For the full year 2007, Sunoco reported net income of $891 million or $7.43 per diluted share compared to $979 million or $7.59 per diluted share for the full year 2006. Excluding special items, income for 2007 was $833 million or $6.94 per diluted share. There were no special items in the 2006 full-year period.
Sunoco stated that its refining and supply business earned $43 million in the fourth quarter of 2007 compared to $126 million in the fourth quarter of 2006. Retail marketing earned $1 million in the fourth quarter of 2007 versus a loss of $11 million in the fourth quarter of 2006.
The chemicals segment had a loss of $2 million in the fourth quarter of 2007 compared to income of $16 million in the same period in 2006. Earnings for the logistics segment were $12 million in the fourth quarter of 2007 against $11 million in the fourth quarter of 2006.
John Drosdick, Sunoco’s chairman and CEO, said: Despite significant market volatility, 2007 was another very good year for Sunoco, with earnings reflecting, on average, strong refining margins and a positive contribution from each of our non-refining businesses.
