As you are aware, on Monday we announced that Energy Transfer Partners will acquire Sunoco Inc. and create one of the largest and most diversified energy partnerships in the United States.
The combination with ETP is a strategically and financially compelling combination that provides substantial value creation opportunities for Sunoco shareholders, as well as ETP unitholders, and will improve the ability of Sunoco's logistics and retail businesses to deliver on their full potential.
We believe our shareholders will receive an attractive premium. Because the consideration to be received by Sunoco shareholders consist of both cash and ETP units, our shareholders can also benefit from the potential upside of ETP's attractive yield and improving growth profile.
As most of you recognize, Sunoco has transformed itself over recent years, and we have returned significant value to shareholders over that time. This deal is an appropriate next step for Sunoco.From a business perspective, scale is vital. And by combining with ETP, we will dramatically expand our geographic reach and significantly diversify the opportunities for our business Finally, we continue to be committed to the Philadelphia region, and believe that as part of a stronger company, Sunoco will be even better positioned to return economic benefit to the Philadelphia region. Now moving onto the results from the first quarter. As you can see from Slide 4, Sunoco reported a net loss before special items of $53 million or $0.49 per share for the first quarter. As I look at our performance this quarter, I see 3 things. One, our Logistics business continues to deliver strong results and execute on growth opportunities. Sunoco Logistics is progressing well on projects to grow their fee-based earnings and the $300 million in organic growth projects that had been guided on for 2012 are proceeding as planned. Mike Hennigan will provide an overview of the results of Sunoco Logistics Partners in a few minutes.