Overall, Sunoco's net income for the first quarter of 2009 was $12 million versus a net loss of $59 million in the first quarter of 2008. For the first quarter of 2009, Sunoco earned $23 million from its refining and supply segment. For the same quarter in 2008, the company lost $123 million in its refining and supply segment. Earnings in the refining segment improved due to better refining margins. However, overall petroleum production declined.
Analysts at JP Morgan upgraded their stock rating of Sunoco from "underweight" to "neutral." The analysts argue that U.S. refiners can expect earnings to improve during the summer months becuase gasoline consumption typically rises during these months.
Sunoco plans to reduce spending by $300 million and will cut its work force by 20%.
the compnay shut a 142,000 barrel a day crude pipeline linking Ohio to Michigan after an oil spill at the line's pump station in Cygnet, Ohio.
Sunoco reported net income of $204 million for the fourth quarter of 2008 compared to a net loss of $9 million for the fourth quarter of 2007. Sunoco Inc. had 4th quarter 2008 revenues of $9.1B, which missed the analyst's estimates. Revenue in this quarter was -43.3% below the prior year's 4th quarter results.
On January 10, 2007, the share price of Sunoco dropped from USD 68.26 to USD 57.12 due to the announcement that the Chairman, Chief Executive and President, John G. Drosdick had sold Sunoco shares for USD 62.99.
