PHILADELPHIA, Sept. 7 /PRNewswire-FirstCall/ -- Sunoco, Inc. (NYSE:
SUN) today announced that John P. Jones, III, has been elected to its board
of directors, effective September 8, 2006. Mr. Jones is currently chairman,
president, and chief executive officer of Air Products and Chemicals, Inc.
He is also a director of Automatic Data Processing, Inc.
(Logo: http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006 )
"We are extremely pleased that John has joined Sunoco's board," said
John G. Drosdick, Sunoco chairman and chief executive officer. "His
extensive experience and knowledge will complement that of our existing
board and bring added value to our deliberations."
Sunoco also announced that the Board of Directors had approved an
additional $1 billion of share repurchase authorization. The Company also
has approximately $172 million of repurchase authority remaining under the
previous program approved in July 2006. To date, the Company has
repurchased approximately 8.6 million shares in 2006 for approximately $635
million.
"The repurchase of Sunoco's stock has led to a meaningful reduction in
the Company's shares outstanding and remains a core component of our
strategy to increase shareholder value," said Drosdick. "Since January 1,
2000, we have repurchased approximately 69 million shares (for
approximately $2.3 billion), reducing our net shares outstanding by 31
percent. The additional authorization provides increased capacity for us to
continue the program in the future."
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, over 4,700 retail sites
selling gasoline and convenience items, approximately 5,400 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. For additional information, visit Sunoco's Web
site at http://www.Sunocoinc.com.
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 economic, financial and business 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 refined product 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 ethanol; 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; delays and/or costs related to
construction, improvements and/or repairs of facilities; nonperformance 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, including the
impact of potential terrorist acts and international hostilities; and
changes in the status of, or initiation of new, litigation, arbitration or
other proceedings. These and other applicable risks and uncertainties have
been described more fully in Sunoco's Second Quarter 2006 Form 10-Q filed
with the Securities and Exchange Commission on August 3, 2006 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
http://www.prnewswire.com/comp/829144.html /
CONTACT:
Jerry Davis, media, +1-215-977-6298, or Tom
Harr, investors, +1-215-977-6764, both of Sunoco, Inc.
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