In total, we estimate that the Philadelphia and Toledo capital projects contributed over $15 million in additional after-tax income to third quarter results. Non-refining business unit earnings totaled $65 million in the third quarter," continued Drosdick.
"While retail gasoline margins were lower than the levels seen in last year's exceptionally strong third quarter, Sunoco's Retail Marketing business earned $31 million, benefiting from periods of declining wholesale gasoline prices.
Chemicals results improved to $13 million due to increased sales volumes and modest margin expansion, while Logistics results increased to $14 million, benefiting from strong operations during the quarter. Coke earnings were $7 million, including a $6 million partial phase out of tax credits because of the high level of crude oil prices during the quarter.
We also continued to execute our share reduction program, investing $200 million to purchase 2.8 million shares during the third quarter. Year-to-date, we have spent $300 million and reduced net shares outstanding by over three percent. The remaining share repurchase authorization from Sunoco's Board of Directors is currently $649 million."
marketing@alchempro.com
