Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Tesoro (NYSE:TSO)

Q4 2011 Earnings Call

February 02, 2012 8:30 am ET

Executives

Louie Rubiola - Director of Investor Relations

G. Scott Spendlove - Chief Financial Officer and Senior Vice President

Daniel Robert Romasko - Executive Vice President of Operations

Analysts

Edward Westlake - Crédit Suisse AG, Research Division

Jeffrey A. Dietert - Simmons & Company International, Research Division

Paul Y. Cheng - Barclays Capital, Research Division

Sam Margolin - Global Hunter Securities, LLC, Research Division

Douglas George Blyth Leggate - BofA Merrill Lynch, Research Division

Evan Calio - Morgan Stanley, Research Division

Paul Sankey - Deutsche Bank AG, Research Division

Operator

Good day, ladies and gentlemen, and welcome to the Fourth Quarter 2011 Tesoro Corporation Earnings Conference Call. My name is Shanelle, and I will be your operator for today. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes. I would now like to turn the conference over to your host for today, Mr. Louie Rubiola, Director of Investor Relations. Please proceed.

Louie Rubiola

Thank you, Shanelle. Good morning, everyone, and welcome to today's conference call to discuss our fourth quarter and full year 2011 earnings. Joining me today are Greg Goff, President and CEO; Dan Romasko, Executive Vice President of Operations; and Scott Spendlove, Senior Vice President and CFO.

While we will not be referencing slides during the call, we do have a set of slides which was filed with the SEC today. These slides, along with other financial disclosure and reconciliations from non-GAAP financial measures, should help you in analyzing our results and can be found on our website at tsocorp.com.

Please refer to the forward-looking statements in the earnings slides, which says statements made during this call that refer to management's expectations and/or future predictions are forward-looking statements intended to be covered by the Safe Harbor Provisions of the Securities Act, as there are many factors which could cause results to differ from our expectations.

With that, I'll turn the call over to Greg.

G. Scott Spendlove

Thanks, Greg. As we reported last night, our fourth quarter net loss was $124 million or $0.89 per diluted share. That compares to an adjusted net loss in the fourth quarter last year of $19 million or $0.13 per diluted share. Special items last year included after-tax income of $0.27 per diluted share, resulting from business interruption and property damage insurance proceeds net of costs related to repair work at the Anacortes refinery and noncash after-tax expenses of $0.12 per diluted share related to potential legal claims of an Alaskan pipeline settlement and the write-off of goodwill at the Hawaii refinery.

Our corporate and unallocated costs for the quarter were $36 million, before $2 million in corporate depreciation and $21 million in noncash stock-based compensation accruals primarily related to stock appreciation rights.

Fourth quarter results were $0.09 below the low end of our guidance range because of the combined differences in volume, yield and pricing assumptions relative to actual results for the quarter. Capital expenditures for the fourth quarter were $129 million, and turnaround spending was $36 million. We ended the quarter with a cash balance of $900 million, down from $1.1 billion at the end of the third quarter. The decrease in cash of more than $200 million reflects negative EBITDA of $56 million, capital and turnaround spending of $165 million and cash interest and taxes of $107 million. Working capital and financing activities, which included borrowings under the Tesoro Panama revolver, added $93 million. We remain undrawn on the corporate revolver with over $800 million of revolving credit capacity at the end of this year.

Turning to the first quarter, this is typically a weak gasoline demand period, both nationally and in PADD V, with demand typically falling 1% to 3% from the already weak fourth quarter. From a supply and demand perspective, the West Coast is relatively in balance, providing support to cracks, which are up slightly from the fourth quarter of 2011.

Regarding crude oil price differentials, the relative discount of California heavy crude oil has returned to a more normal level, having averaged a $7 per barrel discount to Brent so far this year. The WTI Brent crude -- the WTI to Brent crude oil spread has also stabilized in a $10 per barrel range and was as wide as $14 yesterday.

I'll close with guidance for first quarter modeling purposes. We estimate throughput to be, in thousands of barrels per day, 145 to 155 in the Pacific Northwest, 55 to 75 in the Mid-Pacific, 110 to 120 in the Mid-Continent, and 210,000 to 220,000 barrels per day in the California region. Manufacturing cost guidance for the first quarter in dollars per barrel is as follows: $4.10 in the Pacific Northwest, $3.65 in the Mid-Pacific, $3.50 in the Mid-Continent, and $7 per barrel in the California region. Throughputs in California will be affected by a plant turnaround activity at our Martinez refinery. Our depreciation for refining is estimated at $93 million. Additional first quarter guidance items include estimated corporate expenses, excluding depreciation, of $36 million and interest expense before interest income of $36 million.

And with that, I'll turn the call back over to Greg for closing comments. Greg?

Question-and-Answer Session

Operator

[Operator Instructions] Your first question comes from the line of Ed Westlake, Crédit Suisse.

Edward Westlake - Crédit Suisse AG, Research Division

Greg, lots of strategic progress last year as you've announced the Hawaii potential sale. Can you just discuss on the timings and the levels of interest in that process?

Edward Westlake - Crédit Suisse AG, Research Division

And then just picking up on the comment you made at the Analyst Day about your SWOT teams are going around refineries and finding ways to improve operations. You had 2 more refineries, I think, to cycle-through in the first quarter. Might also be a bit early but any comments on the opportunities you found and how -- like what your thinking is if some of those, say, larger capital projects defer to those into the capital spending if you have $670 million this year and then $545 million next?

Edward Westlake - Crédit Suisse AG, Research Division

Okay. Then a final quick one. Demand in California, you said same-store sales, flat in Q4. Any color on how January is shaping up?

Daniel Robert Romasko

Yes, sure. Same-store sales, January year-to-date are somewhere between flat to down 1%, which is a bit better than what PADD V looks like and, obviously, quite a bit better than U.S. average.

Edward Westlake - Crédit Suisse AG, Research Division

Which seems bizarre in the sense of that the U.S. average is -- seems very low. Are you seeing any funnies in you region in the data or in the DOE?

Daniel Robert Romasko

Hard to tell. Obviously, the DOE data is quite concerning, but we don't have any unique insight there.

Operator

Your next question comes from the line of Chi Chow of Macquarie Capital.

Daniel Robert Romasko

Yes, sure. All great projects, all on schedule, no new news on project costs that are of concern. Permits are fully received from Mandan, and we're in construction window still expect completion to occur by the end of second quarter, so that project is good to go. L.A. vac tower is also in progress and no material cost increase there, and the evident [ph] generation still looks solid. In fact, the tower itself has been shipped from Europe and is in route to L.A. And the Anacortes, we received the permits necessary to begin construction on the offloading facility for rail, so that's great news. And work is commencing, so expect that to be operational fourth quarter.

Daniel Robert Romasko

Yes, I'll give it at a high level and then let Louie give you the details if you want it at a more deep -- deeper level. So Brent-TI for the first 3 quarters was $195 million positive. Fourth quarter, unfortunately, clawed back $125 million. But the good news is the full year was $70 million positive. And then on the Bakken and Canadian light sweet, those differentials worked the opposite direction relative to the Index WTI. Bakken was about a $7 differential, worse than WTI, having a negative impact of $110 million in the first 9 months. Similarly, Canadian light sweet WTI, when applied across the 1/3 volume that's indexed to WTI and Anacortes was roughly $85 million. And if you want it on a quarter-by-quarter basis, Louie will have that detail, so give him a call.

Daniel Robert Romasko

Yes, if you look at publicly available posted prices, clear books actually come back to more normal ranges, so those relationships are kind of inversely proportionate to what occurs on the Brent-TI.

Operator

Your next question comes from Jeff Dietert of Simmons & Company.

Jeffrey A. Dietert - Simmons & Company International, Research Division

My question regarded -- regards to the potential for an improvement in the credit rating and moving towards investment grade. You've highlighted the reduction in debt to total cap and plans to retire the $300 million, 6 1/4% note this year. It doesn't appear you've got the next -- or the next senior note is not due until 2015, but what are your thoughts on moving towards an investment-grade credit rating? And how does that compare in priority versus a dividend and other factors you're considering?

G. Scott Spendlove

We visit with the rating agencies frequently and their message has been the same to us over the last several years, which is more diversity of earnings, more complex refining capacity, things that in our mind don't necessarily drive value but in their mind mitigate risks and spread it across the system more fully. When we finish paying off to 2012, I don't think that we're going to go after additional debt for the sake of investment-grade rating. We're using that cash to pay this debt off because it matures this year, and it puts us in a stronger position financially. But we're not chasing an investment-grade rating by paying off debt.

Jeffrey A. Dietert - Simmons & Company International, Research Division

On a second topic, as Chi mentioned and you guys spoke about previously, the Bakken spreads have widened a bit. There's been a fair amount of rail capacity, rail loading capacity that's come into the Bakken, and yet the differentials are pretty wide. Could you talk about the rail industry in the Bakken and the new capacity, loading capacity that's come on versus the availability of rail cars and the availability of markets to unload the capacity into and how that balance is playing out? It would appear from the wider discounts for Bakken that even though new capacity is being added, it's not really relieving the pressure on netbacks in the Bakken.

Daniel Robert Romasko

Yes, I'd say -- this is Dan. Let me take a shot at that. I think you're right. If you take a look at the publicly available information, the rail loading capacity likely is going to be more than sufficient to handle the increased production of Bakken. I think the differentials that we're seeing on Bakken, based on our economics for our projects, were based upon the cost of rail. I think that the control valve on the rail is rail cars themselves, which are in quite short of supply. Beyond that, I don't know that we have a lot of unique market intelligence. The good news on offloading piece, which is I think one part of your question, is we've got a solution to that, and its Anacortes. We also believe that there's some commercially available capacity in the Gulf coast that we can utilize to complement our loading capabilities in Rangeland. Thanks.

Operator

Your next question comes of the line of Paul Cheng of Barclays Capital.

Paul Y. Cheng - Barclays Capital, Research Division

Greg, a number of question. On the long-haul crude hedges, is -- I presume that most of those foreign crude is a price base off Brent, so is there a thinking in the company that whether you should shift from WTI into Brent? Or that you are going to stick with WTI?

Paul Y. Cheng - Barclays Capital, Research Division

Is there any particular reason? I mean, is that always there going to be somewhat of a mismatch?

Paul Y. Cheng - Barclays Capital, Research Division

Let me ask it in another way that if, your foreign crude are mostly priced off Brent or mostly priced off WTI?

Paul Y. Cheng - Barclays Capital, Research Division

Okay. On the $125 million loss, you mentioned that in the fourth quarter. Do you have a breakdown by region?

Daniel Robert Romasko

Actually, we don't provide the regional information because of commercial sensitivity, but if you take a look at our capture rates, I think you'll see the regions that were impacted most significantly.

Paul Y. Cheng - Barclays Capital, Research Division

So I'd presume that is California. But any rough percentage at least?

Daniel Robert Romasko

I'll tell you what, why don't we let Louie give you that information in the call afterwards.

Paul Y. Cheng - Barclays Capital, Research Division

Okay. Greg, I heard you about -- from the dividend. I think in the past, fundamentally, the company believed as we find a dividend is not the most important, and it's not going to really have any meaningful benefit in terms of your shareholder base. Recently, I think Barron had an interesting article talking about the dividend, and I think a lot of the investors that may echo, saying that they do want to have a higher dividend on a sustainable basis and especially that you start to get into the 3% to 4% yield. I want to see that, is that still fundamentally, is the management view that dividend for this particular industry is not the most desirable thing or the most important thing there to pursue?

Paul Y. Cheng - Barclays Capital, Research Division

Okay. Two more quick questions. First, in Hawaii, I don't know if you said just too premature and you may not want to answer that, but in the event -- if we cannot find a reasonable offer, what may be the next steps in terms of that facility?

Paul Y. Cheng - Barclays Capital, Research Division

When are you going to open the data room?

Paul Y. Cheng - Barclays Capital, Research Division

The final question. On the rail projects to ship from Bakken into Anacortes, is there a breakeven requirement in terms of the ANS Bakken defense that we should be aware on that project? Or I presume that there's one, but I mean, can you share with us what that -- what spread there is the minimum that you need in order for the project to be economic?

Paul Y. Cheng - Barclays Capital, Research Division

Sure, but at what point that they won't be attractive? That's my question. You said that when ANS is selling at a discount to Bakken by $2 or -- I mean, just trying to get some understanding that how big is the cushion that we have?

Operator

Your next question comes from Sam Margolin of Global Hunter Securities.

Sam Margolin - Global Hunter Securities, LLC, Research Division

My question's related to the long-haul WTI Index barrels. With the capital program, and these are important projects that require commitment and the CapEx acceleration is pretty steep, is there any initiative to move away from these riskier, longer-haul crudes and kind of stick to more visible indices even if it's at the risk of losing some margin potential in any given quarter? Just because with Brent-WTI, up here at $15 again, this could theoretically repeat itself if there was ever a compression of that?

Sam Margolin - Global Hunter Securities, LLC, Research Division

Okay. And can you disclose which exporters still use a WTI benchmark for the long-haul barrels? Is it mainly in the Middle East or Pacific Rim or where do these like WTI plus 20 barrels come from?

Sam Margolin - Global Hunter Securities, LLC, Research Division

Okay. And last one, just on Tesoro Logistics, you talked about the EBITDA ramp up. I'm sorry if I missed this, but with the drop-downs you've you talked about are the marine terminal in California and the Bakken rail link. Is there anything else that you're in a position to discuss today?

Operator

And your next question comes from Doug Leggate of Bank of America.

Douglas George Blyth Leggate - BofA Merrill Lynch, Research Division

Greg, apologies for jumping by to Hawaii for a second, but can you just clarify -- I know you don't want to go down the road of options at this point, but do you see any government restrictions if you did decide that you maybe wanted to close that facility? And related, can you give us an idea that net of tables, what is the current inventory value sitting in that facility? And I've got a couple of quick follow-ups, please.

Douglas George Blyth Leggate - BofA Merrill Lynch, Research Division

Is that crude and products or how is that split down?

Douglas George Blyth Leggate - BofA Merrill Lynch, Research Division

Okay. And the crude, but generally it has a table associated with it. Is that fair?

G. Scott Spendlove

Doug, typically working capital for that facility runs on a net basis right about $100 million. Inventory less payables, right about $100 million.

Douglas George Blyth Leggate - BofA Merrill Lynch, Research Division

So if we assume just for easy numbers for me, Scott. As I said, I'm simple guy. 4.5 million, $100, $450 million, have $100 million of working capital, would it be fair to say that net inventory value, should you liquidate it, before tax, this would be somewhere in the $350 million range?

G. Scott Spendlove

No, what I'm saying is our net working capital is about $100 million and...

Douglas George Blyth Leggate - BofA Merrill Lynch, Research Division

Oh, right, so that's not just the payable ones there. Okay, great. All right.

G. Scott Spendlove

That's all in.

Douglas George Blyth Leggate - BofA Merrill Lynch, Research Division

Great stuff. Any government issues? Have you had discussions with the local government, Greg?

Douglas George Blyth Leggate - BofA Merrill Lynch, Research Division

Terrific. You mentioned in your prepared remarks, Greg, that this is a heavy turnaround year. I know you gave us some indications of that previously, but I guess your point is done in the first quarter. Can you give us an idea of when you say heavy, what are we talking about in terms of the ratable downtime by facilities that goes through the year? Just name the big ticket items.

Douglas George Blyth Leggate - BofA Merrill Lynch, Research Division

Right. So Golden Eagle is done. Wilmington's clear of any turnaround this year. Is that right?

Douglas George Blyth Leggate - BofA Merrill Lynch, Research Division

Okay, great stuff. We'll deal with that as it comes. And the final one is really related to your retail strategy. Obviously, you've announced some additional acquisitions this morning. How did you see the running room to continue to basically add and expand? Is there kind of a level of integration that you're targeting the ultimately you would want to move towards, and I'll leave it at that.

Operator

Your next question comes from the line of Evan Calio with Morgan Stanley.

Evan Calio - Morgan Stanley, Research Division

Can you give me a better picture of crude pricing in the West Coast? I know ANS is currently the premium to LLS, and curious here of your views on the driver there. And are you seeing that type of strength across all crude alternatives? Or is ANS, as it has been sometimes in the past, a bit more of an anomaly?

Daniel Robert Romasko

Sure. This is Dan. I'll take a shot at that. ANS is a bit out of the market. It looks like to us commanding a premium, this is -- of course, the problem with ANS is it's just not that liquid. But nevertheless, it represents a large percentage of the crude that's run on the West Coast. So that I think harkening back to one of the questions we had earlier in the call, that's one of the reasons why we've got a strong foreign crude sourcing strategy for the West Coast. California domestic crudes have actually come back in line with more typical spreads now in the $7 discount to Brent. So I think domestically, the crudes are aligned up correctly, and the foreign crudes are still profitable and attractive.

Evan Calio - Morgan Stanley, Research Division

It is like a related question, I guess, on your Anacortes rail project, I mean, clearly, great economic signals here. There's the West Coast and we're pretty bullish on these differentials. On a go forward basis, I mean, what is the limiting factor on 30,000 barrels a day facility if you wanted to upsize it? Are there any elements of that chain that are oversized? And -- or is there any as well a higher range? If once up and running, you were able to kind of move more efficiently through that loading, transloading, unloading rail facility?

Daniel Robert Romasko

Sure. The physical limitations are -- can handle significantly greater than 30,000 barrels a day. I don't think we will know for sure what those limitations are until we actually go into operation. But the loading and offloading facilities are sized to do quite a bit more. We will need to address the permit issues as we start to go greater than 30,000 barrels a day, should we choose to do so.

Evan Calio - Morgan Stanley, Research Division

And what -- and then what's -- is that along to a timeline through the permitting track? What's that start to finish?

Daniel Robert Romasko

When we began the permitting process for the offloading facility itself, that took us close to 5 to 6 months, I believe. Don't hold me to that, but it was in that order of magnitude, so it really depends upon the emission impacts and public sentiment and stakeholder sentiment, should we choose to expand that facility. Just as a reminder, the loading facility has capability to go above 30,000 barrels a day as is, 40,000 barrels a day most certainly and greater, should we choose to do it, so the incremental volume does not have to go through Anacortes. It can go into the commercial market, and we intend to do so.

Evan Calio - Morgan Stanley, Research Division

Okay. That's great. And we try a question on Hawaii, and coming on maybe at the other side of Doug's question, I mean, are there any restrictions that you're aware of, kind of antitrust issues or regulators voiced any disapproval with potentially Chevron as the buyer of that asset, given that they're the operate operator of the only 1 of 2 assets, refining assets in Hawaii? Or is there a broader definition of kind of what that market is because it can go maybe import or something?

Evan Calio - Morgan Stanley, Research Division

Okay. That demand is fair. On -- I guess lastly, on Mandan and then maybe you could pretend [ph] to refresh me, but -- is there a turnaround associated with your -- with 2Q tie-in? And just could you quantify that for me with regard to the expansion?

Operator

Your next question comes from the line of Paul Sankey of Deutsche Bank.

Paul Sankey - Deutsche Bank AG, Research Division

I think these numbers have changed particularly, but I wondered if you could just remind us of your CapEx plans for 2012 and 2013? What I'm really trying to get at just as a reminder of how much is maintenance capital, how much is expansion capital. And within that, you previously had a number that was a discretionary amount that could be reduced, I think, relatively quickly. So what I'm really driving at is if this kind of result was to continue, how -- the sensitivities, if you want, on your CapEx for those 2 years.

Paul Sankey - Deutsche Bank AG, Research Division

Yes. And so -- and then just remind me of the small projects out of the $375 million this year. And I'm sure this is very similar, just to reiterate, to the numbers that you gave in the December, I assume they are.

Paul Sankey - Deutsche Bank AG, Research Division

And is the team the same, Greg? And then could you just talk a little bit, Greg, and I'll leave it at that point, about the discretion on the small -- I mean, I think you could almost shut it down to 0 if you needed to. Isn't that correct?

Paul Sankey - Deutsche Bank AG, Research Division

Great. So I took it to mean what you already outlined, but just an update. Gasoline demand is -- I mean, we've kind of danced around this a little bit this morning. The gasoline demand has extremely weak margins, very, very good for this time of the year. What's your perspective on what's driving that?

Paul Sankey - Deutsche Bank AG, Research Division

What you're saying is your sales are not matching what the DOE is saying basically?

Operator

Your next question comes from a follow-up from Paul Cheng of Barclays.

Paul Y. Cheng - Barclays Capital, Research Division

Just a quick question. A number of balance sheet item. Scott, do you have -- what is your market value of inventory in excess of both your long-term debt component of the total debt and that how much of debt also that is -- belong to the Tesoro Logistics? And then finally, Greg, can you give us an update at whether the Salt Lake construction has stopped and that where we are over there?

G. Scott Spendlove

Yes, Paul, the market value of our -- the excess market value of our book of inventories is $1.7 billion. Current portions of our -- the current maturities on our debt is $400 million, and that does not include anything for TLLP. We've got $50 million drawn on the TLLP revolver, but that revolver expires beyond one year, so there's no current maturities from that.

Paul Y. Cheng - Barclays Capital, Research Division

Right. But Scott, so that means that your long-term debt is $1.3 billion, right? Of the $1.3 billion is there any -- how much of them maybe is in the TLLP? If you can give me the working capital.

G. Scott Spendlove

Okay, there's -- to answer your question of debt related to TLLP and working capital, excluding cash, at the end of the quarter was $420 million.

G. Scott Spendlove

No, not at TLP. I'm just...

G. Scott Spendlove

I'm sorry, Paul, are you asking about working capital for TLLP?

Paul Y. Cheng - Barclays Capital, Research Division

I'm talking about working capital for the Tesoro Corporation. And Dan, if there's any of them related to TLLP or so?

G. Scott Spendlove

Right, yes, working capital excluding cash for the corporation is $420 million, and there's no working capital associated with TLLP.

Daniel Robert Romasko

Okay, Paul, yes, Salt Lake City is still in the permitting process. As you recall in Analyst Day, we rolled that project out, or shortly before it, when we rolled it out. We announced some really great news with that project, and that is that we had an agreement with Newfield. That agreement with Newfield as our crude supplier brings in a different crude mix than we originally thought we were going to have when we began the project work early in last year. Which in the end turned out to be quite good news because it made the project larger and generate increased the EBITDA stream. Long story short, we're still in the engineering on the project and permitting phase.

Paul Y. Cheng - Barclays Capital, Research Division

When then you may start the actual construction? Any expectation?

Daniel Robert Romasko

I think probably it will be best to discuss when we targeted the phases of the operations to be complete. And our expectation on that is mid-2013 and then mid- to late 2014 for Phase 1 and Phase 2.

Operator

Your next question comes from a follow-up from Chi Chow of Macquarie Capital.

Daniel Robert Romasko

Yes, sure. This is Dan. I'll take a shot at that. That ruling clearly challenged the constitutionality of the low-carbon fuel standard and to the extent that it's upheld, then we certainly get a period of time where there is going to be relief on the low-carbon fuel standard. If I were to summarize where we are in California regarding AB 32 and the low-carbon fuel standard, it would be that it has been and it will continue to be a bit of an unknown commodity. It doesn't materially impact the direction that we're taking in 2012. The impacts of the low-carbon fuel standard, both on a stationary source perspective and on carbon intensity in fuels, was relatively benign for 2012 and 2013.

Daniel Robert Romasko

We certainly believe that it has the potential to delay the implementation and potentially significantly, but we honestly don't know where the court battle is going to land.

Operator

Ladies and gentlemen, that concludes the Q&A session. That concludes the presentation as well. Enjoy the remainder of your day, and have a great day. You may now disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Tesoro Management Discusses Q4 2011 Results - Earnings Call Transcript
This Transcript
All Transcripts