Philly Based Sunoco To Exit Refining Business – Conducting Strategic Review

PHILADELPHIA, Sep 06, 2011

Sunoco, Inc. (NYSE: SUN) announced today that it plans to exit its refining business and has begun a process to sell its refineries located in Philadelphia and Marcus Hook, Penn. Sunoco also announced that it is conducting a comprehensive strategic review of the company to determine the best way to deliver value to shareholders, including how best to utilize the company’s strong cash position and maximize the potential for Sunoco’s logistics and retail businesses. Credit Suisse Securities (USA) LLC has been retained to assist in the review process.

Sunoco will pursue all options to sell its refineries, but if a suitable transaction cannot be implemented, the company intends to idle the main processing units at the facilities in July 2012…

To read the rest of the press release, click here: http://phx.corporate-ir.net/phoenix.zhtml?c=99437&p=irol-newsArticle&ID=1603618&highlight=

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