UPDATE 2-Sunoco posts adjusted profit, shutters refinery

* Q4 EPS $0.05 excluding special items

* Revenue $12.7 bln vs year-ago $9.9 bln

* Refinery workers told not to report after Feb. 20

* Shares up 1 pct

Feb 15 (Reuters) - Sunoco Inc, which is getting out of the refining business, posted an adjusted profit for the fourth quarter partly due to tax benefits, and its revenue rose 28 percent on higher gasoline prices.

Wednesday's results came as the company told workers at one of its Philadelphia area refineries not to report for work after Feb. 20.

Sunoco reported a net loss of $362 million, or $3.39 per share for the fourth quarter. That compared with net income of $87 million, or 72 cents per share, in the same quarter of 2010.

But excluding a charge of $612 million relating to asset writedowns from idling of its Philadelphia and Marcus Hook, Pennsylvania, refineries, and partly due to tax benefits, Sunoco had income of 5 cents per share.

Revenue rose to $12.7 billion from $9.9 billion a year earlier, the Philadelphia-based company said, citing higher retail gasoline and distillate margins, partially offset by lower gasoline sales volumes.

Two weeks ago, Sunoco released pretax fourth-quarter results and said it would post a loss of $660 million. On Wednesday the company updated that by including the tax provision and after-tax results. It said there were no changes to the Feb. 2 pretax figures.

The increase in the tax benefit was largely the result of higher tax credits in the fourth quarter under the effective tax rate method as that quarter represented a higher percentage of full-year results in 2011 compared with 2010, it said.

On Feb. 2, Sunoco said it was conducting a "vigorous" search for buyers for its two Philadelphia-area refineries, with more than 150 prospects expressing some interest in the 335,000 barrel-per-day Philadelphia refinery which the company said it will close if a buyer is not found by July.

On Wednesday, Sunoco told workers at its shuttered Marcus Hook refinery not to report to work after Feb. 20.

"These employees have not been laid off or terminated," said Sunoco spokesman Thomas Golembeski. He said they would be paid through the end of the month and that bargaining efforts with the union were continuing.

The Marcus Hook refinery was idled in early December in reaction to poor refining economics and as the company prepared to sell the plant.

Sunoco stock was up 1 percent at $39.87 on Wednesday morning on the New York Stock Exchange.