PHILADELPHIA, Aug. 3 /PRNewswire-FirstCall/ -- Sunoco, Inc. (NYSE: SUN)
today reported net income of $242 million ($1.75 per share diluted) for the
second quarter of 2005 versus $234 million ($1.53 per share diluted) for the
2004 second quarter. For the first half of 2005, Sunoco reported net income of
$358 million ($2.58 per share diluted) versus net income of $323 million
($2.12 per share diluted) for the first half of 2004. All per-share amounts
reflect the two-for-one stock split effected as a dividend on August 1, 2005.
(Logo: http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006 )
"Results continued to be very strong," said John G. Drosdick, Sunoco
Chairman and Chief Executive Officer. "Our second-quarter earnings represent a
new record for the Company and on a per-share basis, year-to-date earnings are
up 22 percent versus last year's then-record first half.
"Market conditions for our refining business remained robust and
operationally we set several new quarterly production records, including total
crude unit and conversion unit throughput. In a particularly strong market for
distillate products, we achieved record distillate production. We also
increased our use of discounted high-acid crude oils to approximately 59,000
barrels per day during the quarter and have run over 70,000 barrels per day
when market conditions have warranted. Optimization efforts and reliability
improvements such as these helped Refining and Supply earn $212 million for
the quarter. This organization has done an excellent job meeting the
challenges and the opportunities that the market has provided.
"Chemicals continued to improve year-on-year results, earning $30 million
in the quarter versus $12 million in the second quarter of 2004. Margins,
particularly for phenol and related products, were much improved versus the
year-ago quarter. Over the past twelve months, Sunoco Chemicals has earned
$133 million and has become a much bigger contributor to our overall results.
Despite some slowdown in apparent demand growth, we believe the outlook for
continued improvement in this business remains favorable."
Drosdick continued, "In other businesses, Retail Marketing earned $7
million. While much improved from the 2005 first quarter, generally rising
crude oil and wholesale gasoline prices have persistently squeezed retail
margins throughout the first half of the year. Sun Coke earned $13 million in
the quarter as operations at our new coke plant in Haverhill, Ohio began to
contribute. Logistics earned $9 million for the quarter.
"In other matters, we continued our share repurchase program - $61 million
during the quarter and $131 million year to date - and on August 1, we
completed a two-for-one stock split. We ended the quarter with $417 million of
cash and a net debt-to-capital ratio, as defined in our revolving credit
agreement, of 33 percent - each improved from year-end 2004. We will continue
to carefully use this financial capacity to both invest in and grow our asset
portfolio and appropriately return cash to our shareholders."
DETAILS OF SECOND QUARTER RESULTS
REFINING AND SUPPLY
Refining and Supply earned $212 million in the current quarter versus $217
million in the second quarter of 2004. Despite a decline in benchmark margins
in the Northeast, realized margins have improved versus the year-ago quarter
largely as a result of the increased use of discounted high-acid crude oils
and the favorable impact of product optimization activities. The higher
realized margins and higher production volumes were more than offset by higher
expenses, including fuel and employee-related charges.
Total crude unit throughput averaged 890.8 thousand barrels daily
(99 percent utilization) for the quarter, with total production available for
sale approximating 86 million barrels.
RETAIL MARKETING
Retail Marketing earned $7 million in the second quarter of 2005 versus
$20 million in the second quarter of 2004. The decrease in results was due
largely to lower retail margins for gasoline, partially offset by lower
expenses and higher gains on asset divestments.
CHEMICALS
Chemicals earned $30 million in the second quarter of 2005 versus $12
million in the prior-year period. The increase in earnings was due largely to
higher realized margins for phenol and polypropylene. Total sales volumes were
down slightly from the year-ago period due primarily to scheduled maintenance
performed during the quarter at the Haverhill, Ohio phenol facility. This
maintenance was performed concurrent with work to tie in the plant to the
steam generation system at Sun Coke's adjacent cokemaking facility which will
serve to reduce the phenol facility's energy costs in the future.
LOGISTICS
Earnings for the Logistics segment were $9 million in both second-quarter
periods.
COKE
The Coke business earned $13 million in the second quarter of 2005 versus
$9 million in the second quarter of 2004. The increase was due largely to
higher coal sales volumes and prices and the start-up of the Haverhill coke
plant during the quarter.
CORPORATE AND OTHER
Corporate administrative expenses were $16 million after tax in the
current quarter versus $13 million in the comparable quarter last year. The
increase was largely due to higher employee-related expenses, including
accruals for stock-based incentive compensation.
Net financing expenses were $13 million after tax in the second quarter of
2005 versus $20 million in the prior-year quarter. The decrease was primarily
due to lower interest expense resulting from 2004 debt restructuring
activities and increased capitalized interest.
SIX MONTH RESULTS
Sunoco earned $358 million for the first six months of 2005 versus $323
million in the comparable 2004 period. The increase was primarily due to
higher refining margins and volumes, increased chemicals margins and lower net
financing expenses. Partially offsetting these improvements were 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 900,000 barrels per
day of refining capacity, approximately 4,800 retail sites selling gasoline
and convenience items, approximately 4,500 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
also has 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 today (August 3, 2005). 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 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; 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 under 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.
Sunoco, Inc.
2005 Second Quarter and Six-Month Financial Summary
(Unaudited)
Second Quarter 2005 2004
Revenues $7,990,000,000 $6,276,000,000
Net Income $242,000,000 $234,000,000
Net Income Per Share of
Common Stock*:
Basic $1.77 $1.55
Diluted $1.75 $1.53
Weighted-Average Number of Shares
Outstanding* (In Millions):
Basic 137.1 150.9
Diluted 138.0 152.6
Six Months
Revenues $15,199,000,000 $11,521,000,000
Net Income $358,000,000 $323,000,000
Net Income Per Share of
Common Stock*:
Basic $2.60 $2.14
Diluted $2.58 $2.12
Weighted-Average Number of Shares
Outstanding* (In Millions):
Basic 137.7 150.9
Diluted 138.5 152.7
*Share and per-share data presented for all periods reflect the effect of
a two-for-one stock split, which was effected in the form of a common
stock dividend distributed on August 1, 2005.
Sunoco, Inc.
Earnings Profile of Sunoco Businesses (after tax)
(Millions of Dollars Except Per Share Amounts)
(Unaudited)
Three Months Ended
June 30
2005 2004 Variance
Refining and Supply $212 $217 $(5)
Retail Marketing 7 20 (13)
Chemicals 30 12 18
Logistics 9 9 --
Coke 13 9 4
Corporate and Other:
Corporate expenses (16) (13) (3)
Net financing expenses and other (13) (20) 7
Consolidated net income $242 $234 $8
Net income per share of common
stock (diluted) $1.75 $1.53 $.22
Sunoco, Inc.
Earnings Profile of Sunoco Businesses (after tax)
(Millions of Dollars Except Per Share Amounts)
(Unaudited)
Six Months Ended
June 30
2005 2004 Variance
Refining and Supply $320 $317 $3
Retail Marketing (1) 16 (17)
Chemicals 63 24 39
Logistics 12 17 (5)
Coke 23 18 5
Corporate and Other:
Corporate expenses (32) (25) (7)
Net financing expenses and other (27) (44) 17
Consolidated net income $358 $323 $ 35
Net income per share of common
stock (diluted) $2.58 $2.12 $.46
Sunoco, Inc.
Financial and Operating Statistics (Unaudited)
For the Three For the Six
Months Ended Months Ended
June 30 June 30
2005 2004 2005 2004
TOTAL REFINING AND SUPPLY
Income (Millions of
Dollars) $212 $217 $320 $317
Realized Wholesale
Margin* (Per Barrel of
Production Available
for Sale) $7.87 $7.59 $6.92 $6.66
Crude Inputs as Percent
of Crude Unit Rated
Capacity** 99 100 98 97
Throughputs*** (Thousand
Barrels Daily):
Crude Oil 890.8 887.0 882.9 855.8
Other Feedstocks 63.3 57.1 58.0 61.4
Total Throughputs 954.1 944.1 940.9 917.2
Products Manufactured***
(Thousand Barrels
Daily):
Gasoline 437.8 471.4 440.4 445.2
Middle Distillates 327.3 307.0 315.9 296.1
Residual Fuel 78.0 77.3 77.6 77.5
Petrochemicals 38.4 40.4 38.5 36.9
Lubricants 13.5 15.1 13.1 14.1
Other 95.0 69.8 92.2 82.8
Total Production 990.0 981.0 977.7 952.6
Less: Production Used
as Fuel in Refinery
Operations 48.9 50.9 47.8 46.9
Total Production
Available for Sale 941.1 930.1 929.9 905.7
*Wholesale sales revenue less related cost of crude oil, other feedstocks,
product purchases and terminalling and transportation divided by
production available for sale.
**Effective January 1, 2005, crude unit capacity increased from 890 to 900
thousands of barrels daily due to a 10 thousand barrels-per-day adjustment
in MidContinent Refining.
***Data pertaining to the Eagle Point refinery for the six months ended
June 30, 2004 are based on the amounts attributable to the 170-day
ownership period (January 13, 2004 - June 30, 2004) divided by 182, the
number of days in the period.
Sunoco, Inc.
Financial and Operating Statistics (Unaudited)
For the Three For the Six
Months Ended Months Ended
June 30 June 30
2005 2004 2005 2004
Northeast Refining*
Realized Wholesale Margin
(Per Barrel of
Production Available for
Sale) $7.55 $7.42 $6.84 $6.59
Market Benchmark 6-3-2-1
(Per Barrel) $6.06 $7.67 $5.29 $7.41
Crude Inputs as Percent
of Crude Unit Rated
Capacity 100 101 99 100
Throughputs** (Thousand
Barrels Daily):
Crude Oil 655.1 659.5 650.6 645.2
Other Feedstocks 56.5 52.0 51.7 55.5
Total Throughputs 711.6 711.5 702.3 700.7
Products Manufactured**
(Thousand Barrels
Daily):
Gasoline 320.6 349.0 324.6 334.7
Middle Distillates 248.5 241.9 239.7 234.2
Residual Fuel 73.3 72.7 73.2 73.7
Petrochemicals 29.4 32.8 29.7 31.0
Other 65.4 41.7 61.6 53.5
Total Production 737.2 738.1 728.8 727.1
Less: Production Used
as Fuel in
Refinery Operations 36.8 38.8 36.1 36.8
Total Production
Available for
Sale 700.4 699.3 692.7 690.3
*Comprised of the Marcus Hook, Philadelphia and Eagle Point refineries.
**Data pertaining to the Eagle Point refinery for the six months ended
June 30, 2004 are based on the amounts attributable to the 170-day period
subsequent to the January 13, 2004 acquisition date divided by 182, the
number of days in the period.
MidContinent Refining*
Realized Wholesale Margin
(Per Barrel of
Production Available
for Sale) $8.80 $8.11 $7.14 $6.88
Market Benchmark 3-2-1
(Per Barrel) $9.94 $10.34 $8.09 $8.36
Crude Inputs as Percent
of Crude Unit Rated
Capacity** 96 97 95 90
Throughputs (Thousand
Barrels Daily):
Crude Oil 235.7 227.5 232.3 210.6
Other Feedstocks 6.8 5.1 6.3 5.9
Total Throughputs 242.5 232.6 238.6 216.5
*Comprised of the Toledo and Tulsa refineries.
**Effective January 1, 2005, crude unit capacity increased from 235 to 245
thousands of barrels daily as a result of a 10 thousand barrels-per-day
adjustment.
Sunoco, Inc.
Financial and Operating Statistics (Unaudited)
For the Three For the Six
Months Ended Months Ended
June 30 June 30
2005 2004 2005 2004
MidContinent Refining (continued)
Products Manufactured
(Thousand Barrels
Daily):
Gasoline 117.2 122.4 115.8 110.5
Middle Distillates 78.8 65.1 76.2 61.9
Residual Fuel 4.7 4.6 4.4 3.8
Petrochemicals 9.0 7.6 8.8 5.9
Lubricants 13.5 15.1 13.1 14.1
Other 29.6 28.1 30.6 29.3
Total Production 252.8 242.9 248.9 225.5
Less: Production Used
as Fuel in Refinery
Operations 12.1 12.1 11.7 10.1
Total Production
Available for Sale 240.7 230.8 237.2 215.4
RETAIL MARKETING
Income (Loss) (Millions of
Dollars) $7 $20 $(1) $16
Retail Margin* (Per Barrel):
Gasoline $3.32 $4.50 $2.86 $3.64
Middle Distillates $3.34 $3.66 $4.27 $5.04
Sales of Petroleum Products
(Thousand Barrels Daily):
Gasoline 305.4 304.7 297.6 289.2
Middle Distillates 42.2 40.0 45.8 42.3
347.6 344.7 343.4 331.5
Total Retail Gasoline
Outlets, End of Period 4,804 4,864 4,804 4,864
Gasoline and Diesel
Throughput per Company
Owned or Leased Outlet
(M Gal/Site/Month) 139 135 135 130
Convenience Stores:
Total Stores, End of
Period 742 788 742 788
Merchandise Sales
(M$/Store/Month) $81 $76 $76 $72
Merchandise Margin
(Company Operated)
(% of Sales) 29% 26% 28% 25%
*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
2005 2004 2005 2004
CHEMICALS
Income (Millions of
Dollars) $30 $12 $63 $24
Margin* (Cents per Pound):
All Products** 12.8 9.7 12.7 9.4
Phenol and Related
Products 12.8 8.2 11.9 8.4
Polypropylene** 13.2 12.1 14.3 11.2
Sales (Millions of Pounds):
Phenol and Related
Products 617 648 1,298 1,262
Polypropylene 583 547 1,116 1,122
Plasticizers*** -- -- -- 28
Other 16 43 49 91
1,216 1,238 2,463 2,503
*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.
***The plasticizer business was divested in January 2004.
COKE
Income (Millions of
Dollars) $13 $9 $23 $18
Coke Production (Thousands
of Tons) 625 493 1,128 971
Coke Sales (Thousands of
Tons) 621 491 1,118 973
Sunoco, Inc.
Financial and Operating Statistics (Unaudited)
For the Three For the Six
Months Ended Months Ended
June 30 June 30
2005 2004 2005 2004
CAPITAL EXPENDITURES (Millions of Dollars)
Refining and Supply $202 $ 78 $351 $148*
Retail Marketing 36 23** 47 39**
Chemicals 10 13 28 19*
Logistics 11 28 19 32*
Coke 3 28 25 44
262 $170 $470 $282
*Excludes $250 million acquisition from El Paso Corporation of the Eagle
Point refinery and related chemical and logistics assets, which includes
inventory. The purchase price is comprised of $190, $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.
DEPRECIATION, DEPLETION AND
AMORTIZATION (Millions of Dollars)
Refining and Supply $ 47 $ 44 $ 96 $ 92
Retail Marketing 25 28 52 53
Chemicals 17 17 35 34
Logistics 8 7 16 14
Coke 5 4 8 7
$102 $100 $207 $200
Sunoco, Inc.
Earnings Profile of Sunoco Businesses (after tax)
(Millions of Dollars Except Per Share Amounts)
(Unaudited)
2004
1st 2nd 3rd 4th Total
Refining and
Supply $100 $217 $ 89 $135 $541
Retail Marketing (4) 20 22 30 68
Chemicals 12 12 30 40 94
Logistics 8 9 9 5 31
Coke 9 9 12 10 40
Corporate and Other:
Corporate
expenses (12) (13) (15) (27) (67)
Net financing
expenses and
other (24) (20) (19) (15) (78)
89 234 128 178 629
Special items -- -- (24) -- (24)
Consolidated net
income $ 89 $234 $104 $178 $605
Earnings (loss)
per share of
common stock
(diluted):
Income before
special
items $.58 $1.53 $.85 $1.24 $4.20
Special items -- -- (.16) -- (.16)
Net income $.58 $1.53 $.69 $1.24 $4.04
Sunoco, Inc.
Earnings Profile of Sunoco Businesses (after tax)
(Millions of Dollars Except Per Share Amounts)
(Unaudited)
2005
1st 2nd
Refining and Supply $108 $212
Retail Marketing (8) 7
Chemicals 33 30
Logistics 3 9
Coke 10 13
Corporate and Other:
Corporate expenses (16) (16)
Net financing expenses and other (14) (13)
116 242
Special items -- --
Consolidated net income $116 $242
Earnings per share of common stock (diluted):
Income before special items $.83 $1.75
Special items -- --
Net income $.83 $1.75
Sunoco, Inc.
Consolidated Statements of Income
(Millions of Dollars)
(Unaudited)
2004
1st 2nd 3rd 4th Total
REVENUES
Sales and other
operating
revenue (including
consumer excise
taxes) $5,232 $6,265 $6,575 $7,396 $25,468
Interest income 2 1 4 3 10
Other income
(loss), net 11 10 (21) 30 30
5,245 6,276 6,558 7,429 25,508
COSTS AND EXPENSES
Cost of products
sold and operating
expenses 4,254 4,949 5,417 6,114 20,734
Consumer excise
taxes 498 571 611 602 2,282
Selling, general
and administrative
expenses 187 223 203 260 873
Depreciation,
depletion and
amortization 100 100 103 106 409
Payroll, property
and other taxes 33 28 30 27 118
Interest cost and
debt expense 29 28 28 23 108
Interest
capitalized (1) (2) (3) (5) (11)
5,100 5,897 6,389 7,127 24,513
Income before
income tax
expense 145 379 169 302 995
Income tax
expense 56 145 65 124 390
Net income $89 $234 $104 $178 $605
Sunoco, Inc.
Consolidated Statements of Income
(Millions of Dollars)
(Unaudited)
2005
1st 2nd
REVENUES
Sales and other operating revenue (including
consumer excise taxes) $7,191 $7,970
Interest income 3 3
Other income, net 15 17
7,209 7,990
COSTS AND EXPENSES
Cost of products sold and operating expenses 6,059 6,581
Consumer excise taxes 585 640
Selling, general and administrative expenses 209 225
Depreciation, depletion and amortization 105 102
Payroll, property and other taxes 36 28
Interest cost and debt expense 23 23
Interest capitalized (6) (6)
7,011 7,593
Income before income tax expense 198 397
Income tax expense 82 155
Net income $116 $242
Sunoco, Inc.
Consolidated Balance Sheets
(Millions of Dollars)
(Unaudited)
At At
June 30 December 31
2005 2004
ASSETS
Current Assets
Cash and cash equivalents $417 $405
Accounts and notes receivable, net 1,703 1,271
Inventories 987 765
Deferred income taxes 110 110
Total Current Assets 3,217 2,551
Investments and long-term receivables 111 115
Properties, plants and equipment, net 5,239 4,966
Prepaid retirement costs 12 11
Deferred charges and other assets 445 436
Total Assets $9,024 $8,079
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued liabilities $3,161 $2,570
Short-term borrowings and current portion of
long-term debt 103 103
Taxes payable 336 349
Total Current Liabilities 3,600 3,022
Long-term debt 1,366 1,379
Retirement benefit liabilities 534 539
Deferred income taxes 781 755
Other deferred credits and liabilities 322 247
Minority interests 619 530
Shareholders' equity 1,802 1,607
Total Liabilities and Shareholders' Equity $9,024 $8,079
Sunoco, Inc.
Consolidated Statements of Cash Flows
(Millions of Dollars)
(Unaudited)
For the Six Months
Ended June 30
2005 2004
INCREASES (DECREASES) IN CASH AND CASH EQUIVALENTS
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 358 $ 323
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion and amortization 207 200
Deferred income tax expense 25 105
Proceeds from power contract restructuring 48 --
Payments in excess of expense for retirement
plans (5) --
Changes in working capital pertaining to
operating activities, net of effect of
acquisitions (74) 58
Other 12 (7)
Net cash provided by operating activities 571 679
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (470) (282)
Acquisitions -- (416)
Proceeds from divestments 21 111
Other 5 9
Net cash used in investing activities (444) (578)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from short-term borrowings -- 100
Repayments of long-term debt (13) (108)
Net proceeds from issuance of Sunoco Logistics
Partners L.P.
limited partnership units 99 129
Cash distributions to investors in cokemaking
operations (11) (27)
Cash distributions to investors in Sunoco
Logistics Partners L.P. (12) (8)
Cash dividend payments (48) (42)
Purchases of common stock for treasury (131) (65)
Proceeds from issuance of common stock under
management incentive and employee option plans 6 28
Other (5) (4)
Net cash provided by (used in) financing
activities (115) 3
Net increase in cash and cash equivalents 12 104
Cash and cash equivalents at beginning of period 405 431
Cash and cash equivalents at end of period $417 $535
SOURCE Sunoco, Inc.
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CONTACT:
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Terry Delaney (investors), +1-215-977-6106, both of Sunoco
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