Sunoco, a petroleum refiner and marketer, has reported a net loss of $59 million, or $0.50 loss per share diluted for the first quarter of 2008, compared to net income of $175 million, or $1.44 per share diluted, for the same period of 2007.
Refining and supply had a loss of $123 million in the first quarter of 2008 versus income of $76 million in the same period of 2007. Retail marketing earned $26 million in the first quarter of 2008 versus $7 million in the same period of 2007.
Chemicals earned $18 million in the current quarter versus $9 million in the first quarter of 2007. Earnings for the logistics segment were $15 million in the first quarter of 2008 versus $9 million in the same period of 2007. The coke business earned $25 million in the first quarter of 2008 versus $11 million in the same period of 2007.
John Drosdick, chairman and CEO of Sunoco, said: Sunoco’s non-refining business units earned $84 million in the first quarter, with the largest contributions coming from retail marketing and SunCoke Energy. Retail marketing earned $26 million, benefiting from expanded retail gasoline margins despite lower gasoline sales volumes versus a year ago.