Tulsa World: Sunoco loses $312 million, scales back pension plan

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Sunoco loses $312 million, scales back pension plan

By Staff and Wire Reports
Published: 11/6/2009 3:26 AM
Last Modified: 11/6/2009 3:26 AM

Sunoco Inc. reported a third-quarter loss Thursday after slumping fuel demand prompted the company to cut rates on processing units, idle a refinery and make cuts to its pension program.

The net loss was $312 million, or $2.67 a share, compared with net income of $549 million, or $4.70, a year earlier, Philadelphia-based Sunoco said in a news release.

Profit fell in the company's refining division, which accounted for 75.2 percent of its earnings a year ago.

Sunoco cut output from certain units and on Oct. 6 announced a plan to shut its Eagle Point refinery in Westville, N.J.

Sunoco, which sold its west Tulsa refinery to Dallas-based Holly Corp. earlier this year, said Thursday it would reduce pension benefits for employees retiring in July or later.

Average demand for diesel and other distillate fuels fell 17.6 percent from a year ago, according to the U.S. Energy Department. Average demand for gasoline also slipped, falling 1 percent from the same quarter a year earlier. By Staff and Wire Reports

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