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Article: United States : Sunoco idling Eagle Point refinery, cuts dividend.
- Article from:
- TendersInfo
- Article date:
- October 8, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Sunoco Inc (SUN.N) on Tuesday announced plans to indefinitely shut a New Jersey refinery, furlough 400 workers and halve its dividend as the continuing recession hurts the U.S. refiner's profits.
The action will lead to $250 million in overall annual savings, but result in $475 million to $550 million in largely non-cash financial charges over the next few quarters. Sunoco shares fell 2.7 percent in after-hours trading in response.
Weak demand for refined products in the global downturn along with increased capacity have pressured margins throughout the industry, and Sunoco's latest move only points to a longer downturn, analysts said.
"I don't ...
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Article: San Antonio-Based Company Makes Bid for Eagle ...
San Antonio Express-News (San Antonio, Texas) (via Knight-Ridder/Tribune Business News);
March 20, 2002 ;
609 words
... ... quest for expansion and has its eye on a New Jersey refinery owned by El Paso Corp. San ... possibility of buying El Paso's refinery in Eagle Point, N.J., and adding it to the portfolio ... while Valero has been interested in Eagle Point, there are no negotiations or ongoing ...
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