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April 25, 2013
15:40 EDTTSOCourt approves injunction against Tesoro
Los Angeles Superior Court Judge Ralph W. Dau ruled in favor of an injunction against Texas oil giant, Tesoro Corporation, filed by the Water Replenishment District of Southern California. WRD filed the injunction to stop Tesoro from pumping groundwater because the company has not paid its monthly replenishment assessment since May 2012 and owes more than $900,000, funds which are crucial to WRD's ability to provide safe and reliable water to the public. Judge Dau's approval of the injunction requires Tesoro to pay within 10-days its outstanding bills to WRD or discontinue pumping groundwater it uses for its plant operations. WRD, area groundwater pumpers and ratepayers applaud the judge's decision as a ruling that protects the long term health of the region's groundwater basins.
News For TSO From The Last 14 Days
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April 22, 2015
20:35 EDTTSOTesoro says Q1 impacted by work stoppages
Tesoro stated, "Q1 was impacted by work stoppages at the Anacortes, Washington and Los Angeles and Martinez, California refineries. Also during Q1, planned maintenance was performed at our Martinez, Anacortes and Salt Lake City, Utah refineries. The California region was the most significantly impacted by the work stoppage. The Martinez refinery was idled during February and March and production was impacted at the Los Angeles refinery. Compared 1Q14, California region throughput was lower by approximately 100,000 barrels per day, resulting in increased operating costs of more than $1 per barrel. The impact of the work stoppage and the planned turnarounds in Q1 resulted in a consolidated refining gross margin of $11.77 per barrel compared to the consolidated Tesoro Index of $16.71 per barrel. The combination of higher system throughput during January when margins were low, the work stoppage impact in February and March and inventory builds associated with the turnarounds resulted in lower capture rates for the quarter. We expect to realize a positive impact to system capture rates in Q2 as we are in the final steps of completing the planned maintenance."
20:27 EDTTSOTesoro backs FY15 adjusted EBITDA view of about $2.6B
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20:27 EDTTSOTesoro backs Q2 adjusted EBITDA view of about $800M
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20:26 EDTTSOTesoro reports Q1 adjusted EPS 98c, may not be comparable to consensus $1.85
Reports Q1 EPS $1.15. Adjusted EBITDA for Q1, excluding special items, was $489M compared to $362M last year. Greg Goff, chairman and CEO stated, "We managed through a very difficult Q1 which resulted from the labor disruption at our three West Coast refineries. Also during the quarter planned maintenance was performed at three refineries, including extended downtime at the Martinez refinery. As of the beginning of April, the labor disputes have been resolved and we are back on track to deliver on our stated 2015 business improvement objectives. We are very confident in our current 2015 Plan, which is consistent with consensus EBITDA estimates of approximately $800M for Q2 and $2.6B for FY15."
April 20, 2015
15:35 EDTTSOSenator to introduce legislation to repeal U.S. crude export ban, Fuelfix says
Senator Lisa Murkowski, the head of the Senate Energy and Natural Resources Committee, pledged during the IHS Energy CERAWeek conference to advance legislation lifting the U.S. ban on crude oil exports, reported Fuelfix. Publicly traded refiners include Delek US (DK), HollyFrontier (HFC), Marathon Petroleum (MPC), Phillips 66 (PSX), Tesoro (TSO), Valero (VLO) and Western Refining (WNR). Reference Link
14:56 EDTTSOSenator to introduce legislation to repeal U.S. crude export ban, Reuter says
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06:19 EDTTSOCiti still bullish on U.S. Refiners, Marathon Petroleum a top pick
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