2Q07 Earnings Conference Call

August 2, 2007

1

Exhibit 99.2

*

*

*

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***************

***************

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Safe Harbor Statement

This

slide

presentation

should

be

reviewed

in

conjunction

with

Sunoco’s

Second

Quarter

2007

earnings

conference

call

held

on

August

2,

2007

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#4720037.

Statements

in

this

presentation

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

assumptions

by

Sunoco

concerning

future

conditions,

any

or

all

of

which

ultimately

may

prove

to

be

inaccurate,

and

upon

the

current

knowledge,

beliefs

and

expectations

of

Sunoco

management.

These

forward-looking

statements

are

not

guarantees

of

future performance.

Forward-looking

statements

are

inherently

uncertain

and

involve

significant

risks

and

uncertainties

that

could

cause

actual

results

to

differ

materially

from

those

described

during

this

presentation.

Such

risks

and

uncertainties

include

economic,

business,

competitive

and/or

regulatory

factors

affecting

Sunoco's

business,

as

well

as

uncertainties

related

to

the

outcomes

of

pending

or

future

litigation.

In

accordance

with

the

safe

harbor

provisions

of

the

Private

Securities

Litigation

Reform

Act

of

1995,

Sunoco

has

included

in

its

Annual

Report

on

Form

10-K

for

the

year

ended

December

31,

2006,

and

in

its

subsequent

Form

10-Q

and

Form

8-K

filings,

cautionary

language

identifying

important

factors

(though

not

necessarily

all

such

factors)

that

could

cause

future

outcomes

to

differ

materially

from

those

set

forth

in

the

forward-looking

statements.

For

more

information

concerning

these

factors,

see

Sunoco's

Securities

and

Exchange

Commission

filings,

available

on

Sunoco's

website

at

www.sunocoinc.com.

Sunoco

expressly

disclaims

any

obligation

to

update

or

alter

its

forward-looking

statements,

whether

as

a

result

of

new

information,

future

events

or

otherwise.

This

presentation

includes

certain

non-GAAP

financial

measures

intended

to

supplement,

not

substitute

for,

comparable

GAAP

measures.

Reconciliations

of

non-GAAP

financial

measures

to

GAAP

financial

measures

are

provided

in

the

Appendix

at

the

end

of

the

presentation.

Investors

are

urged

to

consider

carefully

the

comparable

GAAP

measures

and

the

reconciliations

to

those

measures

provided

in

the

Appendix,

or

on

our

website

at

www.sunocoinc.com.

2

Income Before Special Items*, MM$

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

Refining & Supply

  73

409

273

126

76

482

Non-Refining

  34

  40

  98

  33

36

  59

Corp. & Net Fin.

  (28)

(23)

(20)

  (36)

(27)

  (32)

   Income Before 

     Special Items

  79

426

351

123

85

509

EPS (Diluted),

Before Special Items

0.59

3.22

2.76

1.00

0.70

4.20

3

$509

$85

$123

$351

$426

$79

$0

$100

$200

$300

$400

$500

$600

* For reconciliation to Net Income, see slide 14.

Non-Refining Businesses –

2Q07

4

Retail Marketing

Margins squeezed early in quarter but recovered in late May

and early June as wholesale prices fell

Results include $12MM in after-tax divestment gains from

Retail Portfolio Management program

Chemicals

Continued squeeze on margins due to rising feedstock costs

2Q06 results included a $4MM deferred tax benefit from a

state tax law change

Logistics

Decrease

from

2Q06

due

to

lower

lease

crude

acquisition

results

Coke

Completed start-up of 1.7 MM ton Vitória, Brazil plant during

2Q07 with full production expected in 3Q07

Refining & Supply Summary –

2Q07

5

Very strong margins, particularly in MidContinent, led to

record earnings

Value-added margins for RBOB-blended gasoline and ultra-

low sulfur diesel fuel improved from low 1Q07 levels

Realized crude costs remain high versus Dated Brent and

WTI-based markers

Significant capital project work throughout the system

Philadelphia catalytic cracker restarted in late April

Toledo crude unit debottleneck

work largely completed in

May and June

Tulsa refinery turnaround conducted in June and early July

Northeast Refining Margins

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

Northeast Refining:

   Realized Margin

  5.35

11.56

  8.35

  6.23

5.25

12.32

   6-3-2-1 Benchmark *

  4.49

8.76 

  5.29

  3.68

7.14

11.59

      Differential

+0.86

+2.80

+3.06

+2.55

(1.89)

+0.73

Actual Costs vs.    

   Benchmark:

   Crude

  (1.19)

  (1.06)

  (0.58)

  (0.26)

(2.24)

(1.66)

   Product

  2.05

3.86

  3.64

  2.81

0.35

2.39

      Differential

+0.86

+2.80

+3.06

+2.55

(1.89)

+0.73

6

* For definition, see slide 21.

Realized Margin vs. Benchmark, $/B

1.19

1.06

0.58

0.26

2.24

1.66

0.00

0.50

1.00

1.50

2.00

2.50

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

7

Crude Cost vs. Dated Brent +$1.25/B

2Q07 vs. 1Q07(-$0.58/B):

Higher premiums for West African

crudes

more than offset by…

Increased volumes of lower-cost,

slightly heavier crudes

Lower transportation costs

Improved timing of purchases

versus calendar-day average

2.05

3.86

3.64

2.81

0.35

2.39

0.00

1.00

2.00

3.00

4.00

5.00

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

Products vs. Benchmarks, $/B

2Q07 vs. 1Q07 (+$2.04/B):

Higher value-added premiums

for RBOB gasoline over

conventional gasoline and for

diesel/jet fuel over heating oil

Higher margins for premium

gasoline and petrochemical

feedstocks

Northeast Refining Margins

MidContinent

Refining Margins

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

MidContinent Refining:

   Realized Margin

  8.38

15.00

14.90

11.32

11.42

22.14

   3-2-1 Benchmark *

  7.92

18.63

14.13

   8.58

11.06

28.30

      Differential

+0.46

(3.63)

+0.77

+0.36

(6.16)

Actual Costs vs.    

   Benchmark:

   Crude

  0.67

  0.58

   1.55

  (0.36)

(2.17)

   Product

(0.21)

(4.21)

0.52

1.19

  0.72

(3.99)

      Differential

+0.46

  (3.63)

+0.77

+2.74

+0.36

(6.16)

8

* For definition, see slide 21.

Realized Margin vs. Benchmark, $/B

+2.74

0.25

(0.67)

(0.58)

(0.25)

(1.55)

0.36

2.17

-2.50

-1.50

-0.50

0.50

1.50

2.50

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

9

(0.21)

(4.21)

0.52

1.19

0.72

(3.99)

-5.00

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

Products vs. Benchmarks, $/B

2Q07 vs. 1Q07 (-$4.71/B):

Unfavorable actual product mix

versus marker

Lower value-added premiums for

lubricant base oils and

petrochemicals

Crude Cost vs. WTI +$0.75, $/B

2Q07 vs. 1Q07 (+$1.81/B):

Weakness in WTI benchmark

Higher premiums for Canadian

Syncrude

volumes at Toledo

refinery

Slightly higher transportation

rates

MidContinent

Refining Margins

Philadelphia Catcracker

Project Update

10

Completion and Start-Up

Start-up late April; approximately 1.5 MMB lower

production impact in 2Q07

May/June residual fuel input approximately 23 MB/D

May/June income contribution approximately $15MM

after-tax

July/3Q07 Expectations

Expect to run unit at approximately 85 MB/D input rate

(approximately 25 MB/D residual fuel input)

MidContinent

Refining Project Updates

11

Toledo Crude Unit Debottleneck

Project

Majority of final tie-in work occurred in May and June…

restart began early July

Minimal 2Q07 production impact of approximately 0.6 MMB

Post-project expect incremental light product production (jet

and gasoline) of approximately 15 MB/D

Tulsa Refinery Turnaround

Majority of work occurred in June…

restart began mid July

2Q07 production impact of approximately 2.3 MMB

3Q07 production impact of approximately 0.6 MMB

Post-turnaround, expect improved reliability and improved

distillate and lubricant yields

Summary

12

Record 2Q07 earnings…

very strong refining margins…

less planned refinery downtime than 1Q07

No major turnaround activity scheduled in the second

half of 2007

1H07 capital project work expected to significantly

improve the earnings power of Sunoco’s refining system

Appendix

13

*

*

*

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Earnings Profile

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

Net Income (MM$ after tax):

   Refining & Supply

73

409

273

126

  76

482

   Retail Marketing

  -

  10

  77

(11)

    7

30

   Chemicals

14

    8

    5

  16

    9

6

   Logistics

  6

  12

    7

  11

    9

10

   Coke

14

  10

    9

  17

  11

13

   Corporate Expenses

(16)

  (11)

  (11)

  (20)

  (15)

(18)

   Net Financing Expenses & Other

(12)

  (12)

    (9)

  (16)

  (12)

(14)

      Income Before Special Items

79

426

351

123

  85

509

         Special Items 

  -

    -

    -

     -

  90

     -

      Total Net Income

79

426

351

123

175

509

EPS (Diluted), Before Special Items 

0.59

3.22

2.76

1.00

0.70

4.20

EPS (Diluted), Net Income

0.59

3.22

2.76

1.00

1.44

4.20

14

Key Margin Indicators

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

Refining & Supply, $/B

   Realized Northeast

  5.35

11.56

  8.35

  6.23

  5.25

12.32

   Realized MidContinent

  8.38

15.00

14.90

11.32

11.42

22.14

      Realized Total R&S

  6.13

12.41

10.13

  7.51

  6.98

14.70

Retail Marketing, cpg

   Gasoline

  6.8

  8.4

17.3

  6.8

  8.3

10.1

   Distillate 

12.0

  8.7

10.4

13.5

16.3

  9.5

Chemicals, cpp

   Phenol and Related

  9.1

  7.1

  7.0

8.7

  8.8

  8.5

   Polypropylene

13.2

11.1

12.2

12.9

12.7

11.4

      Total Chemicals

10.9

  8.8

  9.3

10.5

10.5

  9.7

Dated Brent Crude Oil, $/B

61.88

69.65

69.41

59.74

57.28

68.77

Natural Gas, $/DT

  7.88

  6.67

  6.14

  7.26

  7.18

  7.65

15

Key Volume Indicators

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

Refining & Supply

   Northeast:

     Crude Throughputs, MB/D

610

640

612

603

539

614

     % Capacity

  93

  98

  93

  92

  82

  94

     Net Prod. Available for Sale, MB/D

664

698

658

662

599

671

   MidContinent:

     Crude Throughputs, MB/D

225

224

238

211

223

205

     % Capacity

  92

  92

  97

86

  91

  84

     Net Prod. Available for Sale, MB/D

233

231

246

221

232

215

   Total Refining & Supply:

     Crude Throughputs, MB/D

835

864

850

814

762

819

     % Capacity

  93

  96

  94

  90

  85

  91

     Net Prod. Available for Sale, MB/D

897

928

904

883

831

886

     Net Prod. Available for Sale, MMB

  81

  84

  83

  81

  75

  81

16

Key Volume Indicators

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

Retail Marketing

   Gasoline Sales, MM gal

1,086

1,181

1,202

1,179

1,131

1,175

   Middle Distillate Sales, MM gal

   176

   158

   158

   165

   177

   152

      Total Sales, MM gal

1,262

1,339

1,360

1,344

1,308

1,327

   Gasoline and Diesel Throughput 

     (M gal/Site/Month)

     (Company owned or leased outlets)

   132

   143

   150

   149

   142

   152

   Merchandise Sales (M$/Store/Month)

     71

82

     87

    80

     76

     87

Chemicals

   Phenol and Related Sales, MM#

   633

   663

   607

  632

   592

   644

   Polypropylene Sales, MM#

   562

   569

   550

  562

   548

   576

   Other Sales, MM#

     21

     21

     21

    25

     20

     22

      Total, MM#

1,216

1,253

1,178

1,219

1,160

1,242

Coke

   Production, M tons:

      United States

   631

  627

  620

  632

   611

   620

      Brazil

   - 

   -

   -

   -

     32

   237

17

Share Repurchase Activity

18

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

2006

12.2

   871

71.13

1H07

  1.2

   100

83.19

   Total

73.6

2,647

35.89

At 6/30/07:

Shares O/S = 120.4MM

Remaining Authorization = $849MM

Financial Ratios

3/31/06

6/30/06

9/30/06

12/31/06

3/31/07

6/30/07

Total Debt (GAAP Basis)

1,524

1,438

1,497

1,987

2,086

1,973

Plus: Debt Guarantees

       6

       6

      6

       5

       5

       4

Less: Cash

   (361)

   (600)

   (218)

    (263)

   (222)

   (240)

Net Debt (Revolver Covenant Basis)

1,169

   844

1,285

1,729

1,869

1,737

Shareholders’ Equity (GAAP Basis)

2,027

2,295

2,126

2,075

2,159

2,576

SXL * Minority Interest

   394

   506

   502

   503

   349

   348

Equity (Revolver Covenant Basis)

2,421

2,801

2,628

2,578

2,508

2,924

Debt / Capital (GAAP Basis)

43%

39%

41%

49%

49%

43%

Net Debt / Capital ** 

(Revolver Covenant Basis)

33%

23%

33%

40%

43%

37%

*

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

**

The

Net

Debt

/

Capital

ratio

is

used

by

Sunoco

management

in

its

internal

financial

analysis

and

by

investors

and

creditors

in

the

assessment

of

Sunoco’s

financial

position.

19

Refining & Supply -

2Q07 Gasoline and Distillate Production

Northeast

Refining

MidContinent

Refining

Total

Refining 

& Supply

Gasoline Production, MB/D

327.8

110.3

438.1

   RFG

52%

   0%

39%

   Conventional

48%

100%

61%

Distillate Production, MB/D

231.0

66.3

297.3

   On-Road Diesel Fuel

61%

40%

56%

   Heating Oil / Off-Road Diesel

23%

24%

23%

   Jet Fuel

14%

36%

19%

   Kerosene / Other

  2%

  0%

  2%

20

Sunoco Refinery Benchmark Margins

Northeast 6-3-2-1 Benchmark

6 Dated Brent Crude: Platt’s Mid + $1.25 for transportation

3 Unleaded Regular Gasoline: NY Harbor Barge Platt’s Low

2 No. 2 Fuel Oil (Heating Oil): NY Harbor Barge Platt’s Low

1 No. 6 0.3% Sulfur High Pour Resid: NY Harbor Barge Platt’s Low

21

MidContinent

3-2-1 Benchmark

3 WTI Crude: NYMEX futures L1 Close + $0.75 for transportation

2 Unleaded Regular Gasoline: Chicago Pipeline Platt’s Low

1 No. 2 Low Sulfur (Low Sulfur Diesel): Fuel Oil Chicago Pipeline Platt’s Low

Northeast 6-3-2-1 Value Added Benchmark

6 Dated Brent Crude: Platt’s Mid + $1.25 for transportation

3 Gasoline: 50% Unleaded RBOB NY Harbor Barge Platt's Low

50% Unleaded Regular Gasoline NY Harbor Barge Platt's Low

2 Distillate: 55% ULSD/LSD NY Harbor Barge Platt's Low

20% Jet/Kero

NY Harbor Barge Platt's Low

25% No.2 Fuel Oil NY Harbor Barge Platt's Low

1 No. 6 0.3% Sulfur High Pour Resid: NY Harbor Barge Platt’s Low

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

Northeast Refining:

   6-3-2-1 Benchmark

  4.49

   8.76

  5.29

  3.68

7.14

11.59

   6-3-2-1 Value-Added

Benchmark

  5.41

12.28

  8.00

  5.12

8.16

14.15

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

MidContinent Refining:

   3-2-1 Benchmark

  7.92

18.63

14.13

  8.58

11.06

28.30

For More Information

22

Media releases and SEC filings are available

on our website at www.SunocoInc.com

Contact for more information:

Terry Delaney

(215) 977-6106

Tom Harr

(215) 977-6764