Tesoro Corporation
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Company type | Public |
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NYSE: TSO S&P 500 Component | |
Industry | Oil and Gas |
Founded | 1968 |
Founder | Robert V. West Jr. ![]() |
Headquarters | , |
Number of locations | 6 Oil refineries,[1] 595 retail locations[2] |
Key people | Gregory J. Goff, President & CEO |
Products | Petroleum products, natural gas and fuel |
Revenue | ![]() |
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Total assets | ![]() |
Total equity | ![]() |
Number of employees | over 6,000 |
Website | www |
Footnotes / references [3][4] |
Tesoro Corporation (NYSE: TSO aka: "Tesoro Petroleum", 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 5,700 employees worldwide.
Tesoro is an independent refiner and marketer of petroleum products, operating seven 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
![](http://upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Tesoro_Corporation_headquarters%2C_San_Antonio.jpg/220px-Tesoro_Corporation_headquarters%2C_San_Antonio.jpg)
Tesoro was founded in 1968[6] by Dr. Robert V. West Jr,[7] primarily engaged in petroleum exploration and production (Tesoro is the word for "Treasure (or Treasury)" in both Italian and Spanish).[citation needed] 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.[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.[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]
Executives
Tesoro Corporation's executive management team comprises:[12]
- 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.[13] Major pollutants emitted annually by the corporation include more than 400,000 lb (180 t) of sulfuric acid.[14] following which the Environmental Protection Agency named Tesoro a potentially responsible party for at least four superfund toxic waste sites.[15] 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.[16]
Explosion
On April 2, 2010, there was an explosion at the Anacortes refinery with seven deaths.[17]
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.[18]
See also
References
- ^ "Products and Services Tesoro Retail Locations". Tesoro Corporation.
- ^ "Tesoro Refinery Locations". Tesoro Corporation.
- ^ a b c d e f "Tesoro Corporation (TSO)". Yahoo! Finance.
- ^ "Tesoro Corp (TSO:New York)". Bloomberg Business.
- ^ www.investopedia.com
- ^ Tesoro 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
- ^ 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
- ^ Renegade Refiner: OSHA says BP has “systemic safety problem” | The Center for Public Integrity
- ^ US refiner Tesoro buys cargo of Libyan rebel oil | Reuters
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