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Gold/Mining/Energy : Sunoco - SUN - The Best Oil Company
SUN 52.41-0.2%Dec 31 3:59 PM EST
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To: Jack Hartmann who wrote ()4/20/2000 11:01:00 PM
From: Jack Hartmann  Read Replies (1) of 29
 
4/20/00 for SUN conference call for Q1
- 0.75 EPS with 67M in rev, best since 1998, best Q1 in 10 years. 12M a year ago Q
- northeast refining division - increase due severe NE winter, low industry production in the quarter,
- absorbed 4M charge for pipeline spill in PA
- $4.61 a barrel margin in Q1, best quarter last year was 2.48 in Q399. Running 5.26 in two weeks in April. Margins can run from $1 to $10
- Half our gasoline is reformulated gasoline 1.3 cent differential vs. regular gasoline. Running 9.5 cents in two weeks of Q2.
- gasoline volume up 3%
- convenience store sales up 10%
- Chemical division is up 30% y2y in rev, 13M vs. 10M due to better margins in propylene.
- lost 12M in lubricant buisiness vs. 5M profit last quarter a year ago. Due to increase in price of crude. Saw $17/bbl in crude price increase.
VCALL kicks out, but SUN slide show on thier webpage works.
2/16/99 crude $11.37
3/7/00 crude peaks at $34.17
4/19/00 crude at 27.36
- Midamerica division - 5M profit vs 12M loss a year ago quarter. Major refinery turnaround completed April 12, 2000.
- coming into peak driving season with higher margins.
- Logistics impacted by lower pipeline and
terminal throughputs in 1Q00. 2Q/3Q seasonally improved.
- 1Q99 Coke included a $7MM after-tax divestment gain
- Each business should continue to provide
annual income in $50-55MM range
************
Having been in several refineries, higher crude prices allows higher margins. As long as it is above $23/bbl, SUN will do great on the profits.
Jack
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