Sunoco Q4 Earnings Another Casualty of Weak Refining Margins

Global Refining & Fuels Report,  February, 2008  by Haldis, Peter

Tags: earnings, Sunoco Inc.

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Philadelphia-based Sunoco reported a loss of $9 million in the fourth quarter, compared to earnings of $123 million in the fourth quarter 2006.

Excluding special items, the company earned $23 million in the fourth quarter last year.

Like many of its peers, Sunoco blamed weak refining margins for the year-on-year decline.

"Fourth quarter financial performance was negatively impacted by the sharp increase in crude oil prices, which occurred throughout the period," said Chairman and CEO John Drosdick. "This resulted in lower refining, retail and chemicals margins as well as the ...

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