NEW YORK (AP) -- Sunoco Inc. said Tuesday it's getting out of the refining business.
The Philadelphia company, which owns two refineries in Pennsylvania, announced plans to sell those refineries and focus on its pipelines and retail gas stations that provide a steadier cash flow.
"We have made progress in increasing the efficiency of our refineries over the last several years, but given the unacceptable financial performance of these assets, it is clear that it is in the best interests of shareholders to exit this business," Lynn Elsenhans, Sunoco's chairman and CEO, said in a statement.
Sunoco's refineries in Philadelphia and Marcus Hook, Pa., can process a combined 505,000 barrels of oil per day. If it cannot sell its refineries, the company will shut down its main processing units in July 2012.
So Is NASCAR now shopping for a new fuel source for it's racing? Will they still have ethanol in the fuel in 2013, 2014? If Sunoco is out of the refining biz, who will supply NASCAR?
Seems like a story waiting to be written