October 2011, Vol. 238 No. 10

Business Meetings & Events

Sunoco Exiting Refining, Conduct Strategic Review

Sunoco, Inc. plans to exit its refining business and has begun a process to sell its refineries located in Philadelphia and Marcus Hook, PA. Sunoco is conducting a comprehensive strategic review 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. Sunoco said it 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 by July. “We have made progress in increasing the efficiency of our refineries over the