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Sunoco Refining & Supply business unit earns $32 mn in Q2
Sep '08
Sunoco Inc reported net income of $82 million ($.70 per share diluted) for the second quarter of 2008 versus $509 million ($4.20 per share diluted) for the second quarter of 2007.

Excluding special items, Sunoco had income for the 2008 second quarter of $61 million ($0.52 per share diluted). There were no special items in the second quarter of 2007.

For the first half of 2008, Sunoco reported net income of $23 million ($.20 per share diluted) versus $684 million ($5.63 per share diluted) in the first half of 2007.

Excluding special items, 2008 first half income was $2 million ($.02 per share diluted) versus 2007 first half income of $594 million ($4.89 per share diluted).

"Despite a challenging market environment for refining and an unprecedented increase in crude oil prices that also squeezed retail gasoline and chemicals margins, results were improved from the first quarter due to higher refining margins that accompanied strong contributions from our Logistics and Coke segments," said John G. Drosdick, Sunoco Chairman and Chief Executive Officer.

"The Refining and Supply business unit earned $32 million. While gasoline margins remained weak and refinery utilization was limited by maintenance activity and economically driven rate reductions, we were able to optimize our production for the difficult market conditions.

In our Northeast system, the yield of high-valued distillate fuel climbed to 38 percent of net production versus 34 percent in the second quarter of 2007, while the yield of low-valued residual fuel fell to under 8 percent versus 9 percent a year ago.

In the MidContinent system, distillate yields were also maximized, reaching 40 percent of net production versus 31 percent in the second quarter of 2007, reflecting another record quarter of jet fuel production at the Toledo refinery.

"Sunoco's non-refining businesses earned $47 million in the second quarter. The steady rise throughout the quarter in wholesale gasoline and propylene feedstock costs limited earnings in Retail Marketing and Chemicals, respectively.

However, Logistics earnings of $21 million reflected a record quarterly result from Sunoco Logistics Partners L.P. and the Coke segment continued to demonstrate a higher earnings level than in prior years with earnings of $23 million."

Commenting on the Company's outlook for the third quarter, Drosdick said, "Despite the recent decline in crude oil prices, refining margins, specifically for gasoline, continue to be weak.

Efforts to optimize our refining system in the third quarter will focus on expanding our slate of light, sweet crude oils to include those that trade at lower prices while running our crude units at rates that reflect the current challenging market conditions.

The contribution from the non-refining businesses, particularly Retail Marketing, should show improvement from second quarter levels.

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