PHILADELPHIA, June 17 /PRNewswire-FirstCall/ -- Sunoco Logistics Partners
L.P. (NYSE: SXL) announced that Lehman Brothers Inc. has purchased an
additional 275,000 common units to cover over-allotments in connection with
Sunoco Logistics' common unit offering that closed May 23, 2005. The purchase
price for the over-allotment was equal to the offering price to the public in
the May 23 offering of $37.50 per unit, less the underwriting discount.
Sunoco Logistics used all of the net proceeds from this over-allotment to
redeem 275,000 common units owned by Sunoco Partners LLC, the general partner
of Sunoco Logistics and a wholly owned subsidiary of Sunoco, Inc.
(Logo: http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006 )
The final prospectus related to this offering may be obtained from Lehman
Brothers Inc. c/o ADP Financial Services, Integrated Distribution Services,
1155 Long Island Avenue, Edgewood, NY 11714, (631) 254-7106.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy the securities described herein, nor shall there be any
sale of these securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. The offering may be made
only by means of a prospectus and related prospectus supplement.
Sunoco Logistics, headquartered in Philadelphia, was formed to acquire,
own and operate substantially all of Sunoco, Inc.'s refined product and crude
oil pipelines and terminal facilities. The Eastern Pipeline System consists
of approximately 1,900 miles of primarily refined product pipelines and
interests in four refined products pipelines, consisting of a 9.4 percent
interest in Explorer Pipeline Company, a 31.5 percent interest in Wolverine
Pipe Line Company, a 12.3 percent interest in West Shore Pipe Line Company and
a 14.0 percent interest in Yellowstone Pipe Line Company. The Terminal
Facilities consist of 8.9 million barrels of refined product terminal capacity
and 16.0 million barrels of crude oil terminal capacity (including 12.5
million barrels of capacity at the Texas Gulf Coast Nederland Terminal). The
Western Pipeline System consists of approximately 2,450 miles of crude oil
pipelines, located principally in Oklahoma and Texas and a 43.8 percent
interest in the West Texas Gulf Pipe Line Company. For additional information
visit Sunoco Logistics' web site at http://www.sunocologistics.com.
Sunoco, Inc., (NYSE: SUN) 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, over 4,300 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.
NOTE: Those statements made in this release that are not historical facts
are forward-looking statements. Although Sunoco Logistics Partners L.P. (the
"Partnership") 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 the
Partnership'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: whether or not
the transactions described in the foregoing news release will be consummated
or cash flow accretive; increased competition; changes in demand for crude oil
and refined products that we store and distribute; changes in operating
conditions and costs; changes in the level of environmental remediation
spending; potential equipment malfunction; potential labor issues; the
legislative or regulatory environment; plant construction/repair delays;
nonperformance by major customers or suppliers; 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 the Partnership's March 31, 2005 Form 10-Q filed with
the Securities and Exchange Commission on May 9, 2005. The Partnership
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
Colin Oerton (investors), +1-866-248-4344, both of Sunoco
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