Tesoro

For other uses, see Tesoro (disambiguation).
Tesoro Corporation
Public
Traded as NYSE: TSO
S&P 500 Component
Industry Oil and Gas
Founded 1968
Headquarters San Antonio, Texas, United States
Number of locations
 6 Oil refineries,[1] 595 retail locations[1]
Key people
 Gregory J. Goff, President & CEO
Products Petroleum products, natural gas and fuel
Revenue IncreaseUS$37.6 billion (FY 2013)[2]
DecreaseUS$755.0 million(FY 2013)[2]
DecreaseUS$412.0 million(FY 2013)[2]
Total assets IncreaseUS$13.39 billion (FY 2013)[2]
Total equity IncreaseUS$4.30 billion (FY 2013)[2]
Number of employees
 5,700
Website www.tsocorp.com
Footnotes / references
[2][3]

Tesoro Corporation (NYSE: TSO aka: "Tesoro Petroleum", or simply as "Tesoro") is a Fortune 100[4] and a Fortune Global 500 company headquartered in Texas at San Antonio, with 2013 annual revenues of $37 billion, and over 5,700 employees worldwide.

Tesoro is an independent refiner and marketer of petroleum products, operating six refineries in the Western United States with a combined rated crude oil capacity of approximately 845,000 barrels (134,300 m3) per day. Tesoro’s retail-marketing system includes over 2,264 branded retail gas stations, of which more than 595 are company-operated under its own Tesoro brandname, as well as Shell, ExxonMobil, ARCO, and USA Gasoline brands.

History

Tesoro's corporate HQ, completed in 2009, at San Antonio, TX.

Tesoro was founded in 1968[5] by Dr. Robert V. West Jr,[6] primarily engaged in petroleum exploration and production (Tesoro is the word for "Treasure (or Treasury)" in both Italian and Spanish). In 1969, Tesoro began operating its first refinery, near Kenai, Alaska: Tesoro Corp. became the first Fortune 500 company to be headquartered in San Antonio.

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).

Milestones in the company's history are:

Executives

Tesoro Corporation's executive management team comprises:[11]

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.[12] Major pollutants emitted annually by the corporation include more than 400,000 lb (180 t) of sulfuric acid.[13] following which the Environmental Protection Agency named Tesoro a potentially responsible party for at least four superfund toxic waste sites.[14] 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.

Tesoro has given over $1 million in support of California Proposition 23, which aims to suspend the Global Warming Solutions Act of 2006.[15]

Explosion

On April 2, 2010, there was an explosion at the Anacortes refinery with seven deaths.[16]

Libya

After the overthrow of Colonel Gaddafi, Tesoro bought Libyan crude oil in early April 2011 from the Vitol Group to supply its then-Hawaiian refinery.[17]

See also

References

  1. 1 2 "Products and Services Tesoro Retail Locations". Tesoro Corporation.
  2. 1 2 3 4 5 6 "Tesoro Corporation (TSO)". Yahoo! Finance.
  3. ↑ "Tesoro Corp (TSO:New York)". Bloomberg Business.
  4. ↑ www.investopedia.com
  5. ↑ Tesoro Corporation: Company History
  6. ↑ "Robert V. West Jr., 85; founder of independent oil producer Tesoro". Los Angeles Times.
  7. ↑ www.mysanantonio.com
  8. ↑ www.tesorologistics.com
  9. ↑ www.hawaiinewsnow.com
  10. ↑ www.par-petro.com
  11. ↑ Nasdaq Corporate Solutions profile
  12. ↑ "Toxic 100". Political Economy Research Institute. Retrieved August 14, 2007.
  13. ↑ "TRI - RTKNet.org: The Right-to-Know Network". rtknet.org.
  14. ↑ www.publicintegrity.org
  15. ↑ www.ca.gov
  16. ↑ Renegade Refiner: OSHA says BP has “systemic safety problem” | The Center for Public Integrity
  17. ↑ US refiner Tesoro buys cargo of Libyan rebel oil | Reuters

External links

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