Sunoco Inc. ., which is getting out of the refining business, posted a fourth-quarter net loss on Wednesday, partly due to asset writedowns from idled refineries.
The net loss was $362-million, or $3.39 a share, compared with net income of $87-million, or 72 cents a share, in the same quarter of 2010.
Excluding a charge of $612-million relating to asset writedowns from idling of its Philadelphia and Marcus Hook, Penn., refineries, Sunoco had income of five cents a share.
Revenue rose to $12.7-billion from $9.9-billion a year earlier.