PHILADELPHIA, Aug. 1 /PRNewswire-FirstCall/ -- Sunoco, Inc. (NYSE: SUN)
today reported net income of $509 million ($4.20 per share diluted) for the
second quarter of 2007 versus $426 million ($3.22 per share diluted) for
the second quarter of 2006. For the first half of 2007, Sunoco reported net
income of $684 million ($5.63 per share diluted) versus $505 million ($3.80
per share diluted) in the first half of 2006. Excluding special items, 2007
first half income was $594 million ($4.89 per share diluted). There were no
special items in the second quarter of 2007 or the first half of 2006.
(Logo: http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006 )
"The record quarterly result was largely driven by earnings of $482
million in Refining and Supply," said John G. Drosdick, Sunoco Chairman and
Chief Executive Officer. "Lower-than-normal refined product inventories and
continued healthy demand led to very strong realized margins in both the
Northeast and MidContinent systems. Non-refining business unit earnings
totaled $59 million in the second quarter, with the largest contribution
coming from Retail Marketing as retail gasoline margins improved in the
latter half of the quarter."
Commenting on the progress of the Refining and Supply capital program
in the first half, Drosdick said, "After completing project work, the
newly- expanded and modified Philadelphia fluid catalytic cracking unit was
restarted in mid-April and contributed approximately $15 million of
additional net income during the May/June trial and phase-in period. In the
MidContinent system, final tie-in work on the Toledo refinery crude unit
debottleneck project was completed in early July while the Tulsa refinery
also returned to full operation after being down in June for planned
maintenance.
"The completion of these major capital projects has significantly
enhanced the earnings power of our refining assets. We are currently
operating at full production levels and have no further significant
maintenance activity planned for the remainder of the year.
"We also continued to execute our long-standing share reduction program
in the second quarter, repurchasing 1.2 million shares for approximately
$100 million. In the last twelve months, Sunoco has reduced its net shares
outstanding by 8 percent. The remaining share repurchase authorization is
currently $849 million and we continue to view this as an integral part of
our strategy to enhance shareholder value."
DETAILS OF SECOND QUARTER RESULTS
REFINING AND SUPPLY
Refining and Supply earned $482 million in the second quarter of 2007
versus $409 million in the second quarter of 2006. The increase in earnings
was due to higher realized margins, particularly in the MidContinent,
partially offset by lower production volumes and higher expenses. The lower
volumes were mainly the result of work early in the quarter to complete the
expansion and modification of a fluid catalytic cracking unit at the
Philadelphia refinery as well as turnaround work at the Tulsa refinery in
June. The work at the Philadelphia refinery reduced second quarter 2007
production by approximately 1.5 million barrels, while the turnaround at
the Tulsa refinery negatively impacted second quarter production by
approximately 2.3 million barrels. The higher expenses were largely the
result of costs associated with the turnaround and expansion work and
increased operating costs to produce low-sulfur fuels.
RETAIL MARKETING
Retail Marketing earned $30 million in the second quarter of 2007
versus $10 million in the second quarter of 2006. The increase in earnings
was primarily due to higher average retail gasoline margins and $12 million
of after-tax divestment gains attributable to the Retail Portfolio
Management program. Monthly gasoline and diesel throughput per
company-owned or leased outlet increased approximately six percent versus
the second quarter of 2006.
CHEMICALS
Chemicals earned $6 million in the second quarter of 2007 versus $8
million in the prior-year period. Slightly higher margins were offset by
higher expenses and the absence of a $4 million deferred tax benefit
recognized in the second quarter of 2006 as a result of a state tax law
change.
LOGISTICS
Earnings for the Logistics segment were $10 million in the second
quarter of 2007 versus $12 million in the second quarter of 2006. The
decrease was largely due to lower crude oil acquisition and marketing
results, partially offset by higher earnings from terminalling operations.
COKE
The Coke business earned $13 million in the second quarter of 2007
versus $10 million in the second quarter of 2006. The increase in earnings
was due primarily to higher tax benefits from domestic cokemaking
operations. Also contributing to the increase was income from the 1.7
million tons-per-year cokemaking facility in Vitoria, Brazil, which
commenced start-up of operations in the first quarter of 2007. Full
production is expected to occur in the third quarter of 2007.
CORPORATE AND OTHER
Corporate administrative expenses were $18 million after tax in the
second quarter of 2007 versus $11 million in the second quarter of 2006.
The increase was primarily due to higher expenses for performance-related
incentive compensation.
Net financing expenses were $14 million after tax in the second quarter
of 2007 versus $12 million after tax in the second quarter of 2006. Lower
interest income was partially offset by lower expenses attributable to the
preferential return of third-party investors in Sunoco's cokemaking
operations.
SIX MONTH RESULTS
Sunoco earned $684 million, or $5.63 per share of common stock on a
diluted basis, for the first six months of 2007 versus $505 million, or
$3.80 per share, in the comparable 2006 period. The increase was primarily
due to higher margins for wholesale fuel and retail gasoline and a gain
related to the prior issuance of Sunoco Logistics Partners L.P. (NYSE: SXL)
limited partnership units. Partially offsetting these positive factors were
lower refined product volumes and higher expenses.
SPECIAL ITEM
During the first quarter of 2007, Sunoco recognized a $90 million
after- tax gain related to the prior issuance of limited partnership units
of Sunoco Logistics Partners L.P. to the public. Sunoco currently has a 43
percent interest in Sunoco Logistics Partners L.P., which includes its 2
percent general partnership interest.
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, nearly 4,700 retail sites
selling gasoline and convenience items, approximately 5,500 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's cokemaking facilities in the United
States also have the capacity to manufacture over 2.5 million tons annually
of high-quality metallurgical-grade coke for use in the steel industry.
Anyone interested in obtaining further insights into the second
quarter's results can monitor the Company's quarterly teleconference call,
which is scheduled for 3:00 p.m. ET on August 2, 2007. 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 materially from those
discussed in this release. Such risks and uncertainties include, by way of
example and not of limitation: general economic, financial and business
conditions which could affect Sunoco's financial condition and results of
operations; changes in competition and competitive practices, including the
impact of foreign imports; 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; changes in the marketplace which may affect supply and demand
for Sunoco's products; changes in the level of capital expenditures or
operating expenses; changes in product specifications; availability and
pricing of ethanol; 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 operating facilities
or those of third parties; effects of adverse events relating to the
operation of the Company's facilities and to the transportation and storage
of hazardous materials (including equipment malfunction, explosions, fires,
spills, and the effects of severe weather conditions); risks related to
labor relations and workplace safety; changes in, or new, statutes and
government regulations or their interpretations, including those relating
to the environment and global warming; changes in tax laws or their
interpretations, including pension funding requirements; 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 construction, improvements and/or repairs of
facilities (including shortages of skilled labor, the issuance of
applicable permits and inflation); nonperformance or force majeure 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 in the markets
in which the Company, its suppliers or customers operate, including the
impact of potential terrorist acts and international hostilities; military
conflicts between, or internal instability in, one or more oil producing
countries, governmental actions and other disruptions in the ability to
obtain crude oil; and changes in the status of, or initiation of new,
litigation, arbitration or other proceedings to which the Company is a
party or liability resulting from such litigation, arbitration or other
proceedings, including natural resource damage claims. These and other
applicable risks and uncertainties have been described more fully in
Sunoco's First Quarter 2007 Form 10-Q filed with the Securities and
Exchange Commission on May 3, 2007 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.
2007 Second Quarter and Six-Month Financial Summary
(Unaudited)
Second Quarter 2007 2006
Revenues $10,764,000,000 $10,590,000,000
Net Income $509,000,000 $426,000,000
Earnings Per Share of Common Stock:
Basic $4.21 $3.24
Diluted $4.20 $3.22
Weighted-Average Number of Shares
Outstanding (In Millions):
Basic 120.9 131.5
Diluted 121.2 132.2
Six Months
Revenues $20,069,000,000 $19,183,000,000
Net Income $684,000,000 $505,000,000
Earnings Per Share of Common Stock:
Basic $5.65 $3.82
Diluted $5.63 $3.80
Weighted-Average Number of Shares
Outstanding (In Millions):
Basic 121.1 132.2
Diluted 121.4 132.9
Sunoco, Inc.
Earnings Profile of Sunoco Businesses (after tax)
(Millions of Dollars, Except Per-Share Amounts)
(Unaudited)
Three Months
Ended
June 30
2007 2006 Variance
Refining and Supply $482 $409 $73
Retail Marketing 30 10 20
Chemicals 6 8 (2)
Logistics 10 12 (2)
Coke 13 10 3
Corporate and Other:
Corporate expenses (18) (11) (7)
Net financing expenses and other (14) (12) (2)
509 426 83
Special items -- -- --
Consolidated net income $509 $426 $83
Earnings per share of common stock
(diluted):
Income before special items $4.20 $3.22 $.98
Special items -- -- --
Net income $4.20 $3.22 $.98
Sunoco, Inc.
Earnings Profile of Sunoco Businesses (after tax)
(Millions of Dollars, Except Per-Share Amounts)
(Unaudited)
Six Months
Ended
June 30
2007 2006 Variance
Refining and Supply $558 $482 $ 76
Retail Marketing 37 10 27
Chemicals 15 22 (7)
Logistics 19 18 1
Coke 24 24 --
Corporate and Other:
Corporate expenses (33) (27) (6)
Net financing expenses and other (26) (24) (2)
594 505 89
Special items 90 -- 90
Consolidated net income $684 $505 $179
Earnings per share of common stock
(diluted):
Income before special items $4.89 $3.80 $1.09
Special items .74 -- .74
Net income $5.63 $3.80 $1.83
Sunoco, Inc.
Financial and Operating Statistics (Unaudited)
For the Three For the Six
Months Ended Months Ended
June 30 June 30
2007 2006 2007 2006
TOTAL REFINING AND SUPPLY
Income (Millions of Dollars) $482 $409 $558 $482
Realized Wholesale Margin*
(Per Barrel of Production
Available for Sale) $14.70 $12.41 $10.98 $9.35
Crude Inputs as Percent of
Crude Unit Rated Capacity 91 96 88 94
Throughputs (Thousand
Barrels Daily):
Crude Oil 819.0 863.8 790.4 849.7
Other Feedstocks 78.5 76.7 79.0 72.7
Total Throughputs 897.5 940.5 869.4 922.4
Products Manufactured
(Thousand Barrels Daily):
Gasoline 438.1 453.9 419.8 440.9
Middle Distillates 297.3 310.1 291.4 309.1
Residual Fuel 64.5 76.2 62.8 73.5
Petrochemicals 36.7 34.4 35.6 35.0
Lubricants 11.0 14.7 12.0 13.9
Other 82.6 83.9 79.2 84.7
Total Production 930.2 973.2 900.8 957.1
Less: Production Used as
Fuel in Refinery
Operations 44.2 44.9 42.0 44.6
Total Production Available
for Sale 886.0 928.3 858.8 912.5
*Wholesale sales revenue less related cost of crude oil, other feedstocks,
product purchases and terminalling and transportation divided by
production available for sale.
Sunoco, Inc.
Financial and Operating Statistics (Unaudited)
For the Three For the Six
Months Ended Months Ended
June 30 June 30
2007 2006 2007 2006
Northeast Refining*
Realized Wholesale Margin
(Per Barrel of Production
Available for Sale) $12.32 $11.56 $9.00 $8.55
Market Benchmark 6-3-2-1
(Per Barrel) $11.59 $8.76 $9.37 $6.62
Crude Inputs as Percent of
Crude Unit Rated Capacity 94 98 88 95
Throughputs (Thousand Barrels Daily):
Crude Oil 613.9 639.5 576.7 624.9
Other Feedstocks 68.4 69.2 69.0 64.7
Total Throughputs 682.3 708.7 645.7 689.6
Products Manufactured
(Thousand Barrels Daily):
Gasoline 327.8 342.4 308.6 330.9
Middle Distillates 231.0 235.3 220.7 232.8
Residual Fuel 60.8 72.3 59.1 69.4
Petrochemicals 29.1 27.7 27.4 28.2
Other 55.5 54.2 50.1 52.9
Total Production 704.2 731.9 665.9 714.2
Less: Production Used as Fuel
in Refinery Operations 33.5 34.1 30.9 33.3
Total Production Available
for Sale 670.7 697.8 635.0 680.9
*Comprised of the Marcus Hook, Philadelphia and Eagle Point refineries.
MidContinent Refining*
Realized Wholesale Margin
(Per Barrel of Production
Available for Sale) $22.14 $15.00 $16.60 $11.69
Market Benchmark 3-2-1
(Per Barrel) $28.30 $18.63 $19.68 $13.27
Crude Inputs as Percent of
Crude Unit Rated Capacity 84 92 87 92
Throughputs (Thousand Barrels Daily):
Crude Oil 205.1 224.3 213.7 224.8
Other Feedstocks 10.1 7.5 10.0 8.0
Total Throughputs 215.2 231.8 223.7 232.8
*Comprised of the Toledo and Tulsa refineries.
Sunoco, Inc.
Financial and Operating Statistics (Unaudited)
For the Three For the Six
Months Ended Months Ended
June 30 June 30
2007 2006 2007 2006
MidContinent Refining (continued)
Products Manufactured
(Thousand Barrels Daily):
Gasoline 110.3 111.5 111.2 110.0
Middle Distillates 66.3 74.8 70.7 76.3
Residual Fuel 3.7 3.9 3.7 4.1
Petrochemicals 7.6 6.7 8.2 6.8
Lubricants 11.0 14.7 12.0 13.9
Other 27.1 29.7 29.1 31.8
Total Production 226.0 241.3 234.9 242.9
Less: Production Used as
Fuel in Refinery
Operations 10.7 10.8 11.1 11.3
Total Production
Available for Sale 215.3 230.5 223.8 231.6
RETAIL MARKETING
Income (Millions of Dollars) $30 $10 $37 $10
Retail Margin*
(Per Barrel):
Gasoline $4.26 $3.53 $3.88 $3.21
Middle Distillates $3.98 $3.64 $5.52 $4.37
Sales of Petroleum Products
(Thousand Barrels Daily):
Gasoline 307.5 308.9 303.4 298.3
Middle Distillates 39.8 41.4 43.3 43.9
347.3 350.3 346.7 342.2
Total Retail Gasoline
Outlets, End of Period 4,699 4,723 4,699 4,723
Gasoline and Diesel
Throughput per Company-
Owned or Leased Outlet
(M Gal/Site/Month) 152 143 147 137
Convenience Stores:
Total Stores, End
of Period 734 736 734 736
Merchandise Sales
(M$/Store/Month) $87 $82 $81 $76
Merchandise Margin
(Company Operated)
(% of Sales) 27% 27% 27% 28%
*Retail sales price less related wholesale price and terminalling and
transportation costs per barrel. 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
2007 2006 2007 2006
CHEMICALS
Income (Millions of Dollars) $6 $8 $15 $22
Margin* (Cents per Pound):
All Products** 9.7 8.8 10.1 9.8
Phenol and Related Products 8.5 7.1 8.6 8.1
Polypropylene** 11.4 11.1 12.0 12.2
Sales (Millions of Pounds):
Phenol and Related
Products 644 663 1,236 1,296
Polypropylene 576 569 1,124 1,131
Other 22 21 42 42
1,242 1,253 2,402 2,469
*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 with Equistar Chemicals, L.P. which is priced on a
cost-based formula that includes a fixed discount.
LOGISTICS
Income (Millions of Dollars) $10 $12 $19 $18
Pipeline and Terminal
Throughput (Thousand
Barrels Daily)*:
Unaffiliated Customers 1,171 991 1,163 1,009
Affiliated Customers 1,659 1,669 1,613 1,649
2,830 2,660 2,776 2,658
*Excludes joint-venture operations.
COKE*
Income (Millions of Dollars) $13 $10 $24 $24
Coke Production (Thousands
of Tons):
United States 620 627 1,231 1,258
Brazil* 237 -- 269 --
*Represents amounts attributable to the facility in Vitoria, Brazil which
commenced limited operations in March 2007. This facility is operated by
Sunoco's Coke business, which currently has a one percent interest in the
joint venture.
Sunoco, Inc.
Financial and Operating Statistics (Unaudited)
For the Three For the Six
Months Ended Months Ended
June 30 June 30
2007 2006 2007 2006
CAPITAL EXPENDITURES (Millions of Dollars)
Refining and Supply $174 $179 $444 $309
Retail Marketing 25 24 38 36
Chemicals 13 16* 27 27*
Logistics 46 36 64 52**
Coke 54 2 71 5
$312 $257 $644 $429
*Excludes a $14 million purchase price adjustment to the 2001 Aristech
Chemical Corporation acquisition attributable to an earn-out payment made
in April 2006. The earn out, which relates to 2005, was due to realized
margins for phenol exceeding certain agreed-upon threshold amounts.
**Excludes the acquisition of two separate crude oil pipeline systems and
related storage facilities located in Texas, one from Alon USA Energy,
Inc. for $68 million and the other from Black Hills Energy, Inc. for $41
million.
DEPRECIATION, DEPLETION AND
AMORTIZATION (Millions of Dollars)
Refining and Supply $ 58 $ 55 $114 $111
Retail Marketing 27 25 53 50
Chemicals 18 19 37 37
Logistics 9 10 18 19
Coke 5 5 10 9
$117 $114 $232 $226
Sunoco, Inc.
Earnings Profile of Sunoco Businesses (after tax)
(Millions of Dollars, Except Per-Share Amounts)
(Unaudited)
2006
1st 2nd 3rd 4th Total
Refining and Supply $73 $409 $273 $126 $881
Retail Marketing -- 10 77 (11) 76
Chemicals 14 8 5 16 43
Logistics 6 12 7 11 36
Coke 14 10 9 17 50
Corporate and Other:
Corporate expenses (16) (11) (11) (20) (58)
Net financing
expenses and
other (12) (12) (9) (16) (49)
79 426 351 123 979
Special items -- -- -- -- --
Consolidated net
income $79 $426 $351 $123 $979
Earnings per share
of common stock
(diluted):
Income before
special items $.59 $3.22 $2.76 $1.00 $7.59
Special items -- -- -- -- --
Net income $.59 $3.22 $2.76 $1.00 $7.59
Sunoco, Inc.
Earnings Profile of Sunoco Businesses (after tax)
(Millions of Dollars, Except Per-Share Amounts)
(Unaudited)
2007
1st 2nd
Refining and Supply $76 $482
Retail Marketing 7 30
Chemicals 9 6
Logistics 9 10
Coke 11 13
Corporate and Other:
Corporate expenses (15) (18)
Net financing expenses and other (12) (14)
85 509
Special Items 90 --
Consolidated net income $175 $509
Earnings per share of common stock (diluted):
Income before special items $ .70 $4.20
Special items .74 --
Net income $1.44 $4.20
Sunoco, Inc.
Consolidated Statements of Income
(Millions of Dollars)
(Unaudited)
2006
1st 2nd 3rd 4th Total
REVENUES
Sales and other
operating revenue
(including consumer
excise taxes) $8,569 $10,575 $10,480 $9,012 $38,636
Interest income 10 8 11 5 34
Other income, net 14 7 5 19 45
8,593 10,590 10,496 9,036 38,715
COSTS AND EXPENSES
Cost of products
sold and operating
expenses 7,454 8,858 8,867 7,768 32,947
Consumer excise taxes 628 663 679 664 2,634
Selling, general
and administrative
expenses 210 210 215 246 881
Depreciation,
depletion and
amortization 112 114 115 118 459
Payroll, property
and other taxes 34 31 33 27 125
Interest cost and
debt expense 26 27 25 27 105
Interest capitalized (1) (4) (5) (6) (16)
8,463 9,899 9,929 8,844 37,135
Income before income
tax expense 130 691 567 192 1,580
Income tax expense 51 265 216 69 601
Net income $79 $426 $351 $123 $979
Sunoco, Inc.
Consolidated Statements of Income
(Millions of Dollars)
(Unaudited)
2007
1st 2nd
REVENUES
Sales and other operating revenue (including
consumer excise taxes) $9,135 $10,724
Interest income 5 4
Other income, net 165 36
9,305 10,764
COSTS AND EXPENSES
Cost of products sold and operating expenses 7,988 8,865
Consumer excise taxes 641 669
Selling, general and administrative expenses 221 236
Depreciation, depletion and amortization 115 117
Payroll, property and other taxes 37 30
Interest cost and debt expense 35 32
Interest capitalized (9) (5)
9,028 9,944
Income before income tax expense 277 820
Income tax expense 102 311
Net income $175 $509
Sunoco, Inc.
Consolidated Balance Sheets
(Millions of Dollars)
(Unaudited)
At At
June 30 December 31
2007 2006
ASSETS
Current Assets
Cash and cash equivalents $240 $263
Accounts and notes receivable, net 2,507 2,440
Inventories 1,234 1,219
Deferred income taxes 93 93
Total Current Assets 4,074 4,015
Investments and long-term receivables 131 129
Properties, plants and equipment, net 6,772 6,365
Deferred charges and other assets 506 473
Total Assets $11,483 $10,982
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued liabilities $4,051 $4,174
Short-term borrowings 193 275
Current portion of long-term debt 4 7
Taxes payable 462 299
Total Current Liabilities 4,710 4,755
Long-term debt 1,776 1,705
Retirement benefit liabilities 527 523
Deferred income taxes 923 829
Other deferred credits and liabilities 530 477
Minority interests 441 618
Shareholders' equity 2,576 2,075
Total Liabilities and Shareholders' Equity $11,483 $10,982
Sunoco, Inc.
Consolidated Statements of Cash Flows
(Millions of Dollars)
(Unaudited)
For the Six Months
Ended June 30
2007 2006
INCREASES (DECREASES) IN CASH AND CASH EQUIVALENTS
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 684 $ 505
Adjustments to reconcile net income to net
cash provided by operating activities:
Gain related to issuance of Sunoco Logistics
Partners L.P. limited partnership units (151) --
Phenol supply contract dispute payment -- (95)
Depreciation, depletion and amortization 232 226
Deferred income tax expense 124 75
Payments less than (in excess of) expense for
retirement plans 2 (26)
Changes in working capital pertaining to operating
activities, net of effect of acquisitions (81) (343)
Other 13 23
Net cash provided by operating activities 823 365
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (644) (429)
Acquisitions -- (123)
Proceeds from divestments 30 28
Other (23) (9)
Net cash used in investing activities (637) (533)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net repayments of short-term borrowings (82) --
Net proceeds from issuance of long-term debt 92 301
Repayments of long-term debt (24) (275)
Net proceeds from issuance of Sunoco Logistics
Partners L.P. limited partnership units -- 110
Cash distributions to investors in
cokemaking operations (12) (7)
Cash distributions to investors in Sunoco
Logistics Partners L.P. (27) (22)
Cash dividend payments (64) (60)
Purchases of common stock for treasury (100) (198)
Proceeds from issuance of common stock under
management incentive plans 6 1
Other 2 (1)
Net cash used in financing activities (209) (151)
Net decrease in cash and cash equivalents (23) (319)
Cash and cash equivalents at beginning of period 263 919
Cash and cash equivalents at end of period $ 240 $ 600
SOURCE Sunoco, Inc.
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Related links:
http://www.SunocoInc.com
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CONTACT:
Jerry Davis, media, +1-215-977-6298, or Tom
Harr, investors, +1-215-977-6764, both of Sunoco, Inc.
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