Sunoco, which has been refining oil for more than 100 years, is getting out of the business. In September it announced it would ditch its two remaining refineries, which were part of a refining business that had failed to turn a profit for most of the last three years. Write-downs associated with the move contributed to the flow of red ink last year. In late April, the company agreed to be sold to pipeline operator Energy Transfer Partners.
Going forward, Sunoco will refocus its efforts on the retail and logistics portion of its business. Its 4,933 gas stations and its transport and storage operations are profitable and growing. But there are still big questions over what direction the company will take after it zeroes in on logistics and officially exits the refinery biz. "Beyond that," said a Morningstar analyst note, "the company's future is nebulous."
