PHILADELPHIA, July 22 /PRNewswire-FirstCall/ -- Sunoco, Inc. (NYSE: SUN)
today reported net income of $234 million ($3.07 per share diluted) for the
second quarter of 2004 versus $81 million ($1.04 per share diluted) for the
2003 second quarter. Results for the current quarter included a $4 million
after-tax charge for estimated losses related to retail service stations held
for sale. Excluding this special item, income for the second quarter was $238
million ($3.12 per share diluted).
(Logo: http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006 )
For the first half of 2004, Sunoco reported net income of $323 million
($4.23 per share diluted) versus net income of $167 million ($2.16 per share
diluted) for the 2003 first half. Excluding the aforementioned special item,
Sunoco's income for the 2004 first half was $327 million ($4.29 per share
diluted). There were no special items in the 2003 first half.
"The second quarter was an outstanding one for Sunoco," said John G.
Drosdick, Sunoco Chairman and Chief Executive Officer. "The combination of
strong refined product margins, significant contributions from our recent
asset acquisitions and operational improvements in each of our business units
enabled Sunoco to report record earnings for the quarter, demonstrating a new
level of earnings power.
"Refining and Supply earned $217 million in the second quarter. During a
period of record gasoline demand and margins, our refineries achieved record
levels of production and operating efficiency to optimally meet market demand.
Across our refining system, inputs to crude units averaged 100 percent of
capacity and we established new quarterly highs for conversion unit
utilization and gasoline production. We have been steadily investing in and
improving the operations at our refineries over the past several years and
this quarter's results are a good indication of the progress we have made. The
Eagle Point refinery earned $42 million for the quarter and has earned $65
million since we acquired it on January 13, 2004. With the addition of Eagle
Point, the infrastructure investments we've made and the ongoing operational
improvements to our refineries, I am confident Refining and Supply can
continue to improve operating performance in the future.
"Retail Marketing earned $24 million for the quarter. After lagging behind
rising crude oil and wholesale gasoline prices throughout much of the year,
retail gasoline margins rebounded sharply in June and averaged 10.7 cents per
gallon for the quarter. Our second-quarter results included a $3 million
income contribution from the retail sites acquired from Speedway in June 2003
and $5 million from the retail sites acquired from ConocoPhillips on April 28
of this year."
Drosdick continued, "In addition to acquiring sites, we are also executing
a Retail Portfolio Management ("RPM") program which will reduce our invested
capital in certain company-owned sites. As part of this program, we plan to
divest or convert to contract dealers or distributors approximately 200 retail
sites over the next 18 months. We expect to generate divestment proceeds of
approximately $100 million while retaining most of the gasoline sales volume
within the Sunoco branded business. While Sunoco's current period net income
includes a $4 million charge for estimated losses associated with the
divestment of certain of these sites, we expect the RPM program to generate
gains in excess of this recognized loss.
"Further reducing our capital employed in this business, in June, we
completed the sale of our proprietary credit card business and related
accounts receivable to Citibank for $94 million. The sale and related
agreement to transfer servicing of our private label credit card will benefit
our customers, dealers and distributors and significantly reduce our ongoing
working capital.
"The Retail Marketing business has been a consistent income generator and
a high-return business for Sunoco. We believe our strategy of opportunistic
acquisitions combined with prudent portfolio management and ongoing retail
execution improvements will result in increased earnings and returns from this
business in future years.
"Chemicals earned $12 million for the quarter, up modestly from the prior-
year comparable quarter. Despite strong demand growth and price increases for
both polypropylene and phenol during the first half of 2004, margins have
declined versus second-half 2003 levels due to significant increases in
benzene and propylene feedstock costs. However, with industry utilization
rates continuing to increase, we believe margins should improve, particularly
as feedstock costs moderate from recent record-high levels."
Drosdick added, "Our other businesses, Logistics and Coke, each
contributed $9 million to our second-quarter results. These businesses
continue to provide a relatively stable earnings stream and excellent growth
opportunities to the Company. During the second quarter, Sunoco Logistics
Partners L.P. acquired an additional interest in the Harbor Pipeline, acquired
terminals in Baltimore, MD and Manassas, VA and again raised its cash
distribution. At Sun Coke, construction continues on our Haverhill, Ohio coke
plant which is expected to be in production by March 2005. We expect
additional growth from these businesses in future years.
"Importantly, we also continued to return cash to our shareholders. We
increased the dividend for the second time in less than one year, by 9
percent, to $1.20 per share annualized. We also continued our share repurchase
program, repurchasing 455,000 shares of Sunoco common stock for $28 million
during the quarter. Year-to-date, we have repurchased over 1.0 million shares
and have remaining repurchase authorization of over $200 million.
"While growing our asset base with the Eagle Point refinery and the
ConocoPhillips retail site acquisitions, we have also strengthened our balance
sheet in 2004. We ended the quarter with $535 million of cash and a net debt-
to-capital ratio, as defined in our revolving credit agreement, of 34 percent
- each improved from year-end 2003. As we look ahead to what Sunoco can
achieve over the next several years, both disciplined portfolio growth and
returning cash to our shareholders will remain core to our strategy to
increase shareholder value."
DETAILS OF SECOND QUARTER RESULTS
REFINING AND SUPPLY
Refining and Supply earned $217 million in the current quarter versus $50
million in the second quarter of 2003. The increase was largely due to higher
realized margins and the $42 million income contribution from the Eagle Point
facility acquired in January 2004. Realized margins averaged $7.59 per barrel
for the quarter, up over $3.00 per barrel from the prior-year period.
Partially offsetting these positive variances were higher expenses.
Total crude unit throughput averaged 887 thousand barrels daily (100
percent utilization) for the quarter, with total production available for sale
approximating 85 million barrels. Gasoline production was a record 43 million
barrels for the quarter.
RETAIL MARKETING
Retail Marketing earned $24 million in the second quarter of 2004 versus
$36 million in the second quarter of 2003. The decline was due largely to
lower retail gasoline and distillate margins. Partially offsetting the margin
decline were the added earnings from the sites acquired from ConocoPhillips in
April 2004 and from Speedway in June 2003.
CHEMICALS
Chemicals earned $12 million in the second quarter of 2004 versus $10
million in the prior-year period. The increase was due largely to three
percent higher sales volumes for polypropylene and phenol and related
products.
LOGISTICS
Earnings for the Logistics segment were $9 million in both second quarter
periods.
COKE
The Coke business earned $9 million in the second quarter of 2004 versus
$11 million in the second quarter of 2003. The decline was largely due to
lower tax benefits from Jewell coke operations.
CORPORATE AND OTHER
Corporate administrative expenses were $13 million after tax in the
current quarter versus $10 million in the comparable quarter last year. The
increase was largely due to higher employee-related expenses, including
accruals associated with cash and stock-based compensation.
Net financing expenses were $20 million after tax in the second quarter of
2004 versus $25 million in the prior-year quarter. The decline was primarily
due to increased capitalized interest and lower expense attributable to the
preferential return of third-party investors in Sunoco's cokemaking
operations.
SPECIAL ITEM
Net income for the second quarter of 2004 included a loss of $4 million
after tax related to the Retail Marketing Divestment Program. There were no
special items in the second quarter of 2003.
SIX MONTH RESULTS
Sunoco earned $323 million for the first six months of 2004 versus $167
million in the comparable 2003 period. The increase is primarily due to
significantly higher wholesale fuel margins, higher chemical margins, income
from the recently acquired Eagle Point refinery and Speedway and
ConocoPhillips retail gasoline sites and increased earnings related to the
2003 propylene supply agreement with Equistar Chemicals, L.P. The increase was
partially offset by lower retail gasoline margins and higher expenses.
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 4,800 retail sites selling gasoline and
convenience items, over 4,500 miles of crude oil and refined product owned and
operated pipelines and 37 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.
Anyone interested in obtaining further insights into this quarter's
results can monitor the Company's quarterly teleconference call, which is
scheduled for 3:00 p.m. ET today (July 22, 2004). It can be accessed through
Sunoco's Web site - http://www.SunocoInc.com. It is suggested that you visit
the site prior to the teleconference to ensure that you have downloaded any
necessary software.
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-Q filed with the Securities and Exchange Commission on May 7,
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.
-END OF TEXT, CHARTS FOLLOW-
Sunoco, Inc.
2004 Second Quarter and Six-Month Financial Summary
(Unaudited)
Second Quarter 2004 2003
Revenues $6,276,000,000 $4,204,000,000*
Net Income $234,000,000 $81,000,000
Net Income Per Share of Common Stock:
Basic $3.10 $1.05
Diluted $3.07 $1.04
Weighted Average Number of Shares
Outstanding (In Millions):
Basic 75.5 76.8
Diluted 76.3 77.6
Six Months
Revenues $11,521,000,000 $8,800,000,000*
Net Income $323,000,000 $167,000,000
Net Income Per Share of
Common Stock:
Basic $4.28 $2.18
Diluted $4.23 $2.16
Weighted Average Number of Shares
Outstanding (In Millions):
Basic 75.5 76.7
Diluted 76.3 77.3
*Restated to reflect the consolidation of the Epsilon Products Company,
LLC polypropylene joint venture, effective January 1, 2003, in connection
with the adoption of FASB Interpretation No. 46, "Consolidation of
Variable Interest Entities," in the first quarter of 2004.
Sunoco, Inc.
Earnings Profile of Sunoco Businesses (after tax)
(Millions of Dollars)
(Unaudited)
Three Months
Ended
June 30
2004 2003 Variance
Refining and Supply $217 $ 50 $167
Retail Marketing 24 36 (12)
Chemicals 12 10 2
Logistics 9 9 --
Coke 9 11 (2)
Corporate and Other:
Corporate expenses (13) (10) (3)
Net financing expenses and
other (20) (25) 5
238 81 157
Special item (4) -- (4)
Consolidated net income $234 $ 81 $153
Earnings (loss) per share of common
stock (diluted):
Income before special item $3.12 $1.04 $2.08
Special item (.05) -- (.05)
Net income $3.07 $1.04 $2.03
Sunoco, Inc.
Earnings Profile of Sunoco Businesses (after tax)
(Millions of Dollars)
(Unaudited)
Six Months
Ended
June 30
2004 2003 Variance
Refining and Supply $317 $143 $174
Retail Marketing 20 46 (26)
Chemicals 24 6 18
Logistics 17 20 (3)
Coke 18 21 (3)
Corporate and Other:
Corporate expenses (25) (19) (6)
Net financing expenses and
other (44) (50) 6
327 167 160
Special item (4) -- (4)
Consolidated net income $323 $167 $156
Earnings (loss) per share of
common stock (diluted):
Income before special item $4.29 $2.16 $2.13
Special item (.06) -- (.06)
Net income $4.23 $2.16 $2.07
Sunoco, Inc.
Financial and Operating Statistics (Unaudited)
Certain revisions have been made to Sunoco's Financial and Operating
Statistics presented below. In Refining and Supply, operating data is now
provided for the MidContinent Refining Complex (previously, separate data had
been provided for the Toledo and Tulsa refineries). Also, the Chemicals margin
and volume data as well as certain other financial information reflect the
impact of consolidating the Epsilon Products Company, LLC polypropylene joint
venture in connection with the adoption of FASB Interpretation No. 46. The
polypropylene margin information also now includes the impact of a long-term
supply contract entered into on March 31, 2003 with Equistar Chemicals, L.P.
and the cost of additives. Prior-period amounts have been restated to conform
to the 2004 presentation.
For the Three For the Six
Months Ended Months Ended
June 30 June 30
2004 2003 2004 2003
TOTAL REFINING AND SUPPLY
Income (Millions of
Dollars) $217 $50 $317 $143
Realized Wholesale Margin*
(Per Barrel of
Production Available for
Sale) $7.59 $4.29 $6.66 $4.81
Crude Inputs as Percent
of Crude Unit Rated
Capacity** 100 100 97 98
Throughputs*** (Thousand
Barrels Daily):
Crude Oil 887.0 726.5 855.8 713.4
Other Feedstocks 57.1 51.1 61.4 54.4
Total Throughputs 944.1 777.6 917.2 767.8
Products Manufactured***
(Thousand Barrels
Daily):
Gasoline 471.4 373.9 445.2 366.8
Middle Distillates 307.0 240.3 296.1 239.2
Residual Fuel 77.3 65.6 77.5 62.2
Petrochemicals 40.4 29.3 36.9 27.3
Lubricants 15.1 13.9 14.1 13.5
Other 69.8 83.5 82.8 88.5
Total Production 981.0 806.5 952.6 797.5
Less: Production Used
as Fuel in Refinery
Operations 50.9 38.9 46.9 37.8
Total Production
Available for Sale 930.1 767.6 905.7 759.7
*Wholesale sales revenue less cost of crude oil, other feedstocks,
product purchases and related terminalling and transportation divided
by production available for sale.
**In January 2004, crude unit capacity increased from 730 to 890
thousands of barrels daily. This change reflects the acquisition of the
150 thousand barrels-per-day Eagle Point refinery effective January 13,
2004 and a 10 thousand barrels-per-day adjustment at the Toledo
refinery reflecting the increased reliability and enhanced operations
at this facility in recent years. The calculation of the crude inputs
as a percent of crude unit rated capacity for the six months ended June
30, 2004 includes the Eagle Point refinery, effective January 13, 2004.
***Data pertaining to the Eagle Point refinery for the six months ended
June 30, 2004 are included based on the amounts attributable to the
170-day ownership period (January 13, 2004 - June 30, 2004) divided by
182 days.
Sunoco, Inc.
Financial and Operating Statistics (Unaudited)
For the Three For the Six
Months Ended Months Ended
June 30 June 30
2004 2003 2004 2003
Northeast Refining Complex*
Realized Wholesale Margin
(Per Barrel of
Production Available
for Sale) $7.42 $4.42 $6.59 $5.04
Market Benchmark 6-3-2-1
(Per Barrel) $7.67 $4.56 $7.41 $6.20
Crude Inputs as Percent
of Crude Unit Rated
Capacity** 101 100 100 97
Throughputs*** (Thousand
Barrels Daily):
Crude Oil 659.5 503.3 645.2 490.5
Other Feedstocks 52.0 44.6 55.5 47.5
Total Throughputs 711.5 547.9 700.7 538.0
Products Manufactured***
(Thousand Barrels
Daily):
Gasoline 349.0 266.4 334.7 260.2
Middle Distillates 241.9 175.3 234.2 170.8
Residual Fuel 72.7 62.0 73.7 58.2
Petrochemicals 32.8 22.5 31.0 20.6
Other 41.7 42.0 53.5 49.4
Total Production 738.1 568.2 727.1 559.2
Less: Production Used
as Fuel in
Refinery Operations 38.8 27.8 36.8 27.1
Total Production
Available for
Sale 699.3 540.4 690.3 532.1
*Comprised of the Marcus Hook, Philadelphia and Eagle Point refineries.
**On January 13, 2004, crude unit capacity increased from 505 to 655
thousands of barrels daily as a result of the Eagle Point refinery
acquisition. The calculation of the crude inputs as a percent of crude
unit rated capacity for the six months ended June 30, 2004 includes
the Eagle Point refinery, effective January 13, 2004.
***Data pertaining to the Eagle Point refinery for the six months ended
June 30, 2004 are included based on the amounts attributable to the
170-day period subsequent to the acquisition date divided by 182 days.
MidContinent Refining Complex*
Realized Wholesale Margin
(Per Barrel of Production
Available for Sale) $8.11 $3.97 $6.88 $4.28
Market Benchmark 3-2-1
(Per Barrel) $10.34 $5.93 $8.36 $5.95
Crude Inputs as Percent
of Crude Unit Rated
Capacity** 97 99 90 99
Throughputs (Thousand
Barrels Daily):
Crude Oil 227.5 223.2 210.6 222.9
Other Feedstocks 5.1 6.5 5.9 6.9
Total Throughputs 232.6 229.7 216.5 229.8
*Comprised of the Toledo and Tulsa refineries.
**Effective January 1, 2004, crude unit capacity increased from 225 to 235
thousands of barrels daily as a result of a 10 thousand barrels-per-day
adjustment at the Toledo refinery.
Sunoco, Inc.
Financial and Operating Statistics (Unaudited)
For the Three For the Six
Months Ended Months Ended
June 30 June 30
2004 2003 2004 2003
MidContinent Refining
Complex (continued)
Products Manufactured
(Thousand Barrels
Daily):
Gasoline 122.4 107.5 110.5 106.6
Middle Distillates 65.1 65.0 61.9 68.4
Residual Fuel 4.6 3.6 3.8 4.0
Petrochemicals 7.6 6.8 5.9 6.7
Lubricants 15.1 13.9 14.1 13.5
Other 28.1 41.5 29.3 39.1
Total Production 242.9 238.3 225.5 238.3
Less: Production Used
as Fuel in Refinery
Operations 12.1 11.1 10.1 10.7
Total Production
Available for Sale 230.8 227.2 215.4 227.6
RETAIL MARKETING
Income (Millions of
Dollars) $24 $36 $20 $46
Retail Margin*
(Per Barrel):
Gasoline $4.50 $4.89 $3.64 $4.21
Middle Distillates $3.66 $5.18 $5.04 $5.62
Sales of Petroleum
Products (Thousand
Barrels Daily):
Gasoline 304.7 270.0 289.2 260.6
Middle Distillates 40.0 37.4 42.3 40.9
344.7 307.4 331.5 301.5
Total Retail Gasoline
Outlets, End of Period 4,864 4,536 4,864 4,536
Gasoline and Diesel
Throughput per Company
Owned or Leased Outlet
(M Gal/Site/Month) 135 121 130 117
Convenience Stores:
Total Stores, End of
Period 788 841 788 841
Merchandise Sales
(M$/Store/Month) $81 $71 $77 $69
Merchandise Margin
(Company Operated)
(% of Sales) 26% 25% 25% 24%
*Retail sales price less wholesale price and related terminalling and
transportation costs divided by total sales volumes. The retail sales
price is the weighted average price received through the various branded
marketing distribution channels.
Sunoco, Inc.
Financial and Operating Statistics (Unaudited)
For the Three For the Six
Months Ended Months Ended
June 30 June 30
2004 2003 2004 2003
CHEMICALS*
Income (Millions of
Dollars) $12 $10 $24 $6
Margin** (Cents per Pound):
All Products*** 9.8 10.1 9.5 8.4
Phenol and Related
Products 8.2 8.7 8.4 7.6
Polypropylene*** 12.1 12.4 11.2 9.9
Sales (Millions of Pounds):
Phenol and Related
Products 648 629 1,262 1,299
Polypropylene# 547 533 1,122 1,083
Plasticizers## -- 134 28 291
Other 32 42 80 88
1,227 1,338 2,492 2,761
*Prior-period amounts have been restated to reflect the consolidation of
the Epsilon joint venture, effective January 1, 2003, in connection
with the adoption of FASB Interpretation No. 46 in the first quarter of
2004.
**Wholesale sales revenue less cost of feedstocks, product purchases and
related terminalling and transportation divided by sales volumes.
***The polypropylene and all products margins include the impact of a
long-term supply contract entered into on March 31, 2003 with Equistar
Chemicals, L.P. which is priced on a cost-based formula that includes a
fixed discount.
#Includes amounts attributable to the Bayport facility subsequent to its
purchase, effective March 31, 2003.
##Consists of amounts attributable to the plasticizer business, which was
divested in January 2004.
COKE
Income (Millions of
Dollars) $9 $11 $18 $21
Coke Production (Thousands
of Tons) 493 502 971 994
Coke Sales (Thousands of
Tons) 491 502 973 995
CAPITAL EXPENDITURES (Millions of Dollars)
Refining and Supply $ 78 $60 $148 *$103
Retail Marketing 23** 21*** 39** 35***
Chemicals 13 6 19* 10#
Logistics 28 8 32* 15
Coke 28 2 44 2
$170 $97 $282 $165
*Excludes $235 million acquisition from El Paso Corporation of the Eagle
Point refinery and related chemical and logistics assets, which
includes inventory. The $235 million purchase price is comprised of
$175, $40 and $20 million attributable to Refining and Supply,
Chemicals and Logistics, respectively.
**Excludes $181 million acquisition from ConocoPhillips of 340 retail
outlets located primarily in Delaware, Maryland, Virginia and
Washington, D.C., which includes inventory.
***Excludes $162 million purchase from a subsidiary of Marathon Ashland
Petroleum LLC of 193 retail gasoline sites located primarily in Florida
and South Carolina, which includes inventory.
#Excludes $198 million associated with the formation of a propylene
partnership with Equistar Chemicals, L.P. and a related supply contract
and the acquisition of Equistar's Bayport polypropylene facility, which
includes inventory.
Sunoco, Inc.
Financial and Operating Statistics (Unaudited)
For the Three For the Six
Months Ended Months Ended
June 30 June 30
2004 2003 2004 2003
DEPRECIATION, DEPLETION AND
AMORTIZATION (Millions of Dollars)
Refining and Supply $ 44 $40 $ 92 $ 79
Retail Marketing 28 24 53 48
Chemicals 17 18 34 30
Logistics 7 7 14 14
Coke 4 3 7 6
$100 $92 $200 $177
BALANCE SHEET INFORMATION
(Millions of Dollars) At At
June 30 December 31
2004 2003
Cash and Cash Equivalents $535 $431
Total Borrowings (including Current Portion)* $1,596 $1,601
Shareholders' Equity $1,808 $1,556
*At June 30, 2004 and December 31, 2003, includes $143 and $148 million,
respectively, attributable to the Epsilon joint venture, which is now
consolidated in connection with the adoption of FASB Interpretation No.
46.
Sunoco, Inc.
Earnings Profile of Sunoco Businesses (after tax)
(Millions of Dollars)
(Unaudited)
2003
1st 2nd 3rd 4th Total
Refining and
Supply $ 93 $ 50 $ 98 $ 20 $261
Retail Marketing 10 36 20 25 91
Chemicals (4) 10 21 26 53
Logistics 11 9 9 (3) 26
Coke 10 11 11 11 43
Corporate and Other:
Corporate
expenses (9) (10) (10) (11) (40)
Net financing
expenses and
other (25) (25) (25) (24) (99)
86 81 124 44 335
Special items -- -- (15) (8) (23)
Consolidated net
income $ 86 $ 81 $109 $ 36 $312
Earnings (loss)
per share of
common stock
(diluted):
Income before
special
items $1.12 $1.04 $1.59 $ .57 $4.32
Special items -- -- (.19) (.10) (.29)
Net income $1.12 $1.04 $1.40 $ .47 $4.03
Sunoco, Inc.
Earnings Profile of Sunoco Businesses (after tax)
(Millions of Dollars)
(Unaudited)
2004
1st 2nd
Refining and Supply $100 $217
Retail Marketing (4) 24
Chemicals 12 12
Logistics 8 9
Coke 9 9
Corporate and Other:
Corporate expenses (12) (13)
Net financing expenses and other (24) (20)
89 238
Special item -- (4)
Consolidated net income $ 89 $234
Earnings (loss) per share of common stock
(diluted):
Income before special item $1.17 $3.12
Special item -- (.05)
Net income $1.17 $3.07
Sunoco, Inc.
Consolidated Statements of Income
(Millions of Dollars)
(Unaudited)
2003*
1st 2nd 3rd 4th Total
REVENUES
Sales and other
operating revenue
(including
consumer excise
taxes) $4,589 $4,189 $4,630 $4,561 $17,969
Interest income 2 2 1 2 7
Other income (loss) 5 13 (11) 33 40
4,596 4,204 4,620 4,596 18,016
COSTS AND EXPENSES
Cost of products sold
and operating
expenses 3,722 3,261 3,536 3,635 14,154
Consumer excise
taxes 437 490 556 516 1,999
Selling, general
and administrative
expenses 163 180 202 207 752
Depreciation,
depletion and
amortization 85 92 94 98 369
Payroll, property
and other taxes 27 24 30 24 105
Provision for
write-down of
assets and other
matters -- -- -- 28 28
Interest cost and
debt expense 29 29 29 30 117
Interest
capitalized (1) -- (1) (1) (3)
4,462 4,076 4,446 4,537 17,521
Income before
income tax
expense 134 128 174 59 495
Income tax expense 48 47 65 23 183
Net Income $86 $81 $109 $36 $312
*Restated to reflect the consolidation of the Epsilon joint venture,
effective January 1, 2003, in connection with the adoption of FASB
Interpretation No. 46 in the first quarter of 2004.
Sunoco, Inc.
Consolidated Statements of Income
(Millions of Dollars)
(Unaudited)
2004
1st 2nd
REVENUES
Sales and other operating revenue (including
consumer excise taxes) $5,232 $6,265
Interest income 2 1
Other income 11 10
5,245 6,276
COSTS AND EXPENSES
Cost of products sold and operating expenses 4,254 4,949
Consumer excise taxes 498 571
Selling, general and administrative expenses 187 223
Depreciation, depletion and amortization 100 100
Payroll, property and other taxes 33 28
Interest cost and debt expense 29 28
Interest capitalized (1) (2)
5,100 5,897
Income before income tax expense 145 379
Income tax expense 56 145
Net Income $89 $234
SOURCE Sunoco, Inc.
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