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July 21, 2014
16:46 EDTTSOTesoro to launch new petrochemical feedstock project
Tesoro 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 $400M, is designed to recover up to 15K barrels per day of mixed xylene. The mixed xylene will mainly be exported to Asia and is used to make polyester fibers and films for clothing, food packaging and beverage containers. The project is expected to generate competitive returns similar to other recent capital projects by Tesoro. Startup of the new facilities is expected to be in 2017. A final investment decision is expected by year-end.
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."

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