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|TESORO COMPLETES NEGOTIATIONS AT ITS USW-REPRESENTED LOCATIONS|
SAN ANTONIO, TX - June 7, 2012 - Tesoro Corporation (NYSE:TSO) today announced the successful conclusion of contract negotiations at its Golden Eagle (Martinez, California) refinery. Golden Eagle was the last of Tesoro's six United Steelworkers (USW) represented refineries to complete negotiations.
"We are pleased this process is now complete and we can continue to deliver our capital projects on schedule," said Greg Goff, President and CEO. "We expect to complete the expansion of our Mandan, North Dakota, refinery by the latter part of this month."
Tesoro's ratified contract at each location is consistent with the terms of the national pattern agreement accepted by the refining industry and the international USW.
This press release contains certain statements that are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 concerning the timing of our capital projects. For more information concerning factors that could affect these statements see our annual report on Form 10-K and quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission.