Court 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.
Tesoro downgraded to Sector Perform from Outperform at Scotia Howard Weil Scotia Howard Weil downgraded Tesoro to Sector Perform adn raised its price target to $114 from $111. The firm does not expect Tesoro shares to continue to outperform peers and notes West Coast robust margins are better appreciated by the market.