Slide Presentation

1Q09 Earnings Conference Call

May 7, 2009

Exhibit 99.2

Summary

1Q09 Results

Income before special items* of $59MM ($0.50/share)

Profitable Refining & Supply results despite challenging

market environment

Retail Marketing and Chemicals earnings limited by lower

demand and rising feedstock costs

Record Logistics results and solid contribution from Coke

Strategic Actions

Implemented first phase of our business improvement

initiative cost reductions

Announced sale of the Tulsa refinery

Accessed capital markets to maintain balance sheet and

enhance liquidity

Reducing expected 2009 capital expenditures

* For reconciliation to Total Income (Loss), see Slide 4.

Income (Loss) Before Special Items*, MM$

(59)

559

313

($150)

$150

$300

$450

$600

$750

1Q08

2Q08

3Q08

4Q08

1Q09

Refining & Supply

(123)

424

182

Non-Refining

140

156

Corp. & Net Fin.

(20)

(18)

(5)

(25)

(21)

Income (Loss)

Before Special Items

(59)

559

313

EPS (Diluted), Before

Special Items

(0.50)

0.52

4.78

2.68

0.50

* For reconciliation to Total Income (Loss), see Slide 4.

Earnings Profile

1Q08

2Q08

3Q08

4Q08

FY08

1Q09

Income (Loss) (MM$ after tax):

Refining & Supply

(123)

424

182

515

Retail Marketing

103

201

Chemicals

(4)

Logistics

Coke

105

Corporate Expenses

(17)

(11)

(20)

(46)

(11)

Net Financing Expenses & Other

(3)

(7)

(5)

(22)

(10)

Income(Loss) Before Special Items

(59)

559

313

874

Special Items

(10)

(109)

(98)

(47)

Total Income (Loss)

(59)

549

204

776

EPS (Diluted), Income (Loss)

Before Special Items

(0.50)

0.52

4.78

2.68

7.46

0.50

EPS (Diluted), Income (Loss)

(0.50)

0.70

4.70

1.74

6.63

0.10

Refining & Supply Summary* –

1Q09

1Q09 Earnings of $23MM

Significant improvement from 1Q08

Market conditions resulted in lower production rates and a

broader mix of lower-cost feedstocks

Outlook

Market is expected to remain challenging with continued

economic weakness and additional global supply

Remain focused on optimizing our refining system to match

expected market demand

Tulsa refinery sale expected to close on June 1

* Business Unit Income after tax. For reconciliation to Total Income (Loss), see Slide 4.

Non-Refining Business Income* -

1Q09

Retail Marketing –

Earnings of $6MM

Margins challenged due to periods of rising wholesale

prices and a weak demand environment

Chemicals –

Loss of $4MM

Includes favorable $10MM after-tax inventory reserve

adjustment

Ongoing demand weakness due to economic conditions…

expected to continue in 2Q09

Logistics –

Earnings of $30MM

Record performance of Sunoco Logistics Partners L.P.

(NYSE: SXL)…

strong contango market benefit

Coke –

Earnings of $25MM

1Q09 affected by lower contract coal prices and lower coke

volumes

* Business Unit Income after tax. For reconciliation to Total Income (Loss), see Slide 4.

1Q09 Cash Flow Before Debt*, MM$

(400)

(300)

(200)

(100)

100

200

300

Cash from

Operations

ex Working

Capital

Dividend

& Other

Cash from

Investing

Activities

Net

Working

Capital

Net Cash Draw

Before Debt

Activity

216

(254)

(139)

(381)

(189)

(15)

SXL**

Sunoco Ex-SXL = (242) net cash draw

* For reconciliation to Consolidated Statement of Cash Flows, see Slide 19.

** Represents Sunoco Logistics Partners L.P. (NYSE: SXL) net cash draw before debt activity.

0.5

1.0

1.5

2.0

12/31/2008

3/31/2009

SXL

Sunoco

1.6

1.7

1.4

0.6

Liquidity*, B$

* Includes

$0.2B

and

$0.2B

12/31/08

and

3/31/09

cash

and

cash

equivalents.

Net Debt-to-Capital Ratio, %

12/31/08

3/31/09

Sunoco (ex-SXL)*

29%

33%

SXL

53%

55%

Consolidated**

37%

42%

Sunoco Debt

1,415

1,626

SXL Debt

748

887

Total Debt, MM$

2,163

2,513

37%

42%

Proforma.

Sunoco Revolver Covenant basis. For calculation, see Slide 20.

Capital Program by Business Unit, MM$

2007

2008

2009

Refining & Supply

700

652

507

Retail Marketing

111

128

Chemicals

Logistics

Coke

920

872

690

Growth:*

Logistics

303

120

Coke

204

296

240

1,218

1,471

1,050

Proj

* Growth Capital includes $185MM for the Logistics MagTex acquisition in 2008.

Appendix

1Q09 Special Items, MM$ after tax

($34) -

Accrual for employee terminations and related costs in

connection with the business improvement initiative

($4) -

Accrual for contract loss, employee terminations and

other

exit

costs

relating

the

shutdown

the Bayport,

TX polypropylene plant

($9) -

Write-down of certain assets primarily in Refining &

Supply

($47)

Key Margin Indicators

1Q08

2Q08

3Q08

4Q08

FY08

1Q09

Refining & Supply, $/B

Realized Northeast

3.50

7.13

15.20

9.49

8.90

6.48

Realized MidContinent

3.21

6.80

13.41

9.60

8.38

7.34

Realized Total R&S

3.43

7.04

14.72

9.52

8.77

6.69

Retail Marketing, cpg

Gasoline

11.1

7.4

18.7

22.9

15.0

6.4

Distillate

17.0

11.3

14.1

25.8

17.1

24.5

Chemicals, cpp

Phenol and Related

9.2

7.5

10.6

11.7

9.6

6.6

Polypropylene

12.5

11.2

14.0

10.9

12.1

8.6

Total Chemicals

10.6

9.1

12.0

11.2

10.7

7.7

Dated Brent Crude Oil, $/B

96.90

121.38

114.78

54.91

96.99

44.40

Natural Gas, $/DT

8.75

11.48

8.95

6.41

8.90

4.48

Realized Refining Margins vs. Benchmark, $/B

* Northeast 6-3-2-1 Value-Added

Benchmark. MidContinent 3-2-1 Benchmark. For definitions, see Slide 24.

1Q08

2Q08

3Q08

4Q08

FY08

1Q09

Northeast Refining

Realized Margin

3.50

7.13

15.20

9.49

8.90

6.48

6-3-2-1 VA*

5.78

10.78

11.98

7.52

9.01

6.32

Differential

(2.28)

(3.65)

3.22

1.97

(0.11)

0.16

Actual vs. Benchmark:

Crude

(2.92)

(5.81)

1.20

0.93

(1.07)

0.67

Product

0.64

2.16

2.02

1.04

0.96

(0.51)

Differential

(2.28)

(3.65)

3.22

1.97

(0.11)

0.16

MidContinent

Refining

Realized Margin

3.21

6.80

13.41

9.60

8.38

7.34

3-2-1 Benchmark*

6.12

12.02

15.51

4.29

9.49

8.08

Differential

(2.91)

(5.22)

(2.10)

5.31

(1.11)

(0.74)

Actual vs. Benchmark:

Crude

(1.56)

(3.01)

(1.40)

(2.27)

(2.93)

(0.41)

Product

(1.35)

(2.21)

(0.70)

7.58

1.82

(0.33)

Differential

(2.91)

(5.22)

(2.10)

5.31

(1.11)

(0.74)

(0.93)

(0.67)

(1.20)

5.81

2.92

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

1Q08

2Q08

3Q08

4Q08

1Q09

Crude Cost vs. Dated Brent +$1.25/B

(0.51)

1.04

2.02

2.16

0.64

-1.00

-0.50

0.00

0.50

1.00

1.50

2.00

2.50

3.00

1Q08

2Q08

3Q08

4Q08

1Q09

Products vs. VA Benchmark

Refining Margins vs. Benchmarks*, $/B

Northeast

System

* Northeast

6-3-2-1

Value-Added

Benchmark.

MidContinent

3-2-1

Benchmark.

For

definitions,

see

Slide

24.

1Q09 Comments:

Continued reduction of high-cost

premium crudes

Relatively stable prices led to limited

timing impact versus calendar-day

benchmark

1Q09 Comments:

Lower distillate margins and yields

Lower refinery chemical margins

(0.33)

7.58

(0.70)

(2.21)

(1.35)

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

1Q08

2Q08

3Q08

4Q08

1Q09

0.41

2.27

1.40

3.01

1.56

0.00

1.00

2.00

3.00

4.00

1Q08

2Q08

3Q08

4Q08

1Q09

Refining Margins vs. Benchmarks*, $/B

Products vs. Benchmark

Crude Cost vs. WTI +$0.75/B

MidContinent System

* Northeast 6-3-2-1 Value-Added

Benchmark. MidContinent 3-2-1 Benchmark. For definitions, see Slide 24.

1Q09 Comments:

Net benefit of contango structure and

domestic crude market pricing versus

prior periods

1Q09 Comments:

Lubricant and other product

margins

benefited from lag effect

related to falling crude oil prices in

4Q08…

more normalized in 1Q09

Key Volume Indicators -

Refining & Supply

1Q08

2Q08

3Q08

4Q08

FY08

1Q09

Refining & Supply

Northeast:

Crude Throughputs, MB/D

570

544

574

580

567

499

% Capacity

Net Prod. Available for Sale, MB/D

633

610

646

654

636

553

MidContinent:

Crude Throughputs, MB/D

208

222

230

206

216

170

% Capacity

Net Prod. Available for Sale, MB/D

215

230

238

214

224

177

Total Refining & Supply:

Crude Throughputs, MB/D

778

766

804

786

783

669

% Capacity

Net Prod. Available for Sale, MB/D

848

840

884

868

860

730

Net Prod. Available for Sale, MMB

315

Key Volume Indicators –

Non-Refining

1Q08

2Q08

3Q08

4Q08

FY08

1Q09

Retail Marketing

Gasoline Sales, MM gal

1,070

1,140

1,109

1,098

4,417

1,066

Middle Distillate Sales, MM gal

145

143

144

148

580

138

Total Sales, MM gal

1,215

1,283

1,253

1,246

4,997

1,204

Gasoline and Diesel Throughput

143

152

150

143

147

143

(Company-owned or leased outlets)

(M gal/Site/Month)

Merchandise Sales (M$/Store/Month)

Chemicals

Phenol and Related Sales, MM#

599

591

607

477

2,274

407

Polypropylene Sales, MM#

569

562

531

542

2,204

514

Other Sales, MM#

Total, MM#

1,192

1,172

1,152

1,027

4,543

926

Coke

Production, M tons:

United States

613

614

693

706

2,626

682

Brazil

388

404

408

381

1,581

280

1Q09 Cash Flow, MM$

SUN

SXL

(ex SXL)

Sunoco

Cash from Operations (ex Working Capital)

216

297

Working Capital

(146)

(254)

(400)

Cash from Operations

(65)

(38)

(103)

Cash from Investing Activities

(34)

(189)

(223)

Net Cash before Financing Activities

(99)

(227)

(326)

Dividends, Distributions & Other

(18)

(37)

(55)

SXL Dividends to Sunoco

(22)

Net Cash before Net Debt Activity

(139)

(242)

(381)

Net Debt Activity

139

208

347

Net Decrease in Cash & Cash Equivalents

(34)

1Q09

Financial Ratios

Represents Partners’

Capital for SXL and Shareholders’

Equity for Sunoco.

The Net Debt / Capital ratio is used by Sunoco management in its

internal financial analysis and by investors and

creditors in the assessment of Sunoco’s financial position.

*** Capital excludes noncontrolling

interests.

Proforma

SUN

SXL

(ex SXL)

Sunoco

SXL

(ex SXL)

Sunoco

Debt

748

1,415

2,163

887

1,626

2,513

Plus: Debt Guarantees

Less: Cash

(2)

(238)

(240)

(2)

(204)

(206)

Net Debt

746

1,179

1,925

885

1,424

2,309

Equity*

670

2,842

714

2,834

SXL

Noncontrolling

Interest

367

386

Capital

1,416

4,021

5,134

1,599

4,258

5,529

Net Debt / Capital (Sunoco

Revolver Covenant Basis)**

53%

29%

37%

55%

33%

42%

Debt / Capital (GAAP Basis) ***

43%

47%

12/31/2008

3/31/2009

Refining & Supply –

Products Manufactured

1Q08

2Q08

3Q08

4Q08

FY08

1Q09

Northeast

Net Production, MB/D

633.1

610.4

646.2

653.8

635.9

553.4

Gasoline

47%

49%

47%

49%

48%

50%

Middle Distillates

36%

38%

37%

35%

36%

33%

Residual Fuel

10%

Petrochemicals

Other

10%

Less Refinery Fuel

-5%

MidContinent

Net Production, MB/D

215.2

229.7

237.7

213.7

224.1

177.3

Gasoline

46%

42%

41%

42%

43%

46%

Middle Distillates

33%

40%

38%

Residual Fuel

Petrochemicals

Lubricants

Other

15%

13%

14%

12%

Less Refinery Fuel

-5%

Total Refining & Supply

Net Production, MB/D

848.3

840.1

883.9

867.5

860.0

730.7

Gasoline

46%

47%

46%

47%

49%

Middle Distillates

35%

38%

37%

36%

37%

34%

Residual Fuel

Petrochemicals

Lubricants

Other

11%

10%

Less Refinery Fuel

-5%

-4%

-5%

Refining & Supply -

Gasoline and Distillate Production

1Q08

2Q08

3Q08

4Q08

FY08

1Q09

Northeast

Gasoline Production, MB/D

294.2

296.7

306.9

318.1

304.0

276.0

RFG

56%

57%

61%

58%

59%

Conventional

44%

43%

39%

42%

41%

Distillate Production, MB/D

228.4

229.7

236.6

228.7

230.9

182.5

On-Road Diesel Fuel

51%

56%

59%

51%

54%

45%

Heating Oil / Off-Road Diesel

31%

26%

25%

32%

28%

39%

Jet Fuel

15%

17%

14%

15%

13%

Kerosene/Other

MidContinent

Gasoline Production, MB/D

99.3

96.8

97.9

89.4

95.9

82.2

RFG

Conventional

100%

Distillate Production, MB/D

70.2

92.1

94.5

84.4

85.3

67.5

On-Road Diesel Fuel

23%

34%

36%

41%

34%

42%

Heating Oil / Off-Road Diesel

32%

26%

22%

23%

26%

18%

Jet Fuel

45%

40%

42%

36%

40%

Kerosene/Other

Total Refining & Supply

Gasoline Production, MB/D

393.5

404.8

407.5

399.9

358.2

RFG

42%

43%

46%

45%

44%

45%

Conventional

58%

57%

54%

55%

56%

55%

Distillate Production, MB/D

298.6

321.8

331.1

313.1

316.2

250.0

On-Road Diesel Fuel

44%

50%

52%

48%

44%

Heating Oil / Off-Road Diesel

32%

26%

24%

29%

28%

34%

Jet Fuel

22%

23%

22%

20%

22%

20%

Kerosene/Other

Income Tax Rate Reconciliation, MM$

3/31/2008

3/31/2009

Income tax expense (benefit) at U.S.

statutory rate of 35%

(27)

Reduction in income taxes resulting from:

Income attributable to noncontrolling

(minority) interests*

(7)

(14)

Other

(6)

(5)

Income tax benefit

(40)

(1)

* No income tax expense is reflected in the consolidated statements of operations for partnership

income attributable to noncontrolling (minority) interests. Effective January 1, 2009, Sunoco

adopted the provisions of Statement of Financial Accounting Standards No. 160, “Noncontrolling

Interests in Consolidated Financial Statements.”

Prior periods have been restated.

Sunoco Refinery Benchmark Margins

MidContinent

3-2-1

Benchmark

3 WTI Crude: NYMEX futures L1 Close + $0.75 for transportation

2 Unleaded Regular Gasoline: Chicago Pipeline Platt’s Low

1 No. 2 Low Sulfur (Low Sulfur Diesel): Fuel Oil Chicago Pipeline Platt’s Low

Northeast

6-3-2-1

Value-Added

Benchmark

6 Dated Brent Crude: Platt’s Mid + $1.25 for transportation

3 Gasoline: 50% Unleaded RBOB NY Harbor Barge Platt's Low

50% Unleaded Regular Gasoline NY Harbor Barge Platt's Low

2 Distillate: 55% ULSD/LSD NY Harbor Barge Platt's Low

20% Jet/Kero NY Harbor Barge Platt's Low

25% No.2 Fuel Oil NY Harbor Barge Platt's Low

1 No. 6 0.3% Sulfur High Pour Resid: NY Harbor Barge Platt’s Low

1Q08

2Q08

3Q08

4Q08

FY08

1Q09

Northeast

Refining:

6-3-2-1 Value-Added

Benchmark

5.78

10.78

11.98

7.52

9.01

6.32

1Q08

2Q08

3Q08

4Q08

FY08

1Q09

MidContinent

Refining:

3-2-1 Benchmark

6.12

12.02

15.51

4.29

9.49

8.08

For More Information

Media releases and SEC filings are available

our

website

www.SunocoInc.com

Contact for more information:

Bill Diebold

(215) 977-6764

Safe Harbor Statement

This slide presentation should be reviewed in conjunction with Sunoco’s First Quarter 2009 earnings conference call

held on May 7, 2009 at 3:00 p.m. ET. You may listen to the audio portion of the conference call on the website or an

audio recording will be available after the call’s completion by calling 1-800-642-1687 and entering conference

ID#93982072.

Statements in this presentation that are not historical facts are forward-looking statements intended to be covered by

the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange

Act

1934.

These

forward-looking

statements

are

based

upon

assumptions

Sunoco

concerning

future

conditions, any or all of which ultimately may prove to be inaccurate, and upon the current knowledge, beliefs and

expectations of Sunoco management. These forward-looking statements are not guarantees of future performance.

Forward-looking statements are inherently uncertain and involve significant risks and uncertainties that could cause

actual

results

differ

materially

from

those

described

during

this

presentation.

Such

risks

and

uncertainties

include

economic, business, competitive and/or regulatory factors affecting Sunoco's business, as well as uncertainties

the

outcomes

pending

future

litigation.

accordance

with

the

safe

harbor

provisions

the

Private

Securities

Litigation

Reform

Act

1995,

Sunoco

has

included

its

Annual

Report

Form

10-K

for

the

year

ended

December 31, 2008, and in its subsequent Form 10-Q and Form 8-K filings, cautionary language identifying important

factors (though not necessarily all such factors) that could cause future outcomes to differ materially from those set

forth in the forward-looking statements.

For more information concerning these factors, see Sunoco's Securities and

Exchange Commission filings, available on Sunoco's website at www.SunocoInc.com. Sunoco expressly disclaims

any obligation to update or alter its forward-looking statements, whether as a result of new information, future events

or otherwise.

This presentation includes certain non-GAAP financial measures intended to supplement, not substitute for,

comparable GAAP measures. Reconciliations of non-GAAP financial measures to GAAP financial measures are

provided

the

Appendix

the

end

the

presentation.

Investors

are

urged

consider

carefully

the

comparable

GAAP

measures

and

the

reconciliations

those

measures

provided

the

Appendix,

our

website