Sunoco 2008 Annual Report Download - page 69
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Sunoco, Inc. and Subsidiaries
Consolidated Statements of Income
(Millions of Dollars and Shares, Except Per-Share Amounts)
For the Years Ended December 31
2008 2007 2006
Revenues
Sales and other operating revenue (including consumer
excise taxes) ............................................... $54,052 $44,470 $38,636
Interest income ............................................... 17 25 34
Gain related to issuance of Sunoco Logistics Partners L.P.
limited partnership units (Note 15) ............................. 23 151 —
Other income, net (Notes 2 and 3) ............................... 54 82 45
54,146 44,728 38,715
Costs and Expenses
Cost of products sold and operating expenses ..................... 48,578 38,971 32,947
Consumer excise taxes ........................................ 2,494 2,627 2,634
Selling, general and administrative expenses ...................... 938 952 881
Depreciation, depletion and amortization .......................... 515 480 459
Payroll, property and other taxes ................................ 148 135 125
Provision for asset write-downs and other matters .................. 228 53 —
Interest cost and debt expense .................................. 111 127 105
Interest capitalized ............................................ (39) (26) (16)
52,973 43,319 37,135
Income before income tax expense .............................. 1,173 1,409 1,580
Income tax expense (Note 4) ................................... 397 518 601
Net income .................................................. $ 776 $ 891 $ 979
Earnings per share of common stock (Note 16):
Basic ..................................................... $6.63 $7.44 $7.63
Diluted .................................................... $6.63 $7.43 $7.59
Weighted-average number of shares outstanding (Notes 5 and 16):
Basic ..................................................... 117.0 119.7 128.3
Diluted .................................................... 117.1 120.0 129.0
Cash dividends paid per share of common stock (Note 16) ........... $1.175 $1.075 $.95
(See Accompanying Notes)
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