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Sunoco Inc., which operates 500 Aplus convenience stores, completed its current $200 million share repurchase program in June and has received board authorization to repurchase an additional $500 million of Sunoco shares.
With the completion of the $200 million program, which was authorized in September
2000, Sunoco has now repurchased 30 million of its shares for approximately $940 million over the last six years. Sunoco had 80.9 million shares outstanding as of July 1.
"We have been consistently active and aggressive in repurchasing Sunoco stock and now have substantial additional authorization to continue this program in the future," said Sunoco John Drosdick, Sunoco's chairman and CEO. "For our industry, we continue to view share repurchase combined with disciplined, strategic growth to be the best course for increasing earnings per share and creating value for our shareholders. Our recent actions, which includes adding over 350 retail marketing sites while reducing outstanding shares by 10 percent, are entirely consistent with this strategy."