If You Wonder Why Gas It $2++ Per Gallon

[The_Ancient]

Associated Press
Sunoco's 2Q Earnings Nearly Triple
07.22.2004, 08:27 AM

Petroleum and petrochemical product maker Sunoco Inc. on Thursday said earnings for its second quarter nearly tripled on strong refined product margins, contributions from recent acquisitions and operational improvements in each of its business units.

The company posted earnings of $234 million, or $3.07 a share, compared with $81 million, or $1.04 per share, in the year-ago period, beating analyst predictions for earnings of $2.48 per share. Results for the latest quarter include a charge of $4 million for losses related to retail service stations for sale. Excluding the charge, the company posted earnings of $238 million, or $3.12 a share.

Sunoco said total revenue rose 50 percent to $6.28 billion from $4.2 billion.

Earnings from refining and supply were $217 million in the second quarter, up from $50 million in the same period last year due to higher margins and income contribution of $42 million from its Eagle Point facility, acquired in January.

Total crude unit throughput averaged 887,000 barrels daily, and gasoline production was a record 43 million barrels for the quarter.

Chemicals earned $12 million in the second quarter, up from $10 million last year, due primarily to higher sales volumes for polypropylene and phenol and related products.

Shares of Sunoco rose/fell TK percent, or TK cents, to $TK on the New York Stock Exchange.

Amazing, every time there is a raise in gas prices these companies are all over the new about Iraq this, Cut in production that blah blah blah

Looks to me it is pure GREED that fuels these Rasies in price