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To: Johnny Canuck who wrote (45864)	10/7/2009 5:08:02 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68015

4:15PM Sunoco cuts dividend, idling N.J. refinery (SUN) by Wallace Witkowski SAN FRANCISCO (MarketWatch) -- Sunoco Inc. (SUN) said late Tuesday it was cutting its quarterly dividend in half and idling its Eagle Point refinery in Westville, N.J., because of because of poor margins in the face of weak fuel demand and growing competition from refineries overseas. About 400 employees will be furloughed because of the idled refinery. Sunoco also said its board lowered the quarterly dividend to 15 cents from 30 cents to preserve additional capital. With Eagle Point idled, Sunoco said it will shift production to its refineries in Marcus Hook, Penn. and Philadelphia. [Johnny: This definitely does not bode well for price stability for gasoline. Even when oil are $140 a barrel the refiner were not able to make good margins. They did it to themselves to a certain extent as they forward sold there production. I would have thought that would have cushions their margins in the short term. The may have taken their hedge off just in time for the price of oil to crash. ]