Tesoro Corporation: Difference between revisions
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'''Andeavor |
'''Andeavor''' ({{nyse|ANDV}}), formerly known as '''Tesoro Corporation''', or simply as '''Tesoro''', is a Fortune 100<ref>[http://www.investopedia.com/terms/f/fortune-100.asp www.investopedia.com]</ref> and a [[Fortune Global 500]] company headquartered in [[Texas]] at [[San Antonio]], with 2013 annual revenues of $37 billion, and over 13,000 employees worldwide. |
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Andeavor is an [[oil refiner|independent refiner]] and marketer of [[petroleum product]]s, operating ten [[Oil refinery|refineries]] in the [[Western United States]] with a combined rated crude oil capacity of approximately {{convert|1200000|oilbbl|m3}} per day. Andeavor’s retail-marketing system includes approx. 3,000 branded retail gas stations, of which more than 595 are company-operated under its own Tesoro [[brandname]], as well as [[Royal Dutch Shell|Shell]], [[ExxonMobil]], [[ARCO]], and [[USA Gasoline]] brands. |
Andeavor is an [[oil refiner|independent refiner]] and marketer of [[petroleum product]]s, operating ten [[Oil refinery|refineries]] in the [[Western United States]] with a combined rated crude oil capacity of approximately {{convert|1200000|oilbbl|m3}} per day. Andeavor’s retail-marketing system includes approx. 3,000 branded retail gas stations, of which more than 595 are company-operated under its own Tesoro [[brandname]], as well as [[Royal Dutch Shell|Shell]], [[ExxonMobil]], [[ARCO]], and [[USA Gasoline]] brands. |
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Revision as of 22:09, 11 October 2017
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| Company type | Public |
|---|---|
| NYSE: ANDV S&P 500 Component | |
| Industry | Oil and Gas |
| Predecessor | Tesoro Corporation, Western Refining |
| Founded | 1968 |
| Founder | Robert V. West Jr.  |
| Headquarters | , |
Number of locations | 10 Oil refineries,[1] 3,000 branded retail gas stations[2] |
Area served | Central & Western U.S. |
Key people | Gregory J. Goff, President & CEO |
| Products | Petroleum products, natural gas and fuel |
| Revenue |  US$24,582 billion (FY 2016)[3] |
| 1,525,000,000 United States dollar (2017) | |
| US$860.0 million(FY 2016)[3] | |
| Total assets |  US$13.39 billion (FY 2013)[3] |
| Total equity | US$4.30 billion (FY 2013)[3] |
Number of employees | over 13,000 |
| Website | www |
| Footnotes / references [3][4] | |
Andeavor (NYSE: ANDV), formerly known as Tesoro Corporation, or simply as Tesoro, is a Fortune 100[5] and a Fortune Global 500 company headquartered in Texas at San Antonio, with 2013 annual revenues of $37 billion, and over 13,000 employees worldwide.
Andeavor is an independent refiner and marketer of petroleum products, operating ten refineries in the Western United States with a combined rated crude oil capacity of approximately 1,200,000 barrels (190,000 m3) per day. Andeavor’s retail-marketing system includes approx. 3,000 branded retail gas stations, of which more than 595 are company-operated under its own Tesoro brandname, as well as Shell, ExxonMobil, ARCO, and USA Gasoline brands.
History
Andeavor, formerly Tesoro, was founded in 1968[6] by Dr. Robert V. West Jr,[7] and is primarily engaged in petroleum exploration and production. Tesoro is the word for treasure (or treasury) in Italian and Spanish. In 1969, Tesoro began operating its first refinery, near Kenai, Alaska: Tesoro Corp. became the first Fortune 500 company to be headquartered in San Antonio.
In the late 1990s, Tesoro grew through a series of acquisitions and initiatives that created Tesoro Corporation, the company focusing on a single core business: petroleum refining and marketing. Acquisitions expanded refining capacity from 72,000 barrels per day (11,400 m3/d) to approximately 664,000 barrels per day (105,600 m3/d).
Since 2010, through strategic growth, financial discipline, strong execution and the commitment of its employees, Andeavor has become one of the leading independent refining, marketing and logistics companies in the United States.
Milestones in the company's history are:
- 1998: acquires second refinery (after Nikiski) in Kapolei, Hawaii along with petroleum terminals and approximately 30 retail stations in Hawaii from BHP Americas - also acquires the former Shell refinery at Anacortes, Washington;
- 1999: sold exploration and production operations;
- 2001: purchased refineries in Mandan, North Dakota, and Salt Lake City, Utah from Amoco;
- 2002: acquired Golden Eagle Refinery in Martinez, California from Ultramar (Valero);
- 2003: sold Tesoro Marine Services to Martin Midstream LLC: Tesoro Marine Services were operating fueling and supply terminals servicing US Gulf Coast oil and gas exploration - also made a series of refinery acquisitions that boosted the company’s capacity output and positioned it for future expansion in key growth markets throughout the Western United States;
- 2005: largest capital expansion program in the corporation’s history and record earnings;
- 2007: announcement of purchase of Shell's refinery at Los Angeles refinery and approximately 250 Southern California retail stations;
- 2007: Tesoro acquires USA Gasoline;
- 2009: Tesoro employees move into a newly completed corporate campus in July.[8]
- 2011: Tesoro forms Tesoro Logistics LP (TLLP) as a master limited partnership;[9]
- 2011: Tesoro acquires 250 ARCO (Thrifty Style Stations) and Thrifty Stations in Southern California;
- 2012: Tesoro changes the 250 ARCO (Thrifty Style Stations) and Thrifty Stations in Southern California to USA Gasoline;
- 2013: Tesoro purchases the Carson Refinery and the ARCO brand from BP;
- 2013: Tesoro sells its Kapolei refinery to Par Petroleum (now Par Pacific Holdings).[10][11]
- 2016 Tesoro purchased Dakota Prairie Refining in Dickinson, North Dakota from WBI Energy. Construction of the refinery was completed in the spring of 2015.[citation needed]
- 2016: Tesoro Corp has agreed to buy Western Refining for $4.1 billion.[12]
- 2016/17: Par Pacific Inc. rebrands its Tesoro and 76 gas stations as Hele.[13]
- 2017: Tesoro announces that it will be changing its name to Andeavor following its acquisition of Western Refining.[14]
Executives
Tesoro Corporation's executive management team comprises:[15]
- Greg J. Goff – President and CEO
- Keith Casey – Executive Vice President, Operations
- Kim K. Rucker – Executive Vice President, General Counsel and Secretary
- Steven Sterin - Executive Vice President, CFO
Media controversy
Environmental record
Having taken over BP installations, researchers at the Political Economy Research Institute identified Tesoro as being the 24th-largest corporate producer of air pollution in the United States, releasing roughly 3,740,000 lb (1,700 t) of toxic chemicals annually.[16] Major pollutants emitted annually by the corporation include more than 400,000 lb (180 t) of sulfuric acid.[17] following which the Environmental Protection Agency named Tesoro a potentially responsible party for at least four superfund toxic waste sites.[18] Tesoro has settled and/or closed each of the superfund sites for which it has been named as one of many responsible parties. Tesoro was listed as a de minimis contributor to a superfund site in Abbeville, LA, and the site has since been closed by the EPA.
Tesoro has given over $1 million in support of California Proposition 23, which aims to suspend the Global Warming Solutions Act of 2006.[19]
Defenders of the Amazon forest in South America cite Tesoro for sourcing some of their crude oil from the Amazon. Three of Tesoro's refineries- Anacortes (WA), LA (CA) and Golden Eagle (CA), are known to process Amazonian crude oil.[20]
Explosion
On April 2, 2010, there was an explosion at the Anacortes refinery with seven deaths.[21]
Libya
After the overthrow of Colonel Gaddafi, Tesoro bought Libyan crude oil in early April 2011 from the Vitol Group to supply its then-Hawaiian refinery.[22]
See also
References
- ^ "Andeavor Corporation (ANDV)". Andeavor Corporation.
- ^ "Andeavor Corporation (ANDV)". Andeavor Corporation.
- ^ a b c d e f "Tesoro Corporation (TSO)". Yahoo! Finance.
- ^ "Tesoro Corp (TSO:New York)". Bloomberg Business.
- ^ www.investopedia.com
- ^ Andeavor Corporation: Company History
- ^ "Robert V. West Jr., 85; founder of independent oil producer Tesoro". Los Angeles Times.
- ^ www.mysanantonio.com
- ^ www.tesorologistics.com
- ^ www.hawaiinewsnow.com
- ^ www.par-petro.com
- ^ Olson, Bradley; Hufford, Austen (2016-11-18). "Tesoro to Buy Western Refining for $4.1 Billion". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-11-18.
- ^ Tesoro and 76 gas stations to be renamed ‘Hele’
- ^ http://www.andeavor.com/
- ^ Nasdaq Corporate Solutions profile
- ^ "Toxic 100". Political Economy Research Institute. Retrieved August 14, 2007.
- ^ "TRI - RTKNet.org: The Right-to-Know Network". rtknet.org.
- ^ www.publicintegrity.org
- ^ www.ca.gov
- ^ "From Well to Wheel: The Social, Environmental, and Climate Costs of Amazon Crude". Amazon Watch. Retrieved 27 March 2017.
- ^ Renegade Refiner: OSHA says BP has “systemic safety problem”, The Center for Public Integrity]
- ^ Joshua Schneyer, Bruce Nichols and Emma Farge (May 25, 2011). "US refiner Tesoro buys cargo of Libyan rebel oil". Reuters. Retrieved December 15, 2016.
External links
- Official website
- Business data for Tesoro:
- California Refineries California Air Resources Board, Emission Impacts of Refineries, April 23, 2009
