![]()
- Iranian Seizure of British Yacht Pushes Oil Above $77
- Should Homeowners Be Able to Stop Paying Mortgage?
- Buffett's Predictions For Next Year—And Every Year
- The World's Biggest Debtor Nations
- Goldman Sachs Party Ban: No Gatherings of 12 or More
- Fed Tweaking Plan to Pull Money Back out of Economy
- Scientists Gone Wild: Climate Debate Turns Nasty
- Blue Nile CEO: Having 'Best Cyber Monday Ever'
- Slideshow: The Real Cost of the 12 Days of Christmas
- Why Careful Shoppers Are Great for the Box Office
- Blue Nile CEO: 'We're Having the Best Cyber Monday Ever'
- Best Online Retailers to Buy Now: Internet Analyst
- ESPN The Magazine’s Body Issue: A Financial Success
- Cyber Monday: The Last Vestige of Dotcom Hype
- Dubai Fear is 'Noise'—Stay Fully Invested: Strategist
- Tech Comes to Holiday Shopping's Rescue?
- Timeless and Time-Tested Warren Buffett Watch Predictions
- Roginsky: The Botax Whose Time Has Come
MOST SHARED
- Timeless and Time-Tested Warren Buffett Watch Predictions
- Black Friday Sales Disappoint Investors; Amazon Up
- Goldman Sachs Party Ban: No Gatherings of 12 or More
- Governments Must Take Steps To Avoid More Dubais: El-Erian
- Blue Nile CEO: 'We're Having the Best Cyber Monday Ever'
- Oil Demand Sees Year-Over-Year Rise, First Since 2007
- BofA Aims to Clearly Spell Out Credit Card Terms
- Get Paid Six Figures to Wear a T-Shirt?
- Should Homeowners Be Able To Walk Away From Mortgage?
- Tamminen: Copenhagen And Beyond
U.S. refiner Sunoco's quarterly earnings plunged 84 percent as high oil prices led to weak profit margins from gasoline production, but its results still beat Wall Street expectations and its shares rose 4 percent.
![]() |
Sunoco's results improved at most of its non-refining operations. Earnings more than doubled at its transportation and storage business and nearly doubled at its cokemaking operation, which makes a fuel used for steel making.
Net income in the second quarter fell to $82 million, or 70 ents a share, from $509 million, or $4.20 a share, from last year.
Excluding one-time items, the company said on Wednesday it earned 52 cents a share. Analysts, on average, had expected 34 cents a share, according to Reuters Estimates.
Still, the company warned its refining margins for gasoline continue to be weak in the third quarter, despite recent declines in crude oil prices.
The Philadelphia -based company said it would reduce output at its refineries given the weaker demand for products. It also said it was looking to focus on buying cheaper types of light, sweet crude.
Companies that refine oil to produce gasoline and other products have struggled to pass through record crude prices to their customers.
U.S. oil prices averaged slightly less than $125 a barrel in the quarter, nearly double that of a year earlier. Yet gasoline prices only rose 25 percent during that same period, resulting in weak profit margins for the fuel.
Sunoco's shares [SUN
Loading...
()
] rose 4 percent to $45 in extended trading on Wednesday after closing at $43.28.
- Ever wished your cab driver would stop chatting and just get to where you're going? Well, that moment is closer than ever.
- UPS is giving its customers the option to offset its carbon emissions when sending a package.
- Romania's presidential campaign has been rocked by a video that may show the president striking a 10-year-old boy.
- Raising alligators is hard work, and the fickle taste of rich consumers has just made it much harder, says the NY Times.
- A recent issue of ESPN Magazine was one of its top sellers ever, and it only took scantily clad athletes to make it happen.
- The continued real estate boom in China is partially fueled by a generational flood of newlyweds.












