- Tesoro (TSO -4.8%) opens sharply lower after Q4 results missed estimates as a result of lower refining margins, higher stock-based pay and a loss related to the sale of a refinery.
- Operating income in the refining and retail segment fell to $152M vs. $406M for the year-earlier period, driven primarily by a weaker margin environment across all operating regions.
- Although TSO processed more crude oil and other feedstocks in the quarter, its gross refining margin fell to $9.45/bbl vs. $15.11 in Q4 2012.
- Manufacturing costs rose to $392M vs. $239M in the year-ago quarter.
- TSO suffered lower refining margins, especially in the core California region, but it's a positive that the company’s balance sheet remains strong with $1.2B in cash, Wells Fargo says.
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From other sites
at CNBC.com (Jan 14, 2015)
at CNBC.com (Dec 31, 2014)
at CNBC.com (Dec 19, 2014)
at CNBC.com (Dec 18, 2014)
at CNBC.com (Dec 17, 2014)
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