US-based transporting and terminalling company Sunoco Logistics Partners has seen a jump in terminal-related profits.
Operating income for the Partners terminal facilities segment increased by $7 million (4.7 million) to $20.7 million for the third quarter ended 30 September compared to the prior year.
Sales and other operating revenue increased by $5.6 million to $46.2 million due primarily to increased throughput, higher fees and additional tankage at the Nederland terminal facility.
Results from the MagTex refined products terminals further contributed to the increase in revenues.
Cost of goods sold and operating expenses decreased by $2.2 million to $15.7 million for the third quarter of 2009 due to absence of charges associated with hurricane damages recognised in 2008, which was partially offset by cost associated with the MagTex acquisition.
Depreciation and amortisation expense increased to $5.2 million for the third quarter of 2009 due to increased tankage at the Nederland facility and the MagTex acquisition.
Operating income for the Terminal Facilities segment increased by $20.3 million to $63.1 million for the nine months ended September 30, 2009 compared to the prior year period.
During the quarter the Partners acquired a refined products terminal in Romulus, Michigan and completed construction on a new pipeline from its Nederland terminal to Motiva's Port Arthur refinery, as well as new tanks at the Nederland terminal.