Seeking Alpha

Tesoro misses Q4 earnings on lower refining margins, shares -4.8%

  • 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.

Check out Seeking Alpha’s new Earnings Center »

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs