Sunoco 2008 Annual Report Download - page 38

PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
The Company did not repurchase any of its common stock during the three-month period ended
December 31, 2008. As of December 31, 2008, the Company had approximately $600 million of its common
stock that may yet be purchased under a $1 billion share repurchase program. This program, which was approved
by the Company’s Board of Directors on September 7, 2006, has no stated expiration date.
The other information required by this Item is incorporated herein by reference to the Quarterly Financial
and Stock Market Information on page 98 of this report.
ITEM 6. SELECTED FINANCIAL DATA
(Millions of Dollars or Shares, Except Per-Share Amounts) 2008 2007 2006 2005 2004
Statement of Income Data:
Sales and other operating revenue
(including consumer excise taxes) .......... $54,052 $44,470 $38,636 $33,754 $25,468
Net income* .............................. $776 $891 $979 $974 $605
Per-Share Data**:
Net income:
Basic .................................. $6.63 $7.44 $7.63 $7.13 $4.08
Diluted ................................ $6.63 $7.43 $7.59 $7.08 $4.04
Cash dividends on common stock ............ $1.175 $1.075 $.95 $.75 $.575
Balance Sheet Data:
Cash and cash equivalents .................. $240 $648 $263 $919 $405
Total assets .............................. $11,150 $12,426 $10,982 $9,931 $8,079
Short-term borrowings and current portion
of long-term debt ........................ $458 $4 $282 $177 $103
Long-term debt ........................... $1,705 $1,724 $1,705 $1,234 $1,379
Shareholders’ equity ....................... $2,842 $2,533 $2,075 $2,051 $1,607
Outstanding shares of common stock** ........ 116.9 117.6 121.3 133.1 138.7
Shareholders’ equity per outstanding share** . . . $24.31 $21.54 $17.11 $15.41 $11.59
*Includes after-tax gains related to the prior issuance of Sunoco Logistics Partners L.P. limited partnership units totaling $14 and $90
million in 2008 and 2007, respectively, after-tax gains related to income tax matters totaling $26, $18 and $18 million in 2008, 2005 and
2004, respectively, an after-tax loss associated with a phenol supply contract dispute totaling $56 million in 2005, after-tax provisions
for asset write-downs and other matters totaling $138, $32 and $8 million in 2008, 2007 and 2004, respectively, and an after-tax loss
from early extinguishment of debt totaling $34 million in 2004. (See Notes 2, 3, 4 and 12 to the Consolidated Financial Statements
under Item 8.)
**Share and per-share data presented for all periods reflect the effect of a two-for-one stock split, which was effected in the form of a
common stock dividend distributed on August 1, 2005.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Management’s Discussion and Analysis is management’s analysis of the financial performance of Sunoco,
Inc. and subsidiaries (collectively, “Sunoco” or the “Company”) and of significant trends that may affect its
future performance. It should be read in conjunction with Sunoco’s consolidated financial statements and related
notes under Item 8. Those statements in Management’s Discussion and Analysis that are not historical in nature
should be deemed forward-looking statements that are inherently uncertain. See “Forward-Looking Statements”
on page 55 for a discussion of the factors that could cause actual results to differ materially from those
projected.
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