Buckeyee
Champion Author
Maine
Posts:2,422
Points:557,655
Joined:May 2010
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Message Posted: Feb 4, 2012 8:01:27 AM
A growth industry.
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carnifolks
Veteran Author
New Jersey
Posts:354
Points:352,385
Joined:Sep 2006
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Message Posted: Feb 4, 2012 7:46:11 AM
Frivolous waste and misrepresentation
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uglytom
Champion Author
Florida
Posts:6,200
Points:1,291,840
Joined:Jul 2007
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Message Posted: Feb 4, 2012 7:08:13 AM
If oil related businesses can't be profitable now....the're out of business!
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grandpadon28110
Champion Author
Charlotte
Posts:2,898
Points:783,185
Joined:Sep 2008
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Message Posted: Feb 4, 2012 6:46:49 AM
Inflated profits bring in a lot of money.
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bigmoo63
All-Star Author
Kalamazoo
Posts:883
Points:56,540
Joined:Nov 2009
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Message Posted: Feb 4, 2012 5:53:35 AM
Difficult economics. Sounds like just another reason to outsource. The cash grab continues.
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brbaritone
Champion Author
Virginia
Posts:1,242
Points:1,366,045
Joined:Jan 2007
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Message Posted: Feb 4, 2012 5:46:24 AM
The article continues:
Among stocks in the spotlight, Sunoco Inc. rose 0.7%.
The Philadelphia-based company said late Thursday that Chief Financial Officer Brian MacDonald will become its new chief executive and that Lynn Elsenhans will step down as CEO on March 1.
Sunoco also will buy back about a fifth of its common stock over the next 12 to 18 months, among other measures. It also boosted it dividend by 33%.
Sunoco will essentially exit the refining business to focus on midstream pipeline and energy infrastructure, analysts noted on Friday.
On a conference call with analysts late Thursday, Sunoco said it contacted 150 parties about purchasing its Marcus Hook and Philadelphia refineries, with “limited interest” in potential buyers for the latter facility.
“Unfortunately we did not receive a single offer for Marcus Hook as an operating refinery, I think reflecting obviously very difficult refining economics,” CFO MacDonald said on a conference call.
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