Government of Canada Approves Sunoco's Acquisition of Parkland Corporation.

Parkland Corporation, a leading international fuel distributor, marketer, and convenience retailer, has announced that the Government of Canada has approved its proposed acquisition by Sunoco LP. The deal is expected to close in Q4 2025, pending remaining regulatory approvals and customary closing conditions. Parkland operates in 26 countries across the Americas, serving everyday consumers and businesses with fuel and convenience services.

DALLAS, Oct. 14, 2025 -- Sunoco LP (NYSE: SUN) ("Sunoco" or the "Partnership") and Parkland Corporation (TSX: PKI) ("Parkland") today announced that the Government of Canada has approved the previously announced proposed acquisition of Parkland by Sunoco (the "Transaction"), in accordance with the terms of the Investment Canada Act, as announced in a Sunoco LP and Parkland press release.

The Transaction is expected to close in the fourth quarter of 2025, subject to obtaining certain remaining regulatory approvals and the satisfaction or waiver of customary closing conditions.

About Sunoco LP

Sunoco LP (NYSE: SUN) is a leading energy infrastructure and fuel distribution master limited partnership operating in over 40 U.S. states, Puerto Rico, Europe, and Mexico. The Partnership's midstream operations include an extensive network of approximately 14,000 miles of pipeline and over 100 terminals. This critical infrastructure complements the Partnership's fuel distribution operations, which serve approximately 7,400 Sunoco and partner branded locations and additional independent dealers and commercial customers. SUN's general partner is owned by Energy Transfer LP (NYSE: ET).

About Parkland Corporation

Parkland is a leading international fuel distributor, marketer, and convenience retailer with safe and reliable operations in twenty-six countries across the Americas. Parkland's retail network meets the fuel and convenience needs of everyday consumers. Parkland's commercial operations provide businesses with fuel to operate, complete projects, and better serve their customers. In addition to meeting its customers' needs for essential fuels, Parkland provides a range of choices to help them lower their environmental impact, including manufacturing and blending renewable fuels, ultra-fast EV charging, a variety of solutions for carbon credits and renewables, and solar power. With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, Parkland has developed supply, distribution, and trading capabilities to accelerate growth and business performance.

Forward-Looking Statements

This communication contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address future business and financial events, conditions, expectations, plans, or ambitions, and often include, but are not limited to, words such as "believe," "expect," "may," "will," "should," "could," "would," "anticipate," "estimate," "intend," "plan," "seek," "see," "target" or similar expressions, or variations or negatives of these words, but not all forward-looking statements include such words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the consummation of the Transaction and the anticipated benefits thereof.

References

Sunoco LP and Parkland Corporation press release: https://www.prnewswire.com/news-releases/sunoco-lp-and-parkland-corporation-receive-investment-canada-act-approval-302582761.html

See a Morningstar article for additional coverage.