PHILADELPHIA -- While Sunoco Inc. reported overall positive results for its second quarter, its retail marketing suffered markedly.
Net income overall was $242 million for the second quarter of 2005 vs. $234 million for the 2004 second quarter. However, the Philadelphia-based company's retail marketing earned $7 million in the second quarter vs. $20 million a year earlier. The decrease in retail marketing results was due largely to lower retail margins for gasoline, according to the company, partially offset by lower expenses and higher gains on [image-nocss] asset divestments.
For the first half of 2005, Sunoco reported net income of $358 million vs. net income of $323 million for the first half of 2004.
Results continued to be very strong, said John G. Drosdick, Sunoco chairman and CEO. Our second-quarter earnings represent a new record for the company, and on a per-share basis, year-to-date earnings are up 22% versus last year's then-record first half.
Drosdick continued, In other businesses, Retail Marketing earned $7 million. While much improved from the 2005 first quarter, generally rising crude oil and wholesale gasoline prices have persistently squeezed retail margins throughout the first half of the year.
Sunoco Inc. is a manufacturer and marketer of petroleum and petrochemical products. With 900,000 barrels per day of refining capacity, approximately 4,800 retail sites selling gasoline and convenience items, approximately 4,500 miles of crude oil and refined product owned and operated pipelines and 38 product terminals, Sunoco is one of the largest independent refiner-marketers in the United States.
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