Tesoro

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For other uses, see Tesoro (disambiguation).
Tesoro Corporation
Type Public
Traded as NYSETSO
S&P 500 Component
Industry Oil and Gas
Founded 1968
Headquarters San Antonio, Texas, United States
Number of locations 6 Oil refineries, [1] 595 retail locations[1]
Key people Gregory J. Goff, President & CEO
Products Petroleum products, natural gas and fuel
Revenue IncreaseUS$37.6 billion (FY 2013)[2]
Operating income DecreaseUS$755.0 million(FY 2013)[2]
Net income DecreaseUS$412.0 million(FY 2013)[2]
Total assets IncreaseUS$13.39 billion (FY 2013)[2]
Total equity IncreaseUS$4.30 billion (FY 2013)[2]
Employees 5,700
Website www.tsocorp.com
Footnotes / references
[2][3]

Tesoro Corporation (NYSETSO) (AKA: Tesoro Petroleum or just Tesoro) is a Fortune 100 and a Fortune Global 500 company headquartered in San Antonio, Texas, with 2013 annual revenues of $37 billion, and over 5,700 employees.

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 the Tesoro, Shell, Exxon, Mobil, ARCO, and USA Gasoline brands.

History[edit]

Tesoro Corporate Headquarters in San Antonio, completed in 2009.

Tesoro was founded in 1968[4] by Dr. Robert V. West Jr,[5] as a company primarily engaged in petroleum exploration and production (the name Tesoro is the Italian/Spanish word for "treasure"). In 1969, Tesoro began operating its first refinery, near Kenai, Alaska. Tesoro would eventually become the first Fortune 500 company ever 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). This change was created due to the following milestones:[clarification needed][citation needed]

  • 1998: Acquired second refinery in Kapolei, Hawaii along with petroleum terminals and approximately 30 retail stations in Hawaii from BHP Americas. Also acquired the former Shell refinery in 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 operated fueling and supply terminals servicing 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 company’s history; record earnings.
  • 2007: Announces agreements to purchase Shell’s Los Angeles refinery and approximately 250 Southern California retail stations.
  • 2007: Tesoro Acquires USA Gasoline.
  • 2009: Tesoro employees move into newly completed corporate campus in July.[6]
  • 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 the Kapolei Refinery to Par Petroleum.[7]

Executives[edit]

Tesoro Corporation's executive management team:[8]

  • Greg J. Goff – President and CEO
  • Dan Romasko – Executive Vice President, Operations
  • Charles S. Parrish – Executive Vice President, General Counsel and Secretary
  • G. Scott Spendlove - Senior Vice President, CFO and Treasurer

Environmental record[edit]

Anacortes Refinery (Tesoro), on the north end of March Point southeast of Anacortes, Washington

Researchers at the Political Economy Research Institute have identified Tesoro as 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 into the air.[9] Major pollutants emitted annually by the corporation include more than 400,000 lb (180 t) of sulfuric acid.[10] The Environmental Protection Agency has named Tesoro a potentially responsible party for at least four Superfund toxic waste sites.[11] Tesoro has settled and/or closed each of the superfund sites for which it has been named as a 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.[12]

Explosion[edit]

On April 2, 2010, there was an explosion at the Anacortes, Washington, refinery with seven deaths.[13]

War in Libya[edit]

Tesoro was the first company to buy Libyan rebel oil in early April 2011 from the Vitol Group.[14]

See also[edit]


References[edit]

External links[edit]