Sunoco 8-K Sunoco 2Q09 Earnings, Page 1

2Q09 Earnings Conference Call

August 6, 2009

Exhibit 99.2

2

Summary

2Q09 Results

Loss before special items* of $31MM ($0.27/share)

Refining and Supply challenged by weak demand and rising

crude prices

Non-refining businesses improved to $78MM from $57MM in

1Q09 with strong contributions from Logistics and Coke

Strategic Actions

Continued to reduce costs through our business

improvement initiative

Completed the sale of the Tulsa refinery

Acquired

Northeast

Biofuels

ethanol

facility

Continue to focus on maintaining financial flexibility and

spending discipline

* For reconciliation to Total Income (Loss), see Slide 4.

3

Income (Loss) Before Special Items*, MM$

(59)

61

559

313

59

(31)

($150)

$0

$150

$300

$450

$600

$750

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

Refining & Supply:

    Continuing operations

(123)

27

398

146

14

(77)

    Discontinued Tulsa

      operations

-

5

26

36

9

(6)

Non-Refining

84

47

140

156

57

78

Corp. & Net Fin.

(20)

(18)

(5)

(25)

(21)

(26)

Income (Loss), Before

  Special Items

(59)

61

559

313

59

(31)

EPS (Diluted), Before

  Special Items

(0.50)

0.52

4.78

2.68

0.50

(0.27)

* For reconciliation to Total Income (Loss), see Slide 4.

4

Earnings Profile

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

Income (Loss) (MM$ after tax):

   Refining & Supply

      Continuting Operations

(123)

27

398

146

14

(77)

      Discontinued Tulsa Operations

-

5

26

36

9

(6)

   Retail Marketing

26

  -

72

103

6

10

   Chemicals

18

3

19

(4)

(4)

-

   Logistics

15

21

20

29

30

26

   Coke

25

23

29

28

25

42

   Corporate Expenses

(17)

(11)

2

(20)

(11)

(15)

   Net Financing Expenses & Other

(3)

(7)

(7)

(5)

(10)

(11)

     Income(Loss) Before Special Items

(59)

61

559

313

59

(31)

         Special Items

    -

21

(10)

(109)

(47)

(24)

    Total Income (Loss)

(59)

82

549

204

12

(55)

EPS (Diluted), Income (Loss)

  Before Special Items

(0.50)

0.52

4.78

2.68

0.50

(0.27)

EPS (Diluted), Income (Loss)

(0.50)

0.70

4.70

1.74

0.10

(0.47)

5

Refining & Supply Summary* –

2Q09

2Q09 Loss from Continuing Operations $77MM

Rising crude costs and weak market conditions negatively

affected margins

Included $14MM after-tax write off associated with the

shutdown of the ethlyene

complex at Marcus Hook.

Continued to operate at lower rates in light of market 

conditions

Outlook

Market is expected to remain challenging with continued

economic weakness and additional global supply

Remain focused on optimizing our refining system to match

expected market demand

Toledo refinery turnaround early August through mid-

September

* Business Unit Income after tax. For reconciliation to Total Income (Loss), see Slide 4.

6

Non-Refining Businesses Income* -

2Q09

Retail Marketing –

Earnings of $10MM

Improved from 1Q09, but margins were limited by rising

wholesale prices and a weak demand environment

Chemicals –

Breakeven

Some improvement from 1Q09, but ongoing demand

weakness due to economic conditions…

expected to

continue in 3Q09

Logistics –

Earnings of $26MM

Solid contribution from Sunoco Logistics Partners L.P.

(NYSE: SXL)…

with continued crude storage gains

Coke –

Earnings of $42MM

Improved earnings with better coke

price realizations

Included a $6 million after-tax dividend from Brazilian

cokemaking operations

* Business Unit Income after tax. For reconciliation to Total Income (Loss), see Slide 4.

7

2Q09 Cash Flow Before Debt*, MM$

(200)

(150)

(100)

(50)

-

50

100

150

Cash from

Operations

ex Working

Capital

Dividend

& Other

Capital

Expenditures

Net

Working

Capital

Net Cash Build

Before Debt

Activity

91

(73)

28

14

(193)

(23)

SXL**

Sunoco Ex-SXL = $14 net cash draw

*   For reconciliation to Consolidated Statement of Cash Flows, see Slide 17.

** Represents Sunoco Logistics Partners L.P. (NYSE: SXL) net cash build before debt activity.

Divestments

184

Tulsa

8

0.0

0.5

1.0

1.5

2.0

12/31/2008

3/31/2009

6/30/2009

SXL

Sunoco

1.6

1.7

1.4

0.6

Liquidity*, B$

*   Includes $0.2B, $0.2B and $0.1B at 12/31/08, 3/31/09 and 6/30/09 of cash and cash equivalents.

1.6

9

Net Debt-to-Capital Ratio, %

37%

42%

41%

*

Proforma.

**

Sunoco Revolver Covenant basis.  For calculation, see Slides 19 and 20.

12/31/08

3/31/09

6/30/09

Sunoco (ex-SXL)*

29%

33%

34%

SXL

53%

55%

50%

Consolidated**

37%

42%

41%

Sunoco Net Debt

1,179

1,424

1,437

SXL Net Debt

746

885

858

Total Net Debt, MM$

1,925

2,309

2,295

10

Appendix

11

2Q09 Special Items, MM$ after tax

$(44) -

Accrual for employee terminations and related costs in

connection with the business improvement initiative, of

which $39MM after tax was attributable to a noncash

provision for pension and postretirement settlement and

curtailment losses

$20  -

Net gain related to the divestment of the discontinued

Tulsa refining operations

$(24)

12

Key Margin Indicators

1Q08

2Q08

3Q08

4Q08

FY08

1Q09

2Q09

Refining & Supply, $/B

      Realized Total R&S *

3.16

6.98

14.87

8.98

8.60

6.33

3.65

Retail Marketing, cpg

   Gasoline

11.1

7.4

18.7

22.9

15.0

6.4

7.0

   Distillate

17.0

11.3

14.1

25.8

17.1

24.5

12.0

Chemicals, cpp

   Phenol and Related

9.2

7.5

10.6

11.7

9.6

6.6

8.2

   Polypropylene

12.5

11.2

14.0

10.9

12.1

8.6

9.3

      Total Chemicals

10.6

9.1

12.0

11.2

10.7

7.7

8.7

Dated Brent Crude Oil, $/B

96.90

121.38

114.78

54.91

96.99

44.40

58.79

Natural Gas, $/MMBTU

8.75

11.48

8.95

6.41

8.90

4.48

3.81

* Excludes discontinued Tulsa refining operations.

13

Realized Refining Margin vs. Benchmark, $/B

*   Excludes discontinued Tulsa refining operations.

** R&S Weighted

Benchmark. For calculation, see Slide 24.

1Q08

2Q08

3Q08

4Q08

FY08

1Q09

2Q09

Refining & Supply

Realized Margin *

3.16

6.98

14.87

8.98

8.60

6.33

3.65

Weighted Benchmark **

5.61

10.74

12.58

6.60

8.88

6.71

7.05

Differential

(2.45)

(3.76)

2.29

2.38

(0.28)

(0.38)

(3.40)

Actual vs. Weighted Benchmark:

Crude

(2.73)

(5.45)

0.35

0.25

(1.60)

0.40

(0.82)

Product

0.28

1.69

1.94

2.13

1.32

(0.78)

(2.58)

Differential

(2.45)

(3.76)

2.29

2.38

(0.28)

(0.38)

(3.40)

14

0.82

(0.25)

(0.40)

(0.35)

5.45

2.73

-4.00

0.00

4.00

8.00

12.00

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

Crude Cost vs. Weighted Benchmark

(2.58)

(0.78)

2.13

1.94

1.69

0.28

-4.00

0.00

4.00

8.00

12.00

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

Products vs. Weighted Benchmark

Refining Margin vs. Benchmark*, $/B

Total

Refining

&

Supply

(excluding

Tulsa)

* R&S Weighted

Benchmark. For calculation, see Slide 24.

2Q09 Comments:

Negatively affected by timing impact

versus calendar-day benchmark in

the Northeast system

Quality differentials narrowed from

1Q09

Mid Continent contango market

structure deteriorated from 1Q09

2Q09 Comments:

Lag impact of product prices versus

benchmark in a rising crude

environment (primarily for non-

benchmark products)

Higher cost of fuel used in

operations (versus yield gains)

15

Key Volume Indicators -

Refining & Supply

* Excludes discontinued Tulsa refining operations.

1Q08

2Q08

3Q08

4Q08

FY08

1Q09

2Q09

Refining & Supply

Total Refining & Supply: *

Crude Throughputs, MB/D

699

687

726

715

707

627

644

% Capacity

85

83

88

87

86

76

78

Net Prod. Available for Sale, MB/D

771

764

808

799

786

689

720

Net Prod. Available for Sale, MMB

70

70

74

74

288

62

66

16

Key Volume Indicators –

Non-Refining

1Q08

2Q08

3Q08

4Q08

FY08

1Q09

2Q09

Gasoline Sales, MM gal

1,070

1,140

1,109

1,098

4,417

1,066

1,147

Middle Distillate Sales, MM gal

145

143

144

148

580

138

116

Total Sales, MM gal

1,215

1,283

1,253

1,246

4,997

1,204

1,263

Gasoline and Diesel Throughput

143

152

150

143

147

143

153

(Company-owned or leased outlets)

(M gal/Site/Month)

Merchandise Sales (M$/Store/Month)

77

86

90

81

83

78

92

Chemicals

Phenol and Related Sales, MM#

599

591

607

477

2,274

407

427

Polypropylene Sales, MM#

569

562

531

542

2,204

514

492

Other Sales, MM#

24

19

14

8

65

5

3

Total, MM#

1,192

1,172

1,152

1,027

4,543

926

922

Coke

Production, M tons:

United States

613

614

693

706

2,626

682

694

Brazil

388

404

408

381

1,581

280

282

Retail Marketing

17

2Q09 Cash Flow, MM$

SUN

SXL

(ex SXL)

Sunoco

Cash from Operations (ex Working Capital)

65

91

156

Working Capital

(71)

(73)

(144)

Cash from Operations

(6)

18

12

Cash from Investing Activities (Net)

(36)

(12)

(48)

Net Cash before Financing Activities

(42)

6

(36)

SXL Equity Issuance

110

-

110

Dividends, Distributions & Other

(18)

(42)

(60)

SXL Dividends to Sunoco

(22)

22

-

Net Cash before Net Debt Activity

28

(14)

14

Net Debt Activity

(28)

(125)

(153)

Net Decrease in Cash & Cash Equivalents

-

(139)

(139)

2Q09

18

2009 YTD Cash Flow, MM$

SUN

SXL

(ex SXL)

Sunoco

Cash from Operations (ex Working Capital)

146

307

453

Working Capital

(217)

(327)

(544)

Cash from Operations

(71)

(20)

(91)

Cash from Investing Activities (Net)

(70)

(201)

(271)

Net Cash before Financing Activities

(141)

(221)

(362)

SXL Equity Issuance

110

-

110

Dividends, Distributions & Other

(36)

(79)

(115)

SXL Dividends to Sunoco

(44)

44

-

Net Cash before Net Debt Activity

(111)

(256)

(367)

Net Debt Activity

111

83

194

Net Decrease in Cash & Cash Equivalents

-

(173)

(173)

2009 YTD

19

Financial Ratios

*

Represents Partners’

Capital for SXL and Shareholders’

Equity for Sunoco.

**

The

Net

Debt

/

Capital

ratio

is

used

by

Sunoco

management

in

its

internal

financial

analysis

and

by

investors

and

creditors in the assessment of Sunoco’s financial position.

***   Capital excludes noncontrolling interests.

Proforma

Proforma

  SUN 

  SUN 

SXL

(ex SXL)

Sunoco

SXL

(ex SXL)

Sunoco

Debt

887

1,626

2,513

860

1,500

2,360

Plus: Debt Guarantees

-

2

2

-

2

2

Less: Cash

(2)

(204)

(206)

(2)

(65)

(67)

Net Debt

885

1,424

2,309

858

1,437

2,295

Equity*

714

2,834

2,834

849

2,821

2,821

SXL Noncontrolling Interest

-

-

386

-

-

483

Capital

1,599

4,258

5,529

1,707

4,258

5,599

Net Debt / Capital (Sunoco

  Revolver Covenant Basis)**

55%

33%

42%

50%

34%

41%

Debt / Capital (GAAP Basis) ***

47%

46%

3/31/2009

6/30/2009

20

Financial Ratios

*

Represents Partners’

Capital for SXL and Shareholders’

Equity for Sunoco.

**

The

Net

Debt

/

Capital

ratio

is

used

by

Sunoco

management

in

its

internal

financial

analysis

and

by

investors

and

creditors in the assessment of Sunoco’s financial position.

***   Capital excludes noncontrolling interests.

Proforma

SUN 

SXL

(ex SXL)

Sunoco

Debt

748

1,415

2,163

Plus: Debt Guarantees

-

2

2

Less: Cash

(2)

(238)

(240)

Net Debt

746

1,179

1,925

Equity

*

670

2,842

2,842

SXL Noncontrolling

Interest

-

-

367

Capital

1,416

4,021

5,134

Net Debt / Capital (Sunoco

Revolver Covenant Basis)**

53%

29%

37%

Debt / Capital (GAAP Basis) ***

43%

12/31/2008

21

Refining & Supply –

Products Manufactured

* Excludes discontinued Tulsa refining operations.

1Q08

2Q08

3Q08

4Q08

FY08

1Q09

2Q09

Total Refining & Supply *

Net Production, MB/D

771.4

763.7

808.3

798.6

785.6

689.1

720.2

Gasoline

49%

49%

48%

49%

49%

51%

51%

Middle Distillates

35%

38%

37%

36%

36%

34%

32%

Residual Fuel

7%

7%

7%

7%

7%

9%

9%

Petrochemicals

4%

5%

5%

4%

5%

3%

4%

Other

10%

6%

8%

9%

8%

8%

9%

Less Refinery Fuel

-5%

-5%

-5%

-5%

-5%

-5%

-5%

22

Refining & Supply -

Gasoline and Distillate Production

* Excludes discontinued Tulsa refining operations.

1Q08

2Q08

3Q08

4Q08

FY08

1Q09

2Q09

Total Refining & Supply *

Gasoline Production, MB/D

375.8

376.6

387.3

391.9

382.9

350.0

370.3

RFG

44%

45%

48%

47%

46%

46%

46%

Conventional

56%

55%

52%

53%

54%

54%

54%

Distillate Production, MB/D

266.7

288.2

300.4

286.0

285.4

233.4

229.5

On-Road Diesel Fuel

49%

55%

58%

53%

54%

47%

53%

Heating Oil / Off-Road Diesel

27%

21%

19%

25%

23%

30%

22%

Jet Fuel

21%

23%

21%

19%

21%

20%

23%

Kerosene/Other

3%

1%

2%

3%

2%

3%

2%

23

Income Tax Rate Reconciliation, MM$

2Q08

2Q09

Income (loss) from continuing operations

   before income tax expense (benefit)

134

(85)

Income tax expense (benefit) at U.S.

   statutory rate of 35%

47

(30)

Reduction in income taxes resulting from:

   Income attributable to noncontrolling

     (minority) interests*

(9)

(12)

   Other

(7)

(8)

Income tax expense (benefit)

  attributable to continuing operations

31

(50)

* No income tax expense is reflected in the consolidated statements of operations for partnership 

income attributable to noncontrolling (minority) interests.  Effective January 1, 2009, Sunoco

adopted the provisions of Statement of Financial Accounting Standards No. 160, “Noncontrolling

Interests in Consolidated Financial Statements.”

Prior periods have been restated.

24

Sunoco Refining Weighted Benchmark Margin, $/B

Toledo

4-3-1

Benchmark

4 WTI Crude: NYMEX Futures Close + $1.00 for transportation

3 Unleaded Gasoline: Chicago Pipeline Platt’s Low

1 ULSD: Chicago Pipeline Platt’s Low

Northeast

6-3-2-1

Value-Added

Benchmark

6 Dated Brent Crude: Platt’s Mid + $1.25 for transportation

3 Gasoline: 50% Unleaded RBOB NY Harbor Barge Platt's Low

50% Unleaded Regular Gasoline NY Harbor Barge Platt's Low

2 Distillate: 55% ULSD/LSD NY Harbor Barge Platt's Low

20% Jet/Kero NY Harbor Barge Platt's Low

25% No.2 Fuel Oil NY Harbor Barge Platt's Low

1 No. 6 0.3% Sulfur High Pour Resid: NY Harbor Barge Platt’s Low

1Q08

2Q08

3Q08

4Q08

FY08

1Q09

2Q09

Northeast 6-3-2-1 

  at 80% weight

4.63

8.62

9.58

6.01

7.21

5.05

4.98

Toledo 4-3-1

  at 20% weight

0.98

2.12

3.00

0.59

1.67

1.66

2.07

R&S Weighted Benchmark

5.61

10.74

12.58

6.60

8.88

6.71

7.05

1Q08

2Q08

3Q08

4Q08

FY08

1Q09

2Q09

Northeast 6-3-2-1 

Value-Added Benchmark

5.78

10.78

11.98

7.52

9.01

6.32

6.23

Toledo 4-3-1

Benchmark

4.91

10.61

14.98

2.94

8.36

8.28

10.36

25

For More Information

Media releases and SEC filings are available

on our website at www.SunocoInc.com

Contact for more information:

Bill Diebold

(215) 977-6764

26

Safe Harbor Statement

This slide presentation should be reviewed in conjunction with Sunoco’s Second Quarter 2009 earnings conference

call

held

on

August

6,

2009

at

3:00

p.m.

ET.

You

may

listen

to

the

audio

portion

of

the

conference

call

on

the

website

or

an

audio

recording

will

be

available

after

the

call’s

completion

by

calling

1-800-642-1687

and

entering

conference

ID#17426549.

Statements in this presentation that are not historical facts are forward-looking statements intended to be covered by

the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange

Act

of

1934.

These

forward-looking

statements

are

based

upon

assumptions

by

Sunoco

concerning

future

conditions, any or all of which ultimately may prove to be inaccurate, and upon the current knowledge, beliefs and

expectations of Sunoco management. These forward-looking statements are not guarantees of future performance.

Forward-looking statements are inherently uncertain and involve significant risks and uncertainties that could cause

actual

results

to

differ

materially

from

those

described

during

this

presentation.

Such

risks

and

uncertainties

include

economic, business, competitive and/or regulatory factors affecting Sunoco's business, as well as uncertainties

related

to

the

outcomes

of

pending

or

future

litigation.

In

accordance

with

the

safe

harbor

provisions

of

the

Private

Securities

Litigation

Reform

Act

of

1995,

Sunoco

has

included

in

its

Annual

Report

on

Form

10-K

for

the

year

ended

December 31, 2008, and in its subsequent Form 10-Q and Form 8-K filings, cautionary language identifying important

factors (though not necessarily all such factors) that could cause future outcomes to differ materially from those set

forth in the forward-looking statements.

For more information concerning these factors, see Sunoco's Securities and

Exchange Commission filings, available on Sunoco's website at www.SunocoInc.com.  Sunoco expressly disclaims

any obligation to update or alter its forward-looking statements, whether as a result of new information, future events

or otherwise.

This presentation includes certain non-GAAP financial measures intended to supplement, not substitute for,

comparable GAAP measures. Reconciliations of non-GAAP financial measures to GAAP financial measures are

provided

in

the

Appendix

at

the

end

of

the

presentation.

Investors

are

urged

to

consider

carefully

the

comparable

GAAP

measures

and

the

reconciliations

to

those

measures

provided

in

the

Appendix,

or

on

our

website

at

www.SunocoInc.com.