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Tesoro Corp (TSO)

TSO on New York Consolidated

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23 Sep 2016
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Latest Key Developments (Source: Significant Developments)

Tesoro to acquire Virent
Tuesday, 6 Sep 2016 04:30pm EDT 

Tesoro Corp : Says has agreed to acquire Virent, Inc. .Says Tesoro will operate Virent as a wholly owned subsidiary which will be located in Madison, Wisconsin.  Full Article

Tesoro confirms sulfur tank rupture at Wilmington, Calif. refinery
Friday, 26 Aug 2016 06:00pm EDT 

Tesoro Corp : Tesoro confirms that a rupture occurred at about 1 pm PDT at a sulfur tank at the Wilmington portion of its Los Angeles refinery . says at this time, all personnel near the incident scene have been accounted for and there are no reported injuries . says there is a visible plume over the unit; an emergency response team at the refinery is responding to the situation Related story: Tesoro's Carson, Calif. refinery explosion injures one person - report [nFWN1B70LF] (Reporting by Vijaykumar Vedala in Bengaluru) ((vijaykumar.vedala@thomsonreuters.com; +91-80-6749-6421 / 1298 (If within U.S. call 651-848-5832); Reuters Messaging: vijaykumar.vedala.thomsonreuters.com@reuters.net)).  Full Article

Tesoro Corporation reports 2016 second quarter results
Wednesday, 3 Aug 2016 04:54pm EDT 

Tesoro Corp : Tesoro Corporation reports 2016 second quarter results . Q2 earnings per share view $1.77 -- Thomson Reuters I/B/E/S . Q2 earnings per share $3.47 from continuing operations . Total refinery throughput for quarter was 802 thousand barrels per day, or 92 pct utilization . Sees Q3 Consolidated Throughput 835-885 mbpd . Tesoro Corp Q2 revenue $6,285 million versus $8,232 million last year . "committed to delivering $400 to $500 million of annual improvements to operating income in 2016" . Tesoro Corp says total capital expenditures for FY 2016 to be $970 million . Increased quarterly cash dividend by 10 pct to $0.55 per share . Says now expects year-over-year improvements from higher utilization and operational efficiencies of $400 to $500 million. . Plans to continue to market ultra-low sulfur diesel to local customers and utilize naphtha and resid in its integrated value chain system .Tesoro Corp says capital spending for Q2 was $167 million for tesoro and $42 million for tllp.  Full Article

Par Pacific - Unit entered into a consent decree with subsidiaries of Tesoro
Monday, 18 Jul 2016 03:46pm EDT 

Par Pacific Holdings Inc : Unit entered into a consent decree with subsidiaries of Tesoro Corporation, United States Environmental Protection Agency . Says Par Pacific estimates cost of compliance with consent decree to be approximately $30 million . Tesoro to reimburse co for capital expenditures incurred for consent decree to extent related to acts, omissions prior to acquisition date .Consent decree concerns alleged violations of Federal Clean Air Act by unit of Tesoro that occurred prior to acquisition of that entity by Par.  Full Article

Tesoro Logistics to acquire Alaska Storage and terminalling assets from Tesoro Corp
Friday, 1 Jul 2016 08:20am EDT 

Tesoro Logistics Lp : Tesoro Logistics to acquire Alaska Storage and terminalling assets from Tesoro Corporation . Assets are expected to provide annual net earnings of $36 million and annual ebitda of $51 million . Expect transaction to be immediately accretive to unitholder distributions .Says "committed to achieving our 2017 target of $650 million in net earnings and $1 billion of annual EBITDA".  Full Article

Tesoro says acquires Dakota Prairie Refining business in North Dakota
Tuesday, 28 Jun 2016 08:00am EDT 

Tesoro Corp - : Says expect to generate more than $20 million in annual operating income from this business . DPR's refinery has a crude oil capacity of 20 thousand barrels per day and produces ultra-low sulfur diesel, naphtha and resid . Is ensuring continued servicing of DPR's $66 million term loan debt and contributing about $10 million toward working capital . Tesoro Corp says expect to generate more than $20 million in annual operating income from this business .Tesoro acquires dakota prairie refining business in north dakota.  Full Article

Tesoro Corp says fire doused at Carson, Calif. refinery - Reuters News
Monday, 14 Mar 2016 02:57pm EDT 

Tesoro Corp:Esoro Corp TSO.N on Monday said a fire was put out at its 257,300 barrel-per-day refinery in Carson Los Angeles, California. - RTRS.No injuries were reported and the incident is under control, the company said, adding that emergency responders are on site. The company did not identify the units involved in the incident.  Full Article

Tesoro Corp to pay U.S. West Coast refinery workers $8 mln - NLRB - Reuters
Friday, 5 Feb 2016 01:22pm EST 

Tesoro Corp:Tesoro Corp has agreed to pay $8.08 million to 769 United Steelworkers union members at refineries in California and Washington state who were denied bonuses while on strike in 2015, the U.S. National Labor Relations Board said on Friday - RTRS.The bonuses were awarded on March 6, 2015 to non-striking employees for the previous year, according to the NLRB statement. Tesoro withheld the bonuses from the striking workers, contending it was in accordance with an agreement between the union and the company - RTRS.Complaints were filed with the NLRB by workers at the company's Carson, California, and Anacortes, Washington, refineries alleging failure to pay the bonuses was done in retaliation for the strike and an unlawful modification of the agreement, the NLRB said - RTRS."After the NLRB issued complaint in both cases, parties reached this settlement which will provide workers with 100 percent of the bonuses that they were eligible for under their contract," the board said. - RTRS.Under the settlement agreement, Tesoro admits no violation of the U.S. National Labor Relations Act, the NLRB said - RTRS.  Full Article

Tesoro to acquire strategic logistics assets in Bakken
Tuesday, 8 Dec 2015 07:00am EST 

Tesoro Corp:Says it has agreed to acquire Great Northern Midstream LLC.Transaction is expected to close in the first quarter of 2016.  Full Article

Tesoro Corp to buy Flint hills' marketing and logistics assets
Monday, 23 Nov 2015 04:05pm EST 

Tesoro Corp:Tesoro to acquire Flint hills resources' marketing and logistics assets in Alaska.Through affiliate Tesoro Alaska, co agreed to buy Flint hills resources' wholesale marketing and logistics assets in Anchorage and fairbanks.Says transaction is expected to close within 60 days.Says former fhr north pole refinery is not part of this acquisition.  Full Article

BRIEF-Tesoro to acquire Virent

* Says Tesoro will operate Virent as a wholly owned subsidiary which will be located in Madison, Wisconsin Source text for Eikon: Further company coverage: