Sun Co. Inc.’s board approved a major...

Sun Co. Inc.’s board approved a major restructuring that will spin off the Philadelphia firm’s $4.8-billion domestic oil and gas exploration and production unit into an independent company and trim its work force by more than 1,000. The plan also calls for the nation’s 10th-largest oil company to expand its international exploration and production operations. Earlier this week, Sun agreed to buy Atlantic Petroleum Corp., a Northeast refiner and retailer, for $513 million from oil trader John Duess.