Sunoco is getting out of the refinery business by July of next year and is instead looking to expand its investment in midstream businesses, including pipelines, terminals and storage, in addition to its retail outlets. Sunoco is particularly interested in opportunities in the Marcellus and Utica Shales.
Sunoco Inc’s logistics business is ‘actively pursuing’ growth opportunities in burgeoning shale oil and gas plays as the company looks to its future while moving ahead on plans to exit refining, the company’s CEO said on Thursday.
The pipeline, terminal and storage business is chasing growth opportunities that include "potential conversion of pipelines related to the growing development in the Marcellus and Utica shale plays," CEO Lynn Elsenhans told analysts Thursday during Sunoco’s third-quarter earnings call.
Sunoco announced nearly two months ago that it would sell or shutter the refineries by July next year to focus on its logistics and retail marketing businesses.*
*Reuters (Nov 3, 2011) – Sunoco logistics seeking shale opportunities