Key Developments: Tesoro Corp (TSO.N)
57.75USD
1 Aug 2013
$0.90 (+1.58%)
$56.85
$57.30
$57.98
$56.65
619,527
669,680
$65.75
$27.32
Latest Key Developments (Source: Significant Developments)
Tesoro Corp Declares Increase In Regular Quarterly Cash Dividend
Tesoro Corp announced that Board Of Directors has approved a 25% increase in the regular quarterly cash dividend to $0.25 per share payable on September 13, 2013 to holders of record at the close of business on August 30, 2013. Full Article
Par Petroleum Corp Agrees To Purchase Tesoro Hawaii LLC From Tesoro Corp
Par Petroleum Corp announced that it has reached a definitive agreement for the acquisition of Tesoro Hawaii, LLC from Tesoro Corporation. Tesoro Hawaii, LLC is an owner of refining, retail and distribution assets located in Hawaii. Following the closing, the retail stations will remain under the Tesoro brand. Under the terms of the agreement, Par Petroleum, through a wholly-owned subsidiary, will purchase all outstanding membership interests of Tesoro Hawaii, LLC for $75 million in cash, plus net working capital and the market value of inventory at closing. Also included in the purchase price is an earn-out arrangement of up to $40 million payable over three years contingent on certain performance metrics. The transaction has been unanimously approved by the board of directors of Par Petroleum. The acquisition is subject to certain closing conditions, including the restart of the refinery and the receipt of required governmental approvals. The transaction is expected to be completed in the third quarter of 2013. Full Article
Tesoro Corp To Sell Boise Petroleum Terminal-Reuters
Reuters reported that Tesoro Corp and its logistics subsidiary approval to buy Northwest Products Pipeline system and related assets from Chevron Corp, on the condition that its sells a petroleum terminal in Boise, Idaho, the Federal Trade Commission said on June 17, 2013. Tesoro struck a deal in December to buy the assets from Chevron for $400 million but lowered the price in May to $355 million after a renegotiation. Full Article
Tesoro Corp Receives US Antitrust Approval To Buy BP Plc's Refinery-Reuters
Reuters reported that Tesoro Corp has received formal approval from antitrust regulators in Washington and Sacramento to buy BP Plc's refinery and other assets in southern California for more than $2 billion. Tesoro will not have to sell any of the assets anti-trust regulators said, but California officials demanded the company upgrade the refinery it was buying. Full Article
Tesoro Logistics Reaches Agreement With Tesoro Corp To Acquire First Portion of Carson Logistics Assets
Tesoro Corp and Tesoro Logistics LP announced that Tesoro Logistics LP (the Partnership or TLLP) has reached an agreement with Tesoro Corporation to acquire the first portion of logistics assets associated with the BP Southern California Refining and Marketing business ("Carson") acquisition by Tesoro's subsidiary, Tesoro Refining & Marketing Company LLC ("Tesoro"). TLLP expects to acquire the logistics assets for total consideration of $640 million with a transaction closing date concurrent with Tesoro's closing of the Carson acquisition, scheduled for the second quarter of 2013. The assets include six marketing and storage terminal facilities with a total combined throughput capacity of 224,800 barrels per day and approximately 6.4 million barrels of total storage capacity including 4.5 million barrels which is dedicated commercial storage capacity. Full Article
Tesoro Corp Declares Quarterly Cash Dividend
Tesoro Corp announced that the board of directors has approved a regular quarterly cash dividend of $0.20 per share payable on June 14, 2013 to holders of record at the close of business on May 31, 2013. Full Article
Tesoro Corp Increases Quarterly Cash Dividend
Tesoro Corp announced that the Board of Directors has approved a 33% increase in the Company`s regular quarterly cash dividend from $0.15 per share to $0.20 per share, effective with the quarterly dividend payable on March 15, 2013 to holders of record at the close of business on February 28, 2013. Full Article
Tesoro Corp Declares Quarterly Cash Dividend
Tesoro Corp announced that the board of directors has approved a 25% increase in the Company's regular quarterly cash dividend from $0.12 per share to $0.15 per share, effective with the quarterly dividend payable on December 14, 2012 to holders of record at the close of business on November 30, 2012. Full Article
Carl Icahn Pulls Offer For Rest Of CVR Energy Inc; Names Tesoro Corp And Other As Possible Buyers-Reuters
Reuters reported that Carl Icahn has withdrawn his $29-per-share offer to buy the remaining shares of CVR Energy Inc that he does not already own. Icahn, who controls about 82% of CVR's outstanding shares, acknowledged in a letter to CVR filed with securities regulators that he had been unwilling to consider paying more than $30 per share as of August 6. Icahn, who got control of CVR through a $30 per share tender offer, earlier tried to find a buyer for CVR, insisting he would not settle for an offer below $35 per share in cash. He had named Valero Energy Corp., Western Refining, Inc., HollyFrontier Corp, Tesoro Corp , and Marathon Petroleum Corporation as possible buyers. Full Article
Tesoro Corp To Buy BP Plc's Southern California Refining, Marketing Business-Reuters
Reuters reported that Tesoro Corp said it will buy BP Plc's integrated Southern California refining and marketing business for $1.18 billion, plus the value of inventory at the time of closing. At current prices, the inventory is valued at about $1.3 billion. The deal is expected to close before mid-2013. Full Article
U.S. refiner Tesoro's quarterly profit drops 34 percent
- U.S. refiner Tesoro Corp on Thursday reported a lower quarterly profit after refinery maintenance hurt production and rising crude oil prices sapped margins.

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