PHILADELPHIA, April 28 /PRNewswire-FirstCall/ -- Sunoco, Inc. (NYSE: SUN)
said today that it has completed the acquisition of the ConocoPhillips Company
(NYSE: COP) retail network in Delaware, Maryland, Washington, D.C. and
Virginia that consists of a total of 340 sites currently operating under the
Mobil brand. The purchase price at closing, including inventory, is $181
million.
(Logo: http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006 )
Of the total sites being acquired, 112 are owned in fee or subject to
long-term leases, with average gasoline throughput of approximately 175,000
gallons per month. The remaining network includes supply for 34 contract
dealer owned-and-operated locations and 194 branded distributor sites.
Thirty-one of the sites are company-operated and have convenience stores.
These sites will be rebranded to Sunoco gasoline and APlus(R) convenience
stores.
"We are pleased that the acquisition of these retail sites from
ConocoPhillips has been completed," said Sunoco Chairman and Chief Executive
Officer John G. Drosdick. "These stations will expand our retail network in
the mid-Atlantic region and nicely complement our core Northeast market and
our recent expansion into the Southeast. These high-quality units will
upgrade our retail portfolio and should also be immediately accretive to
earnings."
Sunoco, Inc., headquartered in Philadelphia, PA, is a leading manufacturer
and marketer of petroleum and petrochemical products. With 890,000 barrels
per day of refining capacity, over 4,500 retail sites selling gasoline and
convenience items, over 4,500 miles of crude oil and refined product owned and
operated pipelines and 34 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 manufactures two
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.
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 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;
changes in refining, chemical and other product margins; variation in
petroleum-based commodity prices and availability of crude oil supply or
transportation; fluctuations in supply of feedstocks and demand for products
manufactured; changes in operating conditions and costs; changes in the
expected level of environmental capital, operating or remediation
expenditures; potential equipment malfunction; potential labor relations
problems; the legislative and regulatory environment; plant
construction/repair delays; nonperformance by major customers, suppliers or
other business partners; and political and economic conditions, including the
impact of potential terrorist acts and international hostilities. These and
other applicable risks and uncertainties have been described more fully in
Sunoco's Form 10-K filed with the Securities and Exchange Commission on March
5, 2004 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
Company News On-Call:
http://www.prnewswire.com/comp/829144.html
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Jerry Davis (media), +1-215-977-6298, or
Terry Delaney (investors) +1-215-977-6106, both of Sunoco
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