Sunoco Logistics Partners, L.P.

NYSE: SXL

Sunoco Logistics Partners, L.P. is principally engaged in the transport, terminaling and storage of refined products and crude oil, and the purchase and sale of crude oil, in 17 states. The partnership was formed by Sunoco, Inc. (a wholly-owned refining and marketing subsidiary of Sunoco), which accounted for approximately 52% of the partnership’s revenues for the year ended December 31, 2003. The business comprises three segments:

Eastern Pipeline System

The Eastern Pipeline System primarily serves the Northeast and Midwest United States operations of Sunoco. It consists primarily of refined products pipelines which transport refined products from Sunoco R&M’s Philadelphia and Marcus Hook, Pennsylvania and Toledo, Ohio refineries, as well as from third parties, to markets in New York, New Jersey, Pennsylvania, Ohio, and Michigan. They include:

Ø 1,735 miles of refined product pipelines, including a one-third interest in an 80-mile refined product pipeline and 58 miles of inter-refinery pipelines between two of Sunoco’s refineries;

Ø A 9.4% interest in the Explorer Pipeline Company, a joint venture that owns a 1,413-mile refined product pipeline;

Ø A 31.5% interest in Wolverine Pipe Line Company, a joint venture that owns a 721-mile refined product pipeline;

Ø A 12.3% interest in West Shore Pipe Line Company, a joint venture that owns a 652-mile refined product pipeline; and

Ø A 14.0% interest in Yellowstone Pipe Line Company, a joint venture that owns a 656-mile refined product pipeline.

Shipments of refined products during 2003 (excluding the ownership interests in the joint ventures) averaged 55.3 million barrels per day (bpd).

Sunoco Logistics also owns a 123-mile wholly-owned crude oil pipeline which runs from Marysville, Michigan to Toledo, Ohio. The pipeline receives crude oil from the Enbridge system and delivers it to Sunoco and BP refineries in Toledo and to Marathon Ashland’s tank farm in Samaria, Michigan. During 2003 shipments of crude oil averaged 91,951 bpd.

Terminal Facilities

Sunoco Logistics’ primary terminal facilities are its 31 inland refined product terminals with an aggregate storage capacity of 4.8 million barrels. These facilities, which primarily serve the partnership’s Eastern Pipeline System, receive refined products from pipelines and distribute them to Sunoco R&M and to third parties, who in turn deliver them to end-users and retail outlets. These terminals had an average daily throughput of 283,071 bpd in 2003. Other terminal facilities include:

Ø The Marcus Hook Tank Farm, a 2.0 million barrel refined product terminal serving Sunoco’s Marcus Hook refinery near Philadelphia, Pennsylvania which had an average daily throughput of 157,233 bpd in 2003;

Ø The Nederland Terminal, a 12.5 million barrel marine crude oil terminal on the Texas Gulf Coast which had an average daily throughput of 441,701 bpd in 2003;

Ø The Fort Mifflin Terminal Complex, one inland and two marine crude oil terminals, with a combined capacity of 3.4 million barrels, and related pipelines, all of which serve Sunoco’s Philadelphia refinery. Average daily throughput in 2003 was 311,455 bpd of crude oil and 10,934 bpd of refined products; and

Ø The Inkster Terminal, eight salt caverns with a total storage capacity of 975,000 million barrels of liquefied petroleum gas (“LPG”) terminal near Detroit, Michigan.

Western Pipeline System

The Western Pipeline System gathers, purchases, sells, and transports crude oil in three regions: Oklahoma, West Texas, and the Texas Gulf Coast/Eastern Texas region. The system consists of approximately 1,868 miles of crude oil trunk pipelines and approximately 822 miles of crude oil gathering lines that supply the trunk pipeline. An average of 304,471 bpd of crude oil were transported on the Western System pipelines during 2003. The system includes:

Ø 681 miles of trunk pipelines and 435 miles of gathering lines in Oklahoma,

Ø 817 miles of trunk pipelines and 244 miles of gathering lines in West and North Central Texas, and

Ø 370 miles of trunk pipelines and 143 miles of gathering pipelines extending between the Texas Gulf Coast region near Beaumont and Baytown, Texas and the East Texas field near Longview, Texas.

Ø Approximately 113 crude oil transport trucks and approximately 130 crude oil truck unloading facilities; and

Ø A 43.8% interest in West Texas Gulf Pipe Line Company, a joint venture that owns a 579-mile crude oil pipeline.

Sunoco Logistics generates revenue through crude oil acquisition and marketing as well as pipeline transportation, entering into short-term contracts with producers at market prices. In 2003 the partnership purchased 193,176 bpd from approximately 3,400 producers and from approximately 34,000 leases, and undertook approximately 300,000 bpd of exchanges and bulk purchases during the same period.

Sunoco Logistics Partners, L.P. is traded on the New York Stock Exchange under the symbol SXL. For additional information, contact the investment relations department at:

1801 Market Street
Philadelphia, PA 19103
215-977-6350
[email protected]

Financial Information from 2003 10-K

(In thousands, except per unit amounts)

	2003	2002
Market value⁽¹⁾	$163,800	$124,500
Current assets	$503,808	$426,837
Net property, plant and equipment	$583,164	$573,514
Total assets	$1,179,998	$1,093,880
Current liabilities	$464,991	$393,643
Long-term debt	$313,136	$317,142
Partners’ capital	$400,871	$382,350
Revenues⁽²⁾	$2,674,203	$1,830,932
Operating income⁽²⁾	$79,474	$65,629
Net income⁽²⁾	$59,434	$46,775
Net income/ unit⁽²⁾	$2.55	$1.87
Distribution/unit	$2.05	$1.16
High unit price	$37.11	$24.07
Low unit price	$22.85	$18.85
(1) As of June 27, 2003 and June 28, 2002. (2) Partnership and predecessor (IPO was February 8, 2002).

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