US Sunoco swings to Q2 net income of $248m

02 August 2012 22:14  [Source: ICIS news]

HOUSTON (ICIS)--US Sunoco swung to a second-quarter net income of $248m (€203m) versus a net loss of $125m in the same period a year ago, the company said on Thursday.

Sunoco’s earnings were bolstered by strong performances in its logistics and retail segments, which posted pre-tax incomes of $82m and $73m, respectively, the company said.

“Results in our refining and supply segment rebounded during the quarter and provided a nice lift on higher realised margins,” said Brian MacDonald, Sunoco’s chief executive.

Sunoco also had $207m in income from special items, mainly from the idling of the Marcus Hook refinery in Pennsylvania and the pending joint venture agreement with The Carlyle Group for the Philadelphia refinery, also in Pennsylvania.

($1 = €0.82)

By: Bobbie Clark
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