Tesoro says Q2 net income dips slightly to $224 million

HOUSTON, July 30 Wed Jul 30, 2014 7:53pm EDT

HOUSTON, July 30 (Reuters) - Tesoro Corp, the No. 2 U.S. independent refiner, on Wednesday reported second-quarter net income that dipped to $224 million from $227 million a year ago as costs and expenses rose.

Tesoro said it processed 816,000 barrels of crude oil and feedstock per day on average in the latest quarter after adding capacity in Los Angeles, up from 624,000 in the same period a year ago.

Shares of Tesoro, which authorized a new $1 billion share repurchase program and raised its quarterly dividend by 20 percent to 30 cents per share, traded down some 1 percent at $59.39.

The permit process for a 360,000 barrel per day crude oil rail-to-marine terminal in Washington is progressing, the company said, though some local groups oppose the project on safety grounds. (Reporting By Terry Wade)

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