June 2007 -- Sunoco Inc. reported net income of $175 million for the first quarter of 2007 versus $79 million for the first quarter of 2006.
"While refining margins and operating income were improved versus last year's comparable period, our results were significantly limited by the major turnaround and expansion work at our Philadelphia refinery," said CEO John G. Drosdick.
"With the recent completion of the Philadelphia turnaround and fluid catalytic cracking unit expansion project," continued Drosdick, "our Northeast refining system is now returning to normal operations as we enter the summer driving season. In addition to the expansion of the catalytic cracking unit's capacity from 70,000 to 85,000 barrels per day, we expect the project will provide us with the ability to upgrade an additional 15,000 to 20,000 barrels per day of low-value residual fuel oil into higher-value gasoline and distillate products and demonstrate the increased earnings power of these assets."
Looking at business units, the refining and supply unit earned $76 million in the first quarter of 2007 versus $73 million in the first quarter of 2006. Retail Marketing earned $7 million in the first quarter of 2007 versus break-even results in the first quarter of 2006. Chemicals earned $9 million in the first quarter of 2007 versus $14 million in the prior-year period. The Logistics segment earned $9 million in the first quarter of 2007 versus $6 million in the first quarter of 2006, while the Coke business earned $11 million in the first quarter of 2007 versus $14 million in the first quarter of 2006.
