4Q05 Earnings Conference Call

February 2, 2006

Exhibit 99.2

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Safe Harbor Statement

This slide presentation should be reviewed in conjunction with Sunoco’ s Fourth Quarter 2005 earnings conference call,

held on February 2, 2006 at 3:00 p.m. ET.  You may listen to the

audio portion of the conference call on the website or an audio

recording will be available after the call’s completion by calling 1-800- 642-1687 and entering conference ID# 4408097.

Those statements made by representatives of Sunoco during the course of this conference call that are not historical facts are

forward-looking

statements intended to be covered by the safe harbor provisions of Section 27A of the Securities Act of 1933 and

Section 21E of the Securities Exchange Act of 1934. These forward-looking

statements are based upon a number of assumptions

by

Sunoco

concerning

future

conditions,

any

or

all

of

which

may

ultimately

prove

to

be

inaccurate.

Forward-looking

statements

are inherently uncertain and necessarily involve risks that may affect Sunoco's business prospects and performance, causing

actual results to differ materially from those discussed during this conference call.   Such risks and uncertainties include, by way

of example and not of limitation: general business and economic conditions; competitive products and pricing; effects of weather

conditions

and

natural

disasters

on

the

Company’s

operating

facilities

and

on

product

supply

and

demand;

changes

in

refining,

marketing,

and

chemical

margins;

variation

in

petroleum-based

commodity

prices

and

availability

of

crude

oil

and

feedstock

supply

or

transportation;

effects

of

transportation

disruptions;

changes

in

the

price

differentials

between

light-sweet

and

heavy-

sour

crude

oils;

fluctuations

in

supply

of

feedstocks

and

demand

for

products

manufactured;

changes

in

product

specifications;

availability

and

pricing

of

oxygenates;

phase-outs

or

restrictions

on

the

use

of

MTBE;

changes

in

operating

conditions

and

costs;

changes in the expected level of environmental capital, operating or remediation expenditures; age of, and changes in the

reliability, efficiency and capacity of, the Company’s or a third party’ s operating facilities; potential equipment malfunction;

potential labor relations problems; the legislative and regulatory environment; ability to identify acquisitions, execute them under

favorable terms and integrate them into the Company’ s existing businesses; ability to enter into joint ventures and other similar

arrangements under favorable terms; delays and/or costs related to plant construction, improvements, or repairs and the

issuance of applicable permits; non-performance

by or disputes with major customers, suppliers, dealers, distributors or other

business partners; changes in financial markets impacting pension expense and funding requirements; political and economic

conditions, including the impact of potential terrorist acts  and international hostilities; and changes in the status of, or initiation

of, new litigation and/or arbitration proceedings.  These and other applicable risks and uncertainties have been described more

fully

in

Sunoco's

Third

Quarter

2005

Form

10-Q

filed

with

the

Securities

and

Exchange

Commission

on

November

3,

2005.

Other factors not discussed herein also could materially and adversely affect Sunoco ’s business prospects and/or performance. 

All

forward-looking

statements

included

in

this

conference

call

are

expressly

qualified

in

their

entirety

by

the

foregoing

cautionary

statements.

Sunoco undertakes no obligation to update any forward- looking statements whether as a result of new information or

future events.

1

4Q05 Summary

Income excluding special items of $297 MM ($2.19 /share)

Strong refining margins and record quarterly production levels

Results include $22 MM after tax for insurance, asset retirement,

environmental accruals and increased performance payouts       

($8 MM after tax in Corporate, $4 MM after tax in Logistics and

other allocated)

Special items -

-

additional $10 MM after-tax charge

related

to arbitration concerning phenol pricing

Share repurchase of $269 MM in 4Q05 and $435 MM in FY05

. . . outstanding shares at 133.1 MM at 12/31/05 . . . 4 % net

reduction for FY05

Strong cash flow . . . net debt-to-capital (per revolving

credit agreement) of 17 % at 12/31/05 vs. 22 % at 9/30/05

and 37 %  at 12/31/04

2

Earnings Profile

4Q05

4Q04

3Q05

Net Income, MM$:

   Refining & Supply

286

135

151

341

(55)

   Retail Marketing

  25

  30

    (5)

    6

19

   Chemicals

    8

  40

  (32)

  23

(15)

   Logistics

    3

    5

    (2)

    7

  (4)

   Coke

  10

  10

    -

  15

  (5)

   Corporate 

  (27)

  (27)

    -

  (25)

  (2)

   Net Financing

    (8)

  (15)

    7

  (10)

  2

      Income Before Special Items

297

178

119

357

(60)

         Special Items

  (10)

    -

  (10)

  (28)

18

      Net Income

287

178

109

329

(42)

EPS (Diluted) Before Special Items 

2.19

1.24

0.95

2.60

(0.41)

EPS (Diluted), Net Income

2.12

1.24

0.88

2.39

(0.27)

3

4Q05 Summary

4

Key variances vs. 4Q04

Higher refining margins and volumes

Lower net financing expenses

Lower retail gasoline and chemicals margins

Higher expenses, including fuel and non-executive employee

bonus program

Key variances vs. 3Q05:

Lower refining margins and lower Chemicals sales volumes

Higher retail gasoline margins

Higher expenses, including fuel and employee compensation

Earnings Profile: 2005

FY05

FY04

Net Income, MM$:

   Refining & Supply

   947

541

406

   Retail Marketing

     30

  68

  (38)

   Chemicals

     94

  94

    -

   Logistics

     22

  31

    (9)

   Coke

     48

  40

    8

   Corporate 

     (84)

  (67)

  (17)

   Net Financing

     (45)

  (78)

  33

      Income Before Special Items

1,012

629

383

         Special Items

     (38)

  (24)

  (14)

      Net Income

974

605

369

EPS (Diluted) Before Special Items

7.36

4.20

3.16

EPS (Diluted), Net Income

7.08

4.04

3.04

Avg. Shares O/S, MM (diluted)

137.5

149.8

(12.3)

5

4Q05 Earnings Highlights

6

Refining & Supply earnings of $286 MM

Record quarterly production at 87 MMB

Improved residual fuel and strong value-added margins

(premium gasoline, jet fuel, petrochemical feedstocks)

Higher crude differentials to marker due to increased

premiums on quality crudes

and reduced economics / use of

high-acid crudes

Refining & Supply –

Margins, $/B

7

4Q05

4Q04

3Q05

Northeast Refining:

   6-3-2-1 Benchmark

9.23

6.21

3.02

11.23

(2.00)

      Crude Differential

(2.29)

(0.66)

(1.63)

  (0.09)

(2.20)

      Product Differential

2.24

1.53

0.71

  (0.62)

2.86

   Realized Margin

9.18

7.08

2.10

10.52

(1.34)

MidContinent Refining:

   3-2-1 Benchmark

11.95

4.52

7.43

16.03

(4.08)

      Crude Differential

(0.51)

(0.67)

0.16

  (0.17)

(0.34)

      Product Differential

0.81

0.68

0.13

  (4.26)

5.07

   Realized Margin

12.25

4.53

7.72

11.60

0.65

4Q05 Earnings Highlights

8

Retail Marketing earnings of $25 MM

Volatile 4Q05 margins . . . strong early quarter but

weakening at year-end

Overall sales volume down 2 % (vs. 4Q04) . . . up 1.1 %

for the year

Retail Marketing

4Q05

4Q04

3Q05

Sales (MMgal):

   Gasoline

1,114

1,144

(30)

1,195

(81)

   Middle Distillates

   181

   177

  4

   165

16

      Total

1,295

1,321

(26)

1,360

(65)

Gasoline Margin (cpg)

11.0

11.9

(0.9)

7.7

3.3

Distillate Margin (cpg)

13.5

11.2

2.3

8.8

4.7

Throughput per co-owned / leased site

   (M Gal/Mo)

   131

   136

  (5)

   143

(12)

Merchandise Sales

   (M$/Store/Mo)

     76

     72

  4

84

  (8)

Merchandise Margin

   (% of Sales)

    28

     27

  1

     29

  (1)

9

4Q05 Earnings Highlights

10

Chemicals earnings of $8 MM

Results negatively impacted by weaker year-end sales volumes

and higher natural gas and other costs

Each $1.00 /DT change in natural gas

$2 MM pre-tax per quarter

Revised phenol pricing formula will be applied until second

arbitration completed . . . reduces Chemicals results by $3 -

4 MM

after-tax per quarter, beginning 1Q06

Sunoco Chemicals

4Q05

4Q04

3Q05

Margin (cp#)

    Phenol / Related

  9.3

12.5

(3.2)

10.7

(1.4)

    Polypropylene

14.3

16.2

(1.9)

12.7

1.6

       All Products 

11.4

13.7

(2.3)

11.5

(0.1)

Sales Volume (MM#)

    Phenol / Related

   619

   669

  (50)

   662

  (43)

    Polypropylene

   512

   556

  (44)

  590

  (78)

    Other 

     22

     48

  (26)

     20

    2

Total Volume

1,153

1,273

(120)

1,272

(119)

Natural Gas, $/DT

12.86

7.27

5.59

9.71

3.15

11

Share Repurchase Activity

Shares

Repurchased

Total

Cost

Average

Price     

(MM)

(MM$)

($/share)

2000

10.4

   144

13.87

2001

21.4

   393

18.32

2002

--

     --

--

2003

  5.8

   136

23.36

2004

15.9

   568

35.68

2005 

  6.7

   435

64.57

   Total

60.2

1,676

27.84

26% Reduction In Outstanding Shares

Since 12/31/99

12

Dividend Increases

$0.50

$0.55

$0.60

$0.80

3Q03

4Q03

3Q04

2Q05

60% increase over past two years

Annualized Dividend

13

Net Debt to Capital –

Revolver Covenant

17%

37%

42%

45%

12/31/02

12/31/03

12/31/04

12/31/05

14

12/31/05

09/30/05

12/31/04

Net Debt *

   499

   679

1,088

SXL ** Minority Interest

   397

   398

   232

Shareholders' Equity

2,051

2,062

1,607

Total Capital

2,947

3,139

2,927

Net Debt / Capital (%)

17

22

37

Debt / Cap Ratio –

Revolver Covenant, MM$

15

*  Net of cash, includes debt guarantees

** Sunoco Logistics Partners L.P. (NYSE: SXL)

For More Information

16

Press releases and SEC filings are available

on our website at www.SunocoInc.com

Contact for more information:

Terry Delaney

(215) 977-6106