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Sunoco CEO Bob Owens Shoots Down Sales Talk

HOUSTON — Sunoco LP is not for sale, president and CEO Robert Owens wrote in a letter sent to the master limited partnership’s employees.

As CSNews Online reported on March 14, Energy Transfer Equity LP, sister company of Sunoco LP, reportedly held talks with at least one other company earlier this year about a potential sale of the master limited partnership, but the talks were tabled due to a disagreement about proper valuation of the company.

Energy Transfer Equity could be interested in raising money to help pay for its acquisition of Williams Co. Inc., according to several media reports.

In Owens’ letter, obtained by The Corpus Christi Caller-Times, he said the for-sale rumors first presented by Reuters are false.

"The facts stated in the article are not accurate. No such discussions have been held. Energy Transfer Equity has no intention to sell the [general partner] of Sunoco LP," he said. 

Owens did acknowledge Sunoco LP has received several unsolicited calls from parties interested in its assets during the years, but the company has not entertained any offers.

"This level of interest, which we should all find flattering, is reflective of both the value of our assets, including the iconic Sunoco brand, and the performance of our enterprise," he wrote in the letter.

Owens added he hoped his letter would allay concerns about rumors swirling in the media.

“Unfortunately we can't prevent the rumors, but we can stay focused on continuing the remarkable growth of our company,” wrote Owens.

Reuters named Alimentation Couche-Tard Inc., Valero Energy Corp. and Tesoro Corp. as companies that could be interested in purchasing Sunoco LP were it to be sold.


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