter of 2025.

Our business continues to generate strong cash flow, resulting in a trailing 12-month coverage ratio of 2.1x. Our balance sheet and liquidity position remains strong. We had $2.3 billion in availability under our revolving credit facility at the end of the quarter, and leverage was approximately 3.5x, well below our long-term target. Finally, we spent $121 million on growth capital and $116 million on maintenance capital.

I want to wrap up my comments by stating that our execution in 2026 has put us in an outstanding financial position. In less than 1 year since closing on the Parkland acquisition, we have already delivered double-digit growth to DCF per common unit, while also getting our balance sheet below our long-term leverage target of 4x. Investors have benefited from this execution through year-over-year distribution growth of over 10%. Finally, we have continued to execute on growth opportunities, including the acquisition of Offen Petroleum for $600 million, which we closed last week.

In summary, we expect our financial position will continue to strengthen, which will provide us with continued flexibility to pursue high-return growth opportunities, while maintaining a healthy balance sheet in a secure and growing distribution for our unitholders.

With that, I will turn it over to Karl to walk through some additional thoughts on our third quarter performance.

Karl Fails

Thanks, Scott. Good morning, everyone. As Scott outlined, we delivered record financial results in the third quarter. Our teams continue to optimize gross profit across fuel distribution, operate our midstream assets reliably and capture a favorable market environment at the Burnaby Refinery.

Let me walk through the performance of each segment. Starting with our Fuel Distribution segment. Adjusted EBITDA was $532 million, excluding $9 million of transaction expenses. This compares with $516 million last quarter and $238 million in the third quarter of 2025, both excluding transaction expenses. We distributed approximately 4.2 billion gallons during the quarter, and fuel margin was $0.168 per gallon. Volume was up slightly and margin was down slightly from last quarter.

While industry demand indicators were mixed and varied by geography, the volatility in the market continued to provide opportunities for gross profit optimization, especially for a system with our scale. Volatility remained elevated, particularly in diesel, reflecting tight distillate inventories, global supply disruptions, refinery outages and fall maintenance activity. Our scale, supply optionality and commercial capabilities allowed us to respond to those market conditions.

When you step back, our model continues to deliver on what it is designed to do. We do not manage the business for an individual quarterly volume or margin outcome. Instead, we manage for total fuel profit, EBITDA and returns on deployed capital. The third quarter result demonstrates the value of applying that approach across a much larger geography. And more importantly, that geography continues to expand.

As Scott shared earlier, we closed on the acquisition of Offen Petroleum last week, often adds approximately 2.5 billion gallons of annual fuel distribution volume and strengthens our presence in the Midwest and Mountain West regions. The Offen business is a great fit with our existing portfolio. Its geographic footprint complements our network, while its logistics capabilities and market density create opportunities to improve supply, transportation and growth in both our branded and unbranded businesses. We look forward to the integration process and welcome the new team members to Sunoco.

In our Pipeline Systems segment, adjusted EBITDA was $166 million compared with $190 million last quarter and $182 million in the third quarter of 2025. Throughput was approximately 1.3 million barrels per day, essentially flat with last quarter and the third quarter of 2025. Sequential reductions were related to lower contributions from our joint ventures and some FERC clawbacks we received in the first half of the year that did not repeat in the second half. However, the underlying characteristics of the segment remained consistent. The segment consists of critical infrastructure assets generating stable income, with targeted opportunities to grow volumes, improve utilization and generate attractive returns from relatively modest capital investments.

Moving on to our Terminal segment. Adjusted EBITDA was $124 million, excluding $2 million of transaction expenses, compared with $115 million last quarter and $76 million in the third quarter of 2025, both excluding transaction expenses. Throughput was approximately 1 million barrels per day, in line with last quarter. Overall results were supported by a strong quarter in our transmix processing business as well as the continued contribution of our larger European network. This is another segment where the operating story is straightforward. The assets continue to generate stable results, and the expanded system gives us additional opportunities to increase utilization, support fuel distribution and deploy growth capital where we have attractive customer-backed returns.

Turning to our Refinery segment. Adjusted EBITDA was $238 million compared with $175 million last quarter. The Burnaby Refinery throughput averaged 57,000 barrels per day during the quarter, slightly up from the second quarter. Refining margin topped $54 per barrel and expenses were below $10 per barrel for the second quarter in a row. The market environment clearly remained favorable, but the financial result also reflects strong execution by the team.

Our priorities at Burnaby remain safe and reliable operations, disciplined expense management and positioning the facility to capture available market opportunities. We understand that refining margins will move over time. Our job is to manage what we can control and operate the facility with a long-term mindset.

Before I wrap up, I want to share a few final thoughts. This was an outstanding quarter, but it is really a continuation of the same operating focus that we delivered quarter after quarter, year after year. We grow and integrate. We operate our assets reliably and efficiently. We fully capture market opportunities all through disciplined execution of our strategy.

I will now turn it over to Joe to share his final thoughts. Joe?

Joseph Kim

Thanks, Karl. Good morning, everyone. We had an outstanding third quarter. Although 2026 is not quite over, I want to share some perspective on this year as a whole. 2026 will be another record year for Sunoco. With 3 quarters completed and visibility into the fourth quarter, we're highly confident that we will surpass the top end of our guidance. This will be our eighth consecutive year of EBITDA growth.

Obviously, the Parkland acquisition is a big part of our recent success. We have already delivered approximately a 25% growth in DCF per common unit in less than 1 year of ownership. In addition, our pre-Parkland businesses are performing at a high level. Our portfolio has become more diversified with greater scale and geographic reach. Combining this enhanced portfolio with our proven business model, we're able to succeed in various commodity environments.

2026 is a good example of our ability to deliver outstanding results in a higher priced volatile market. Looking further into the future, we believe volatility will persist. Agnostic of the direction of prices, we're confident that we'll deliver strong results in various scenarios.

Let me wrap up with some final thoughts. We've had material accretive growth over the last 5 years, and we expect this to continue. Earlier this year, we provided a multiyear guidance of at least $500 million a year of bolt-on acquisitions. We exceeded this amount in 2026 and we expect this to be a modest bar in 2027 and beyond. In addition, we'll continue to deploy attractive organic growth capital. Bottom line, when you combine our portfolio of stable income streams with acquisitions and investments that are delivering on expected economics, our cash flow will continue to grow. We're in a strong position to continue to increase distributions while executing on accretive growth and maintaining a strong balance sheet.

Operator, that concludes our prepared remarks. You may open the line for questions.

Operator

[Operator Instructions] Our first question comes from the line of Spiro Dounis with Citi.

Phần hỏi đáp

Charles Douglas Bryant

This is Chad on for Spiro. Just starting off on guidance. You're now trending over the [ 26 ] guidance range. Could you just provide kind of your latest thoughts on how the fourth quarter is shaping up versus your record third quarter results? And maybe any outlook into '27?

Joseph Kim

Chad, this is Joe. I think the first takeaway is that 2026 is going to be another outstanding year for Sunoco. Obviously, the refinery has performed very well this year. But even if we had more cracks that were closer to the mid-cycle levels for this year, we will still surpass the guidance that we gave back in January. I think the key point is that all 4 business segments are performing very well, and we've delivered on our very high expectations on the Parkland acquisition as well as other smaller acquisitions. But I think the most important takeaway is that 2026 is not an outlier. But instead, we're going to continue to grow our business. We are very well positioned for 2027 to be another record year, even if refining cracks are closer to the mid-cycle levels.

Charles Douglas Bryant

Perfect. And just following up on fuel demand. I guess kind of in this elevated crude price volatile environment, what are you seeing with respect to the impact on fuel demand and margins as a result going forward?

Austin Harkness

Yes. Chad, this is Austin. Happy to walk you through kind of some of the themes that we're seeing across the portfolio. If you start domestically, demand in the U.S. has been remarkably resilient despite all the fuel price volatility that we've seen recently. So if you look at EIA data, the monthly data shows that diesel is roughly flat on a year-over-year basis, with gasoline demand being off low single digits year-over-year. And then all this is against a backdrop of healthy margins, despite the fact that we've had all this flat price volatility and haven't yet hit the part of the volatility curve where prices durably come off and margins widen. So we feel really good about kind of where the U.S. business is for the segment and kind of the outlook there.

If you move to Canada, -- just as a reminder, in point of reference, flat price volatility has actually been amplified in Canada relative to what we've seen in the U.S. So as an example, diesel recently touched $7 a gallon, USD equivalent there. And so some of the themes that we had touched on last quarter around demand starting to soften continue into Q3. So diesel and gasoline demand is off low to mid-single digits. But as a reminder, that's -- it's a very strong margin environment. We've seen strong margins and durable margins likely, in large part, owed to the flat price volatility that we're seeing there.

And then lastly, in the Caribbean, that continues to be its own kind of animal. We've got 20-plus markets that we operate in, each with their own demand and margin profiles. What I would just say there is, in general, the theme is, the Caribbean has been a growth engine for us. It will continue to be a growth engine for us, and we expect that to be both on healthy volume growth and margin expansion.

So all that said, if you followed our story, you all know that demand softens from here. That paints a pretty bullish picture for what the margin environment looks like. And then also, as Joe mentioned in his opening remarks, we've built this portfolio in this segment to perform in a range of economic scenarios. And so we feel really well positioned to grow the segment from an EBITDA and fuel profit standpoint durably into the future.

Operator

Our next question comes from the line of Gabe Moreen with Mizuho.

Gabriel Moreen

$500 million, I guess, is a pretty easily -- easy bogey to clear at this point. But often nonetheless, it was a pretty big transaction for you. Can you just talk about is that asset as a fuel distributor versus others and what it may give you? And then also, any chance of another acquisition announcement 2 days after earnings like you did with Offen?

Karl Fails

Well, thanks, Gabe. This is Karl. Clearly, we're excited about Offen. And in many ways, Offen is just a continuation of our roll-up strategy, but clearly, it's on a much larger scale. So one of the pillars of our overall fuel distribution strategy is that scale matters. And that is not just from an aggregate basis, but also on a more regional view.

So Offen gives us scale in areas of the U.S. that we haven't necessarily had scale before. So that really leads into the next benefit, which is supply optionality. So that larger scale in the Midwest, Mountain West region really integrates well into our footprint in Canada, in the South, Southwest and a little bit further east. So it provides a lot of options for us to supply and integrate those markets into our much broader network.

And then I think the last thing I'd mention is people. With Offen, we picked up a couple of really good leaders that are going to help us on our much larger portfolio, and we're excited to have him join the team.

Gabriel Moreen

Great. And then maybe if I can just ask in terms of going back to the guidance for the year and the bump and I guess not giving kind of specific range for where you might wind up for 2026. But just within the larger context of thinking about giving guidance going forward, I predict it was [ Burnaby ] and the volatility in the backdrop here. Just can you talk about how you're thinking about that in terms of laying out specific parameters for the market and what you want your -- you obviously want to show a ratable growth rate, I think, with the underlying business, and how you would kind of go about communicating that?

Joseph Kim

Yes, Gabe. This is Joe. As far as guidance, we'll follow the same kind of rhythm that we've done in the past. We'll provide guidance in early January of next year. But here's -- I'll kind of reiterate what I said earlier. I want to reemphasize that [ 26 ] is not an outlier for us. Yes, cracks were really great this year. At the same time, the point is that even if we assume a mid-cycle type level, we're going to see SUN grow in 2027, and you should expect SUN to grow in 2028.

And that's why we gave that guidance earlier this year that we think that we can do bolt-on acquisitions of at least $500 million. This year, we should end up roughly about $1.5 billion in bolt-on acquisition. And if you add in our organic growth capital, we're well over $2 billion. And I said it in the prepared remarks, I think $500 million of your bolt-on acquisitions, a modest bar. As we kind of look at all the different geographies we're in, we look at the different sectors we're in and we see what's kind of coming to the market, what's not on the market, what those opportunities are, we feel really good about our growth. And that's all with the foundation that all of our businesses are performing very well.

Operator

Next question comes from the line of Theresa Chen with Barclays.

Theresa Chen

Given the recent M&A activity across refining and the strength in margins, how are you thinking about the strategic value and long-term fit of Burnaby within your portfolio? Is there a valuation at which you would consider monetizing the asset?

Joseph Kim

Theresa, this is Joe. Here's the way that we look at -- look at the Burnaby Refinery. So I've talked to a lot of you many times. We've -- our strategic intent was never to say that we're going to go buy a refinery and put into the portfolio. But the Parkland acquisition, as I said, we're already 25% DCF growth within a year. So that worked out tremendously for us.

The way that I think you should look at our business is that if you look at our other 3 sectors, Fuel Distribution, our Pipeline and our Terminals segment, they're stable and growing. And the way that I would look at the Burnaby Refinery is kind of an asymmetrical upside for us, where whenever cracks blow out, we're going to -- we're going to take that to the bottom line. But even if it goes back to a mid-cycle or slightly below mid-cycle level, we're going to continue to grow our overall business. So that's the way we're looking at it.

As far as opportunistically, are we trying to grow the refining sector? And the answer is no. It's one scenario that I would say that we would look at is if there was an identical type of match to Parkland that came with a fantastic business that also happens to have a refinery, yes, we'll take a look at that. But as far as on a stand-alone segment basis, we like the position we're in, where we have 3 segments that are stable and growing and we have the smaller segment that gives us asymmetrical upside in various environments.

Theresa Chen

And I want to go back to Austin's comment about demand elasticity, taking into account your comment about not hitting the part of the volatility curve that would impact demand and margins at this point. But it does feel that the market has been testing that threshold for some time. Where do you see that inflection point today?

Austin Harkness

Theresa, it's a good question. I think it's one that's on a lot of our minds. But frankly, it's not one that we spend a lot of time thinking about because our guess is likely going to be wrong. I think what we have seen is there's a couple of different themes that we can talk to. One is when there's spot price volatility, the degree and direction which is going to impact demand is really a question of how high this price going for how long, right? And so to your point, I think we've seen extended periods of pretty significant volatility, but demand has been holding up. As to when it gets -- demand gets impacted, I think, is anyone's guess.

What I would say is we've built a portfolio -- just going back to my earlier comments and Joe's opening remarks, we built the portfolio to perform in a range of economic conditions. And I think given our scale, the supply chain optionality, the logistics capabilities that Karl referenced earlier, we feel really well positioned regardless of what the macroeconomic future kind of holds, that we're going to be well positioned to grow the segment's EBITDA well into the future.

Operator

Next question comes from the line of [ Vrathan Reddy ] with JPMorgan.

Unknown Analyst

I wanted to start on the Fuel Distribution segment and maybe if you guys could just speak to strengthen margins there, your outlook and the synergies you still have left to capture in that segment?

Austin Harkness

Yes, this is Austin. Just going back to kind of some of the earlier comments that have been shared, I think we feel really good about where margins are right now. I think for those that are maybe newer to the story, we don't really solve for margin or volume independently. It's more a story around fuel profit and optimizing for EBITDA growth on a year-over-year basis.

There's always going to be some quarter-to-quarter volatility, but as mentioned earlier, and then I think implied relative to Theresa's question a moment ago, we feel really good about where margins are right now given where flat price volatility has been, and the fact that we haven't yet come -- prices haven't durably come off, which is where we tend to see the most margin expansion.

Unknown Analyst

And then in Pipeline, is there anything that we should note this quarter, a little softer versus expectations beyond seasonality?

Unknown Executive

Yes. I mean, I mentioned a couple of things in my prepared remarks. I don't know that there's a lot more color to add, other than -- just like in most of our segments, we look at it on a rolling 12-month sort of basis. So there's always quarter-to-quarter fluctuations, whether it's certain contracts or certain pricing or certain kind of timing variations. But overall, we're really happy with our Pipeline business. And as Joe mentioned earlier, I think both of our midstream segments, Terminals and Pipelines, provide a lot of stability in our portfolio.

Operator

[Operator Instructions] And our final question comes from the line of Ned Baramov with Wells Fargo.

Ned Baramov

Could the planned pipeline, which is linking the Midwest, Mid-Con and Gulf Coast refinery supply to Arizona, Nevada and California, together with the recently completed refined products pipeline expansion into Denver and the Denver Airport, could this tighten product balances in the Mid-Con and potentially increase demand for northbound shipments from the Gulf Coast? And if yes, do -- is there a role for Sunoco to play in this rerouting of flows?

Unknown Executive

Yes, Ned. I mean the short answer is yes. I mean, there are obviously a lot of hypotheticals in what you've laid out. I know they're -- there are other pipeline companies that have announced projects that could impact the product flows in the middle part of the U.S.

I'd say here's -- our view is if those projects are built and product flows change, we've experienced that a lot in our history, and we are well positioned, particularly in the Mid-Continent, we have our pipeline system that kind of flows north in the Mid-Continent. But I'd extend that to the broader kind of point that Joe made earlier, given our portfolio, I mean, we've intentionally put together the portfolio we have to be able to withstand and take advantage of lots of different product shifts or supply chain shifts, whether they're a tailwind like the hypothetical that you gave us could be. Or even if they are a headwind, we can find some other way in other parts of our business to continue to grow year after year.

Ned Baramov

Understood. And then a quick housekeeping item on operating expenses in the Fuel Distribution segment, it seems OpEx was well below our forecast. Can you maybe just talk about drivers behind the lower number? And how sustainable this is going forward?

Scott Grischow

Ned, this is Scott. I'd offer a couple of comments there. I think, one, being a low-cost operator has always been a focus for us. And the decline you saw in Q3 is another example of that.

Second, the Parkland integration efforts continue, and that also contributed to the sequential decline. I think moving forward, there may be some ups and downs sequentially, but looking forward to 2027, we expect an overall decline relative to '26.

Operator

That concludes the question-and-answer session. I would now like to turn the call back over to Scott Grischow for closing remarks.

Scott Grischow

Well, thank you for joining us on the call today, and we appreciate the continued interest in Sunoco. Please feel free to reach out if you have any follow-up questions. This concludes today's call.

Operator

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.