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In its analyst day presentation, Tesoro (TSO -2.2%) projects $455M in 2013 capital spending...

In its analyst day presentation, Tesoro (TSO -2.2%) projects $455M in 2013 capital spending after coming in at $535M this year. TSO says it seeks to maintain a minimum cash balance of $600M-$750M, and cites a drive towards investment-grade credit a top priority. Says returns on its large capital projects are exceeding expectations; believes improvements are not fully reflected in the share price.
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