Sunoco Logistics hikes dividend, but profits sag
Sunoco Logistics Partners L.P., Philadelphia, said today it is raising its quarterly dividend by 2.5 cents to $1.14 per share.
The dividend is payable Aug. 13 to shareholders on Aug. 9.
The company boosted the dividend at the same time it announced a 24 percent decline in second-quarter profit, to $50.9 million. It attributed the drop to higher interest expenses on debt issued this year and to reduced operating income in its crude oil pipeline system.
Sunoco Logistics operates pipelines and terminals for crude oil. Its parent is Sunoco Inc., the Philadelphia oil company. - Paul Schweizer