Sunoco has reported a net income of $216 million, or $1.81 per share, for the third quarter of 2007, versus $351 million, or $2.76 per share, for the same period in 2006.
For the first nine months of 2007, Sunoco reported net income of $900 million, or $7.46 per share, versus $856 million, or $6.53 per share, in the first nine months of 2006.
Retail marketing earned $31 million in the third quarter of 2007 versus $77 million in the third quarter of 2006. The decrease in earnings was primarily due to lower average retail fuel margins. Chemicals earned $13 million in the third quarter of 2007 versus $5 million in the prior-year period.
John Drosdick, chairman and CEO, said: In a very volatile market for refined product margins, the company posted solid third quarter results. Our refining and supply business earned $171 million despite lower margins that resulted from the end-of-driving-season decline in gasoline demand and the sharp increase in crude oil prices during the quarter.