PHILADELPHIA, July 7 /PRNewswire-FirstCall/ -- Sunoco, Inc. (NYSE: SUN)
today announced that its Board of Directors has approved a two-for-one stock
split to be effected in the form of a stock dividend. The stock split is for
shareholders of record as of July 18, 2005, and shares will be distributed on
or about August 1, 2005. Holders of record of the Company's common stock on
the record date will receive one additional share of common stock for each
share of common stock they own.
(Logo: http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006 )
As of today, there are approximately 68.3 million shares of the Company's
common stock issued and outstanding. After the split, there will be
approximately 136.6 million shares of the Company's common stock outstanding.
The Company expects the adjusted number of shares outstanding and adjusted
per-share stock price to be reported by the New York Stock Exchange, effective
August 1, 2005.
In other business, Sunoco's board of directors today declared a cash
dividend for the third quarter of 2005 on all full shares of common stock
outstanding, payable September 9, 2005 to shareholders of record at the close
of business on August 9, 2005. In view of the fact that the stock split will
have been completed prior to the record date, the cash dividend for the third
quarter will be 20 cents per share.
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, 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.
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: the
Company's ability to successfully consummate the announced stock split;
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 and efficiency 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 with favorable terms; plant construction/repair
delays; nonperformance by 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. 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 May 5, 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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