Sunoco Completes Sale of Retail Heating Oil and Propane Distribution Business
Sunoco, Inc. (NYSE:SUN) said today that it has completed the previously announced sale of its retail heating oil and propane distribution business to Superior Plus Corp. for approximately $86 million, including working capital.
Speaking on the transaction, Sunoco Chairman and Chief Executive Officer Lynn Elsenhans said: “We are grateful to the talented and dedicated employees whose commercial skill and focus on operations made the retail heating oil business a steady contributor to the company for many years. We wish them well as they join Superior Plus. We also thank the thousands of loyal customers who chose to remain with Sunoco year after year.”
Sunoco’s heating oil and propane distribution business, which consisted of Sunoco Home Comfort Services, Mohawk Home Comfort Services, and Montour Home Comfort Services, supplied a broad range of liquid fuels and propane gas throughout Pennsylvania, New York, New Jersey and Delaware.
Sunoco, Inc., headquartered in Philadelphia, PA, is a leading manufacturer and marketer of petroleum and petrochemical products. With 825,000 barrels per day of refining capacity, approximately 4,700 retail sites selling gasoline and convenience items, approximately 6,000 miles of crude oil and refined product owned and operated pipelines and 43 product terminals, Sunoco is one of the largest independent refiner-marketers in the United States. Sunoco is a significant manufacturer of petrochemicals with annual sales of approximately five billion pounds, largely chemical intermediates used to make fibers, plastics, film and resins. Utilizing a unique, patented technology, Sunoco’s cokemaking facilities in the United States have the capacity to manufacture approximately 3.0 million tons annually of high-quality metallurgical-grade coke for use in the steel industry. Sunoco also is the operator of, and has an equity interest in, a 1.7 million tons-per-year cokemaking facility in Vitoria, Brazil.
