Sunoco, Inc.

The company was incorporated in 1971 as the successor to a New Jersey oil and gas business incorporated in 1901. The earlier company had been in operation since 1886 and took the name the Sun Oil Company of Ohio in 1890. In 1975 the Sun Oil Company was restructured into 14 separate business units to provide flexibility in expanding into areas not related to its petroleum business. The company eventually developed interests in coal, geothermal-energy sources, and such nonenergy activities as real estate, industrial-products manufacturing, and motor-freight transportation.

A series of acquisitions and divestitures during the 1980s and 1990s allowed the company to concentrate on the domestic refinement and distribution of oil. In 1982 it sold Sun Ship, the company that had engaged in shipbuilding and repair as well as the manufacture of heavy-industrial equipment. The Sun Exploration and Production Company, responsible for domestic oil and gas exploration, was spun off to form its own company in 1988. The following year the Sun Company acquired the Atlantic Petroleum Corporation and its refinery, and in 1994 it purchased a Chevron Corporation refinery in Philadelphia. Between 1991 and 1996 the Sun Company divested its real estate and mining interests as well as its Canadian subsidiary, Suncor, and ceased its international oil and gas operations. The company changed its name to Sunoco, Inc., in 1998. In the early 21st century Sunoco’s prime business interests continued to be oil refinement and distribution, though it also entered the chemicals business in 2001 with the purchase of Aristech Chemical Corporation.