Tesoro Corporation

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  • Fri, Feb. 5, 2:58 PM
    • Tesoro (TSO -4.4%) agrees to pay $8M to 769 United Steelworkers union members at refineries in California and Washington state who were denied bonuses while on strike in 2015, the U.S. National Labor Relations Board says.
    • Complaints were filed last year with the NLRB by workers at TSO's Carson, Calif., and Anacortes, Wash., refineries alleging failure to pay the bonuses was done in retaliation for the strike and an unlawful modification of the agreement.
    | Fri, Feb. 5, 2:58 PM
  • Tue, Feb. 2, 12:26 PM
    • Tesoro (NYSE:TSO) plunges to a 52-week low after reporting Q4 earnings of $1.83/share, $0.24 worse than analyst consensus estimate of $2.07, on revenues of $6.27B, down 25.7% Y/Y and above the $5.92B consensus.
    • TSO's refining income plunged to just $4M in Q4 from $90M a year ago, hurt by unplanned downtime at its Los Angeles refinery; total refinery throughput for the quarter was 807K bbl/day (95% utilization), roughly flat Y/Y.
    • Q4 direct manufacturing costs were $5.62/bbl, up $0.78/bbl from Q3, primarily due to unplanned repairs and maintenance.
    • TSO says it expects to deliver $400M-$500M of improvements in 2016 through driving operational improvements and growth in its logistics and marketing business segments.
    • TSO -7.7%.
    | Tue, Feb. 2, 12:26 PM
  • Sun, Jan. 31, 5:35 PM
    | Sun, Jan. 31, 5:35 PM | 7 Comments
  • Dec. 16, 2015, 6:55 PM
    • January Los Angeles CARBOB differentials surged $0.14 to a $0.42/gallon premium to the Nymex RBOB contract, the highest premium since early September, as west coast refinery problems mount.
    • Four California refineries are either at reduced rates or have units shut for unplanned maintenance: Tesoro's (NYSE:TSO) 265K bbl/day Carson refinery has delayed the restart of its fluid catalytic cracker, TSO's 166K bbl/day Martinez plant is just starting to return to planned rates after work, Chevron's (NYSE:CVX) 269K bbl/day refinery is at reduced rates after a fire shut the crude unit, and Exxon's (NYSE:XOM) 87.5K bbl/day cracker at its Torrance remains shuttered after a long run of complications.
    | Dec. 16, 2015, 6:55 PM | 9 Comments
  • Dec. 16, 2015, 12:13 PM
    • Congress has agreed to lift the 40-year-old ban on crude oil exports, but refiners are holding up well as the group wins a tax break on the cost of transporting oil as part of the deal.
    • The tax provision meant to blunt potential damage to domestic refiners of allowing unfettered crude exports would allow non-integrated refiners to count 75% of their oil transportation costs toward an existing manufacturing tax deduction.
    • Refiners are "positioned to succeed regardless,” says Carl Larry, head of oil and gas for Frost & Sullivan. “They can still make products cheaper than anywhere in the world... Regardless of whether the U.S. exports crude, they’ll be ahead of the game.”
    • Wells Fargo contends that lifting the ban will have only a minimal impact in the short term, and notes that Phillips 66 (PSX +1.6%) has indicated lifting the move would have no material impact at least for one year; Valero Energy (VLO +1.2%) is better positioned than most because it already relies on a larger percentage of foreign oil for its feedstock to make gasoline and other petroleum products, says Simmons analyst Jeff Dietert.
    • Also: TSO +2.5%, MPC +0.9%, HFC +2.4%, PBF +1.6%, WNR +4.9%, NTI +1.6%, ALJ +1%, CLMT -2.2%.
    • Earlier: Solar stocks soar as Congress proposes extending solar/wind tax credits
    | Dec. 16, 2015, 12:13 PM | 24 Comments
  • Dec. 16, 2015, 2:13 AM
    | Dec. 16, 2015, 2:13 AM | 131 Comments
  • Dec. 14, 2015, 7:25 PM
    • The deep discount for benchmark U.S. crude oil prices vs. global rates looks poised to disappear for the first time since the rise of the shale oil boom, Reuters reports.
    • U.S. WTI crude for delivery in March traded at one point today just $0.20/bbl below global Brent crude for the same month, the narrowest gap since 2010.
    • The sudden shift in the closely-watched spread seems to be sending a signal that the domestic oil market is likely to grow tighter while the global glut gets worse, which likely will spur a renewed rise in U.S. imports and erase the cost advantage of U.S. refiners who have made billions of dollars on cut-price domestic crude.
    • Some oil traders say the spread is responding to signs that the U.S. Congress may throw out the 40-year old ban on exporting U.S. crude, while others cite expectations of higher OPEC production following an easing of western sanctions against Iran that is weighing on Brent.
    • Refiners: PSX, VLO, TSO, MPC, HFC, PBF, WNR, NTI, ALJ, CLMT
    | Dec. 14, 2015, 7:25 PM | 62 Comments
  • Dec. 12, 2015, 8:25 AM
    • The 40-year-old ban on most U.S. crude oil exports "very likely" will be lifted in the government spending bill, according to reports citing congressional aides from both parties, as part of a deal D.C. lawmakers are negotiating as part of spending and tax measures Congress is aiming to pass by Dec. 16.
    • In the deal said to be coming together, Congress would lift the export ban while also adopting environmental and renewable energy measures, including long-term extensions of wind and solar tax credits; also under discussion is a tax credit for independent domestic refineries, especially a few in the Northeast whose profits could be hurt if oil exports are allowed.
    • "There’s a view that this is the last chance" ahead of a presidential election year, says ClearView Energy Partners managing director Kevin Book.
    • Refiners: PSX, VLO, TSO, MPC, HFC, PBF, WNR, NTI, ALJ, CLMT
    | Dec. 12, 2015, 8:25 AM | 163 Comments
  • Dec. 10, 2015, 3:54 PM
    • Tesoro (TSO -0.6%) is downgraded to Hold from Buy with a $128 price target, down from $131, at Deutsche Bank, which says rising capex is squeezing potential free cash flow.
    • The firm says that while the increase in TSO's marketing capex/EBITDA was expected and the broad outlook remains constructive, significant hikes to TSO's capex (guidance for two-year maintenance plus growth capex +60% vs. 2014), subsequent reductions to 2016 free cash flow yield outlook (7.7% in 2016 vs. ~10% prior and 11.3% peer average) and stock outperformance (+20% relative to peers YTD) reduces upside for the shares.
    | Dec. 10, 2015, 3:54 PM
  • Dec. 9, 2015, 10:58 AM
    • Tesoro (TSO -1.9%) says it will delay the completion of integrating its California refineries to mid-2017 from early that year, according to a company presentation.
    • TSO raises the expected cost of the project to combine the Los Angeles-area refineries to $460M, up an earlier outlook for $400M-$425M.
    • TSO expects its $200M project to move up to 360K bbl/day via rail to the Port of Vancouver, Wash., to be finished in late 2017.
    • TSO also says it is on track to report record results for 2015, expects $400M-$500M of business improvements in 2016, and projects $3.5B-$4B of EBITDA in 2018.
    | Dec. 9, 2015, 10:58 AM
  • Dec. 8, 2015, 8:55 AM
    • Tesoro (NYSE:TSO) agrees to acquire Bakken Shale crude oil logistics provider Great Northern Midstream, for an undisclosed sum.
    • The deal includes the 97-mile BakkenLink crude oil pipeline, which connects to several third-party gathering systems, and a gathering system in the core of the Bakken, as well as a 154K bbl/day rail loading and a 657K barrel storage facility which can provide outbound deliveries to the west, east and Gulf coasts.
    • TSO says the acquisition is in close proximity to its High Plains Pipeline system, and will provide its west coast facilities with cost-effective access to advantaged crude oil and provide producers additional market access.
    | Dec. 8, 2015, 8:55 AM | 1 Comment
  • Dec. 4, 2015, 12:41 PM
    • Credit Suisse analyst Edward Westlake says favorable market conditions that drove the oil refining business this year will carry over into next year, making many refiner stocks strong buys.
    • Global gasoline demand grew at 3x its historical rate in 2015, and while consensus expectations for gasoline demand predict a regression closer to the long-term trend in 2016, Westlake sees at least another year of strong demand growth remaining.
    • The analyst says he has been surprised at Q4 performance so far , and predicts a 2016 environment conducive to earnings strength, especially among coastal names.
    • Credit Suisse has Outperform ratings on these refiners: VLO +1.6%, NTI +0.5%, CLMT +1.5%, MPC +3%, TSO +1.2%, ALDW -2.3%, WNR +1.6%, PBF +0.2%, DK +1.7%.
    | Dec. 4, 2015, 12:41 PM | 22 Comments
  • Dec. 2, 2015, 3:21 PM
    | Dec. 2, 2015, 3:21 PM | 84 Comments
  • Nov. 30, 2015, 3:28 PM
    • Biofuel names react favorably and refiners negatively to just-released EPA biofuel targets that come in above those proposed by the agency in May.
    • Fuel suppliers will be required to mix 16.93B gallons of corn-based ethanol and other renewable fuels into gasoline this year and 18.11B gallons next year, according to the newest EPA targets.
    • The final 2016 standard for advanced biofuel is nearly 1B gallons, or 35% higher than actual 2014 volumes.
    • Biofuel names include: PEIX +17.7%, REGI +8.1%, AMRS +7%, GEVO +4.9%, SZYM +2.5%, GPRE +6.2%, REX +3.2%, ADM flat.
    • Refiners are pulling back: VLO -0.9%, TSO -1.5%, HFC -2.6%, MPC -0.3%, PSX -0.9%, WNR -0.7%, CLMT -2.6%.
    | Nov. 30, 2015, 3:28 PM | 121 Comments
  • Nov. 24, 2015, 5:45 PM
    • Tesoro (NYSE:TSO) moves a step closer to a final decision on its proposal to build a 360K bbl/day crude-by-rail terminal in Washington state that would be the largest in the U.S., as a state council today released a major government review of the project.
    • The project would move U.S. and Canadian crude by train to Washington's Port of Vancouver on the Columbia River, where it would be transferred to vessels to feed west coast refineries, largely in California.
    • The report, which does not take a position on the project, opens a 45-day public comment period, after which Washington's Energy Facility Site Evaluation Council will submit its final report and recommendation to Gov. Inslee, who has the final decision on whether it will be built.
    | Nov. 24, 2015, 5:45 PM
  • Nov. 23, 2015, 5:22 PM
    • Tesoro (NYSE:TSO) agrees to acquire Flint Hills Resources' wholesale marketing and logistics assets, in Anchorage and Fairbanks, Alaska, for an undisclosed sum.
    • TSO says the deal includes all FHR wholesale fuel marketing contracts in Alaska, an Anchorage terminal with 580K barrels of total in-service storage capacity, a Fairbanks airport terminal that includes 22.5K barrels of in-service jet fuel storage, and a multi-year agreement at FHR`s North Pole terminal.
    • TSO also says the deal will improve its ability to serve customers from its existing Anchorage terminal and extends its ability to efficiently and reliably serve the Alaska interior.
    | Nov. 23, 2015, 5:22 PM | 1 Comment
Company Description
Tesoro Corp is an independent petroleum refiner and marketer in the United States. Its subsidiaries operate through three business segments, transport crude oil and manufacture, transport and sell transportation fuels.