Tesoro

For other uses, see Tesoro (disambiguation).

Tesoro Corporation

Type	Public
Traded as	NYSE: TSO S&P 500 Component
Industry	Oil and Gas
Founded	1968
Headquarters	San Antonio, Texas, United States
Number of locations	6 Oil refineries, 595 retail locations
Key people	Gregory J. Goff, President & CEO
Products	Petroleum products, natural gas and fuel
Revenue	US$37.6 billion (FY 2013)
Operating income	US$755.0 million(FY 2013)
Net income	US$412.0 million(FY 2013)
Total assets	US$13.39 billion (FY 2013)
Total equity	US$4.30 billion (FY 2013)
Number of employees	5,700
Website	www.tsocorp.com
Footnotes / references

Tesoro Corporation (NYSE: TSO aka: "Tesoro Petroleum", or simply as "Tesoro") is a Fortune 100 and a Fortune Global 500 company headquartered in Texas at San Antonio, with 2013 annual revenues of $37 billion, and over 5,700 employees worldwide.

Tesoro is an independent refiner and marketer of petroleum products, operating six refineries in the Western United States with a combined rated crude oil capacity of approximately 845,000 barrels (134,300 m³) per day. Tesoro’s retail-marketing system includes over 2,264 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

Tesoro's corporate HQ, completed in 2009, at San Antonio, TX.

Tesoro was founded in 1968 by Dr. Robert V. West Jr, primarily engaged in petroleum exploration and production (Tesoro is the word for "Treasure (or Treasury)" in both 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).

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.
• 2011: Tesoro forms Tesoro Logistics LP (TLLP) as a master limited partnership;
• 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.

Executives

Tesoro Corporation's executive management team comprises:

• Greg J. Goff – President and CEO
• Keith Casey – Executive Vice President, Operations
• Charles S. Parrish – Executive Vice President, General Counsel and Secretary
• Steven Sterin - Executive Vice President, CFO

Media controversy

Environmental record

Tesoro's Anacortes Refinery at the north end of March Point, southeast of Anacortes, Washington

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. Major pollutants emitted annually by the corporation include more than 400,000 lb (180 t) of sulfuric acid. following which the Environmental Protection Agency named Tesoro a potentially responsible party for at least four superfund toxic waste sites. 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.

Explosion

On April 2, 2010, there was an explosion at the Anacortes refinery with seven deaths.

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.

See also

• List of automotive fuel brands
• Oil companies

External links

• Official website
• Collaboration key to shaping energy future (Profile on Bruce Smith in BIC Magazine, June/July 2007)
• California Refineries California Air Resources Board, Emission Impacts of Refineries, April 23, 2009