2. Income (Loss) Before Special Items*, MM$
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08
Refining & Supply 76 482 171 43 (123) 32 424
Non-Refining 36 59 65 9 84 47 140
Corp. & Net Fin. (27) (32) (20) (29) (20) (18) (5)
Income (Loss)
Before Special Items 85 509 216 23 (59) 61 559
EPS (Diluted), Before
Special Items 0.70 4.20 1.81 0.20 (0.50) 0.52 4.78
2
* For reconciliation to Net Income (Loss), see Slide 13.
3. 3Q08 Summary
Net Income excluding special items of $559MM* ($4.78/share)
g
Refining & Supply earnings of $424MM
g
0Falling/lower crude oil prices and reduced purchases of
premium-priced crudes
0Industry supply constraints due to Gulf Coast storms
088% utilization with continued focus on optimizing production
mix during the quarter to meet market demand
Non-Refining earnings of $140MM
g
0Falling/lower feedstock costs for Retail Marketing and
Chemicals
0Solid contributions from Logistics and Coke
3
* For reconciliation to Net Income, see Slide 13.
4. Refining & Supply Summary – 3Q08
3Q08 earnings* of $424MM
g
0Declining crude oil prices and reduced purchases of
premium-priced crudes improved realized margins and
capture versus benchmarks
0Gasoline margins expanded rapidly during September as
hurricane-related refinery outages in the Gulf Coast limited
product supply in the market
Operations
g
0Net refinery production of 82 MMB (884 MB/D) … limited by
economics/demand and optimization efforts early in the
quarter
0Continued focus on production yield optimization… more
distillate in July and August with shift to gasoline in
September
4
* Business Unit Net Income after tax. For reconciliation to Net Income, see Slide 13.
5. Nigerian Crude Purchases*, MB/D
400
356
337
350 319 306
300
250
200
150
100
100
50
0
2006 2007 1Q08 2Q08 3Q08
5
* For use in the Northeast Refining system
6. 3Q08 Refining & Supply Production Mix
MidContinent
Northeast
% of Net Production
% of Net Production
55% 55%
50.5%
50% 50%
Gasoline
% Gasoline/Distillate
% Gasoline/Distillate
46.6%
Gasoline
45% 45%
45.6% 42.4%
41.5%
40.6%
38.5%
40% 40%
40.6%
36.8% 39.1%
38.7%
34.5%
Distillate
Distillate
35% 35%
30% 30%
Jul-08 Aug-08 Sep-08 Jul-08 Aug-08 Sep-08
3Q08 Comments:
- Shift to more gasoline and less distillate
in September as gasoline market improved
following hurricanes
6
7. Non-Refining Business Income* - 3Q08
Retail Marketing – Earnings of $72MM
g
0 Retail gasoline margins expanded due to falling wholesale
prices throughout most of the quarter
0 Sales volume decline of 5% vs. 3Q07 on weaker driving
demand
Chemicals – Earnings of $19MM
g
0 Margin expansion vs. 2Q08 on lower feedstock costs
Wholesale Gasoline Price, cpg Propylene Price, cpp
(87 Regular New York Harbor) (Refinery Grade)
350
80
330 75
310 70
290 65
270 60
55
250
50
230
Jul-08 Sep-08
Aug-08 Jun-08 Jul-08 Aug-08 Sep-08
7
* Business Unit Net Income after tax. For reconciliation to Net Income, see Slide 13.
8. Non-Refining Business Income* - 3Q08
Retail Marketing – Earnings of $72MM
g
0 Retail gasoline margins expanded due to falling wholesale
prices throughout most of the quarter
0 Sales volume decline of 5% vs. 3Q07 on weaker driving
demand
Chemicals – Earnings of $19MM
g
0 Margin expansion vs. 2Q08 on lower feedstock costs
Logistics – Earnings of $20MM
g
0 Continued strong performance of Sunoco Logistics Partners
L.P. (NYSE: SXL)
Coke – Earnings of $29MM
g
0 Higher price realizations from coal and coke production at
Jewell operations
0 Ongoing construction projects continue to progress…
Haverhill 2 facility started production in 3Q08
8
* Business Unit Net Income after tax. For reconciliation to Net Income, see Slide 13.
9. 4Q08 Business Outlook
Refining & Supply
g Refining margins strong in October but fundamental near-term
outlook expected to weaken
g 4Q08 refinery utilization expected to continue to reflect the
market conditions… optimize crude and product slate
Non-Refining Businesses
g Retail gasoline margins very strong in October with continued
fall in wholesale gasoline prices
g Chemical feedstock prices continuing to decline but global
demand remains weak
g Logistics earnings relatively stable versus 3Q08
g Coke earnings expected to increase slightly to reflect full
quarter of Haverhill 2 operations and higher Jewell coal/coke
prices
9
10. Financial Condition
Net Debt-to-Capital Ratio*, %
60%
42% 40%
37%
40%
30%
27%
17%
20%
0%
12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 9/30/08
Gateway
Gateway
BBB investment-grade credit HH2
g HH2
Existing
$2 billion of committed liquidity** ($1.8 billion available at 9/30/08)
g Existing
Existing
0$1.3 billion revolving credit agreement – Sunoco
Existing
Existing
Existing
($1.2 billion maturing Aug 2012 and $0.1 billion maturing Aug 2011)
0$0.2 billion A/R Securitization – Sunoco (through Aug 2009)
0$0.5 billion revolving credit agreement – SXL
($0.4 billion maturing Nov 2012 and $0.1 billion maturing May 2009)
Maintain capital discipline
g
* Revolver Covenant basis. For calculation, see Slide 23.
10
** For more detail, see further discussion in Sunoco’s 3Q08 10Q filed on November 6, 2008.
11. 2008 Capital Spending, MM$
Analyst
Actual Proj. Proj. Meeting
9M08 4Q08 FY08 Dec 07
Refining & Supply 492 190 682 899
Retail Marketing 73 59 132 157
Chemicals 32 20 52 64
Logistics 16 12 28 27
Coke 6 17 23 23
619 298 917 1,170
225 *
Logistics Growth & Acquisition 72 297 -
Coke Growth 201 95 296 79
892 618 1,510 1,249
11
* Includes approximately $200MM for announced acquisition of MagTex assets expected to close in 4Q08.
25. For More Information
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
25
26. Safe Harbor Statement
This slide presentation should be reviewed in conjunction with Sunoco’s Third Quarter 2008 earnings conference call
held on November 6, 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#68293742.
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.
26