Sunoco Earns $426 Million in Second Quarter

Global Refining & Fuels Report, August, 2006 by Haldis, Peter

Sunoco announced earnings of $426 million in the second quarter, 76% higher than the company's earnings a year ago.

"Strong refining margins, particularly for ethanol-blended gasoline and low-sulfur diesel products, led to record quarterly earnings," Sunoco Chairman and CEO John Drosdick said. "Margins strengthened during the quarter, as the tight supply-demand balance in refining markets continued. Despite the higher prices associated with crude oil and product price increases, we continued to see steady demand for transportation fuels in the second quarter."

Most of Sunoco's earnings ($409 million) came from the refining and supply sector.

"Refining margins have remained relatively strong into the third quarter to date," Drosdick said. "Unscheduled maintenance in...