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SUN - Sunoco LP: Covered Dividend But A Big Debt Mountain And A $2.585 Billion Mystery
Sunoco LP representing limited partner interests
Introduction
Sunoco LP has been a popular income / dividend investment on SeekingAlpha, with multiple authors touting the stock here, here, and here. These articles give much detail about Sunoco that I’ll try to avoid repeating here.
Instead, I want to tell a story of Sunoco and how it became what it is today, and do some sleuthing in the 10-K filings over a mystery – where did $2.585 billion go?
You might have some idea of what they do already by the numerous branded gas stations you might have seen that look