Operator: Welcome to Sunoco Inc's and Sunoco Logistics Q2 2012 Joint Earnings Conference Call. All lines have been placed in a listen-only mode until the question-and-answer session. Today's call is being recorded. If anyone has any objections, you may disconnect at this time.
I would now like to turn the call over to Mr. Brian MacDonald, President and CEO. You may begin.
Brian P. MacDonald - President and CEO: Thank you and good evening. Welcome to the quarterly conference call for Sunoco and Sunoco Logistics Partners, where we will discuss our second quarter results that were reported earlier today. With me are Mike Hennigan, CEO and President of Sunoco Logistics Partners; Mike Colavita, our Chief Financial Officer; Pete Gvazdauskas, Sunoco Logistics Partners VP of Finance; and Clare McGrory, Manager of Investor Relations for Sunoco.
As part of today's call, I will direct you to our website wwwsunocoinc.com and wwwsunocologistics.com, where we have posted a number of presentation slides, which may provide a useful reference as we progress through our remarks. I would also refer you to the Safe Harbor statement referenced in Slide 2 of the slide package and as included in this afternoon's earnings release.
Now, I'll begin by providing an update on the strategic actions of the Company and then we'll move into the earnings and business update for both Sunoco Logistics Partners and Sunoco.
As most of you are aware, on April 30, 2012 Sunoco announced that they had entered into a merger agreement to be acquired by Energy Transfer Partners L.P. We continued to move forward with this merger process as seen by ETP's filing of the First Amendment of Form S-4 registration statement last week. We are on track and working towards closing this transaction in the early part of the fourth quarter.
In July, we also announced an agreement to form Philadelphia Energy Solutions, a joint venture with The Carlyle Group at the Philadelphia Refinery. Sunoco will be contributing the Philadelphia Refinery assets in exchange for a non-operating minority interest of approximately 33%. Sunoco will receive cash proceeds for the liquidation of working capital related to the refinery. These cash proceeds are in line with expectations when we announced the exit from refining. Sunoco will have no ongoing capital obligations with respect to the refinery. We believe that this structure provides the best opportunity for the success of the Philadelphia Refinery and look forward to closing the transaction with the Carlyle Group which we anticipate to be in September.
Now, moving on to the results from the second quarter. As you can see from Slide 4, Sunoco reported net income before special items of $129 million or $1.22 per share for the second quarter.
I'll summarize our results in three areas. Our Logistics business continues to deliver strong results and execute on growth opportunities. Sunoco Logistics is progressing well on projects to grow their fee-based earnings and anticipates $350 million to $400 million in organic growth projects for 2012.