2. Safe Harbor Statement
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.
2
3. Sunoco Operations
Capital Employed, MM$
6/30/08
Corp. Toledo
440
Refining &
Coke
Supply
490
1,215
Logistics Frankford
500 Eagle Point
Indiana
Retail Philadelphia
Harbor Haverhill
Marketing Marcus Hook
Chemicals
620 Neal Refinery
975
Jewell Marcus Hook
Polypropylene
Tulsa
Refineries
Chemical Plants
Coke Plants
Terminal
Retail Marketing
Western Pipeline System
La Porte
Eastern Pipeline System
Bayport Nederland
3
4. Income (Loss) Before Special Items*, MM$
$1,200
1,012
979
$1,000
833
$800
629
$600
335
$400
$200
2
$0
($200)
2003 2004 2005 2006 2007 1H08
Non-Refining Refining & Supply Total Sunoco
* For reconciliation to Net Income, see slide A5. 4
5. Market Environment
Weak refining market in 1H08, particularly for
g
gasoline
0 Lower gasoline demand (economy/price level)
0 More ethanol supply
0 Rising crude oil prices and premiums for
light/sweet grades
Falling oil prices in 3Q08 helpful but fundamental
g
refined product supply/demand outlook remains
extremely volatile and challenging
5
6. Crude Oil Prices, $/B
150
7/14 = $145
2008
125
1/2 =
$100
100 9/29
= $96
75 2007
50
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Source: NYMEX - WTI 6
7. Implied U.S. Gasoline Demand Growth, %
3%
U.S. Gasoline Demand
2007 vs 2006
2% 2007: + 0.8%
2008 YTD: - 1.7%
1%
0%
-1%
2008 vs. 2007
-2%
-3%
-4%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Source: Energy Information Administration, U.S. Department of Energy 7
9. Sunoco Response
Optimize refining operations to match the market
g
environment
0 Maximize benefit of 2007 refining capital investment
to improve operating flexibility and product yield
0 Reduce purchases of higher-cost Nigerian-sourced
crude in 3Q08
Maximize value of non-refining businesses
g
Maintain financial flexibility and liquidity
g
9
10. Northeast Refining Operations
Northeast
% of Net Production
40% 12.0%
11.5%
37.8%
11.0%
38%
36.3% 10.5%
Distillate
% Distillate
35.5%
% Resid
35.1% 10.0%
36.1%
34.5%
35% 9.7%
9.5%
9.6%
9.0%
9.1% 8.7%
33% 8.5%
8.2%
8.0%
7.5%
Residual Fuel
30% 7.5%
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08
Less low-valued residual fuel and more high-
g
valued distillate
Helped by 2007 expansion and modification of
g
Philadelphia catalytic cracking unit
10
11. MidContinent Refining Operations
MidContinent
% of Net Production
53% 51.2%
50%
48% 46.2%
% Gasoline, Distillate
48.3% 47.6%
46.6%
45%
43% Gasoline 42.2%
40% 39.9%
38%
34.7%
35% Distillate
33.0%
32.3%
30.8%
33%
32.6%
30%
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08
Less gasoline and more high-valued distillate
g
Helped by 2007 debottleneck of Toledo crude unit
g
11
12. Nigerian Crude Purchases*, MB/D
400
356
337
350 319 306
300
250
200
150
90
100
50
0
2006 2007 1Q08 2Q08 3Q08 Proj
* For use in the Northeast Refining system 12
13. Retail Marketing
2003 2004 2005 2006 2007 1H08
Income, MM$ 91 68 30 76 69 26
EBITDA, MM$* 244 217 155 233 221 96
Avg. Capital Employed, MM$ 565 574 569 549 539 583
Performance:
g Margins and earnings volatile within the year but relatively
stable income and cash generation
g Recent declines in wholesale gasoline prices leading to
improvement in retail gasoline margins
Strategic View:
g Integrated with Sunoco’s refinery gasoline production
g Continue to structure retail portfolio for optimum return
13
* For reconciliation to Net Income, see Slide A5.
14. Chemicals
2003 2004 2005 2006 2007 1H08
Income, MM$ 53 94 94 43 26 21
EBITDA, MM$* 149 223 223 135 115 67
Avg. Capital Employed, MM$ 934 1,012 1,029 1,043 1,031 987
Performance:
g Rising feedstock costs have squeezed margins in soft
end-use markets
Strategic View:
g Consistent free cash flow generation
g Pursuing strategic opportunities to improve returns and
maximize value
14
* For reconciliation to Net Income, see Slide A5.
15. Logistics Cash To Sunoco, Inc.*, MM$
$100
LP Distribution 80
$80 GP Distribution
63
$60 50
39
39
35
$40
21
$20
$0
2002 2003 2004 2005 2006 2007 Current
Annualized
HH2 HH2
HH2
HH2
Existing
43% ownership interest (12.1 MM L.P. units plus 100% of general
g Existing
Existing
partner) in Sunoco LogisticsExisting
Partners L.P. (NYSE: SXL)
Existing
Existing
Implied value of Sunoco’s SXL General and Limited Partner
g
interests of approximately $1.2 billion
Expectations for continued growth
g
* Excludes cash related to sales of Limited Partner units: $96MM in 2002, $83MM in 2004 and $99MM in 2005. 15
16. SunCoke Energy Operations
Coke
Capacity
Mtons
Indiana
Jew ell 700 Harbor
Indiana Harbor 1,250
Haverhill I 550 Middletown
Vitória, Brazil 1,700
Haverhill 1 & 2
Haverhill II (2H08) 550
Existing Assets 4,750 Jewell Coal
Jewel Coke
Granite City (4Q09) 650
Middletow n (2010) 550 Knoxville
Announced Grow th 1,750 Granite City
Existing facilities
Brazil Announced facilities
Headquarters
Vitória
16
17. Coke Outlook – Net Income
250
210 210
195 185
200
AK Middletown
150 Granite City
$MM
Haverhill 2
110
100
Pre-2008 Base
29
50
0
2007 2008 2009 2010 2011 2012
17
18. Financial Flexibility
Net Debt-to-Capital Ratio*, %
60%
42% 40%
37% 37%
40%
27%
17%
20%
0% Gateway
Gateway
12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 6/30/08
HH2
HH2
BBB investment-grade credit
g Existing
Existing
Existing
$2 billion of committed liquidity Existing
g Existing
Existing
0$1.3 billion revolving credit agreement – Sunoco
($1.2 billion through Aug 2012 and $0.1 billion through Aug 2011)
0$0.2 billion A/R Securitization – Sunoco (through Aug 2009)
0$0.5 billion revolving credit agreement – SXL
($0.4 billion through Nov 2012 and $0.1 billion through May 2009)
18
* Revolver Covenant basis. For calculation, see Slide A4.
19. Key Takeaways
Fundamental supply/demand outlook for refined products
g
remains challenging
Sunoco responding to market environment
g
0 Optimize refinery operations
0 Maximize the value of the non-refining businesses
0 Maintain financial flexibility and liquidity
Committed to maximizing shareholder value
g
19
21. Long-Term Consistent Strategy
Cumulative Cash Spending
(Billions of $ - 2000 to 1H08)
14
Get more from existing assets
g
12
Opportunistically upgrade the asset base
g
Share
Return cash to the shareholders
g
10 $3.7 B
Buyback &
Dividends
Maintain financial strength
g
8
Growth
$2.6 B
Capital &
6 Acquisitions
4
Capital
$5.4 B
Expenditures
2
0
2000 2001 2002 2003 2004 2005 2006 2007 1H08
A1
22. Summary of Results
2003 2004 2005 2006 2007 1H08
Income before Special Items, MM$ * 335 629 1,012 979 833 2
Income before Special Items, $/share * 2.16 4.20 7.36 7.59 6.94 0.02
ROCE, % ** 13.2 21.7 32.4 28.3 21.0 0.9
Debt / Capital, % (GAAP Basis) 51 48 41 49 41 43
Debt / Capital, % (Revolver Basis)*** 42 37 17 40 27 37
Share Repurchase, MM$ 136 568 435 871 300 49
Shares O/S @ Period-end, MM 150.8 138.7 133.1 121.3 117.6 116.9
Share Price @ Period-end, $/share 25.58 40.86 78.38 62.36 72.44 40.69
* Reconciliation of Income before Special Items to Net Income provided on Slide A5.
** Calculated using Income before Special Items.
*** Revolver covenant calculation. See reconciliation on Slide A6.
A2
23. Earnings Profile
2003 2004 2005 2006 2007 1H08
Income (Loss), MM$ after tax:
Refining & Supply 261 541 947 881 772 (91)
Retail Marketing 91 68 30 76 69 26
Chemicals 53 94 94 43 26 21
Logistics 26 31 22 36 45 36
Coke 43 40 48 50 29 48
Corporate Expenses (40) (67) (84) (58) (67) (28)
Net Financing Expenses & Other (99) (78) (45) (49) (41) (10)
Income Before Special Items 335 629 1,012 979 833 2
(24) (38) - 58 21
Special Items (23)
Net Income 312 605 974 979 891 23
EPS (Diluted):
Income before Special Items 2.16 4.20 7.36 7.59 6.94 0.02
Special Items (0.15) (0.16) (0.28) - 0.49 0.18
Net Income 2.01 4.04 7.08 7.59 7.43 0.20
A3
24. Financial Ratios, MM$ (except ratios)
Period-End
2003 2004 2005 2006 2007 6/30/08
Total Debt (GAAP Basis) 1,601 1,482 1,411 1,987 1,728 1,826
Plus: Debt Guarantees 12 11 7 5 3 3
Less: Cash 431 405 919 263 648 214
Net Debt (Revolver Covenant Basis) 1,182 1,088 499 1,729 1,083 1,615
Shareholders’ Equity (GAAP Basis) 1,556 1,607 2,051 2,075 2,533 2,414
232 397 503 356 367
SXL * Minority Interest 104
Equity (Revolver Covenant Basis) 1,660 1,839 2,448 2,578 2,889 2,781
Debt / Capital (GAAP Basis) 51% 48% 41% 49% 41% 43%
Net Debt / Capital **
(Revolver Covenant Basis) 42% 37% 17% 40% 27% 37%
* 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.
A4
25. EBITDA Reconciliation to Net Income (Loss), MM$
2003 2006
Refining Retail Refining Retail
& Supply Marketing Chemicals Coke & Supply Marketing Chemicals Coke
EBITDA 581 244 149 79 EBITDA 1,692 233 135 70
Less: Depreciation 165 99 65 13 Less: Depreciation 225 104 74 18
Less: Income Tax 155 54 31 23 Less: Income Tax 586 53 18 2
Net Income 261 91 53 43 Net Income 881 76 43 50
2004 2007
Refining Retail Refining Retail
& Supply Marketing Chemicals Coke & Supply Marketing Chemicals Coke
EBITDA 1,096 217 223 71 EBITDA 1,495 221 115 34
Less: Depreciation 188 106 70 13 Less: Depreciation 240 108 75 20
Less: Income Tax 367 43 59 18 Less: Income Tax 483 44 14 (15)
Net Income 541 68 94 40 Net Income 772 69 26 29
2005 1H08
Refining Retail Refining Retail
& Supply Marketing Chemicals Coke & Supply Marketing Chemicals Coke
EBITDA 1,783 155 223 85 EBITDA (21) 96 67 73
Less: Depreciation 201 105 71 16 Less: Depreciation 131 52 33 11
Less: Income Tax 635 20 58 21 Less: Income Tax (61) 18 13 14
Net Income 947 30 94 48 Net Income (Loss) (91) 26 21 48
A5
26. Capital Program by Business Unit, MM$
Proj.
2006 2007 2008
Refining & Supply 712 700 734
Retail Marketing 112 111 149
Chemicals 62 66 52
Logistics* 119 120 144
182 316
Coke* 14
Total 1,019 1,179 1,395
* Excludes $109MM of Logistics acquisitions and $155MM for the acquisition of the minority interest
in Jewell Coke in 2006, a $39MM investment in Brazilian cokemaking operations in 2007 and
$200MM of Logistics acquisitions in 2008.
Includes Logistics and Coke organic growth spending as follows:
2006 2007 2008
Logistics Organic Growth 89 94 117
Coke (Haverhill II) - 165 81
Coke (Granite City, IL) - - 145
Coke (Middletown, OH) - - 67
A6
27. Capital Program by Category, MM$
Proj.
2006 2007 2008
Base Maintenance /
350 455 550
Turnaround
Regulatory / Required 282 230 260
632 685 810
Income Improvement* 387 494 585
Total 1,019 1,179 1,395
* Includes Sunoco Logistics and Coke organic growth investments. For detail, see slide A6.
A7
28. Share Repurchase Activity
Shares Total Average
Repurchased Cost 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
1H08 0.8 49 63.27
Total 77.2 2,896 37.46
Net Share Reduction since Jan 2000 = 35%
Shares O/S at 6/30/08 = 116.9MM
Remaining Authorization at 6/30/08 = $600MM
A8
29. Dividend Increases
$1.20
Annualized Dividend $1.10
$1.00
$0.80
$0.60
$0.50 $0.55
3Q03 4Q03 3Q04 2Q05 2Q06 2Q07 2Q08
140% increase over past six years
A9
30. Refining & Supply
2003 2004 2005 2006 2007 1H08
Income (Loss), MM$ 261 541 947 881 772 (91)
EBITDA, MM$* 581 1,096 1,783 1,692 1,495 (21)
Total Prod. Available for Sale, MB/D
Northeast 523 676 692 670 673 622
MidContinent 231 227 235 233 233 222
Total Refining & Supply 754 903 927 903 906 844
Realized Gross Margin, $/B
Northeast 4.63 6.36 8.35 7.92 7.38 5.28
MidContinent 5.05 6.12 9.54 12.46 13.17 5.07
Total Refining & Supply 4.76 6.30 8.65 9.09 8.87 5.23
Avg. Capital Employed, MM$ 793 797 809 1,231 1,394 1,182
ROCE, % 33% 68% 117% 72% 55% (8%)
A10
* For reconciliation to Net Income (Loss), see Slide A5.
31. Refining & Supply Capital Program, MM$
Proj.
2006 2007 2008
Base Infrastructure 135 184 209
Turnarounds 65 97 115
Sub-Total Sustaining 200 281 324
Major Projects 512 419 410
Total 712 700 734
A11
32. 2007 Refining Capital Projects
Philadelphia FCC Expansion / Resid Processing
g
0 Completed April 2007; Total Cost: $525MM
0 Expands capacity to upgrade residual fuel and adds
crude slate flexibility for Northeast system
0 In 2008: Capture full-year benefit of $85MM net
income* and continue to optimize operations
Toledo Crude Unit Debottleneck
g
0 Completed in July 2007; Total Cost: $53MM
0 Expanded refining capacity and increased jet fuel
production
0 In 2008: Capture current full-year benefit of $30MM
net income** and resolve fouling issues
* Assumes $25/B upgrade included in project economics from residual fuel to gasoline/distillate on 17 MB/D.
** Assumes average light product margins included in project economics of $15/B over crude on 10 MB/D.
A12
33. Major 2008-2009 Refining Projects
Philadelphia Hydrocracker Conversion (Est. Completion: 2009)
g
0 Estimated Capital: $285MM
0 Replace approximately 35 MB/D of LSD currently sold into fuels
market under Temporary Compliance Order (500 ppm sulfur)
0 Upgrade approximately 10 MB/D of heating oil to ULSD
0 Full-year benefit of $55MM net income (25% IRR)
(assumes $6.50/B uplift included in project economics from heating oil to ULSD
on 45 MB/D)
Toledo Hydrocracker Conversion (Est. Completion: 2008)
g
0 Estimated Capital: $1MM
0 Expand hydrocracker by 3-5 MB/D
Toledo Environmental New Source Review (Est. Completion: 2009)
g
0 Estimated Capital: $450MM
0 Comply with environmental agreement and enable potential
refinery expansion in the future
A13
34. Refining Product Yield – 1H08
Other
Petrochemicals
5%
& Lubricants
5%
Residual Fuel
6%
Gasoline
47%
Distillate
37%
Total Production Available
for Sale = 844 MB/D
A14
36. Sunoco Crude Supply – 1H08
USA, 19%
North Sea, 1%
Nigeria, 41%
Former Soviet
Union, 6%
Venezuela, 3%
Canada, 8%
Other Africa,
Chad, 10%
12%
A16
37. Sweet* Crude Availability to Sunoco
Western Canadian Caspian
North Sea
Sweet 0.8 MMB/D
3.5 MMB/D
1.0 MMB/D
Eastern
Canada
0.4 MMB/D
U.S.
0.7 MMB/D North Africa
2.8 MMB/D
West Africa
5.0 MMB/D
South
America 20 17.2
0.5 MMB/D 14.7
16
Columbia / Venezuela MMB/D
10.7
12
8
4
0
2005 Current 2009 Estimate
* <0.5% sulfur
Source: Sunoco estimates A17
41. Chemicals
North America
Capital Employed: $975 Million Effective Annual Industry Capacity, billion lbs
(as of 06/30/08) Phenol
Polypropylene
LyondellBasell 3.2 Sunoco 1.8*
ExxonMobil 2.7 Shell 1.3
Sunoco 2.5 Ineos 1.3
Total 2.5 Mount Vernon 0.7
Phenol & Ineos 2.3 (Sabic/Citgo/JLM)
Related
Polypropylene Formosa 1.8 Dow/Carbide 0.6
Dow 0.9 Georgia Gulf 0.5
Others 5.1 Others 0.2
Total 21.0 Total 6.4
Source: 2008 Chemical Data &
Sunoco Estimates
* Includes 750 MM lbs long-term cost-based contract to Honeywell
A21
42. Sunoco Logistics Partners L.P. (SXL)
SXL Market Capitalization
MM$
(LP Interest Only)
1,800 As of 9/29/08:
$1,260MM
1,600
1,442 1,432
1,344
1,400
1,200
1,032 1,000
1,000
840
800
546
Value to Sunoco, Inc.
600 461
Current LP Distribution: $3.74/unit annualized
g
Sunoco LP Ownership: 12.1 MM units
400
Current GP Distribution: $9MM per quarter
g
200 Sunoco 100% owner of GP
0
2/8/02 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 6/30/2008
(IPO)
A22
43. SXL Distributions
LP/GP
Distribution
Split (%)
(per unit)
th
Grow
ion
tribut
$3.60
50 / 50
Dis
108%
$3.20
$2.80
75 / 25
$2.40
85 / 15
$2.00
98 / 2
$1.60
1Q02
2Q02
3Q02
4Q02
1Q03
2Q03
3Q03
4Q03
1Q04
2Q04
3Q04
4Q04
1Q05
2Q05
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
Current annual distribution of $3.74/unit (approximate 8% yield)
g
and approximately $80MM of LP/GP distributions to Sunoco
A23
44. Coke
Business distinct from oil industry
g
0 Metallurgical grade coke for steel industry
0 Long-term contracts
0 15% IRR targets
0 Coal costs contractually passed on to customers
0 Growing profitability from company-owned coal
operations
Strong demand for new plants
g
0 Reliable supply of quality coke using environmentally
superior technology
Growing income contribution
g
0 2008 net income expected to be $110-115MM
(EBITDA of $165-170MM*)
0 End-of-2010 net income run rate of approximately
$210MM (EBITDA of $350MM*)
A24
44
* For reconciliation to Net Income, see Slide A27.
45. SunCoke Energy Plants
Coke
Investm ent Capacity Energy
MM$ Mtons Generation
Jew ell N/A 700 N/A
Indiana Harbor 195 1,250 steam
Haverhill I 150 550 steam
41*
Vitória, Brazil 1,700 pow er
Haverhill II 250 550 pow er**
Existing Assets 636 4,750
Granite City 300 650 steam
Middletow n 350 550 pow er**
Announced Grow th 650 1,750
* Represents equity ownership interests.
** Haverhill II and Middletown will have Sunoco-owned co-generation facilities,
A25
each capable of generating 46 MW of power per year.
46. Coke Outlook – EBITDA*, MM$
400
350
350
350 315
AK Middletown
300 AK Middletown
AK Middletown
1 New Project (200 Oven)
235
250 AK MiddletownCity
Granite
Granite City
Gateway
Haverhill 2
200 165 AK Middletown
AK Middletown
Haverhill 2
Gateway
150 Gateway
Gateway
100 HH2 HH2
HH2
Pre-2008 Base
34
Existing
Existing
50
Existing
Existing
Existing
0
2007 2008 2009 2010 2011 2012
A26
* For reconciliation to Net Income, see Slide A27.
47. Coke EBITDA Reconciliation to Net Income, $MM
(excludes any net financing costs )
Total SunCoke Energy 2007 2008 2009* 2010* 2011* 2012*
EBITDA 34 165 235 315 350 350
Less: Depreciation 20 25 37 49 50 51
Less: Income Tax 3 47 68 95 105 100
65 **
Plus: Tax Credits 18 17 14 15 11
Net Income 29 110 195 185 210 210
* Assumes average contract coal price $125/T…each +/- $25/T price change ~approximately $20MM net income
A27
** Includes (one time) Section 48B credit of approximately $40MM
50. For More Information
Media releases and SEC filings are available
on our website at www.SunocoInc.com
Contact for more information:
Tom Harr
Investor Relations
1-215-977-6764
tmharr@sunocoinc.com
A30
