Sunoco Announced It Plans To Exit Refining Business

- Sunoco Announced It Plans To Exit Refining Business



Sep 6, 2011

Sunoco (NYSE:SUN) announced that it plans to exit its refining business and has begun a process to sell its refineries located in Philadelphia and Marcus Hook, Pennsylvania. The company also announced it is conducting a comprehensive strategic review of the company to determine the best way to deliver value to shareholders.

Lynn L. Elsenhans, Sunoco's chairman and chief executive officer said, "We have made progress in increasing the efficiency of our refineries over the last several years, but given the unacceptable financial performance of these assets, it is clear that it is in the best interests of shareholders to exit this business and focus on our profitable retail and logistics businesses which have higher returns, growth potential, and provide steady, ratable cash flow."

Sunoco has a potential upside of 27% based on a current price of $36.11 and an average consensus analyst price target of $45.86.

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Rosneft CEO: Chevron to Exit Joint Black Sea Project

- Rosneft CEO: Chevron to Exit Joint Black Sea Project

Friday, June 10, 2011
Dow Jones Newswires
KRASNODAR (Dow Jones Newswires)
by Jacob Gronholt-Pedersen

Rosneft is seeking new partners for its Val Shatsky project in the Black Sea because Chevron is likely to leave the block, Eduard Khudainatov, the CEO of the Russian state-owned oil major, said Friday.

"We had some disagreements," said Khudainatov.

When asked whether Rosneft will develop the Val Shatsky block in the Black sea together with Chevron, Khudainatov said: "Obviously not."

"Chevron still wants to work with us on offshore projects. Now we're considering where we will work (together)," he said.

Copyright (c) 2011 Dow Jones & Company, Inc.

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