Profile: Tesoro Corp (TSO.N)
24 May 2017
Tesoro Corporation (Tesoro), incorporated on December 26, 1968, is an independent petroleum refining, logistics and marketing company. The Company operates through three segments. The Refining operating segment refines crude oil and other feedstocks into transportation fuels, such as gasoline and gasoline blendstocks, jet fuel and diesel fuel, as well as other products, including heavy fuel oils, liquefied petroleum gas and petroleum coke for sale in bulk markets to a range of customers within its markets. The TLLP segment comprises Tesoro Logistics LP's (TLLP) assets and operations, and includes certain crude oil and natural gas gathering assets, natural gas and natural gas liquids (NGLs) processing assets, and crude oil and refined products terminaling, transportation and storage assets acquired from Tesoro and third parties. The marketing segment sells transportation fuels through branded and unbranded channels. Through its subsidiaries, the Company primarily transports crude oil and manufactures, transports and sells transportation fuels.
As of December 31, 2016, the Company's Refining segment owns and operates seven petroleum refineries with a combined crude oil capacity of 895 thousand barrels per day (Mbpd). It buys and refines crude oil and other feedstocks into transportation fuels that it sells to a range of customers. The Company operates the Refining segment in three separate regions: California, Pacific Northwest and Mid-Continent. Its Los Angeles refinery is located on approximately 930 acres in the Carson-Wilmington area of California approximately 20 miles south of Los Angeles. The Company's Martinez refinery is located on approximately 2,200 acres in Martinez, California approximately 30 miles east of San Francisco. The Company's Kenai refinery is located on approximately 450 acres on the Cook Inlet near Kenai, Alaska approximately 60 miles southwest of Anchorage. Its Anacortes refinery is located on approximately 950 acres in northwest Washington approximately 70 miles north of Seattle. Its Salt Lake City refinery is located on approximately 150 acres in Salt Lake City, Utah. Its Mandan refinery is located on approximately 950 acres along the Missouri River near Mandan, North Dakota. Its Dickinson refinery is located on 318 acres approximately 100 miles west of the Mandan refinery near Dickinson, North Dakota. The Company transports, stores and distributes crude oil, feedstocks and refined products through its terminals and pipelines or terminals and pipelines owned by TLLP and third parties in its market areas, as well as through purchases and exchange arrangements with other refining and marketing companies. Its refineries are integrated with each other via pipelines, terminals and barges. It also maintains a fleet of leased rail cars to transport crude and refined products in support of its refining operations.
The Company's TLLP segment's operations are organized into three businesses: Gathering, Processing, and Terminalling and Transportation. TLLP owns and operates a network of crude oil, refined products and natural gas pipelines, terminals with dedicated and non-dedicated storage capacity for crude oil and refined products, rail facilities with loading and off-loading capabilities, marine terminals and trucking fleets. In addition, TLLP owns and operates natural gas processing and fractionation complexes. TLLP generates revenues by charging fees for gathering crude oil and natural gas, for processing natural gas, and for terminaling, transporting and storing crude oil and refined products. TLLP's Gathering business consists of crude oil, natural gas and produced water gathering systems in the North Dakota Williston Basin/Bakken Shale area (the Bakken Region) and the Uinta, Vermillion and greater Green River basins. TLLP's High Plains System, located in the Bakken Region, gathers and transports crude oil from various production locations in this area for transportation to Tesoro's North Dakota refinery and other destinations in the Bakken Region, including export rail terminals and pipelines. In addition in the High Plains System, the Company owns and operates a truck-based crude oil gathering operation and a pipeline regulated by the Federal Energy Regulatory Commission (FERC).
TLLP's Processing business consisted of natural gas processing and fractionation complexes with a combined processing throughput capacity of approximately 1,600 Million cubic feet per day (MMcf/d) and fractionation throughput capacity of approximately 34 Mbpd as of December 31, 2016. TLLP processes gas for certain producers under keep-whole processing agreements. TLLP's Terminalling and Transportation business consists of crude oil and refined products terminals and storage facilities in the western and midwestern United States that are supplied by Tesoro-owned and third-party pipelines, trucks and barges; marine terminals in California that load and unload vessels; pipelines that transport products and crude oil from its refineries to nearby facilities in Salt Lake City and Los Angeles; a 50% fee interest in a pipeline that transports jet fuel from its Los Angeles refinery to the Los Angeles International Airport; a regulated common carrier products pipeline running from Salt Lake City, Utah to Spokane, Washington and a jet fuel pipeline to the Salt Lake City International Airport (the Northwest Products Pipeline); a rail-car unloading facility in Washington that receives crude oil transported on unit trains it leases; a petroleum coke handling and storage facility in Los Angeles that handles and stores petroleum coke from its Los Angeles refinery, and a regulated common carrier refined products pipeline system connecting its Kenai refinery to Anchorage, Alaska.
The Company's Marketing segment sells gasoline and diesel fuel in the western United States through branded and unbranded channels. Its branded operations include transportation fuel sales through retail stations and agreements with third-party dealers and distributors. Its unbranded business includes volumes sold through agreements with third-party distributors/operators. Its branded and unbranded channels provide a committed outlet for the majority of the gasoline produced by its refineries.
19100 Ridgewood Pkwy
SAN ANTONIO TX 78259-1828
Company Web Links
- BRIEF-Tesoro announces expected closing date for Western Refining acquisition and election deadline
- EP Energy, Tesoro form drilling JV in Utah's Uinta basin
- UPDATE 1-EP Energy, Tesoro form drilling JV in Utah's Uinta basin
- EP Energy, Tesoro form drilling JV in Utah's Uinta basin
- BRIEF-EP Energy and Tesoro report drilling JV in the Uinta basin