PHILADELPHIA, Feb. 1 /PRNewswire-FirstCall/ -- Sunoco, Inc. (NYSE: SUN)
announced today that its Board of Directors has approved a 10 percent
increase to the quarterly dividend to 27.5 cents per share. The quarterly
dividend is payable on June 8, 2007 to shareholders of record at the close
of business on May 9, 2007. The increase brings the annualized dividend
rate on the Company's common stock to $1.10 per share.
(Logo: http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006 )
"We continue to view returning cash to our shareholders as an integral
part of our strategy and are pleased to make this announcement," said
Sunoco Chairman and Chief Executive Officer John G. Drosdick. "Our results,
our business outlook and our strong financial condition provide us with the
ability and confidence to take this action.
"Over the past three years, we have significantly increased our
dividend while reducing shares outstanding. As we move forward, we remain
committed to considering opportunities to grow the Company while returning
cash to our shareholders and maintaining a strong balance sheet."
Sunoco, Inc., headquartered in Philadelphia, PA, is a leading
manufacturer and marketer of petroleum and petrochemical products. With
900,000 barrels per day of refining capacity, nearly 4,700 retail sites
selling gasoline and convenience items, approximately 5,500 miles of crude
oil and refined product owned and operated pipelines and 38 product
terminals, Sunoco is one of the largest independent refiner-marketers in
the United States. Sunoco is a significant manufacturer of petrochemicals
with annual sales of approximately five billion pounds, largely chemical
intermediates used to make fibers, plastics, film and resins. Utilizing a
unique, patented technology, Sunoco also has the capacity to manufacture
over 2.5 million tons annually of high- quality metallurgical-grade coke
for use in the steel industry. For additional information, visit Sunoco's
Web site at http://www.SunocoInc.com.
SOURCE Sunoco, Inc.
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Related links:
http://www.SunocoInc.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006
PRN Photo Desk, photodesk@prnewswire.com
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CONTACT:
Jerry Davis (media), +1-215-977-6298, or Tom
Harr (investors), +1-215-977-6764, both of Sunoco
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