In the year-ago period, the Pennsylvania-based marketer of petroleum products earned 52 cents per share. Revenue was down 51% year-over-year to $7.5 billion.

• Refining & Supply
  The Refining & Supply segment lost $77 million during the quarter, as against a profit of $27 million in the year-earlier period, mainly on account of lower realized margins and lower production volumes. Realized margin averaged $3.65 per barrel, down 48% from the second quarter of 2008, reflecting a very weak East Coast refining margin environment. Total production was down approximately 6% year-over-year to 720.2 thousand barrels per day (MBbl/d), as market-driven rate reductions lowered volumes throughout the refining system.
•  Retail Marketing
  The Retail Marketing segment earned $10 million versus break-even results in the year-ago quarter, reflecting lower expenses, partially offset by reduced gasoline due to rising wholesale prices and a weak demand environment.
• Chemicals
  The Chemicals segment had break-even results during the quarter, down from a profit of $3 million in the year-ago period. The year-over-year decline reflects lower margins and sales volumes, partially offset by lower expenses.
• Logistics
  The Logistics segment earned $26 million, up from $21 million in the second quarter of 2008 due to higher lease acquisition results, increased crude oil pipeline and storage revenues, as well as earnings from a refined products pipeline and terminal system acquired in November 2008.
• Coke
  Sunoco’s Coke segment achieved $42 million in profits during the quarter, up 83% from the previous year quarter. The higher income was on the back of increased price realizations from coke production and the receipt of dividend from the Brazilian coke business. ?

We currently rate Sunoco shares as Underperform.