Sunoco Inc. (NYSE:SUN), which also is based in Philadelphia and also run by Elsenhans, controls the general partner and owns 31 percent of Sunoco Logistics. Sunoco runs a network of gas stations; owns 81 percent of SunCoke Energy Inc. (NYSE:SXC), a Knoxville, Tenn.-based maker of coke for steel mills; and plans to exit the refining business by selling its refineries in Philadelphia and Marcus Hook, Pa.Copyright 2011 American City Business Journals http://www.bizjournals.com/philadelphia/news/2011/10/26/sunoco-logistics-earnings-revenue.html?ana=thestreet
By Philadelphia Business Journal third-quarter earnings and revenue that handily beat analystsâ¿¿ estimates. The Philadelphia operator of pipelines and terminals for crude oil and refined-petroleum products also announced a three-for-one split of its partnership units this quarter and said it will increase its cash distribution by 7 percent next year. In a press release, Lynn L. Elsenhans, the partnershipâ¿¿s chairman and CEO, attributed the strong performance to high demand for the companyâ¿¿s services, fueled in part by high demand for West Texas crude, and expanded margins. Sunoco Logisticsâ¿¿ net income attributable to owners in the third quarter was $95 million, or $2.34 per diluted unit, beating the $1.69 per-diluted-unit average estimate of eight analysts polled by Thomson Reuters. The partnership posted net income attributable to owners of $193 million, or $5.57 per diluted unit, in the third quarter of 2010, but that included a $128 million noncash gain on its acquisition of additional interests in two of its joint venture pipelines. Excluding the gain, its net income attributable to owners was $65 million, or $1.64 per diluted unit, in the quarter. Shares were trading 2 percent higher Wednesday at $96.82. Sunoco Logisticsâ¿¿ revenue in the most recently ended quarter was $2.85 billion, beating the $2.02 billion average revenue estimate of five analysts polled by Thomson Reuters. Its revenue in the third quarter of 2010 was $1.88 billion. Sunoco Logistics (NYSE:SXL) announced a three-for-one split of its common units and Class A units. It expects to complete the split Dec. 2 by distributing two additional units to unit holders of record as of Nov. 18. Sunoco Partners LLC, the partnershipâ¿¿s general partner, declared a cash distribution for the third quarter of $1.24 per common unit, which amounts to $4.96 per year, to be paid Nov. 14, to unit holders of record on Nov. 8. The quarter was the 26th in a row that Sunoco Partners has been able to increase the partnershipâ¿¿s distribution.