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The Globe and Mail

Sunoco posts fourth-quarter loss after writedowns

The Sunoco Philadelphia Refinery, a plant which is part of Sunoco's refining and supply business that manufactures gasoline, diesel, jet fuel and other petrochemicals, is backdropped by the Philadelphia skyline Friday April 28, 2006.

MATT ROURKE/MATT ROURKE/AP

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.

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Revenue rose to $12.7-billion from $9.9-billion a year earlier.

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