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2005 exemplifies the opening line from Charles Dickens’s Tale of Two Cities. “It was the best of times; it was the worst of times.” Sunoco enjoyed a record financial and HES performance, due not only to favorable market conditions but also to outstanding operations reliability. Our employees have worked very hard for several years to institute capital projects and the Operations Excellence Management System that help Sunoco compete in up and down markets. This year’s results are a testament to their dedication. But the news was not all good. We agonized over the fatalities at a facility close to our Texas chemical plants. We also had family and friends displaced by Hurricanes Katrina and Rita. We were frustrated by the seeming intractability of community organizations determined to force changes in our operations. 2005 has reinforced our belief that all our actions must be based on sound science and best management practices. Our employees took lessons learned from Katrina to respond quickly and effectively when our Houston-area facilities were threatened by Hurricane Rita. Even before all investigations were completed on the Texas City tragedy, our facilities and corporate staff re-evaluated our policies and procedures to make certain that temporary structures are located outside potentially dangerous construction areas. We announced an agreement with the US EPA to install state-of-the-art environmental controls in our refineries at a cost of over $275 million. And after several years of careful study, we recently announced that we will spend $61 million to add ReVapTM additive technology as part of an effort to enhance the safety and yield of our Philadelphia Refinery hydrogen fluoride (HF) unit. We hope to complete that project by 2008. "Continuous improvement" is Sunoco's watchword. You will notice on our performance charts that our 2006 targets require significant improvement upon our 2005 successes. We constantly seek ways to improve our operations and how we report our results. To that end, we have provided corporate-wide diversity information for our professional and paraprofessional employees. And, as always, we welcome your comments and suggestions. Carolyn L. Green |
HES Glossary
Conversion Table
Summary Report
Letter from the CEO |
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