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Investor Meeting

             Philadelphia, PA
             December 12, 2007
Safe Harbor Statement
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, 2006, 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.
                                                                                                        2
Agenda


       Opening Comments
   g
       Jack Drosdick

       Market Outlook
   g
       Mike Hennigan

       Refinery Operations and Capital Program
   g
       Vince Kelley

       Other Businesses and Financial Overview
   g
       Tom Hofmann

                                                 3
Opening Comments
  Jack Drosdick
Market Outlook
Mike Hennigan
Market Outlook

 ■ Market for refined products should remain relatively
   constructive over next few years

 ■ Considerable supply growth expected for sweet
   crudes that can be run in Sunoco’s system

 ■ Ongoing commercial initiatives to optimize crude
   source flexibility and value added products




                                                          6
World Economic Growth
     6.0%



     5.0%



     4.0%



     3.0%



     2.0%



     1.0%



     0.0%
             2002     2003   2004   2005   2006   2007E   2008E

                       GDP growth is a significant
                         driver of oil demand
Source: PIRA Energy                                               7
2008 Oil Demand Growth Estimates, MMB/D

                       OECD *           Non-OECD                 World

     IEA                  0.6                1.4                   2.0

     U.S. EIA             0.2                1.3                   1.5

     PIRA                 0.4                1.2                   1.6

                       Developing countries are
                       the main driver of world
                          oil demand growth

Source: November 2007 reports (International Energy Agency, U.S. Energy
        Information Administration, and PIRA Energy)

* Organization for Economic Co-operation and Development
                                                                          8
Days Supply Inventory – Major OECD
                      Crude                                                Total Products
                                                             Days
 Days            (End of October)                                             (End of October)
                                                                   38
    25



                                                                   37
    24



                                                                   36
    23



                                                                   35
    22



                                                                   34
    21
                                                                        2001 2002 2003 2004 2005 2006 2007
         2001 2002 2003 2004 2005 2006 2007

                                Lower days-supply inventory
                                  levels approaching 2008
                                                                                                             9
Source: PIRA Energy – 3 Major OECD Markets (U.S., Europe, Japan)
Global Refining Capacity Increases, MMB/D
              3.5
                      Capacity Growth      Demand Growth
              3.0

              2.5

              2.0
      MMB/D




              1.5

              1.0

              0.5

              0.0
                       2008             2009         2010

                    Capacity increases not expected
                     to exceed demand until 2010

Source: PIRA Energy                                         10
Impact of Unknowns
     Weather: “normal” weather demand is significant
 g

     0 2006/07 oil demand was ~80-140 MMB less due to
        warmer-than-normal winters in the three major
        OECD markets
     $90/B oil
 g

     0 Elasticity debate reaches another level
     Ethanol
 g

     0 Attractive pricing currently for refiners
     0 Pace of infrastructure growth and probable
        increased mandate need to be watched
     Refinery utilization rates
 g

     0 More complexity… new specs in U.S. / Europe
     0 Level of planned and unplanned downtime
                                                        11
Sunoco Commercial Activities

      Products: Optimizing the assets and capturing
  g
      market opportunities

      Crude: Increase crude source diversification and
  g
      flexibility

      0 Have increased use of high-acid and higher-resid
         crudes

      0 Considerable supply growth (OPEC and non-
         OPEC) expected for sweet crudes that can be
         run in Sunoco’s system




                                                           12
Current Sweet* Crude Availability to Sunoco



  Western Canadian                                           Caspian
                                                North Sea
       Sweet                                                0.8 MMB/D
                                                3.5 MMB/D
     1.0 MMB/D
                                Eastern
                                 Canada
                               0.4 MMB/D
                     U.S.
                 0.7 MMB/D                   North Africa
                                              2.8 MMB/D

                                           West Africa
                                           5.0 MMB/D
              South
             America
            0.5 MMB/D
        Columbia / Venezuela
* <0.5% sulfur
                                                                    13
Source: Sunoco estimates
Growing Sweet* Crude Availability to Sunoco


          20
                                          17.2
                             14.7
          16

                     10.7
          12
  MMB/D




           8

           4

           0
                     2005   Current   2009 Estimate




* <0.5% sulfur
                                                      14
Source: Sunoco estimates
Refinery Operations and Capital Program
             Vince Kelley
Refining & Supply Strategy

 ■ Continued focus on extracting full value of existing
   assets through Operations Excellence

 ■ Capital spending program focuses on high-value
   product upgrading rather than high-cost expansions
    0Particular focus on upgrading residual fuel and
      continuing to improve ultra-low-sulfur diesel
      capability

 ■ Maintain spending discipline and keep projects in
   manageable scope




                                                          16
Refining & Supply – Operations Excellence


                 Safe                              Reliable                Environmentally Sound

                                                                           Environmental Exceedances
                                            Utilization Of Equivalent
OHSA Recordable Injury Rate
                                                                                   per Year
                                             Distillation Capacity, %
1.40                                  90%                                 600
                                                                                   561
                        Contractors
        1.16
1.20                                                                      500
                        Employees     88%
                                                              86.6%
1.00
                                                                          400
               0.81
                                                                                                 326
                                      86%
0.80
                                                                          300
0.60                                            83.6%
                                      84%
                        0.45 0.43
                                                                          200
0.40
                                      82%
                                                                          100
0.20

                                                                            0
0.00                                  80%
       2001 - 2003    2004 - 2006             2001 - 2003   2004 - 2006         2001 - 2003   2004 - 2006
          Avg.           Avg.                    Avg.          Avg.                Avg.          Avg.


                                                                                                            17
Refining Capital Update

    2007 Project Review:
g

     0 Philadelphia Refinery FCC Expansion / Resid
       Processing project performance
    0 Toledo Refinery Crude Unit Debottleneck project
       performance

    2008-2009 Capital Program… Overview of Major Projects:
g

     0 Philadelphia Refinery Hydrocracker Conversion for
       Ultra-Low-Sulfur Diesel
    0 Toledo Refinery Hydrocracker Conversion
    0 Toledo Refinery Environmental New Source Review
    0 Tulsa Refinery Distillate Hydrotreater

                                                             18
Phila. FCC Expansion / Resid Processing

      Expand Fluid Catalytic Cracking Unit to increase capacity to upgrade
 g
      residual fuel and add crude slate flexibility…
      Total cost: $525MM, including required environmental upgrades

      Expected:            - Throughput increase from 70 to 85 MB/D
 g

                           - Upgrade up to 25 MB/D residual fuel to light products
                             (from prior 5-10 MB/D)

      Results:             - Completed project in April 2007
 g

                           - 3Q07 average throughput of 84 MB/D with residual fuel
                             input of 23 MB/D
                           - Proven unit rate of more than 90 MB/D and residual fuels
                             inputs as high as 30 MB/D in different operating modes
                           - Increased flexibility to process lower-cost crudes

      In 2008: Capture full-year benefit of $85MM net income*
               Continue to optimize operations and crude flexibility

                                                                                        19
* Assumes $25/B upgrade from residual fuel to gasoline/distillate.
Toledo Refinery Crude Unit Debottleneck

      Project to expand refining capacity and increase jet fuel production
  g

      Total Cost: $50MM
      Expected:           - Increase crude capacity by 20 MB/D (from 160 MB/D)
  g

                          - Incremental 15 MB/D production (primarily jet fuel)
      Results:            - Completed project in July 2007
  g

                          - Record level of jet production in 3Q07
                          - Installed equipment working as designed… but
                            limited by crude unit fouling and downstream
                            process unit limitations
                          - CURRENT: Production increase of 10 MB/D yields
                            annualized net income contribution of approximately
                            $30MM*

    In 2008: Resolve fouling issues to reach capacity of 175 MB/D
             Pursue downstream limitations

                                                                                  20
* Assumes average light product margins of $15/B over crude.
Philadelphia Hydrocracker Conversion

        Convert idle hydrocracker into hydrotreater for ULSD
   g
        production
        Enable 45 MB/D upgrade of heating oil to ULSD (15 ppm)
   g

         0 Replace approximately 35 MB/D of LSD currently sold into
           fuels market under Temporary Compliance Order (500 ppm
           sulfur)
         0 Add new incremental ULSD capacity
        Estimated Capital: $285MM with completion expected in 2009
   g

        Full-year benefit of $55MM net income from upgrading 45 MB/D
   g
        of heating oil to ULSD (25% IRR)*


                   Significant increase in capability to make
                   ULSD and optimize versus heating oil market

* Assumes $6.50/B uplift from heating oil to ULSD.
                                                                       21
Toledo Hydrocracker Conversion

       Dec 2006: Considered project to convert and
   g
       expand Toledo hydrocracker (estimated $10-
       20MM cost for 5-10 MB/D expansion)

       2007: Re-evaluated project scope
   g


       0Hydraulic Debottleneck to deliver 3-5 MB/D
         expansion for about $1MM cost

       0Expected completion in 2008


       Majority of value with much less investment

                                                     22
Toledo Environmental New Source Review

      Environmental project to comply with New Source
  g
      Review and enable potential future refinery
      expansion

      0FCC Flue Gas Treating Unit
      0Sulfur Recovery Unit Complex
      Estimated Capital: $450MM with completion by
  g
      mid-2009


         Continue to evaluate other Toledo expansion
           opportunities for 2010-2012 timeframe

                                                        23
Tulsa Distillate Hydrotreater

        Clean Fuels project in early stages of engineering
    g
        to convert high-sulfur distillate into ULSD

        Install new 24 MB/D hydrotreating unit
    g


         0Scope also includes new Sulfur Recovery Unit
           and Tail Gas Treater

        Estimated Capital: approximately $400MM with
    g
        mid-2010 completion

        Continue to pursue other options
    g



        Add ULSD capability and increase crude flexibility

                                                             24
Refining & Supply Capital Program, MM$

                                                 Est.                     Total
                                                 2007     2008   2009   2007-2009
Base Infrastructure                                195    202    216       613
Turnarounds                                        100    151    161       412
     Sub-Total Sustaining                          295    353    377      1,025

Major Projects                                     405    546    500      1,451
     Total                                         700    899    877      2,476
     December 2006*                                792    805




* Estimates presented at December 2006 Analyst Meeting.
                                                                                    25
Refining & Supply Capital Summary

       Capture full-year benefit of Philadelphia FCC and
   g
       Toledo debottleneck projects

       Future spending on projects in development will enable
   g
       future expansions and upgrades to high-valued
       transportation fuels

       Additional projects under development include:
   g

        0Toledo refinery expansion
        0Yield improvement project at Eagle Point FCC
        0Increase residual fuel cracking at Marcus Hook FCC



                                                                26
Other Businesses and Financial Overview
             Tom Hofmann
Meaningful Leverage to Refining Margins


                                                                                           $1.75
                   180
                                    35% reduction in outstanding                   1.70
                                    shares since January 2000
                                                                                           $1.50
                   160
                                                        151




                                                                                                   EPS Leverage, $/B
  Shares O/S, MM




                                                                                           $1.25

                   140                               1.06

                                                                                           $1.00
                         0.89

                                                                                   118
                   120
                           91% increase in per share leverage to                           $0.75
                           a $1.00/B change in refining margins

                   100                                                                     $0.50
                          1999   2000   2001     2002 2003    2004   2005   2006 9/30/07
                                               (year-end)
                                                                                                   28
Non-Refining Earnings

     $400
                     EPS impact of $200MM of
     $350            earnings on current shares
                     outstanding is $1.70/share
     $300
                                          233
     $250
                       213                                                    205
                                                            194
     $200
                                                                                                160
     $150

     $100
       $50
         $0
                      2003              2004               2005              2006              9M07


*   Includes operating income (after-tax) from Retail Marketing, Chemicals, Logistics and Coke business units.
                                                                                                                 29
    For detail and reconciliation to Net Income, see slide A4.
Retail Marketing
                                   2003 2004 2005 2006        9M07
  Net Income, MM$                   91     68     30    76       68
  Retail Gasoline Margin, cpg      10.3    9.8    8.1   9.9      9.9
  Acquisition Capital, MM$          162   181      -      -      -
  Divestment Proceeds, MM$           74   193     50     46      46
  Avg. Capital Employed, MM$ 565 574             569    554    560
  ROCE, %                    16% 12%             5%     14%    12%


         Integrated with Sunoco’s refinery gasoline production
     g


         Continue to structure retail portfolio for optimum return
     g




                                                                       30
Chemicals
                                   2003 2004 2005 2006           9M07
    Net Income, MM$                     53     94     94    43     28
    Avg. Chemicals Margin, cpp         9.5   11.0   12.1   9.9   10.1
    Acquisition Capital, MM$           198    40     -     -      -
    Divestment Proceeds, MM$            -    105     -     -      -
    Avg. Capital Employed, MM$         934 1,012 1,029 1,043 1,061
    ROCE, %                             6%   9%    9% 4%       3%

    Integrated with Sunoco’s refining petrochemical production
g


    Improved operations and competitive assets
g


    Rising feedstock costs have squeezed margins
g


    Pursuing strategic opportunities
g


                                                                        31
Sunoco Logistics Partners L.P.
                        SXL Market Capitalization
 MM$
                               (LP Interest Only)
 1,800

 1,600
                                                                 1,442          1,399
 1,400

 1,200
                                           1,032      1,000
 1,000
                              840
  800
                  546               Value to Sunoco, Inc.
  600     461                           Current LP Distribution: $3.40/unit annualized
                                    g
                                        Sunoco LP Ownership: 12.1 MM units
  400
                                        Current GP Distribution: $6MM per quarter
                                    g
                                        Sunoco 100% owner of GP
  200

    0
         2/8/02   12/31/02   12/31/03      12/31/04   12/31/05    12/31/06    12/10/07
         (IPO)

                                                                                         32
Logistics

                                2002 2003 2004 2005 2006         9M07
 Net Income, $MM                  33     26   31    22   36        33

 Cash to Sunoco, MM$
   Sale of LP Units               96      -   83    99    -         -
   LP Distributions               20     34   36    34   36        30
   GP Distributions                1      1    3     5   14        16


     SXL currently distributes approximately $65MM of annualized
 g
     cash flow to Sunoco
     Implied value of Sunoco’s SXL General and Limited Partner
 g
     interests of approximately $1.0-$1.2 billion
     Expectations for continued growth
 g




                                                                        33
Coke Growth


                  Investm ent              Capacity
                        MM$                 Mtons     In Service
  Jew ell                 N/A                  700          1979
  Indiana Harbor          195                1,300          1998
  Haverhill I             150                  550          2005
                           41 *
  Vitória, Brazil                            1,700          2007
                                                            2008
  Haverhill II            250                  550
  Total                                      4,800




* Represents equity ownership interests.
                                                                   34
Coke

                                        2003 2004 2005 2006         9M07
        Net Income, MM$                  43     40     48     50     31


         2008 net income expected to be $80-$85MM
    g
         (EBITDA of $125-$130MM*)
          - End-of-2008 net income run rate of $95-$100MM
            (EBITDA of $150-$155MM*)
         Haverhill II coke plant (including 46 MW power generation) will
    g
         start up in 2H08
          - Expected annualized net income of approximately $25MM
         Further domestic and international growth opportunities
    g

         Structure to provide best value to Sunoco shareholders
    g



                                                                           35
* See reconciliation on Slide A17.
Capital Program by Business Unit, MM$

                                     Est.                          Total
                           2006      2007     2008       2009    2007-2009

   Refining & Supply         712      700      899        877      2,476
   Retail Marketing          112      118      157        154        429
   Chemicals                  62        68       64        79       211
   Logistics                 119      114       27*        29*      170
                                      186      102         20       308
   Coke**                     14
     Total                 1,019    1,186     1,249      1,159     3,594




  * Excludes Sunoco Logistics growth investments
  ** Includes Haverhill II investment in 2007 and 2008


                                                                             36
Capital Program by Category, MM$


                                      Est.                      Total
                           2006      2007    2008     2009    2007-2009
 Base Maintenance /
                             350      512     595       622         1,729
   Turnaround
 Regulatory / Required       282      183     275       109          567
                             632      695     870       731         2,296
 Income Improvement*         387      491     379       428         1,298
   Total                   1,019    1,186    1,249    1,159         3,594




  * Excludes Sunoco Logistics growth investments in 2008 and 2009
    Includes Haverhill II investment in 2007 and 2008



                                                                            37
Key Takeaways

     Refining market outlook constructive but volatile
 g


     Disciplined capital program focused on upgrading
 g
     products and expanding feedstock flexibility

     Non-refining businesses provide significant value
 g
     and opportunity

     Financial capacity to execute capital program,
 g
     opportunistically acquire assets and reduce shares
     outstanding

     Portfolio of assets will be structured to maximize
 g
     shareholder value

                                                          38
Appendix
Sunoco, Inc.
   Capital Employed, MM$                         Founded in 1886
                                             g
           9/30/07
                                                 NYSE: SUN
                                             g

                                                 2006 Revenue = $39 billion
                                             g
               Corp.
                                                 As of 9/30/07:
                                             g
                330
       Coke
                                                  0$12 billion in assets
        320
                                                  0$8.3 billion in market cap
                                                  0117.6 MM shares outstanding
                                                  0About 14,000 employees
  Logistics
    515
                         Refining & Supply
                                                 Five Business Lines
                                             g
                               1,790
                                                  0340 MMB / yr. refining prod.
   Chemicals
                                                  05 billion gal. / yr. retail fuel sales
     1,060
                                                  05 billion lbs / yr. chemical
                                                     merchant sales
                        Retail
                       Marketing
                                                  0Logistics MLP (NYSE:SXL)
                         580
                                                     owned 43% by Sunoco, Inc.
                                                  04.3 MM tons / yr. coke prod.
         Total = $4.6 billion                                                          A1
Sunoco Operations


                                           Toledo




                                                                          Frankford
                                                                         Eagle Point
                                   Indiana
                                                                      Philadelphia
                                   Harbor Haverhill
                                                                      Marcus Hook
                                                    Neal
                                                                      Epsilon
                                                      Vansant
               Tulsa




                                                                Refineries
                                                                Chemical Plants
                                                                Coke Plants
                                                                Terminal
                                                                Retail Marketing
                                                                Western Pipeline System
          La Porte
           Bayport                                              Eastern Pipeline System
                       Nederland




                                                                                          A2
Summary of Results

                                                     2001    2002    2003   2004   2005   2006   9M07

     Income (Loss) before Special Items, MM$ *        380     (25)    335    629 1,012     979    810
     Income (Loss) before Special Items, $/share *    2.32 (0.16)    2.16   4.20   7.36   7.59    6.71
     ROCE, % **                                       14.8    1.6    13.2   21.7   32.4   28.3    19.9

     Debt / Capital, % (GAAP Basis)                    47      51      51     48     41     49     44
     Debt / Capital, % (Revolver Basis)***             49      45      42     37     17     40     38

     Share Repurchase, MM$                            393       --    136    568    435    871    300

     Shares O/S @ Period-end, MM                     151.1 152.9 150.8 138.7 133.1 121.3         117.6
     Share Price @ Period-end, $/share               18.67 16.59 25.58 40.86 78.38 62.36         70.78




*      Reconciliation of Income (Loss) before Special Items to Net Income (Loss) provided on Slide A4.
**    Calculated using Income (Loss) before Special Items.
*** Revolver covenant calculation. See reconciliation on Slide A5.

                                                                                                         A3
Earnings Profile

                                       2001 2002     2003   2004   2005     2006   9M07
  Net Income (Loss) (MM$ after tax):
   Refining & Supply                   290    (31)   261    541      947    881    729
   Retail Marketing                     87     20     91     68       30     76     68
   Chemicals                             6     28     53     94       94     43     28
   Logistics                            42     33     26     31       22     36     33
   Coke                                 61     42     43     40       48     50     31
   Corporate Expenses                  (24)   (26)   (40)   (67)     (84)   (58)   (44)
   Net Financing Expenses & Other      (82)   (91)   (99)   (78)     (45)   (49)   (35)
    Income (Loss) Before Special Items 380    (25)   335    629    1,012    979    810
      Special Items                      18   (22)   (23)   (24)    (38)      -     90
    Total Net Income (Loss)             398   (47)   312    605     974     979    900

  EPS (Diluted):
    Income (Loss) before Special Items 2.32 (0.16) 2.16 4.20        7.36    7.59   6.71
    Special Items                      0.11 (0.15) (0.15) (0.16)   (0.28)      -   0.75
  Net Income (Loss)                    2.43 (0.31) 2.01 4.04        7.08    7.59   7.46




                                                                                          A4
Financial Ratios

                                                               Year-End
                                           2001     2002     2003     2004     2005     2006     9/30/07

     Total Debt (GAAP Basis)               1,444    1,455    1,601    1,482    1,411    1,987    2,039
     Plus: Debt Guarantees                   165      168        12      11        7        5        3
     Less: Cash                              (42)    (390)    (431)    (405)    (919)    (263)    (263)
     Net Debt (Revolver Covenant Basis)    1,567    1,233     1,182   1,088      499    1,729    1,779


     Shareholders’ Equity (GAAP Basis)     1,642    1,394    1,556    1,607    2,051    2,075    2,566
     SXL * Minority Interest                   -     100      104      232      397      503       353
     Equity (Revolver Covenant Basis)      1,642    1,494    1,660    1,839    2,448    2,578    2,919


     Debt / Capital (GAAP Basis)            47%      51%      51%      48%      41%      49%       44%

     Net Debt / Capital **
                                            49%     45%       42%      37%      17%      40%      38%
     (Revolver Covenant Basis)



*    Sunoco Logistics Partners L.P. (NYSE: SXL).
**   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.
                                                                                                           A5
Share Repurchase
                       Shares          Total     Average
                     Repurchased       Cost        Price
                        (MM)          (MM$)      ($/share)
   2000                   10.4          144        13.87
   2001                   21.4          393        18.32
   2002                     --            --          --
   2003                    5.8          136        23.36
   2004                   15.9          568        35.68
   2005                    6.7          435        64.57
   2006                   12.2          871        71.13
   9M07                    4.0          300        75.35
    Total                 76.4         2,847       37.20

             Net Share Reduction since Jan 2000 = 35%
                  Shares O/S at 9/30/07 = 117.6MM
            Remaining Authorization at 9/30/07 = $649MM
                                                             A6
2008 Cash Flow Model

 Assumptions:

     Based on assets currently owned
 g


     First Call consensus earnings estimate . . .
 g
     not guidance by Sunoco

     Estimated cash tax rate of 30%
 g


     No change in working capital
 g


     Required debt payments are refinanced
 g


     Voluntary pension contribution of $100MM
 g


     No share repurchase / option exercises
 g


                                                    A7
2008 Cash Flow Model, MM$

           Income before Special Items                           950*
           Non-Cash / Deferred / Other                           705**
           Capital Expenditures                                (1,249)
           Cash Dividend                                        (129)
              Free Cash Flow                                     277
           Divestment Proceeds                                    30
           Pension Contribution                                (100)
             Net Cash Flow                                      207




* First Call consensus as of December 10, 2007
** See reconciliation to GAAP amounts in Appendix A9 and A10             A8
Reconciliation of Non-GAAP Cash Flow, MM$

                                                                                2008
                                                                                Model
      Miscellaneous GAAP Cash Flow Items:

       Depreciation, depletion and amortization                                  490
       Deferred income tax expense                                               170
       Payments less than (in excess of) expense for retirement plans *           55
       Other operating items                                                      70
       Cash distributions to investors in cokemaking and logistics operations    (80)
      Non-Cash/Deferred/Other (refer to Slides A7 and A8)                        705




 * Excludes voluntary pension contribution of $100MM.
                                                                                        A9
Cash Flow Statement (GAAP Basis), MM$

                                                                             2008
                                                                             Model *
   Cash Flow from Operating Activities
    Net Income                                                                 950
      Adjustments to reconcile net income to net cash
      provided by operating activities:
        Depreciation, depletion and amortization                               490
        Deferred income tax expense                                            170
        Payments less than (in excess of) expense for retirement plans          (45)
        Other                                                                    70
   Net cash provided by operating activities                                 1,635
   Cash Flows from Investing Activities
    Capital expenditures and acquisitions                                    (1,249)
    Proceeds from divestments                                                    30
   Net cash used in investing activities                                     (1,219)

   Cash Flows from Financing Activities
    Cash distributions to investors in cokemaking and logistics operations      (80)
    Cash dividend payments                                                    (129)
   Net cash used in financing activities                                      (209)
   Net increase in cash and cash equivalents                                   207



 * See 2008 cash flow model assumptions on slide A7.

                                                                                       A10
Refining Product Yield – 3Q07

Petrochemicals
                   Other
 & Lubricants
                    4%                                                                          Total
      5%                                                           Northeast   MidContinent   Refining
                                                                   Refining      Refining     & Supply

         Resid                    Gasoline Production, MB/D          342.7        114.2        456.9
          8%                       RFG                               53%            0%          40%
                                   Conventional                      47%          100%          60%

                                  Distillate Production, MB/D        249.8         79.2        329.0
                       Gasoline
                                   On-Road Diesel Fuel               57%           35%          52%
                        48 %
      Distillate                   Heating Oil / Off-Road Diesel     27%           25%          26%
                                   Jet Fuel                          14%           40%          20%
        35 %
                                   Kerosene / Other                   2%            0%           2%




       Total Production
      Available for Sale =
           943 MB/D

                                                                                                  A11
Sunoco Crude Supply - 2006

                   USA, 18%

   North Sea, 1%
   Former Soviet
    Union, 3%
                                         Nigeria, 45%
  Venezuela, 3%

      Canada, 9%



           Other Africa,
                              Chad, 8%
              13%


                                                        A12
Retail Marketing Channels


        Gasoline Volume              Retail Site Count
             FY06                         9/30/07


                                                Co-ops
                     Co-ops                     557
                      24%
                                                      Dealers
     Distributors
                                 Distributors
         44%
                                                       1,195
                                    2,935

                    Dealers
                     32%




                                   Total: 4,687 sites
    Total: 4.6 billion gallons
                                                                A13
Chemicals
                                                 North America
 Capital Employed: $1.1 Billion   Effective Annual Industry Capacity, billion lbs
          (as of 9/30/07)                                              Phenol
                                     Polypropylene
                                  Basell           3.5      Sunoco                  2.1*
                                  Ineos            2.8      Shell                    1.3
                                  ExxonMobil       2.7      Ineos                    1.3
                                  Sunoco           2.5      Mount Vernon             0.7
                                  Total            2.4        (Sabic/Citgo/JLM)
 Polypropylene      Phenol
                                  Formosa          1.8      Dow/Carbide              0.6
                                  Dow              1.6      Georgia Gulf             0.5
                                  Flint Hills      1.1      Others                   0.3
                                  Others           3.2      Total                    6.8
                                  Total           21.6



                                  Source: 2007 Chemical Data

                                  * Includes 0.3 billion lbs mothballed Haverhill line


                                                                                           A14
Sunoco Logistics (SXL) Distributions

                                                                                                                                                                          LP/GP
Distribution
                                                                                                                                                                         Split (%)
  (per unit)

   $3.60                                                                                                                                                                        50 / 50
   $3.40
                                                                                                    th
   $3.20
                                                                                                ro w
                                                                                            on G
   $3.00                                                                         ti
                                                                           tribu                                                                                                75 / 25
   $2.80                                                               Dis
                                                          89%
   $2.60
   $2.40
   $2.20                                                                                                                                                                        85 / 15
   $2.00
   $1.80
                                                                                                                                                                                98 / 2
   $1.60
               1Q02
                      2Q02
                             3Q02
                                    4Q02
                                           1Q03
                                                  2Q03
                                                         3Q03
                                                                4Q03
                                                                       1Q04
                                                                              2Q04
                                                                                     3Q04
                                                                                            4Q04
                                                                                                   1Q05
                                                                                                          2Q05
                                                                                                                 3Q05
                                                                                                                        4Q05
                                                                                                                               1Q06
                                                                                                                                      2Q06
                                                                                                                                             3Q06
                                                                                                                                                    4Q06
                                                                                                                                                           1Q07
                                                                                                                                                                  2Q07
                                                                                                                                                                         3Q07
       Current annual distribution of $3.40/unit (approximate 7% yield)
   g
       and approximately $65MM of LP/GP distributions to Sunoco

                                                                                                                                                                                          A15
Logistics




  Sunoco, Inc.                                       Public
       43%*                                           57%


                            Sunoco Logistics
                              Partners L.P.


 Eastern Pipeline                 Terminal     Western Pipeline
       System                     Facilities       System

* Including the 2% General Partner interest                   A16
Expected Coke Earnings

     Reconciliation of EBITDA to Net Income, MM$

                             2008       End of 2008
                           Projection    Run Rate

    EBITDA                  125 - 130    150 - 155
    Less: Depreciation         23           27
          Income tax           22           28
    Net Income               80 - 85      95 - 100




                                                      A17
Haverhill II Coke Project

      Additional 100 ovens (550 Mtons/year) at Haverhill
  g
      coke plant site with net 46 megawatts per year of
      power production

      Construction began in 1Q07 and is expected to be
  g
      operational in the second half of 2008

      Total cost estimated at approximately $250MM
  g


      Expected annualized net income of approximately
  g
      $25MM

      Long-term contracts for coke sales executed with
  g
      customers . . . structured to provide steady income
      and attractive returns
                                                            A18
For More Information



     Media releases and SEC filings are available
     on our website at www.SunocoInc.com

         Contact for more information:
           Tom Harr               1-215-977-6764
            Investor Relations




                                                    A19

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Sunoco Analyst Meeting Wednesday, December 12, 2007 8:30 a.m. ET

  • 1. Investor Meeting Philadelphia, PA December 12, 2007
  • 2. Safe Harbor Statement 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, 2006, 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. 2
  • 3. Agenda Opening Comments g Jack Drosdick Market Outlook g Mike Hennigan Refinery Operations and Capital Program g Vince Kelley Other Businesses and Financial Overview g Tom Hofmann 3
  • 4. Opening Comments Jack Drosdick
  • 6. Market Outlook ■ Market for refined products should remain relatively constructive over next few years ■ Considerable supply growth expected for sweet crudes that can be run in Sunoco’s system ■ Ongoing commercial initiatives to optimize crude source flexibility and value added products 6
  • 7. World Economic Growth 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 2002 2003 2004 2005 2006 2007E 2008E GDP growth is a significant driver of oil demand Source: PIRA Energy 7
  • 8. 2008 Oil Demand Growth Estimates, MMB/D OECD * Non-OECD World IEA 0.6 1.4 2.0 U.S. EIA 0.2 1.3 1.5 PIRA 0.4 1.2 1.6 Developing countries are the main driver of world oil demand growth Source: November 2007 reports (International Energy Agency, U.S. Energy Information Administration, and PIRA Energy) * Organization for Economic Co-operation and Development 8
  • 9. Days Supply Inventory – Major OECD Crude Total Products Days Days (End of October) (End of October) 38 25 37 24 36 23 35 22 34 21 2001 2002 2003 2004 2005 2006 2007 2001 2002 2003 2004 2005 2006 2007 Lower days-supply inventory levels approaching 2008 9 Source: PIRA Energy – 3 Major OECD Markets (U.S., Europe, Japan)
  • 10. Global Refining Capacity Increases, MMB/D 3.5 Capacity Growth Demand Growth 3.0 2.5 2.0 MMB/D 1.5 1.0 0.5 0.0 2008 2009 2010 Capacity increases not expected to exceed demand until 2010 Source: PIRA Energy 10
  • 11. Impact of Unknowns Weather: “normal” weather demand is significant g 0 2006/07 oil demand was ~80-140 MMB less due to warmer-than-normal winters in the three major OECD markets $90/B oil g 0 Elasticity debate reaches another level Ethanol g 0 Attractive pricing currently for refiners 0 Pace of infrastructure growth and probable increased mandate need to be watched Refinery utilization rates g 0 More complexity… new specs in U.S. / Europe 0 Level of planned and unplanned downtime 11
  • 12. Sunoco Commercial Activities Products: Optimizing the assets and capturing g market opportunities Crude: Increase crude source diversification and g flexibility 0 Have increased use of high-acid and higher-resid crudes 0 Considerable supply growth (OPEC and non- OPEC) expected for sweet crudes that can be run in Sunoco’s system 12
  • 13. Current Sweet* Crude Availability to Sunoco Western Canadian Caspian North Sea Sweet 0.8 MMB/D 3.5 MMB/D 1.0 MMB/D Eastern Canada 0.4 MMB/D U.S. 0.7 MMB/D North Africa 2.8 MMB/D West Africa 5.0 MMB/D South America 0.5 MMB/D Columbia / Venezuela * <0.5% sulfur 13 Source: Sunoco estimates
  • 14. Growing Sweet* Crude Availability to Sunoco 20 17.2 14.7 16 10.7 12 MMB/D 8 4 0 2005 Current 2009 Estimate * <0.5% sulfur 14 Source: Sunoco estimates
  • 15. Refinery Operations and Capital Program Vince Kelley
  • 16. Refining & Supply Strategy ■ Continued focus on extracting full value of existing assets through Operations Excellence ■ Capital spending program focuses on high-value product upgrading rather than high-cost expansions 0Particular focus on upgrading residual fuel and continuing to improve ultra-low-sulfur diesel capability ■ Maintain spending discipline and keep projects in manageable scope 16
  • 17. Refining & Supply – Operations Excellence Safe Reliable Environmentally Sound Environmental Exceedances Utilization Of Equivalent OHSA Recordable Injury Rate per Year Distillation Capacity, % 1.40 90% 600 561 Contractors 1.16 1.20 500 Employees 88% 86.6% 1.00 400 0.81 326 86% 0.80 300 0.60 83.6% 84% 0.45 0.43 200 0.40 82% 100 0.20 0 0.00 80% 2001 - 2003 2004 - 2006 2001 - 2003 2004 - 2006 2001 - 2003 2004 - 2006 Avg. Avg. Avg. Avg. Avg. Avg. 17
  • 18. Refining Capital Update 2007 Project Review: g 0 Philadelphia Refinery FCC Expansion / Resid Processing project performance 0 Toledo Refinery Crude Unit Debottleneck project performance 2008-2009 Capital Program… Overview of Major Projects: g 0 Philadelphia Refinery Hydrocracker Conversion for Ultra-Low-Sulfur Diesel 0 Toledo Refinery Hydrocracker Conversion 0 Toledo Refinery Environmental New Source Review 0 Tulsa Refinery Distillate Hydrotreater 18
  • 19. Phila. FCC Expansion / Resid Processing Expand Fluid Catalytic Cracking Unit to increase capacity to upgrade g residual fuel and add crude slate flexibility… Total cost: $525MM, including required environmental upgrades Expected: - Throughput increase from 70 to 85 MB/D g - Upgrade up to 25 MB/D residual fuel to light products (from prior 5-10 MB/D) Results: - Completed project in April 2007 g - 3Q07 average throughput of 84 MB/D with residual fuel input of 23 MB/D - Proven unit rate of more than 90 MB/D and residual fuels inputs as high as 30 MB/D in different operating modes - Increased flexibility to process lower-cost crudes In 2008: Capture full-year benefit of $85MM net income* Continue to optimize operations and crude flexibility 19 * Assumes $25/B upgrade from residual fuel to gasoline/distillate.
  • 20. Toledo Refinery Crude Unit Debottleneck Project to expand refining capacity and increase jet fuel production g Total Cost: $50MM Expected: - Increase crude capacity by 20 MB/D (from 160 MB/D) g - Incremental 15 MB/D production (primarily jet fuel) Results: - Completed project in July 2007 g - Record level of jet production in 3Q07 - Installed equipment working as designed… but limited by crude unit fouling and downstream process unit limitations - CURRENT: Production increase of 10 MB/D yields annualized net income contribution of approximately $30MM* In 2008: Resolve fouling issues to reach capacity of 175 MB/D Pursue downstream limitations 20 * Assumes average light product margins of $15/B over crude.
  • 21. Philadelphia Hydrocracker Conversion Convert idle hydrocracker into hydrotreater for ULSD g production Enable 45 MB/D upgrade of heating oil to ULSD (15 ppm) g 0 Replace approximately 35 MB/D of LSD currently sold into fuels market under Temporary Compliance Order (500 ppm sulfur) 0 Add new incremental ULSD capacity Estimated Capital: $285MM with completion expected in 2009 g Full-year benefit of $55MM net income from upgrading 45 MB/D g of heating oil to ULSD (25% IRR)* Significant increase in capability to make ULSD and optimize versus heating oil market * Assumes $6.50/B uplift from heating oil to ULSD. 21
  • 22. Toledo Hydrocracker Conversion Dec 2006: Considered project to convert and g expand Toledo hydrocracker (estimated $10- 20MM cost for 5-10 MB/D expansion) 2007: Re-evaluated project scope g 0Hydraulic Debottleneck to deliver 3-5 MB/D expansion for about $1MM cost 0Expected completion in 2008 Majority of value with much less investment 22
  • 23. Toledo Environmental New Source Review Environmental project to comply with New Source g Review and enable potential future refinery expansion 0FCC Flue Gas Treating Unit 0Sulfur Recovery Unit Complex Estimated Capital: $450MM with completion by g mid-2009 Continue to evaluate other Toledo expansion opportunities for 2010-2012 timeframe 23
  • 24. Tulsa Distillate Hydrotreater Clean Fuels project in early stages of engineering g to convert high-sulfur distillate into ULSD Install new 24 MB/D hydrotreating unit g 0Scope also includes new Sulfur Recovery Unit and Tail Gas Treater Estimated Capital: approximately $400MM with g mid-2010 completion Continue to pursue other options g Add ULSD capability and increase crude flexibility 24
  • 25. Refining & Supply Capital Program, MM$ Est. Total 2007 2008 2009 2007-2009 Base Infrastructure 195 202 216 613 Turnarounds 100 151 161 412 Sub-Total Sustaining 295 353 377 1,025 Major Projects 405 546 500 1,451 Total 700 899 877 2,476 December 2006* 792 805 * Estimates presented at December 2006 Analyst Meeting. 25
  • 26. Refining & Supply Capital Summary Capture full-year benefit of Philadelphia FCC and g Toledo debottleneck projects Future spending on projects in development will enable g future expansions and upgrades to high-valued transportation fuels Additional projects under development include: g 0Toledo refinery expansion 0Yield improvement project at Eagle Point FCC 0Increase residual fuel cracking at Marcus Hook FCC 26
  • 27. Other Businesses and Financial Overview Tom Hofmann
  • 28. Meaningful Leverage to Refining Margins $1.75 180 35% reduction in outstanding 1.70 shares since January 2000 $1.50 160 151 EPS Leverage, $/B Shares O/S, MM $1.25 140 1.06 $1.00 0.89 118 120 91% increase in per share leverage to $0.75 a $1.00/B change in refining margins 100 $0.50 1999 2000 2001 2002 2003 2004 2005 2006 9/30/07 (year-end) 28
  • 29. Non-Refining Earnings $400 EPS impact of $200MM of $350 earnings on current shares outstanding is $1.70/share $300 233 $250 213 205 194 $200 160 $150 $100 $50 $0 2003 2004 2005 2006 9M07 * Includes operating income (after-tax) from Retail Marketing, Chemicals, Logistics and Coke business units. 29 For detail and reconciliation to Net Income, see slide A4.
  • 30. Retail Marketing 2003 2004 2005 2006 9M07 Net Income, MM$ 91 68 30 76 68 Retail Gasoline Margin, cpg 10.3 9.8 8.1 9.9 9.9 Acquisition Capital, MM$ 162 181 - - - Divestment Proceeds, MM$ 74 193 50 46 46 Avg. Capital Employed, MM$ 565 574 569 554 560 ROCE, % 16% 12% 5% 14% 12% Integrated with Sunoco’s refinery gasoline production g Continue to structure retail portfolio for optimum return g 30
  • 31. Chemicals 2003 2004 2005 2006 9M07 Net Income, MM$ 53 94 94 43 28 Avg. Chemicals Margin, cpp 9.5 11.0 12.1 9.9 10.1 Acquisition Capital, MM$ 198 40 - - - Divestment Proceeds, MM$ - 105 - - - Avg. Capital Employed, MM$ 934 1,012 1,029 1,043 1,061 ROCE, % 6% 9% 9% 4% 3% Integrated with Sunoco’s refining petrochemical production g Improved operations and competitive assets g Rising feedstock costs have squeezed margins g Pursuing strategic opportunities g 31
  • 32. Sunoco Logistics Partners L.P. SXL Market Capitalization MM$ (LP Interest Only) 1,800 1,600 1,442 1,399 1,400 1,200 1,032 1,000 1,000 840 800 546 Value to Sunoco, Inc. 600 461 Current LP Distribution: $3.40/unit annualized g Sunoco LP Ownership: 12.1 MM units 400 Current GP Distribution: $6MM per quarter g Sunoco 100% owner of GP 200 0 2/8/02 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/10/07 (IPO) 32
  • 33. Logistics 2002 2003 2004 2005 2006 9M07 Net Income, $MM 33 26 31 22 36 33 Cash to Sunoco, MM$ Sale of LP Units 96 - 83 99 - - LP Distributions 20 34 36 34 36 30 GP Distributions 1 1 3 5 14 16 SXL currently distributes approximately $65MM of annualized g cash flow to Sunoco Implied value of Sunoco’s SXL General and Limited Partner g interests of approximately $1.0-$1.2 billion Expectations for continued growth g 33
  • 34. Coke Growth Investm ent Capacity MM$ Mtons In Service Jew ell N/A 700 1979 Indiana Harbor 195 1,300 1998 Haverhill I 150 550 2005 41 * Vitória, Brazil 1,700 2007 2008 Haverhill II 250 550 Total 4,800 * Represents equity ownership interests. 34
  • 35. Coke 2003 2004 2005 2006 9M07 Net Income, MM$ 43 40 48 50 31 2008 net income expected to be $80-$85MM g (EBITDA of $125-$130MM*) - End-of-2008 net income run rate of $95-$100MM (EBITDA of $150-$155MM*) Haverhill II coke plant (including 46 MW power generation) will g start up in 2H08 - Expected annualized net income of approximately $25MM Further domestic and international growth opportunities g Structure to provide best value to Sunoco shareholders g 35 * See reconciliation on Slide A17.
  • 36. Capital Program by Business Unit, MM$ Est. Total 2006 2007 2008 2009 2007-2009 Refining & Supply 712 700 899 877 2,476 Retail Marketing 112 118 157 154 429 Chemicals 62 68 64 79 211 Logistics 119 114 27* 29* 170 186 102 20 308 Coke** 14 Total 1,019 1,186 1,249 1,159 3,594 * Excludes Sunoco Logistics growth investments ** Includes Haverhill II investment in 2007 and 2008 36
  • 37. Capital Program by Category, MM$ Est. Total 2006 2007 2008 2009 2007-2009 Base Maintenance / 350 512 595 622 1,729 Turnaround Regulatory / Required 282 183 275 109 567 632 695 870 731 2,296 Income Improvement* 387 491 379 428 1,298 Total 1,019 1,186 1,249 1,159 3,594 * Excludes Sunoco Logistics growth investments in 2008 and 2009 Includes Haverhill II investment in 2007 and 2008 37
  • 38. Key Takeaways Refining market outlook constructive but volatile g Disciplined capital program focused on upgrading g products and expanding feedstock flexibility Non-refining businesses provide significant value g and opportunity Financial capacity to execute capital program, g opportunistically acquire assets and reduce shares outstanding Portfolio of assets will be structured to maximize g shareholder value 38
  • 40. Sunoco, Inc. Capital Employed, MM$ Founded in 1886 g 9/30/07 NYSE: SUN g 2006 Revenue = $39 billion g Corp. As of 9/30/07: g 330 Coke 0$12 billion in assets 320 0$8.3 billion in market cap 0117.6 MM shares outstanding 0About 14,000 employees Logistics 515 Refining & Supply Five Business Lines g 1,790 0340 MMB / yr. refining prod. Chemicals 05 billion gal. / yr. retail fuel sales 1,060 05 billion lbs / yr. chemical merchant sales Retail Marketing 0Logistics MLP (NYSE:SXL) 580 owned 43% by Sunoco, Inc. 04.3 MM tons / yr. coke prod. Total = $4.6 billion A1
  • 41. Sunoco Operations Toledo Frankford Eagle Point Indiana Philadelphia Harbor Haverhill Marcus Hook Neal Epsilon Vansant Tulsa Refineries Chemical Plants Coke Plants Terminal Retail Marketing Western Pipeline System La Porte Bayport Eastern Pipeline System Nederland A2
  • 42. Summary of Results 2001 2002 2003 2004 2005 2006 9M07 Income (Loss) before Special Items, MM$ * 380 (25) 335 629 1,012 979 810 Income (Loss) before Special Items, $/share * 2.32 (0.16) 2.16 4.20 7.36 7.59 6.71 ROCE, % ** 14.8 1.6 13.2 21.7 32.4 28.3 19.9 Debt / Capital, % (GAAP Basis) 47 51 51 48 41 49 44 Debt / Capital, % (Revolver Basis)*** 49 45 42 37 17 40 38 Share Repurchase, MM$ 393 -- 136 568 435 871 300 Shares O/S @ Period-end, MM 151.1 152.9 150.8 138.7 133.1 121.3 117.6 Share Price @ Period-end, $/share 18.67 16.59 25.58 40.86 78.38 62.36 70.78 * Reconciliation of Income (Loss) before Special Items to Net Income (Loss) provided on Slide A4. ** Calculated using Income (Loss) before Special Items. *** Revolver covenant calculation. See reconciliation on Slide A5. A3
  • 43. Earnings Profile 2001 2002 2003 2004 2005 2006 9M07 Net Income (Loss) (MM$ after tax): Refining & Supply 290 (31) 261 541 947 881 729 Retail Marketing 87 20 91 68 30 76 68 Chemicals 6 28 53 94 94 43 28 Logistics 42 33 26 31 22 36 33 Coke 61 42 43 40 48 50 31 Corporate Expenses (24) (26) (40) (67) (84) (58) (44) Net Financing Expenses & Other (82) (91) (99) (78) (45) (49) (35) Income (Loss) Before Special Items 380 (25) 335 629 1,012 979 810 Special Items 18 (22) (23) (24) (38) - 90 Total Net Income (Loss) 398 (47) 312 605 974 979 900 EPS (Diluted): Income (Loss) before Special Items 2.32 (0.16) 2.16 4.20 7.36 7.59 6.71 Special Items 0.11 (0.15) (0.15) (0.16) (0.28) - 0.75 Net Income (Loss) 2.43 (0.31) 2.01 4.04 7.08 7.59 7.46 A4
  • 44. Financial Ratios Year-End 2001 2002 2003 2004 2005 2006 9/30/07 Total Debt (GAAP Basis) 1,444 1,455 1,601 1,482 1,411 1,987 2,039 Plus: Debt Guarantees 165 168 12 11 7 5 3 Less: Cash (42) (390) (431) (405) (919) (263) (263) Net Debt (Revolver Covenant Basis) 1,567 1,233 1,182 1,088 499 1,729 1,779 Shareholders’ Equity (GAAP Basis) 1,642 1,394 1,556 1,607 2,051 2,075 2,566 SXL * Minority Interest - 100 104 232 397 503 353 Equity (Revolver Covenant Basis) 1,642 1,494 1,660 1,839 2,448 2,578 2,919 Debt / Capital (GAAP Basis) 47% 51% 51% 48% 41% 49% 44% Net Debt / Capital ** 49% 45% 42% 37% 17% 40% 38% (Revolver Covenant Basis) * Sunoco Logistics Partners L.P. (NYSE: SXL). ** 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. A5
  • 45. Share Repurchase Shares Total Average Repurchased Cost Price (MM) (MM$) ($/share) 2000 10.4 144 13.87 2001 21.4 393 18.32 2002 -- -- -- 2003 5.8 136 23.36 2004 15.9 568 35.68 2005 6.7 435 64.57 2006 12.2 871 71.13 9M07 4.0 300 75.35 Total 76.4 2,847 37.20 Net Share Reduction since Jan 2000 = 35% Shares O/S at 9/30/07 = 117.6MM Remaining Authorization at 9/30/07 = $649MM A6
  • 46. 2008 Cash Flow Model Assumptions: Based on assets currently owned g First Call consensus earnings estimate . . . g not guidance by Sunoco Estimated cash tax rate of 30% g No change in working capital g Required debt payments are refinanced g Voluntary pension contribution of $100MM g No share repurchase / option exercises g A7
  • 47. 2008 Cash Flow Model, MM$ Income before Special Items 950* Non-Cash / Deferred / Other 705** Capital Expenditures (1,249) Cash Dividend (129) Free Cash Flow 277 Divestment Proceeds 30 Pension Contribution (100) Net Cash Flow 207 * First Call consensus as of December 10, 2007 ** See reconciliation to GAAP amounts in Appendix A9 and A10 A8
  • 48. Reconciliation of Non-GAAP Cash Flow, MM$ 2008 Model Miscellaneous GAAP Cash Flow Items: Depreciation, depletion and amortization 490 Deferred income tax expense 170 Payments less than (in excess of) expense for retirement plans * 55 Other operating items 70 Cash distributions to investors in cokemaking and logistics operations (80) Non-Cash/Deferred/Other (refer to Slides A7 and A8) 705 * Excludes voluntary pension contribution of $100MM. A9
  • 49. Cash Flow Statement (GAAP Basis), MM$ 2008 Model * Cash Flow from Operating Activities Net Income 950 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 490 Deferred income tax expense 170 Payments less than (in excess of) expense for retirement plans (45) Other 70 Net cash provided by operating activities 1,635 Cash Flows from Investing Activities Capital expenditures and acquisitions (1,249) Proceeds from divestments 30 Net cash used in investing activities (1,219) Cash Flows from Financing Activities Cash distributions to investors in cokemaking and logistics operations (80) Cash dividend payments (129) Net cash used in financing activities (209) Net increase in cash and cash equivalents 207 * See 2008 cash flow model assumptions on slide A7. A10
  • 50. Refining Product Yield – 3Q07 Petrochemicals Other & Lubricants 4% Total 5% Northeast MidContinent Refining Refining Refining & Supply Resid Gasoline Production, MB/D 342.7 114.2 456.9 8% RFG 53% 0% 40% Conventional 47% 100% 60% Distillate Production, MB/D 249.8 79.2 329.0 Gasoline On-Road Diesel Fuel 57% 35% 52% 48 % Distillate Heating Oil / Off-Road Diesel 27% 25% 26% Jet Fuel 14% 40% 20% 35 % Kerosene / Other 2% 0% 2% Total Production Available for Sale = 943 MB/D A11
  • 51. Sunoco Crude Supply - 2006 USA, 18% North Sea, 1% Former Soviet Union, 3% Nigeria, 45% Venezuela, 3% Canada, 9% Other Africa, Chad, 8% 13% A12
  • 52. Retail Marketing Channels Gasoline Volume Retail Site Count FY06 9/30/07 Co-ops Co-ops 557 24% Dealers Distributors Distributors 44% 1,195 2,935 Dealers 32% Total: 4,687 sites Total: 4.6 billion gallons A13
  • 53. Chemicals North America Capital Employed: $1.1 Billion Effective Annual Industry Capacity, billion lbs (as of 9/30/07) Phenol Polypropylene Basell 3.5 Sunoco 2.1* Ineos 2.8 Shell 1.3 ExxonMobil 2.7 Ineos 1.3 Sunoco 2.5 Mount Vernon 0.7 Total 2.4 (Sabic/Citgo/JLM) Polypropylene Phenol Formosa 1.8 Dow/Carbide 0.6 Dow 1.6 Georgia Gulf 0.5 Flint Hills 1.1 Others 0.3 Others 3.2 Total 6.8 Total 21.6 Source: 2007 Chemical Data * Includes 0.3 billion lbs mothballed Haverhill line A14
  • 54. Sunoco Logistics (SXL) Distributions LP/GP Distribution Split (%) (per unit) $3.60 50 / 50 $3.40 th $3.20 ro w on G $3.00 ti tribu 75 / 25 $2.80 Dis 89% $2.60 $2.40 $2.20 85 / 15 $2.00 $1.80 98 / 2 $1.60 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 Current annual distribution of $3.40/unit (approximate 7% yield) g and approximately $65MM of LP/GP distributions to Sunoco A15
  • 55. Logistics Sunoco, Inc. Public 43%* 57% Sunoco Logistics Partners L.P. Eastern Pipeline Terminal Western Pipeline System Facilities System * Including the 2% General Partner interest A16
  • 56. Expected Coke Earnings Reconciliation of EBITDA to Net Income, MM$ 2008 End of 2008 Projection Run Rate EBITDA 125 - 130 150 - 155 Less: Depreciation 23 27 Income tax 22 28 Net Income 80 - 85 95 - 100 A17
  • 57. Haverhill II Coke Project Additional 100 ovens (550 Mtons/year) at Haverhill g coke plant site with net 46 megawatts per year of power production Construction began in 1Q07 and is expected to be g operational in the second half of 2008 Total cost estimated at approximately $250MM g Expected annualized net income of approximately g $25MM Long-term contracts for coke sales executed with g customers . . . structured to provide steady income and attractive returns A18
  • 58. For More Information Media releases and SEC filings are available on our website at www.SunocoInc.com Contact for more information: Tom Harr 1-215-977-6764 Investor Relations A19