PHILADELPHIA, Feb. 2 /PRNewswire-FirstCall/ -- Sunoco, Inc. (NYSE: SUN)
announced today that its Board of Directors has approved a 25 percent increase
to the quarterly dividend to 25 cents per share. The quarterly dividend is
payable on June 9, 2006 to shareholders of record at the close of business on
May 9, 2006. The increase brings the annualized dividend rate on the Company's
common stock to $1.00 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 doubled our dividend while reducing
our shares outstanding by 13 percent. 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, approximately 4,800 retail sites selling gasoline
and convenience items, approximately 4,500 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.
Those statements made in this release that are not historical facts are
forward-looking statements intended to be covered by the safe harbor
provisions of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Although Sunoco believes that the assumptions
underlying these statements are reasonable, investors are cautioned that such
forward-looking statements are inherently uncertain and necessarily involve
risks that may affect Sunoco's business prospects and performance causing
actual results to differ materially from those discussed in the foregoing
release. Such risks and uncertainties include, by way of example and not of
limitation: general business and economic conditions; competitive products and
pricing; effects of weather conditions and natural disasters on the Company's
operating facilities and on product supply and demand; changes in refining,
marketing and chemical margins; variation in petroleum-based commodity prices
and availability of crude oil and feedstock supply or transportation; effects
of transportation disruptions; changes in the price differentials between
light-sweet and heavy-sour crude oils; fluctuations in supply of feedstocks
and demand for products manufactured; changes in product specifications;
availability and pricing of oxygenates; phase-outs or restrictions on the use
of MTBE; changes in operating conditions and costs; changes in the expected
level of environmental capital, operating or remediation expenditures; age of,
and changes in the reliability, efficiency and capacity of, the Company's or a
third party's operating facilities; potential equipment malfunction; potential
labor-relations problems; the legislative and regulatory environment; ability
to identify acquisitions, execute them under favorable terms and integrate
them into the Company's existing businesses; ability to enter into joint
ventures and other similar arrangements under favorable terms; delays and/or
costs related to plant construction, improvements or repairs and the issuance
of applicable permits; nonperformance by or disputes with major customers,
suppliers, dealers, distributors or other business partners; changes in
financial markets impacting pension expense and funding requirements;
political and economic conditions, including the impact of potential terrorist
acts and international hostilities; and changes in the status of, or
initiation of new, litigation and/or arbitration proceedings. These and other
applicable risks and uncertainties have been described more fully in Sunoco's
Form 10-Q filed with the Securities and Exchange Commission on November 3,
2005 and in other periodic reports filed with the Securities and Exchange
Commission. Sunoco undertakes no obligation to update any forward-looking
statements in this release, whether as a result of new information or future
events.
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
Company News On-Call:
http://www.prnewswire.com/comp/829144.html
CONTACT:
Jerry Davis (media), +1-215-977-6298, or
Terry Delaney (investors), +1-215-977-6106, both of Sunoco
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