PHILADELPHIA, Sept. 2 /PRNewswire-FirstCall/ -- Sunoco, Inc. (NYSE: SUN)
announced today that its Board of Directors had approved an additional
$500 million of share repurchase authorization. The Company also has
approximately $150 million of repurchase authority under the previous
$500 million program approved in July 2001. Sunoco had 74.6 million shares
outstanding as of September 1, 2004.
(Logo: http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006 )
"The additional authorization provides substantial increased capacity for
us to continue our share repurchase program in the future," said Sunoco
Chairman and Chief Executive Officer John G. Drosdick. "Since January 1,
2000, we have repurchased approximately 21 million shares (for approximately
$810 million) and continue to view share repurchase as an integral part of our
strategy to increase shareholder value."
"We have also grown the Company, with over $775 million of acquisition
activity over the past eighteen months. With a strong balance sheet and a
positive outlook for our businesses, we expect to have the financial capacity
to continue to grow and strengthen our asset base while continuing to
repurchase Sunoco shares in the future."
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.
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
August 6, 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.
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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