As independent refiner Sunoco Inc. (SUN) trims spending, layoffs and luxury spending cuts may be among the changes, Chief Executive Lynn Elsenhans said Monday.

"It's not just people costs, but there are people costs," Elsenhans said, speaking to analysts and investors. Other spending cuts will include the sale of the company's corporate jets, she said.

Elsenhans, who began as Sunoco's chief executive in August, has retained consultancy McKinsey and Co. to review the company's operations. Elsenhans declined to specify a target amount of spending that she hopes to cut.

-By Jessica Resnick-Ault, Dow Jones Newswires; 201-938-4435; jessica.resnick-ault@dowjones.com

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