Industry | 2009.10.07
Sunoco Announces Strategic Actions to Strengthen Competitive Position; Idles Eagle Point Refinery, Reduces Quarterly Dividend to $0.15 Per Share
PHILADELPHIA--(BUSINESS WIRE)--Sunoco, Inc. (NYSE:SUN) announced today it is indefinitely idling all process units at its Eagle Point refinery located in Westville, New Jersey in an effort to reduce losses in its refining business at a time when a recessionary economy, weak demand for refined products, and increased global refining capacity have created margin pressure on the entire refining industry. Sunoco will shift current Eagle Point production to its two nearby refineries in Marcus Hook an
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