SUN CO INC
SC 13G, 1996-02-29
PETROLEUM REFINING
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<PAGE>
 
                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                             Washington, DC  20549



                                 SCHEDULE 13G



                   Under the Securities Exchange Act of 1934

                              (Amendment No. 1)*

                               SUN COMPANY, INC.
- --------------------------------------------------------------------------------
                               (Name of Issuer)

          DEPOSITARY SHARES REPRESENTING ONE HALF PREFERRED SERIES A
- --------------------------------------------------------------------------------

                        (Title of Class of Securities)

                                   866762404
                              ------------------
                                (CUSIP Number)


Check the following box if a fee is being paid with this statement [_].  (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP No. 866762404                   13G                Page 2 of 4 Pages
- -----------------------                                  --------------------- 
 
- ------------------------------------------------------------------------------
 1    NAME OF REPORTING PERSON
      S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
            THE GLENMEDE TRUST COMPANY                      
            23-1512117                                       
- ------------------------------------------------------------------------------
 2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [_]
            N/A                                                             
                                                                     (b) [_] 
- ------------------------------------------------------------------------------

 3    SEC USE ONLY


- ------------------------------------------------------------------------------
 4    CITIZENSHIP OR PLACE OF ORGANIZATION
      
            PENNSYLVANIA

- ------------------------------------------------------------------------------
                     5    SOLE VOTING POWER
     NUMBER OF                  11,466,796
 
      SHARES       -----------------------------------------------------------
                     6    SHARED VOTING POWER
   BENEFICIALLY                 481,932
                                  
     OWNED BY
                   -----------------------------------------------------------
       EACH          7    SOLE DISPOSITIVE POWER
                                11,359,561
    REPORTING             
 
      PERSON       -----------------------------------------------------------
                     8    SHARED DISPOSITIVE POWER
       WITH                     571,300
                          
- ------------------------------------------------------------------------------
 9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
                  11,949,835
      

- ------------------------------------------------------------------------------
 10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
                    
 
 
- ------------------------------------------------------------------------------
 11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
                  47.8%
      

- ------------------------------------------------------------------------------
 12   TYPE OF REPORTING PERSON*
                  BK
      

- ------------------------------------------------------------------------------

                     *SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP No. 866762404                   13G                Page 3 of 4 Pages
- -----------------------                                  --------------------- 

                                 SCHEDULE 13G
                                 ------------


ITEM 4         OWNERSHIP.
- ------                   

               (a)  AMOUNT BENEFICIALLY OWNED:  THE UNDERSIGNED BENEFICIALLY
                    OWNS 11,949,835 DEPOSITARY SHARES WHICH REPRESENT AN
                    OWNERSHIP INTEREST IN 5,974,917.5 SHARES OF SERIES A
                    PREFERRED STOCK.  THE DEPOSITARY SHARES ARE THE CLASS OF
                    SECURITIES FOR WHICH THE UNDERSIGNED IS FILING THIS
                    SCHEDULE.

               (b)  PERCENT OF CLASS:  47.8%

               (c)  NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:

                    (i)  SOLE POWER TO VOTE OR TO DIRECT THE VOTE:  11,466,796
                         SHARES,

                   (ii)  SHARED POWER TO VOTE OR TO DIRECT THE VOTE:  481,932
                         SHARES,

                  (iii)  SOLE POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF:
                         11,359,561 SHARES,

                   (iv)  SHARED POWER TO DISPOSE OR TO DIRECT THE DISPOSITION
                         OF:  571,300 SHARES.
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP No. 866762404                     13G              Page 4 of 4 Pages
- -----------------------                                  --------------------- 

ITEM 10        CERTIFICATION.
- -------                      

               BY SIGNING BELOW I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND
               BELIEF, THE SECURITIES REFERRED TO ABOVE WERE ACQUIRED IN THE
               ORDINARY COURSE OF BUSINESS AND WERE NOT ACQUIRED FOR THE PURPOSE
               OF AND DO NOT HAVE THE EFFECT OF CHANGING OR INFLUENCING THE
               CONTROL OF THE ISSUER OF SUCH SECURITIES AND WERE NOT ACQUIRED IN
               CONNECTION WITH OR AS A PARTICIPANT IN ANY TRANSACTION HAVING
               SUCH PURPOSE OR EFFECT.



                                       SIGNATURE


               AFTER REASONABLE INQUIRY AND TO THE BEST OF MY KNOWLEDGE AND
               BELIEF, I CERTIFY THAT THE INFORMATION SET FORTH IN THIS
               STATEMENT IS TRUE, COMPLETE AND CORRECT.

                                        February 29, 1996

                                        THE GLENMEDE TRUST COMPANY



                                        /S/ JAMES BELANGER
                                        ------------------
                                        SIGNATURE

                                        JAMES BELANGER
                                        --------------
                                        VICE PRESIDENT
                                        --------------
                                        NAME/TITLE


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