Sunoco Logistics Partners L.P. Announces Adoption of Rule 10b5-1 Structured Trading Plan
PHILADELPHIA, May 6 /PRNewswire-FirstCall/ -- Sunoco Logistics Partners L.P. (NYSE: SXL) (the "Partnership") announced today that Deborah M. Fretz, President and Chief Executive Officer has established a structured, prearranged trading plan to periodically sell units in the Partnership over a two month period in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.
Rule 10b5-1 permits the implementation of a written plan for selling partnership units at times when insiders are not in possession of material non-public information and allows them to sell units on a periodic basis and in a nondiscretionary manner, regardless of whether they are in possession of material non-public information at the time the sales occur.
The plan, which is effective May 11, 2010, has been established to permit Ms. Fretz to diversify her personal equity portfolio for tax and estate planning purposes and was initiated during the Partnership's open window for insider transactions, following the Partnership's first quarter 2010 reported results. Sales under the plan are limited to a set number of units and are subject to certain minimum unit prices.
Sunoco Logistics Partners L.P. (NYSE: SXL), headquartered in Philadelphia, is a master limited partnership formed to acquire, own and operate refined products and crude oil pipelines and terminal facilities. The Refined Products Pipeline System consists of approximately 2,200 miles of refined products pipelines located in the northeast, midwest and southwest United States and interests in four refined products pipelines, consisting of a 9.4 percent interest in Explorer Pipeline Company, a 31.5 percent interest in Wolverine Pipe Line Company, a 12.3 percent interest in West Shore Pipe Line Company and a 14.0 percent interest in Yellowstone Pipe Line Company. The Terminal Facilities consist of approximately 10.1 million shell barrels of refined products terminal capacity and approximately 23.0 million shell barrels of crude oil terminal capacity (including approximately 19.6 million shell barrels of capacity at the Texas Gulf Coast Nederland Terminal). The Crude Oil Pipeline System consists of approximately 3,850 miles of crude oil pipelines, located principally in Oklahoma and Texas, a 55.3 percent interest in Mid-Valley Pipeline Company and a 43.8 percent interest in the West Texas Gulf Pipe Line Company.
SOURCE Sunoco Logistics Partners L.P.
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