2014 News Releases

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11/19/14Steven Grapstein to Step Down as Tesoro Chair Dec. 31, 2014
CEO Greg Goff to Assume Chair PositionSAN ANTONIO - Nov. 19, 2014 - Tesoro Corporation (NYSE: TSO) ("Tesoro") announced today that Steven H. Grapstein will be stepping down as non-executive Chair of the Board, effective Dec. 31, 2014, but will remain as a member of the Board of Directors. Greg Goff, the Company's President and CEO, will become Chair of the Board on Dec. 31, 2014. Susan Tomasky, the Chair of the Governance Committee, will become independent Lead Director. "We are gra... 
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10/30/14Tesoro Corporation Delivers on Distinctive Performance Objectives with Record Results in Third Quarter of 2014
SAN ANTONIO, Oct. 30, 2014 /PRNewswire/ -- Net income of $396 million, or $3.05 per diluted share Delivered $390 million towards California synergies and business improvements year to date Tesoro Logistics LP ("TLLP") to become full-service logistics company with announced acquisition of QEP Field Services Closed the West Coast Logistics Assets acquisition with TLLP for $270 million Repurchased $150 million of shares during third quarter Declared a regular quarterly dividend of $... 
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10/19/14Tesoro Corporation Creates Full-Service Logistics Company
Tesoro Logistics LP agrees to acquire QEP Field Services for approximately $2.5 billion, including 58% ownership in QEP Midstream Partners Strategically located, high-quality natural gas gathering and processing assets in the Rockies, Uinta and North Dakota Expands growth opportunity into natural gas midstream business Increases logistics third-party revenue from 12% to approximately 50% Transaction includes Tesoro investing over $350 million in TLLP Significantly grows Tesoro's value... 
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10/02/14Tesoro Launches Foundation to Further Community Investments
SAN ANTONIO (Oct. 2, 2014) - Tesoro Corp. announced today the launch of the Tesoro Foundation. The Tesoro Foundation will serve as the cornerstone of Tesoro's new community investment strategy and will play a crucial role in advancing the Company's philanthropic mission to create cleaner, safer, well-educated communities where it operates. In addition to awarding grants, the Foundation will also manage Tesoro's employee gift matching and volunteer programs. "At Tesoro, we measure our succ... 
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10/01/14Tesoro Corporation to Release Third Quarter Earnings
SAN ANTONIO - October 01, 2014 - Tesoro Corporation (NYSE:TSO) announced today that it plans to release its earnings for the third quarter 2014 after the market closes on Thursday, October 30, 2014.  The Company will broadcast, live, its conference call with analysts regarding third quarter results and other business matters on Friday, October 31, 2014, at 7:30 a.m. CDT.  Interested parties may listen to the live conference call over the Internet by logging on to www.tsocorp.com. Tesoro Corpora... 
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09/30/14Tesoro Logistics LP Closes the Acquisition of the Second Portion of the West Coast Logistics Assets from Tesoro Corporation
SAN ANTONIO - September 30, 2014 - Tesoro Corporation (NYSE:TSO) ("Tesoro") and Tesoro Logistics LP (NYSE:TLLP) (the "Partnership" or "TLLP") today announced that TLLP has closed the remaining portion of the acquisition of certain terminalling and pipeline assets (the "West Coast Logistics Assets") owned by Tesoro and certain of its subsidiaries. TLLP acquired Tesoro Alaska Pipeline Company LLC, which owns a refined products pipeline located in Alaska, for... 
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09/22/14Tesoro Pledges $1.1 Million to Support K-12 Education in Local Communities
SAN ANTONIO (Sept. 22, 2014) - Tesoro Corp. pledged $1.1 million in grants to educational programs in Tesoro's headquarters and refinery communities, including: Anacortes, Washington; Kenai, Alaska; Mandan, North Dakota; Los Angeles and Martinez, California; Salt Lake City and San Antonio. "We are focused on helping to provide students the resources they need to succeed and grow," said Tesoro Corp. President and CEO Greg Goff. "Increasing access to a high-quality education is vit... 
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08/14/14Tesoro Announces Two Executive Appointments
SAN ANTONIO - August 14, 2014 - Tesoro Corporation (NYSE:TSO) announced today that Steven Sterin will join Tesoro as Executive Vice President and Chief Financial Officer, effective August 18, 2014, and Cynthia (CJ) Warner will join Tesoro as Executive Vice President, Strategy and Business Development, effective October 6, 2014. Scott Spendlove, who has served as the Company's Chief Financial Officer since May 2010 is leaving the Company to pursue other interests, "I thank Scott for his ma... 
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07/30/14Tesoro Corporation Reports 2014 Second Quarter Results
Net income of $224 million, or $1.70 per diluted share Delivered $200 million of EBITDA improvements New $1.0 billion share repurchase program authorized Increased regular quarterly dividend by 20% to $0.30 per share SAN ANTONIO - July 30, 2014 - Tesoro Corporation (NYSE:TSO) today reported second quarter 2014 net income of $224 million, or $1.70 per diluted share compared to net income of $227 million, or $1.64 per diluted share for the second quarter of 2013. Results from continuing... 
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07/21/14Tesoro Corporation Announces New Petrochemical Feedstock Project
SAN ANTONIO - July 21, 2014 - Tesoro Corporation (NYSE:TSO) today announced plans to produce petrochemical feedstock in its U.S. West Coast refining system.  The Company intends to gather intermediate feedstock, primarily reformate, from its West Coast refining system for xylene extraction at Anacortes, Washington.  The initial investment, estimated to be around $400 million, is designed to recover up to 15,000 barrels per day of mixed xylene.  The mixed xylene will mainly be exported to Asia an... 
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07/02/14Tesoro Corporation to Release Second Quarter Earnings
SAN ANTONIO - July 02, 2014 -Tesoro Corporation (NYSE:TSO) announced today that it plans to release its earnings for the second quarter 2014 after the market closes on Wednesday, July 30, 2014.  The Company will broadcast, live, its conference call with analysts regarding second quarter results and other business matters on Thursday, July 31, 2014, at 7:30 a.m. CDT.  Interested parties may listen to the live conference call over the Internet by logging on to www.tsocorp.com Tesoro Corporation, ... 
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07/01/14Tesoro Logistics Closes Acquisition of Certain Tesoro Corporation Terminalling and Storage Assets
SAN ANTONIO - July 1, 2014 - Tesoro Corporation (NYSE:TSO) ("Tesoro") and Tesoro Logistics LP (NYSE:TLLP) (the "Partnership" or "TLLP") today announced that they have closed TLLP's acquisition of certain terminalling and storage assets (the "West Coast Logistics Assets") owned by Tesoro and certain of its subsidiaries.  TLLP acquired three marketing terminals and a storage facility for total consideration of $241 million, and expects to close the acquisiti... 
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06/23/14Tesoro Logistics Reaches Agreement with Tesoro Corporation to Acquire Certain Terminalling and Pipeline Assets
SAN ANTONIO - June 23, 2014 - Tesoro Corporation (NYSE:TSO) and Tesoro Logistics LP (NYSE:TLLP) (the "Partnership" or "TLLP") today announced that TLLP has reached an agreement with Tesoro Corporation ("Tesoro") to acquire certain terminalling and pipeline assets ("West Coast Logistics Assets") owned by Tesoro's subsidiaries. Under the terms of the agreement, TLLP will acquire the three marketing terminals, a storage facility and a refined products pipelin... 
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05/20/14Tesoro Corporation Announces Conversion of Subordinated Units
SAN ANTONIO - May 20, 2014 - Tesoro Corporation ("Tesoro") today announced that the Board of Directors of Tesoro Logistics LP ("TLLP" or the "Partnership") has converted 15.25 million outstanding subordinated TLLP units on a one-for-one basis into common TLLP units effective May 16, 2014.  Since the issuance of the subordinated units by TLLP in the April 2011 IPO, the Partnership has grown distributions by 75% and, combined with unit price growth, has delivered to... 
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04/30/14Tesoro Corporation Reports 2014 First Quarter Results
Net income of $78 million, or $0.58 per diluted shareNet income of $95 million, or $0.71 per diluted share excluding special itemsRepurchased $100 million of shares during first quarter Declared regular quarterly dividend of $0.25 per share SAN ANTONIO - April 30, 2014 - Tesoro Corporation (NYSE:TSO) today reported first quarter 2014 net income of $78 million, or $0.58 per diluted share compared to net income of $93 million, or $0.67 per diluted share for the first quarter of 2013. ... 
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04/08/14Tesoro Corporation to Release First Quarter Earnings
SAN ANTONIO - April 8, 2014 - Tesoro Corporation (NYSE:TSO) announced today that it plans to release its earnings for the first quarter 2014 after the market closes on Wednesday, April 30, 2014.  The Company will broadcast, live, its conference call with analysts regarding first quarter results and other business matters on Thursday, May 1, 2014, at 7:30 a.m. CDT.  Interested parties may listen to the live conference call over the Internet by logging on to www.tsocorp.com. Tesoro Corporation, a... 
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03/04/14Tesoro Announces Pricing of $300 Million 5.125% Senior Notes due 2024
SAN ANTONIO - March 4, 2014 - Tesoro Corporation (NYSE:TSO) ("Tesoro") announced the pricing of its $300 million 5.125% Senior Notes due 2024 (the "Notes Offering"). Subject to customary conditions, Tesoro anticipates that the offering will be completed on March 18, 2014 and intends to use the net proceeds, together with cash on hand, to fund its redemption of all of its outstanding 9.75% Senior Notes due 2019 (the "2019 Notes"). As of December 31, 2013, there was $... 
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03/04/14Tesoro Announces Intention to Offer $300 Million in Senior Notes
SAN ANTONIO - March 4, 2014 - Tesoro Corporation (NYSE:TSO) ("Tesoro") today announced that it is proposing to offer in a registered offering $300 million aggregate principal amount of senior unsecured notes due 2024 (the "Notes Offering"), subject to market conditions. Tesoro intends to use the net proceeds from the Notes Offering, together with cash on hand, to fund Tesoro's redemption of all of its outstanding 9.75% Senior Notes due 2019 (the "2019 Notes"). As of... 
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02/06/14Tesoro Upgrading Rail Car Fleet to Consist Entirely of Newer CPC-1232-Compliant Cars
SAN ANTONIO - February 6, 2014 - Tesoro Corporation (NYSE: TSO) announced today that Tesoro Refining & Marketing Company LLC (TRMC)  has proactively begun replacing older cars in its crude oil rail car fleet with post-October 2011 design, CPC 1232-compliant rail cars, after evaluating rail car safety features. Specifically, Tesoro is committing that its rail car fleet will consist entirely of the newer DOT-111 design rail cars equipped with reinforced shields and relief devices by mid-2014... 
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02/05/14Tesoro Corporation Reports 2013 Fourth Quarter and Full Year Results
Full year net income from continuing operations of $386 million, or $2.81 per diluted share excluding special items  Fourth quarter net income of $5 million, or $0.04 per diluted share excluding special items  Fourth quarter repayment of $800 million of $1.2 billion interim borrowings to purchase Southern California refining, marketing and logistics business  Repurchased $100 million of shares during fourth quarter   Declared regular quarterly dividend of $0.25 per share   SAN ANTONIO... 
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01/16/14Tesoro Corporation to Release Fourth Quarter Earnings
SAN ANTONIO - January 16, 2014 - Tesoro Corporation (NYSE:TSO) announced today that it plans to release its earnings for the fourth quarter 2013 after the market closes on Wednesday, February 5, 2014.  The Company will broadcast, live, its conference call with analysts regarding fourth quarter results and other business matters on Thursday, February 6, at 7:30 a.m. CST.  Interested parties may listen to the live conference call over the Internet by logging on to www.tsocorp.c... 
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