v3.26.1
Debt Obligations
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Long-Term Debt Debt Obligations
Our debt obligations consisted of the following:
March 31,
2026		December 31,
2025
Credit Facility$125 $— 
6.000% senior notes due 2026 (1)
— 500 
3.875% CAD senior notes due 2026 (2)
395 400 
Parkland 3.875% CAD senior notes due 2026 (1)
— 37 
TanQuid 2.340% EUR senior notes due 2026 (2)
95 — 
6.000% senior notes due 2027 (1)
— 600 
5.625% senior notes due 2027
550 550 
5.875% senior notes due 2027
499 499 
Parkland 5.875% senior notes due 2027 (1)
— 1 
5.875% senior notes due 2028
400 400 
7.000% senior notes due 2028
500 500 
6.000% CAD senior notes due 2028
274 277 
Parkland 6.000% CAD senior notes due 2028 (1)
— 14 
4.500% senior notes due 2029
800 800 
7.000% senior notes due 2029
750 750 
4.375% CAD senior notes due 2029
391 397 
Parkland 4.375% CAD senior notes due 2029 (1)
— 40 
4.500% senior notes due 2029
790 790 
Parkland 4.500% senior notes due 2029 (1)
— 10 
4.500% senior notes due 2030
800 800 
6.375% senior notes due 2030
600 600 
4.625% senior notes due 2030
798 798 
Parkland 4.625% senior notes due 2030 (1)
— 2 
TanQuid variable rate EUR senior notes due 203054 — 
5.625% senior notes due 2031
1,000 1,000 
5.375% senior notes due 2031
600 — 
7.250% senior notes due 2032
750 750 
6.625% senior notes due 2032
493 493 
Parkland 6.625% senior notes due 2032 (1)
— 7 
6.250% senior notes due 2033
1,000 1,000 
5.875% senior notes due 2034
900 900 
5.625% senior notes due 2034
600 — 
GoZone Bonds322 322 
Lease-related financing obligations and other subsidiary debt539 233 
Net unamortized premiums, discounts and fair value adjustments(1)2 
Deferred debt issuance costs(92)(83)
Total debt13,932 13,389 
Less: current maturities12 17 
Total long-term debt, net$13,920 $13,372 
(1)    These senior notes were redeemed in March 2026. See additional information under “Recent Transactions.”
(2)     As of March 31, 2026, $490 million aggregate principal amount of senior notes due before March 31, 2027 were classified as long-term as management has the intent and ability to refinance the borrowings on a long-term basis.
Recent Transactions
In March 2026, the Partnership issued $600 million aggregate principal amount of 5.375% senior notes due 2031 and $600 million aggregate principal amount of 5.625% senior notes due 2034. These notes will mature on July 15, 2031 and July 15, 2034, respectively, and interest is payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2026. The Partnership used a portion of the net proceeds from this private offering to redeem in full its $500 million aggregate principal amount of 6.000% senior notes due 2026 and its $600 million aggregate principal amount of 6.000% senior notes due 2027.
In March 2026, the Partnership redeemed Parkland's remaining senior notes.
GoZone Bonds
NuStar Logistics' obligations include revenue bonds issued by the Parish of St. James, Louisiana pursuant to the Gulf Opportunity Zone Act of 2005 (the “GoZone Bonds”).
As reflected in the table below, the holders of the Series 2008, Series 2010B and Series 2011 GoZone Bonds are required to tender their bonds at the applicable mandatory purchase date in exchange for 100% of the principal plus accrued and unpaid interest, after which these bonds may be remarketed with a new interest rate established. Each of the Series 2010 and Series 2010A GoZone Bonds is subject to redemption on or after June 1, 2030 by the Parish of St. James, at Sunoco's option, in whole or in part, at a redemption price of 100% of the principal amount to be redeemed plus accrued and unpaid interest. Interest on the GoZone Bonds is payable semi-annually on June 1 and December 1 of each year.
The following table summarizes the GoZone Bonds outstanding as of March 31, 2026:
SeriesDate IssuedAmount OutstandingInterest RateMandatory Purchase DateOptional Redemption DateMaturity Date
Series 2008June 26, 2008$56 6.10 %June 1, 2030n/aJune 1, 2038
Series 2010July 15, 2010100 6.35 %n/aJune 1, 2030July 1, 2040
Series 2010AOctober 7, 201043 6.35 %n/aJune 1, 2030October 1, 2040
Series 2010BDecember 29, 201048 6.10 %June 1, 2030n/aDecember 1, 2040
Series 2011October 1, 202575 3.70 %June 1, 2030n/aAugust 1, 2041
NuStar Logistics’ agreements with the Parish of St. James related to the GoZone Bonds contain: (i) customary restrictive covenants that limit the ability of NuStar Logistics and its subsidiaries to, among other things, create liens, enter into certain sale leaseback transactions, and engage in certain consolidations, mergers or asset sales; and (ii) a repurchase provision which provides that if Sunoco undergoes a change of control that is followed by a ratings decline that occurs within 60 days of the change of control, then each holder may require the trustee, with funds provided by NuStar Logistics, to repurchase all or a portion of that holder’s GoZone Bonds at a price equal to 101% of the aggregate principal amount repurchased, plus any accrued and unpaid interest. The Partnership and certain of its subsidiaries are guarantors to the agreements related to the GoZone Bonds.
Credit Facility
The Partnership's $2.50 billion Credit Facility matures on June 17, 2030, which date may be extended in accordance with the terms of the Credit Facility. The Credit Facility can be increased from time to time upon Sunoco's written request, subject to certain conditions, up to an aggregate amount of $3.50 billion. As of March 31, 2026, we had $125 million outstanding borrowings on the Credit Facility, and $151 million in standby letters of credit were outstanding. The unused availability on the Credit Facility as of March 31, 2026 was $2.22 billion. The weighted average interest rate on the total amount outstanding as of March 31, 2026 was 5.52%. The Partnership was in compliance with all financial covenants as of March 31, 2026. The Partnership's net leverage ratio was 3.98 to 1.00 at March 31, 2026.
Receivables Financing Agreement
Upon the closing of the NuStar Acquisition, the commitments under NuStar’s receivables financing agreement were reduced to zero during a suspension period, for which the period end has not been determined. As of March 31, 2026, this facility had no outstanding borrowings.
Fair Value of Debt
The aggregate estimated fair value and carrying amount of our consolidated debt obligations as of March 31, 2026 were $13.99 billion and $13.93 billion, respectively. As of December 31, 2025, the aggregate fair value and carrying amount of our consolidated debt obligations were $13.52 billion and $13.39 billion, respectively. The fair value of our consolidated debt obligations is a Level 2 valuation based on the respective debt obligations' observable inputs for similar liabilities.