Feb 15, 2012:

Sunoco Inc, which is getting out of the refining business, posted a fourth-quarter net loss on Wednesday, partly due to asset write-downs from idled refineries.

The net loss was $362 million, or $3.39 per share compared with net income of $87 million, or 72 cents per share, in the same quarter of 2010.

Excluding a charge of $612 million relating to asset write-downs from idling of its Philadelphia and Marcus Hook, Pennsylvania, refineries, Sunoco had income of 5 cents per share.

Revenue rose to $12.7 billion from $9.9 billion a year earlier.

By Reuters