Tesoro Corporation, known briefly as Andeavor, was a Fortune 100[4] and a Fortune Global 500 company headquartered in San Antonio, Texas, with 2017 annual revenues of $35 billion, and over 14,000 employees worldwide. Based on 2017 revenue, the company ranked No. 90 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.[5]
Tesoro was 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. Tesoro's retail-marketing system included approx. 3,000 branded retail gas stations, of which more than 595 were company-operated under its own Tesoro brandname, as well as Shell, ExxonMobil, ARCO, and USA Gasoline brands.
Tesoro, known at the time as Andeavor, was acquired by Marathon Petroleum on October 1, 2018.
History
Tesoro's corporate HQ, completed in 2009, at San Antonio, TX.
Tesoro was founded in 1968[6] by Dr. Robert V. West Jr,[7] and was 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 became the first Fortune 500 company to be headquartered in San Antonio, Texas.
Beginning 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).
Prior to its acquisition by Marathon Petroleum in 2018, Tesoro was the third-largest independent petroleum refining and marketing company in the United States.
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;
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]
2016/17: Par Pacific Inc. rebrands its Tesoro and 76 gas stations as Hele.[13]
Logo from 2017 to 20182017: Tesoro announces that it will be changing its name to Andeavor following its acquisition of Western Refining.[14] On August 1, 2017, the company changed its ticker symbol to "ANDV" from "TSO".[15]
2018: Andeavor announces that they have entered into a definitive merger agreement with Marathon Petroleum Corporation under which Marathon Petroleum will acquire all of Andeavor's outstanding shares.[16] The merger was closed on October 1.[17]
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.[18] Major pollutants emitted annually by the corporation include more than 400,000 lb (180 t) of sulfuric acid.[19]
following which the Environmental Protection Agency named Tesoro a potentially responsible party for at least four superfund toxic waste sites.[20]
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.
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.[22]
US$34.975 billion (2017)
