Sunoco reports Q3 2007 results

29 Nov '07

3 min read

Sunoco Inc reported net income of $216 million ($1.81 per share diluted) for the third quarter of 2007 versus $351 million ($2.76 per share diluted) for the third quarter of 2006. For the first nine months of 2007, Sunoco reported net income of $900 million ($7.46 per share diluted) versus $856 million ($6.53 per share diluted) in the first nine months of 2006.

Excluding special items, income for the first nine months of 2007 was $810 million ($6.71 per share diluted). There were no special items in the third quarter of 2007 or the first nine months of 2006.

"In a very volatile market for refined product margins, the Company posted solid third quarter results," said John G. Drosdick, Sunoco Chairman and Chief Executive Officer. "Our Refining and Supply business earned $171 million despite lower margins that resulted from the end-of-driving-season decline in gasoline demand and the sharp increase in crude oil prices during the quarter.

"In this environment, the Philadelphia fluid catalytic cracking unit, which was expanded and modified earlier this year, provided valuable flexibility to process more attractively priced crude feedstocks and to upgrade residual fuel into higher-value products.

In addition, we completed our planned investment and maintenance work at our Toledo and Tulsa refineries in early July. The completion of the crude unit debottleneck project enabled the Toledo refinery to achieve higher production rates with record levels of jet fuel production despite some unplanned unit outages during the third quarter.

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