Sunoco 2004 Annual Report Download - page 74

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Segment Information
(Millions of Dollars)
Refining and
Supply
Retail
Marketing Chemicals Logistics Coke
Corporate
and Other Consolidated
2004
Sales and other operating revenue
(including consumer excise taxes):
Unaffiliated customers $11,732 $9,567 $2,197 $1,700 $272 $ — $25,468
Intersegment $ 7,125 $ — $ — $1,750 $ — $ — $ —
Pretax segment income (loss) $ 908 $ 111 $ 153 $ 44 $ 58 $(279) $ 995
Income tax (expense) benefit (367) (43) (59) (13) (18) 110 (390)
After-tax segment income (loss) $ 541 $ 68 $ 94 $ 31 $ 40 $(169)* $ 605
Equity income $5 $— $2$19$— $— $26
Depreciation, depletion and amortization $ 188 $ 106 $ 70 $ 32 $ 13 $ — $ 409
Capital expenditures $ 463** $ 103*** $ 56** $ 75** $135 $ — $ 832
Investments in and advances to affiliated
companies $11 $— $— $84 $— $— $95
Identifiable assets $ 3,125 $1,336 $1,582 $1,254 $374 $ 485†$ 8,079††
* Consists of $67 million of after-tax corporate expenses, $78 million of after-tax net financing expenses and other, an $18 million after-tax gain on an income tax settlement, an
$8 million after-tax loss on the divestment of the Chemicals segment’s one-third interest in BEF and a $34 million after-tax loss from the early extinguishment of debt in
connection with a debt restructuring (Notes 2, 3, 4 and 11).
** Excludes $250 million acquisition from El Paso Corporation of the Eagle Point refinery and related chemical and logistics assets, which includes inventory. The $250 million
purchase price is comprised of $190, $40 and $20 million attributable to Refining and Supply, Chemicals and Logistics, respectively (Note 2).
*** Excludes $181 million acquisition from ConocoPhillips of 340 Mobil®retail outlets located primarily in Delaware, Maryland, Virginia and Washington, D.C., which includes
inventory (Note 2).
†Consists of Sunoco’s $110 million consolidated deferred income tax asset, $11 million of prepaid retirement costs and $364 million attributable to corporate activities.
†† After elimination of intersegment receivables.
(Millions of Dollars)
Refining and
Supply
Retail
Marketing Chemicals* Logistics Coke
Corporate
and Other Consolidated
2003
Sales and other operating revenue
(including consumer excise taxes):
Unaffiliated customers $ 7,174 $7,539 $1,730 $1,275 $251 $ — $17,969
Intersegment $ 4,852 $ — $ — $1,383 $ — $ — $ —
Pretax segment income (loss) $ 416 $ 145 $ 84 $ 34 $ 66 $(250) $ 495
Income tax (expense) benefit (155) (54) (31) (8) (23) 88 (183)
After-tax segment income (loss) $ 261 $ 91 $ 53 $ 26 $ 43 $(162)** $ 312
Equity income (loss) $ 2 $ — $ (6) $ 20 $ — $ (23)*** $ (7)
Depreciation, depletion and amortization $ 165 $ 99 $ 65 $ 27 $ 13 $ — $ 369
Capital expenditures $ 245 $ 107†$31
†† $ 39 $ 5 $ — $ 427
Investments in and advances to affiliated
companies $ 12 $ — $ 25 $ 85 $ — $ — $ 122
Identifiable assets $ 2,344 $1,274 $1,586 $1,121 $268 $ 485††† $ 7,053#
* Restated to reflect the consolidation of the Epsilon joint venture, effective January 1, 2003, in connection with the adoption of FASB Interpretation No. 46 in the first quarter of
2004 (Note 1).
** Consists of $40 million of after-tax corporate expenses, $99 million of after-tax net financing expenses and other, a $9 million after-tax gain associated with the Retail Marketing
Midwest Marketing Divestment program and a $32 million after-tax provision for asset write-downs and other matters (Notes 2 and 3).
*** Represents Sunoco’s share of a provision recorded by the Chemicals segment’s one-third-owned BEF joint venture to write down its MTBE production facility to its estimated fair
value (Notes 2 and 3).
†Excludes $162 million purchase from a subsidiary of Marathon Ashland Petroleum LLC of 193 Speedway®retail gasoline sites located primarily in Florida and South Carolina,
which includes inventory (Note 2).
†† Excludes $198 million associated with the formation of a propylene partnership with Equistar Chemicals, L.P. and a related supply contract and the acquisition of Equistar’s
Bayport polypropylene facility, which includes inventory (Note 2).
††† Consists of Sunoco’s $91 million consolidated deferred income tax asset, $11 million of prepaid retirement costs and $383 million attributable to corporate activities.
#After elimination of intersegment receivables.
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