Sunoco's 'SUN' ticker returns to stock market

Sunoco and its iconic ticker symbol SUN reappeared Monday on the New York Stock Exchange after a two-year absence. This time it comes with a Texas accent.

Sunoco L.P. is the new name adopted by Susser Petroleum Partners L.P., a Texas company acquired recently by Sunoco's parent, Energy Transfer Partners L.P. The new incarnation of Sunoco will become the repository for ETP's growing fuel-distribution system and far-flung portfolio of convenience stores.

"We are proud to reintroduce the SUN ticker symbol, which traded on the New York Stock Exchange for almost 87 years until the sale of Sunoco Inc. in 2012 to our parent company, Energy Transfer Partners L.P.," said Bob Owens, Sunoco L.P. chief executive.

The new firm is a far cry from the integrated Philadelphia oil company that built up a worldwide constellation of businesses.

The new Sunoco is a master limited partnership that primarily distributes motor fuel to convenience stores, independent dealers, commercial customers, and distributors.

Susser, which markets fuel through its Stripes convenience stores, was founded in Corpus Christi and has its headquarters in Houston. Sunoco L.P. will have its headquarters in Dallas, home of the parent company, ETP.

Sunoco, whose operations are concentrated in Mid-Atlantic states, will maintain its operations in the Philadelphia area. Its main office is in Center City, but it is moving to Newtown Square.

"The bottom line is that there will be no real impact on jobs in the markets where we are already operating," said Jeffrey P. Shields, Sunoco's spokesman.

For now, Sunoco L.P. has a market capitalization of about $1.6 billion. Its assets include the recently acquired Mid-Atlantic Convenience Stores L.L.C. It will also become the home for Aloha Petroleum Ltd., a convenience-store operator in Hawaii.

ETP eventually plans to transfer or "drop down" its Sunoco Inc. and Stripes assets under the Sunoco L.P. banner. The assets include more than 5,500 branded fuel outlets and convenience stores.

After an initial price plunge, Sunoco L.P.'s units closed up 20 cents, or 0.43 percent, at $46.20.

Sunoco L.P. is separate from Sunoco Logistics Partners L.P., a related company that operates an extensive pipeline and terminal system. While Sunoco Logistics is also controlled by ETP, its units trade under the SXL ticker symbol.