June 2009 -- Sunoco, the manufacturer and marketer of petroleum and chemical products, reported net income of $12 million, or $0.10 per share diluted, for the first quarter of 2009 versus a net loss of $59 million ($0.50 per share) for the first quarter of 2008. This came even as revenue for the quarter fell 50% from $12.8 billion in 2008 to $6.4 billion in the current quarter.
The company's refining and supply operations earned $23 million versus losing $123 million in the previous year. Retail marketing operations saw earnings drop to $6 million from $26 million, chemicals had a $4 million loss versus earnings of $18 million in 2008, logistics doubled its earnings to $30 million, and coke operations were unchanged at $25 million in first quarter earnings.
Sunoco plans to reduce costs by $300 million, said Chairman and CEO Lynn Eisenhans. The company lowered capital spending by $200 million.
