PHILADELPHIA, Oct. 21 /PRNewswire-FirstCall/ -- Sunoco, Inc. (NYSE: SUN)
today reported net income of $104 million ($1.39 per share diluted) for the
third quarter of 2004 versus $109 million ($1.40 per share diluted) for the
2003 third quarter. Excluding special items, income for the current quarter
was $125 million ($1.67 per share diluted) compared to $124 million ($1.59 per
share diluted) for the 2003 third quarter.
(Logo: http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006 )
For the first nine months of 2004, Sunoco reported net income of
$427 million ($5.63 per share diluted) versus net income of $276 million
($3.56 per share diluted) for the 2003 nine-month period. Excluding special
items, Sunoco's income for the first nine months of 2004 was $452 million
($5.96 per share diluted) versus $291 million ($3.75 per share diluted) for
the first nine months of 2003.
"Results for the Company continued to be strong, with good contributions
from each of our businesses this quarter," said John G. Drosdick, Sunoco
Chairman and Chief Executive Officer. "We have achieved a record level of
earnings during the first nine months of 2004 and the market fundamentals for
our businesses continue to be very favorable.
"Our Refining and Supply business again led the way with earnings of $89
million despite significant scheduled maintenance activity during the quarter.
Margins, particularly for petrochemical feedstocks and for premium gasoline
and distillate products, such as low-sulfur diesel and jet fuel, were strong
and operating performance across our system continued to be excellent.
Excluding planned September maintenance activity in the Northeast Refining
System, which reduced total production by approximately five million barrels,
our refining system utilization was near capacity levels for the quarter. With
no major additional refinery maintenance scheduled this year, we are well-
positioned for the upcoming winter-time product demand.
"Also contributing significantly to our third quarter results was our
Chemicals business, which earned $30 million for the quarter. Year-on-year
results for this business have improved for the past six consecutive quarters
and this period's results reflect a new quarterly record for Chemicals. With
feedstock costs continuing at record high levels, the much improved results
are due to substantial sales price increases for our phenol and polypropylene
products and reflect the progressively tightening supply and demand for these
products. We expect this cyclical recovery to continue."
Commenting further on the Company's results, Drosdick said, "Our other
businesses also achieved solid results for the quarter. Retail Marketing
earned $19 million, a good result considering the run-up in crude oil and
wholesale gasoline prices during the quarter. Hurricane activity also
negatively impacted results in our Southeast U.S. retail network. Coke and
Logistics earned $12 million and $9 million, respectively, in the quarter.
"We also continued our share repurchase activity, repurchasing over 2.6
million shares ($171 million) of Sunoco common stock during the quarter. Year-
to-date, we have repurchased 3.7 million shares ($236 million) and have
reduced total shares outstanding to 73.1 million. In September, our Board of
Directors approved an additional $500 million of share repurchase
authorization, providing ample authority to continue this program which we
believe to be an important element of our strategy to increase shareholder
value.
"During the quarter, we also issued $250 million of 10-year, 4-7/8 percent
notes and repurchased approximately $350 million of various higher-interest-
rate debt issues. Annual net interest expense is expected to decline
approximately $15 million pretax as a result of these activities. We ended the
quarter with $293 million of cash and a net debt-to-capital ratio, as defined
in our revolving credit agreement, of 38 percent. With our strong balance
sheet and a favorable market outlook for our businesses, we should have the
financial capacity to continue to pursue disciplined growth across our
portfolio while returning cash to our shareholders. This remains core to our
success and strategy to increase shareholder value."
DETAILS OF THIRD QUARTER RESULTS
REFINING AND SUPPLY
Refining and Supply earned $89 million in the current quarter versus $98
million in the third quarter of 2003. Excluding results from the Eagle Point
refinery, the decrease was largely due to lower realized margins, increased
planned maintenance in the Northeast Refining Complex and higher expenses,
including fuel, depreciation and employee-related charges. Partially
offsetting these factors was a $30 million income contribution from the Eagle
Point facility acquired in January 2004.
Total crude unit throughput averaged 827.4 thousand barrels daily (93
percent utilization) for the quarter, with total production available for sale
approximating 80 million barrels. Scheduled maintenance activity reduced crude
unit utilization by six percent for the quarter and reduced total production
by approximately five million barrels.
RETAIL MARKETING
Retail Marketing earned $19 million in the third quarter of 2004 versus
$20 million in the third quarter of 2003. Current quarter results include
$5 million of earnings from retail sites acquired from ConocoPhillips in April
2004. However, lower distillate margins, lower gasoline volumes (excluding the
ConocoPhillips sites) and the impact of hurricane activity on our Southeast
U.S. retail network (estimated at $2 million after tax) reduced results versus
the prior-year period. Gasoline margins across our retail portfolio averaged
ten cents per gallon for the quarter.
CHEMICALS
Chemicals earned $30 million in the third quarter of 2004 versus
$21 million in the prior-year period. Average margins were 11.4 cents per
pound, up almost one cent per pound versus the prior-year quarter and 1.7
cents per pound versus the second quarter of 2004. Margins for both phenol and
polypropylene products improved during the quarter due to increased sales
prices throughout the product channels. Despite the higher prices, sales
volumes increased over four percent versus the second quarter of 2004.
LOGISTICS
Earnings for the Logistics segment were $9 million for both third quarter
periods.
COKE
The Coke business earned $12 million in the third quarter of 2004 versus
$11 million in the third quarter of 2003. The increase was due primarily to a
favorable litigation settlement during the current quarter.
CORPORATE AND OTHER
Corporate administrative expenses were $15 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 $19 million after tax in the third quarter of
2004 versus $25 million in the prior-year quarter. The decline was due, in
part, to increased capitalized interest and lower expense attributable to the
preferential return of third-party investors in Sunoco's cokemaking
operations. Lower long-term debt expense and higher portfolio interest income
also contributed to lower net financing expenses compared to the year-ago
quarter.
SPECIAL ITEMS
Net income for the third quarter of 2004 included a net after-tax charge
of $21 million consisting of:
-- a $34 million after-tax loss from the early extinguishment of debt;
-- an $8 million after-tax loss recognized in connection with the sale of
the Company's one-third interest in the Belvieu Environmental Fuels
("BEF") MTBE joint venture; gross proceeds of $15 million were
received from the sale;
-- an $18 million after-tax gain due to an income tax settlement; and
-- a $3 million after-tax gain associated with sites divested as part of
a Retail Marketing portfolio management program; gross proceeds of $11
million were received from such sales during the quarter.
Net income for the third quarter of 2003 included a $15 million after-tax
charge related to the write-down of the BEF MTBE production facility to its
estimated fair value at that time.
NINE MONTH RESULTS
Sunoco earned $427 million for the first nine months of 2004 versus $276
million in the comparable 2003 period. The increase is primarily due to
significantly higher wholesale fuel margins, higher chemical margins, and
added income from acquisitions, including the Eagle Point refinery, Speedway
and ConocoPhillips retail gasoline sites and the 2003 propylene supply
agreement with Equistar Chemicals, L.P. The increase was partially offset by
lower retail gasoline margins, higher expenses and a higher effective income
tax rate.
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
approximately 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 (October 21, 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 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 under favorable terms and integrate them into the
Company's existing businesses; ability to enter into joint ventures and other
arrangements with favorable terms; plant construction/repair delays;
nonperformance by major customers, suppliers 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 Second Quarter
2004 Form 10-Q filed with the Securities and Exchange Commission on August 5,
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 Third Quarter and Nine-Month Financial Summary
(Unaudited)
Third Quarter 2004 2003
Revenues $6,558,000,000 $4,620,000,000 *
Net Income $104,000,000 $109,000,000
Net Income Per Share of
Common Stock:
Basic $1.40 $1.41
Diluted $1.39 $1.40
Weighted Average Number of Shares
Outstanding (In Millions):
Basic 74.2 77.1
Diluted 75.0 78.0
Nine Months
Revenues $18,079,000,000 $13,420,000,000 *
Net Income $427,000,000 $276,000,000
Net Income Per Share of
Common Stock:
Basic $5.69 $3.59
Diluted $5.63 $3.56
Weighted Average Number of Shares
Outstanding (In Millions):
Basic 75.1 76.8
Diluted 75.9 77.6
*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
September 30
2004 2003 Variance
Refining and Supply $89 $98 $(9)
Retail Marketing 19 20 (1)
Chemicals 30 21 9
Logistics 9 9 --
Coke 12 11 1
Corporate and Other:
Corporate expenses (15) (10) (5)
Net financing expenses and other (19) (25) 6
125 124 1
Special items (21) (15) (6)
Consolidated net income $104 $109 $(5)
Earnings (loss) per share of common
stock (diluted):
Income before special items $1.67 $1.59 $.08
Special items (.28) (.19) (.09)
Net income $1.39 $1.40 $(.01)
Sunoco, Inc.
Earnings Profile of Sunoco Businesses (after tax)
(Millions of Dollars)
(Unaudited)
Nine Months Ended
September 30
2004 2003 Variance
Refining and Supply $406 $241 $165
Retail Marketing 39 66 (27)
Chemicals 54 27 27
Logistics 26 29 (3)
Coke 30 32 (2)
Corporate and Other:
Corporate expenses (40) (29) (11)
Net financing
expenses and other (63) (75) 12
452 291 161
Special items (25) (15) (10)
Consolidated net income $427 $276 $151
Earnings (loss) per share of
common stock (diluted):
Income before
special items $5.96 $3.75 $2.21
Special items (.33) (.19) (.14)
Net income $5.63 $3.56 $2.07
Sunoco, Inc.
Financial and Operating Statistics (Unaudited)
Commencing in the first quarter of 2004, 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 Nine
Months Ended Months Ended
September 30 September 30
2004 2003 2004 2003
TOTAL REFINING AND SUPPLY
Income (Millions of Dollars) $89 $98 $406 $241
Realized Wholesale Margin* (Per
Barrel of Production Available
for Sale) $5.43 $5.36 $6.26 $5.00
Crude Inputs as Percent of Crude
Unit Rated Capacity** 93 100 96 98
Throughputs*** (Thousand Barrels
Daily):
Crude Oil 827.4 727.2 846.3 718.1
Other Feedstocks 57.7 50.5 60.1 53.1
Total Throughputs 885.1 777.7 906.4 771.2
Products Manufactured*** (Thousand
Barrels Daily):
Gasoline 429.6 388.9 440.0 374.3
Middle Distillates 288.4 236.0 293.5 238.1
Residual Fuel 63.6 64.7 72.8 63.0
Petrochemicals 37.8 29.7 37.2 28.1
Lubricants 13.8 13.9 14.0 13.7
Other 83.6 74.5 83.1 83.7
Total Production 916.8 807.7 940.6 800.9
Less: Production Used as Fuel in
Refinery Operations 45.1 38.1 46.3 37.9
Total Production Available for
Sale 871.7 769.6 894.3 763.0
*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 nine
months ended September 30, 2004 includes the Eagle Point refinery,
effective January 13, 2004.
***Data pertaining to the Eagle Point refinery for the nine months ended
September 30, 2004 are included based on the amounts attributable to
the 262-day ownership period (January 13, 2004 - September 30, 2004)
divided by 274 days.
Sunoco, Inc.
Financial and Operating Statistics (Unaudited)
For the Three For the Nine
Months Ended Months Ended
September 30 September 30
2004 2003 2004 2003
Northeast Refining Complex*
Realized Wholesale Margin (Per
Barrel of Production Available
for Sale) $5.09 $4.81 $6.11 $4.96
Market Benchmark 6-3-2-1
(Per Barrel) $4.58 $5.58 $6.46 $5.99
Crude Inputs as Percent of Crude
Unit Rated Capacity** 91 99 97 98
Throughputs*** (Thousand Barrels
Daily):
Crude Oil 597.5 499.2 629.2 493.4
Other Feedstocks 51.8 44.4 54.2 46.5
Total Throughputs 649.3 543.6 683.4 539.9
Products Manufactured*** (Thousand
Barrels Daily):
Gasoline 310.6 266.2 326.6 262.3
Middle Distillates 215.8 173.5 228.0 171.7
Residual Fuel 59.7 60.5 69.0 58.9
Petrochemicals 29.7 21.4 30.6 20.8
Other 54.7 41.3 53.9 46.7
Total Production 670.5 562.9 708.1 560.4
Less: Production Used as Fuel in
Refinery Operations 34.1 26.6 35.9 26.9
Total Production Available for
Sale 636.4 536.3 672.2 533.5
*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 nine months ended September 30,
2004 includes the Eagle Point refinery, effective January 13, 2004.
***Data pertaining to the Eagle Point refinery for the nine months
ended September 30, 2004 are included based on the amounts
attributable to the 262-day period subsequent to the acquisition
date divided by 274 days.
MidContinent Refining Complex*
Realized Wholesale Margin (Per
Barrel of
Production Available for Sale) $6.36 $6.65 $6.70 $5.09
Market Benchmark 3-2-1 (Per Barrel) $6.91 $7.39 $7.88 $6.43
Crude Inputs as Percent of Crude
Unit Rated Capacity** 98 101 92 100
Throughputs (Thousand Barrels
Daily):
Crude Oil 229.9 228.0 217.1 224.7
Other Feedstocks 5.9 6.1 5.9 6.6
Total Throughputs 235.8 234.1 223.0 231.3
*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 Nine
Months Ended Months Ended
September 30 September 30
2004 2003 2004 2003
MidContinent Refining Complex
(continued)
Products Manufactured (Thousand
Barrels Daily):
Gasoline 119.0 122.7 113.4 112.0
Middle Distillates 72.6 62.5 65.5 66.4
Residual Fuel 3.9 4.2 3.8 4.1
Petrochemicals 8.1 8.3 6.6 7.3
Lubricants 13.8 13.9 14.0 13.7
Other 28.9 33.2 29.2 37.0
Total Production 246.3 244.8 232.5 240.5
Less: Production Used as Fuel in
Refinery Operations 11.0 11.5 10.4 11.0
Total Production
Available for Sale 235.3 233.3 222.1 229.5
RETAIL MARKETING
Income (Millions of Dollars) $19 $20 $39 $66
Retail Margin* (Per Barrel):
Gasoline $4.24 $4.20 $3.84 $4.21
Middle Distillates $2.61 $3.25 $4.29 $4.86
Sales of Petroleum Products
(Thousand Barrels Daily):
Gasoline 310.5 303.6 296.4 275.1
Middle Distillates 40.5 38.0 41.6 39.9
351.0 341.6 338.0 315.0
Total Retail Gasoline Outlets,
End of Period 4,811 4,518 4,811 4,518
Gasoline and Diesel Throughput
per Company
Owned or Leased Outlet (M
Gal/Site/Month) 137 137 132 124
Convenience Stores:
Total Stores, End of Period 794 842 794 842
Merchandise Sales $83 $80 $79 $73
(M$/Store/Month)
Merchandise Margin (Company
Operated) (% of Sales) 26% 24% 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 Nine
Months Ended Months Ended
September 30 September 30
2004 2003 2004 2003
CHEMICALS*
Income (Millions of Dollars) $30 $21 $54 $27
Margin** (Cents per Pound):
All Products*** 11.4 10.5 10.1 9.1
Phenol and Related Products 9.3 8.7 8.7 8.0
Polypropylene*** 14.8 13.1 12.4 11.0
Sales (Millions of Pounds):
Phenol and Related Products 684 635 1,946 1,934
Polypropylene# 561 577 1,683 1,660
Plasticizers## -- 155 28 446
Other 48 35 139 123
1,293 1,402 3,796 4,163
*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) $12 $11 $30 $32
Coke Production (Thousands of Tons) 508 517 1,479 1,511
Coke Sales (Thousands of Tons) 509 516 1,482 1,511
Sunoco, Inc.
Financial and Operating Statistics (Unaudited)
For the Three For the Nine
Months Ended Months Ended
September 30 September 30
2004 2003 2004 2003
CAPITAL EXPENDITURES (Millions of Dollars)
Refining and Supply $155 $60 $303 * $163
Retail Marketing 25 27 64 ** 62 ***
Chemicals 10 9 29 * 19 #
Logistics 12 9 44 * 24
Coke 44 1 88 3
$246 $106 $528 $271
* Excludes $250 million acquisition from El Paso Corporation of the
Eagle Point refinery and related chemical and logistics assets,
which includes inventory. The $250 million includes $15 million
related to an October 2004 settlement of a dispute with El Paso
primarily related to the amount due for inventory purchased in
connection with the Eagle Point refinery acquisition. 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.
*** 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.
DEPRECIATION, DEPLETION AND
AMORTIZATION (Millions of Dollars)
Refining and Supply $47 $42 $139 $121
Retail Marketing 28 25 81 73
Chemicals 17 17 51 47
Logistics 8 6 22 20
Coke 3 4 10 10
$103 $94 $303 $271
At At
September 30 December 31
BALANCE SHEET INFORMATION 2004 2003
(Millions of Dollars)
Cash and Cash Equivalents $293 $431
Total Borrowings (including Current
Portion)* $1,489 $1,601
Shareholders' Equity $1,741 $1,556
*At September 30, 2004 and December 31, 2003, includes $136 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 3rd
Refining and Supply $100 $217 $89
Retail Marketing (4) 24 19
Chemicals 12 12 30
Logistics 8 9 9
Coke 9 9 12
Corporate and Other:
Corporate expenses (12) (13) (15)
Net financing expenses and
other (24) (20) (19)
89 238 125
-- (4) (21)
Special items
Consolidated net income $89 $234 $104
Earnings (loss) per share of
common stock (diluted):
Income before special items $1.17 $3.12 $1.67
Special items -- (.05) (.28)
Net income $1.17 $3.07 $1.39
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), net 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 3rd
REVENUES
Sales and other
operating revenue
(including consumer
excise taxes) $5,232 $6,265 $6,575
Interest income 2 1 4
Other income (loss), net 11 10 (21)
5,245 6,276 6,558
COSTS AND EXPENSES
Cost of products sold and
operating expenses 4,254 4,949 5,417
Consumer excise taxes 498 571 611
Selling, general and
administrative expenses 187 223 203
Depreciation, depletion and
amortization 100 100 103
Payroll, property and
other taxes 33 28 30
Interest cost and debt expense 29 28 28
Interest capitalized (1) (2) (3)
5,100 5,897 6,389
Income before
income tax expense 145 379 169
Income tax expense 56 145 65
Net income $89 $234 $104
SOURCE Sunoco, Inc.
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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, Inc.
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