Sunoco Logistics profit rises, but hurricanes cost $3M

Sunoco Logistics Partners L.P., a Philadelphia-based oil and gas distributor, said today that third-quarter profit rose 34 percent, to $50.3 million, or $1.19 per limited partner unit, compared with $37.5 million, or 97 cents per limited partner unit, last year.

Total quarterly sales rose 46 percent to $2.8 billion from $1.9 billion.

The company credited the improvement to "higher margins and fees across all segments, increased volumes within certain segments of the Western Pipeline system, and additional tankage placed into service at the Nederland terminal."

However, the company did report lower volumes "within certain terminal facilities and the Eastern Pipeline."

The company said it also posted a $2.5 million charge associated with property damages caused by the hurricanes in the Gulf of Mexico during the quarter, and it estimated losing out on approximately $3 million of revenue because of the hurricanes.

The results were announced after markets closed. Sunoco Logistics shares on the New York Stock Exchange shares closed down slightly to $38.28.