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Sunoco Announces Second Quarter 2012 Results

Stocks in this article: SUN

Sunoco, Inc. (NYSE: SUN) reported net income attributable to Sunoco, Inc. shareholders of $248 million ($2.35 per share diluted) for the second quarter of 2012 versus a net loss attributable to Sunoco, Inc. shareholders of $125 million ($1.03 per share diluted) for the second quarter of 2011. Excluding special items, Sunoco had income of $129 million ($1.22 per share diluted) for the second quarter of 2012 versus income of $20 million ($0.17 per share diluted) for the second quarter of 2011. Key 2012 second quarter details include:

  • Logistics and Retail Marketing contributed pretax income of $155 million
  • Refining and Supply contributed pretax income of $87 million
  • Pretax income from special items totaled $207 million including LIFO inventory gains of $213 million
  • Agreed to form Philadelphia Energy Solutions, a joint venture with The Carlyle Group, at its Philadelphia refinery
  • Announced definitive merger agreement to be acquired by Energy Transfer Partners, L.P.

“Sunoco had a solid quarter thanks to excellent results in its logistics and retail segments which contributed pretax income of $82 and $73 million, respectively. These businesses continue to provide steady, ratable cash flows we can count on,” said Brian P. MacDonald, Sunoco’s chairman, chief executive officer and president. “Results in our refining and supply segment rebounded during the quarter and provided a nice lift on higher realized margins.”

Commenting on the Company’s pending merger with Energy Transfer Partners, L.P. (“ETP”), MacDonald said, “We continue to move forward with the merger process as seen in ETP’s recent filing of a draft Form S-4 registration statement. We are on track and working toward closing this transaction in the fourth quarter of 2012.”

Regarding Sunoco’s pending transaction related to the Philadelphia refinery, MacDonald said, “We continue to make progress in forming the joint venture with The Carlyle Group and anticipate closing that transaction in the third quarter. I want to commend our refinery employees for achieving excellent operating results and capitalizing on the strong market conditions in the quarter.”

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