|  |
|
|
Sunoco Income Gains Led by Improved Refining Margins
Drosdick Notes Retail Reshuffling during First Quarter
Philadelphia, Pennsylvania-based Sunoco, Inc. said a much improved refining environment led the company’s net income captured for the first quarter to $86 million, which compares with a $107 million net loss for the same three months in 2002.
“We have had an excellent start to 2003,” said John G. Drosdick, Sunoco chairman and CEO. “Financially, our earnings and cash generation for the quarter were quite strong and strategically we took several important steps designed to profitably grow the company.”
[FULL STORY]
|
|
|
Flint Hills Subsidiary to Buy Shell’s Stake in Excel Paralubes
Shell Sale Required by Federal Trade Commission
Shell Oil Company, a wholly-owned member of the Royal Dutch/Shell Group, and Flint Hills Resources have entered into a definitive agreement under which a Flint Hills Resources, LLC subsidiary will purchase Shell’s 50 percent ownership interest in the Excel Paralubes venture. Terms of the sale were not released and it must be approved by the Federal Trade Commission before it can close.
Shell acquired its interest in Excel Paralubes last year when it bought the Pennzoil-Quaker State Company. At that time, the company entered into a consent order with the FTC under which it agreed to divest itself of Pennzoil’s 50 percent ownership in Excel Paralubes.
[FULL STORY]
|
|
|
| |
|
|
RECENT ISSUES
VISIT DTN ENERGY
|
