EX-99.2 3 dex992.htm SLIDE PRESENTATION Slide Presentation
1Q08 Earnings Conference Call
May 1, 2008
1
Exhibit 99.2

1Q08 Summary
2
Net loss of $59MM ($0.50/share)
Refining & Supply loss of $123MM
High cost of crude oil…
flat price, transportation and quality
differentials…
impact on refinery fuel costs
Weak product demand, particularly gasoline
Refinery maintenance activity/downtime…
11 MMB impact
Non-Refining earnings of $84MM
Solid contributions from all businesses

Income (Loss) Before Special Items*, MM$
1Q07
2Q07
3Q07
4Q07
1Q08
Refining & Supply
  76
482
171
  43
(123)
Non-Refining
  36
  59
  65
   9
84
Corp. & Net Fin.
  (27)
  (32)
  (20)
  (29)
(20)
   Income (Loss)   
   Before Special Items
  85
509
216
  23
(59)
EPS (Diluted), Before
Special Items
0.70
4.20
1.81
0.20
(0.50)
3
(59)
23
216
509
85
($100)
$0
$100
$200
$300
$400
$500
$600
* For reconciliation to Net Income (Loss), see slide 14.

Refining & Supply Summary –
1Q08
4
1Q08 Loss* of $123MM
Weakness in refining margins (particularly gasoline)
Higher crude oil prices and transportation costs
Lower product demand (high prices and slowing
economy)
Operations
Net refinery production of 77 MMB (848 MB/D)
Planned and unplanned maintenance activity reduced
net production by approximately 11 MMB versus record
4Q07
Operating expenses up slightly from 4Q07 (mainly fuel
and utilities)
* Business Unit Net Income (Loss) after tax. For reconciliation to Net Income (Loss), see slide 14.

Northeast Refining Margins
5
* Northeast 6-3-2-1 Value-Added
Benchmark. For definition, see slide 21.
Realized Margin vs. Benchmark, $/B
1Q07
2Q07
3Q07
4Q07
1Q08
Northeast Refining:
Realized Margin
5.25
12.32
6.35
5.55
3.50
6-3-2-1  VA*
8.16
14.15
8.46
6.99
5.78
Differential
(2.91)
(1.83)
(2.11)
(1.44
)
(2.28)
Marker Capture, %
(realized/marker)
64%
87%
75%
79%
61%
Actual vs.   
Benchmark:
Crude
(2.24)
(1.66)
(2.14)
(2.40
)
(2.92)
Product
(0.67)
(0.17)
0.03
0.96
0.64
Differential
(2.91)
(1.83)
(2.11)
(1.44)
(2.28)

2.24
1.66
2.14
2.40
2.92
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
1Q07
2Q07
3Q07
4Q07
1Q08
6
Crude Cost vs. Dated Brent +$1.25/B
1Q08 Comments:
Significantly higher transportation
costs
High premiums for West African
light/sweet crudes
0.64
0.96
0.03
(0.17)
(0.67)
-1.00
-0.50
0.00
0.50
1.00
1.50
2.00
1Q07
2Q07
3Q07
4Q07
1Q08
Products vs. VA Benchmark, $/B
Northeast Refining Margins
1Q08 Comments:
Favorable production mix versus the
marker (more distillate, less residual
fuel)
Partially offset by rising net cost of
internally produced fuel

MidContinent
Refining Margins
7
Realized Margin vs. Benchmark, $/B
* MidContinent
3-2-1 Benchmark. For definition, see slide 21.
1Q07
2Q07
3Q07
4Q07
1Q08
MidCont
Refining:
Realized Margin
11.42
22.14
13.10
7.10
3.21
3-2-1 Benchmark*
11.06
28.30
17.02
7.71
6.12
Differential
+0.36
(6.16)
(3.92)
(0.61)
(2.91)
Marker Capture, %
(realized/marker)
103%
78%
77%
92%
52%
Actual vs.   
Benchmark:
Crude
(0.36)
(2.17)
(1.84)
(0.30)
(1.56)
Product
0.72
(3.99)
(2.08)
(0.31)
(1.35)
Differential
+0.36
(6.16)
(3.92)
(0.61)
(2.91)

0.36
2.17
1.84
0.30
1.56
0.00
0.50
1.00
1.50
2.00
2.50
1Q07
2Q07
3Q07
4Q07
1Q08
8
0.72
(3.99)
(2.08)
(0.31)
(1.35)
-5.00
-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
1Q07
2Q07
3Q07
4Q07
1Q08
Products vs. Benchmark, $/B
Crude Cost vs. WTI +$0.75, $/B
MidContinent
Refining Margins
1Q08 Comments:
Higher costs for Canadian sweet
synthetic crude vs. WTI marker
1Q08 Comments:
Lower realizations on products not
directly linked with higher crude oil
prices

210
220
230
240
250
260
Retail Marketing –
Earnings of $26MM
Retail gasoline margin expansion in January and March
Volume decline vs. 1Q07
Chemicals –
Earnings of $18MM
Margin expansion vs. 4Q07 on moderating feedstock costs
Transfer of refinery-based assets to Refining & Supply
Non-Refining Business Income* -
1Q08
9
* Business Unit Net Income (Loss) after tax. For reconciliation to Net Income (Loss), see slide 14.
Wholesale Gasoline Price, cpg
(87 Regular New York Harbor)
Jan-08
50
52
54
56
58
Dec-07
Jan-08
Feb-08
Mar-08
Propylene Price, cpp
(Refinery Grade)
Feb-08
Mar-08

10
Retail Marketing –
Earnings of $26MM
Retail gasoline margin expansion in January and March
Volume decline vs. 1Q07
Chemicals –
Earnings of $18MM
Margin expansion on moderating feedstock costs
Transfer of refinery-based assets to Refining & Supply
Logistics –
Earnings of $15MM
Record quarter for Sunoco Logistics Partners L.P.
(NYSE: SXL)
Coke –
Earnings of $25MM
Higher price realizations from coal and coke production at
Jewell operations
New growth projects recently announced
* Business Unit Net Income (Loss) after tax. For reconciliation to Net Income (Loss), see slide 14.
Non-Refining Business Income* -
1Q08

11
Haverhill, Ohio 2
550 Mtons
coke and 46 MW net power generation annually
Estimated cost of approximately $250MM*
Expected to be operational in 2H08
Estimated annual net income contribution of $25MM
Granite City, Illinois
650 Mtons
coke annually to U.S. Steel
Estimated cost of approximately $300MM*
Groundbreaking May 5…
expected to be operational 4Q09
Estimated annual net income contribution of $25-30MM
Middletown, Ohio
550 Mtons
coke and 46 MW net power generation annually to
AK Steel
Estimated cost of approximately $350MM*
Construction to begin upon receipt of necessary permits and
available economic incentives
Estimated annual net income contribution of $35-40MM
Coke Project Update
* Includes capitalized interest.

2Q08 Outlook
12
Refining & Supply
Premiums on crude oil purchases remain high but refining
margins starting to improve as we approach summer
driving season
2Q08 refinery utilization expected to be approximately  
90-95% of capacity
Non-Refining Businesses
Retail gasoline and chemical margins squeezed on
increases in feedstock costs
Coke and Logistics earnings relatively stable versus 1Q08

Appendix
13

Earnings Profile
14
1Q07
2Q07
3Q07
4Q07
1Q08
Net Income (Loss) (MM$ after tax):
Refining & Supply
76
482
171
43
(123)
Retail Marketing
7
30
31
1
26
Chemicals
9
6
13
(2)
18
Logistics
9
10
14
12
15
Coke
11
13
7
(2)
25
Corporate Expenses
(15)
(18)
(11)
(23)
(17)
Net Financing Expenses & Other
(12)
(14)
(9)
(6)
(3)
Income(Loss)
Before Special Items
85
509
216
23
(59)
Special Items
90
-
-
(32)
-
Total Net Income
(Loss)
175
509
216
(9)
(59)
EPS (Diluted), Income (Loss) Before
Special Items
0.70
4.20
1.81
0.20
(0.50)
EPS (Diluted), Net Income
(Loss)
1.44
4.20
1.81
(0.08)
(0.50)

Key Margin Indicators
15
1Q07
2Q07
3Q07
4Q07
1Q08
Refining & Supply, $/B
Realized Northeast
5.25
12.32
6.35
5.55
3.50
Realized MidContinent
11.42
22.14
13.10
7.10
3.21
Realized Total R&S
6.98
14.70
8.06
5.95
3.43
Retail Marketing, cpg
Gas
oline
8.3
10.1
11.1
7.7
11.
1
Distillate
16.3
9.5
8.1
13.3
17.0
Chemicals, cpp
Phenol and Related
8.8
8.5
8.7
7.9
9.2
Polypropylene
12.7
11.4
11.7
10.4
12.5
Total Chemicals
10.5
9.7
10.0
8.9
10.
6
Dated Brent Crude Oil, $/B
57.28
68.77
74.84
88.69
96.90
Natural Gas, $/DT
7.18
7.65
6.24
7.39
8.75

Key Volume Indicators
16
1Q07
2Q07
3Q07
4Q07
1Q08
Refining & Supply
Northeast:
Crude Throughputs, MB/D
539
614
643
647
570
% Capacity
82
94
98
99
87
Net Prod. Available for Sale, MB/D
599
671
703
716
633
MidContinent:
Crude Throughputs, MB/D
223
205
230
236
208
% Capacity
91
84
90
93
82
Net Prod. Available for Sale, MB/D
232
215
240
246
215
Total Refining & Supply:
Crude Throughputs, MB/D
762
819
873
883
778
% Capacity
85
91
96
97
85
Net Prod. Available for Sale, MB/D
831
886
943
962
848
Net Prod. Available for Sale, MMB
75
81
87
88
77

Refining & Supply -
Gasoline and Distillate Production
17
1Q07
2Q07
3Q07
4Q07
1Q08
Northeast
Gasoline Production, MB/D
289.3
327.8
342.7
344.8
294.2
RFG
51%
52%
53%
55%
56%
Conventional
49%
48%
47%
45%
44%
Distillate Production, MB/D
210.1
231.0
249.8
259.7
228.4
On-Road Diesel Fuel
55%
61%
57%
55%
51%
Heating Oil / Off-Road Diesel
25%
23%
27%
28%
31%
Jet Fuel
16%
14%
14%
15%
15%
Kerosene/Other
4%
2%
2%
2%
3%
MidContinent
Gasoline Production, MB/D
112.1
110.3
114.2
114.8
99.3
RFG
0%
0%
0%
0%
0%
Conventional
100%
100%
100%
100%
100%
Distillate Production, MB/D
75.3
66.3
79.2
85.4
70.2
On-Road Diesel Fuel
38%
40%
35%
35%
23%
Heating Oil / Off-Road Diesel
28%
24%
25%
26%
32%
Jet Fuel
34%
36%
40%
39%
45%
Kerosene/Other
0%
0%
0%
0%
0%
Total Refining & Supply
Gasoline Production, MB/D
401.4
438.1
456.9
459.6
393.5
RFG
37%
39%
40%
41%
42%
Conventional
63%
61%
60%
59%
58%
Distillate Production, MB/D
285.4
297.3
329.0
345.1
298.6
On-Road Diesel Fuel
51%
56%
52%
50%
44%
Heating Oil / Off-Road Diesel
26%
23%
26%
28%
32%
Jet Fuel
21%
19%
20%
21%
22%
Kerosene/Other
2%
2%
2%
1%
2%

Key Volume Indicators
18
1Q07
2Q07
3Q07
4Q07
1Q08
Retail Marketing
Gasoline Sales, MM gal
1,131
1,175
1,170
1,138
1,070
Middle Distillate Sales, MM gal
177
152
144
149
145
Total Sales, MM gal
1,308
1,327
1,314
1,287
1,215
Gasoline and Diesel Throughput
(Company-owned or leased outlets)
(M gal/Site/Month)
142
152
154
152
146
Merchandise Sales (M$/Store/Month)
76
87
91
85
82
Chemicals
Phenol and Related Sales, MM#
592
644
633
639
599
Polypropylene Sales, MM#
548
576
623
550
569
Other Sales, MM#
20
22
19
19
24
Total, MM#
1,160
1,242
1,275
1,208
1,192
Coke
Production, M tons:
United States
611
620
621
617
613
Brazil
32
237
403
419
388

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
2006
12.2
   871
71.13
2007
  4.0
   300
75.35
1Q08
  0.8
     49
63.27
   Total
77.2
2,896
37.46
At 3/31/08:
Shares O/S = 116.9MM
Remaining Authorization = $600MM
19

Financial Ratios
*
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.
20
3/31/07
6/30/07
9/30/07
12/31/07
3/31/08
Total Debt (GAAP Basis)
2,086
1,973
2,039
1,728
1,686
Plus: Debt Guarantees
5
4
3
3
3
Less: Cash
222
240
263
648
347
Net Debt (Revolver Covenant Basi
s)
1,869
1,737
1,779
1,083
1,342
Shareholders’
Equity (GAAP Basis)
2,159
2,576
2,566
2,533
2,367
SXL * Minority Interest
349
348
353
356
359
Equity (Revolver Covenant Basis)
2,508
2,924
2,919
2,889
2,726
Debt / Capital (GAA
P Basis)
49%
43%
44%
41%
42%
Net Debt / Capital **
(Revolver Covenant Basis)
43%
37%
38%
27%
33%

Sunoco Refinery Benchmark Margins
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
1Q07
2Q07
3Q07
4Q07
1Q08
Northeast Refining:
   6-3-2-1 Value-Added
Benchmark
8.16
14.15
8.46
6.99
5.78
1Q07
2Q07
3Q07
4Q07
1Q08
MidContinent Refining:
   3-2-1 Benchmark
11.06
28.30
17.02
7.71
6.12

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

Safe Harbor Statement
23
This slide presentation should be reviewed in conjunction with Sunoco’s First Quarter 2008 earnings conference call
held on May 1, 2008 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#42012779.
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, 2007, 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.