Tesoro (TSO -2.4%) plans to shutter its 93,500 bbl/day Kapolei, Hawaii, refinery and convert it...

|About: Tesoro Corporation (TSO)|By:, SA News Editor

Tesoro (TSO -2.4%) plans to shutter its 93,500 bbl/day Kapolei, Hawaii, refinery and convert it to an import, storage and distribution terminal after failing to sell it. TSO says it plans to take a one-time charge of $1-$1.10/share in Q4, and expects to realize $300M-$350M in cash by the end of 2013 on a reduction in working capital needs due to the conversion.