This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Sunoco Announces Second Quarter 2012 Results

Income Taxes

Excluding the impact of special items, the tax expense on $197 million of pretax income from continuing operations attributable to Sunoco, Inc. shareholders for the second quarter of 2012 was $68 million compared to tax expense of $22 million on $42 million of pretax income from continuing operations attributable to Sunoco, Inc. shareholders during the second quarter of 2011. The increase in tax expense was primarily attributable to the increase in pretax income from continuing operations.

Special Items

During the second quarter of 2012, Sunoco recognized a $59 million gain ($35 million after tax) related to the reversal of certain severance, contract termination and idling reserves that are not expected to be incurred as a result of the joint venture agreement with The Carlyle Group; recognized gains of $213 million ($121 million after tax) attributable to the reduction of refined product LIFO inventories primarily attributable to the idling of the Marcus Hook refinery; recorded a $15 million provision ($8 million after tax) largely related to pension settlement losses attributable to refining operations; recorded a $21 million provision ($13 million after tax) related to an insurance reserve adjustment; and recorded a $29 million provision ($20 million after tax) largely related to additional stock-based compensation expense resulting from the spin-off of SunCoke Energy, Inc. and employee termination agreements and expenses related to the proposed merger with Energy Transfer Partners, L.P. The total net impact of special items during the second quarter of 2012 was income of $207 million ($115 million after tax).

During the second quarter of 2011, Sunoco recognized a $9 million gain ($6 million after tax) from the remeasurement of its pre-acquisition equity interests in a pipeline joint venture to fair value; recorded a $7 million provision ($4 million after tax) primarily related to asset write-downs at the Eagle Point refinery and recognized pension settlement losses of $9 million ($5 million after tax) attributable to the divestment of the Toledo refinery. The total net impact of special items during the second quarter of 2011 was a pretax loss of $7 million ($3 million after tax).

3 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,010.68 -115.44 -0.64%
S&P 500 2,107.39 -13.40 -0.63%
NASDAQ 5,070.0260 -27.95 -0.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs