Tesoro Corporation (TSO) - NYSE
  • Wed, May 4, 5:37 PM
    • Tesoro (NYSE:TSO): Q1 EPS of $1.19 beats by $0.17.
    • Revenue of $5.1B (-21.1% Y/Y) beats by $270M.
    • Press Release
    | Wed, May 4, 5:37 PM | 3 Comments
  • Tue, May 3, 5:35 PM
  • Thu, Apr. 28, 7:17 PM
    • Q1 earnings reports illustrate the end of U.S. refiners' years-long boom from cheap and plentiful crude, Reuters reports, as rising oil inventories and weak demand hurt profits and pushed revenues to their lowest in years.
    • PBF Energy (NYSE:PBF) and CVR Energy (NYSE:CVI) reported respective quarterly losses of $66.5M and $68M (I, II), while Marathon Petroleum (NYSE:MPC) eked out a $1M profit following earnings of nearly $900M a year ago, and reported their weakest revenue totals in at least four years.
    • Refiners "were incentivized to run at higher rates and put more barrels in inventory. That's the overhang we're seeing right now," CVR CEO Jack Lipinski said in today's earnings conference call.
    • PBF also coped with downtime at its Delaware plant because of a weather-related power outage in January.
    • Phillips 66 (NYSE:PSX) is scheduled to report Q1 results tomorrow, with Valero Energy (NYSE:VLO), Tesoro (NYSE:TSO) and others coming next week.
    • Now read The best of the best in the refining industry
    | Thu, Apr. 28, 7:17 PM | 16 Comments
  • Thu, Apr. 7, 3:58 PM
    • Tesoro's (TSO -0.7%) plans to build a 360K bbl/day oil terminal on the Columbia River in Washington state may be in jeopardy, as Port of Vancouver staff recommends against extending a lease for the project.
    • The Vancouver Energy projects partners, TSO and Savage Cos., is seeking a two-year extension to secure permits beyond an August deadline; if the amendment is denied and permits are not granted by the deadline, language in the existing contract between the port and the project allows either to vacate the agreement.
    • Port commissioners are expected to vote on the request on April 15.
    • Now read Tesoro set to outperform with strong business momentum and internal initiatives
    | Thu, Apr. 7, 3:58 PM
  • Fri, Mar. 11, 11:19 PM
    • Energy Transfer Equity (NYSE:ETE) has held talks to sell gas station and convenience store operator Sunoco (NYSE:SUN), in a deal that could fetch more than $2B, Reuters reports.
    • A 36.4% stake in the limited partnership in SUN owned by Energy Transfer Partners (NYSE:ETP) also would have been divested, according to the report.
    • While the discussions were preliminary, they show ETE's efforts to improve its balance sheet after the plunge in oil prices made its pending acquisition of Williams Cos. (NYSE:WMB) more financially burdensome than it had expected.
    • The talks about a sale reportedly did not advance further because of disagreements over SUN's valuation, but ETE could still revisit the issue if it receives new interest.
    • Mentioned in the report as potential buyers of SUN's network of 900 convenience stores and fuel outlets are Valero Energy (NYSE:VLO), Tesoro (NYSE:TSO) and Alimentation Couche-Tard (OTCPK:ANCUF).
    | Fri, Mar. 11, 11:19 PM | 40 Comments
  • Thu, Mar. 3, 3:23 PM
    • The stocks of most U.S. refiners are trading significantly below their mid-cycle valuations, while the companies likely are heading into another strong U.S. gasoline season, BoA Merrill Lynch analyst Doug Leggate says as he upgrades several stocks in the group.
    • Leggate says he continues to view refiners as a volatile sector where momentum follows margin trends, but that the balance of risk has moved in favor of a short-term rebound.
    • Marathon Petroleum (MPC +7.4%) is upgraded to Buy from Neutral with a $50 price target, believing the MLP overhang on the shares is overdone and noting that MPC indicated it would do what needs to be done to support MPLX because it is optimistic about the long-term growth opportunities of the business.
    • Tesoro (TSO +4%) also is upgraded to Buy from Neutral with a $116 target, anticipating that once winter margin weakness subsides, TSO likely follows summer margin strength higher as the most exposed refiner to seasonal west coast trends.
    • Leggate also raises Valero Energy (VLO +2.6%) and PBF Energy (PBF +6.4%) to Neutral from Underperform with respective price targets of $78 and $34.
    | Thu, Mar. 3, 3:23 PM | 6 Comments
  • Sat, Feb. 13, 12:07 AM
    • Valero Energy's (NYSE:VLO) proposed crude-by-rail project at its 145K bbl/day Benicia refinery in northern California was rejected by local planners this week, the first such facility on the U.S. west coast to end a years-long wait for permits with a rejection.
    • The Benicia Planning Commission late Thursday unanimously rejected VLO's request to build the rail facility following of four consecutive public hearings dominated by opponents, Reuters reports.
    • VLO could still ask Benicia's city council to override the planning commission and approve a permit for the project.
    • Several other west coast rail projects await decisions by local or state governments, including Tesoro's (NYSE:TSO) proposed 360K bbl/day railport in Washington state and Phillips 66's (NYSE:PSX) 25K bbl/day facility at its Santa Maria refinery in Arroyo Grande, Calif.
    | Sat, Feb. 13, 12:07 AM | 51 Comments
  • 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
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | 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
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | 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
Company Description
Tesoro Corp. engages in the refining and marketing of petroleum products. It operates through three segments: Refining, TLLP and Retail. The Refining segment sells refined products to unbranded marketers and opportunistically exports refined products to foreign markets. The TLLP segment owns,... More
Industry: Oil & Gas Refining & Marketing
Country: United States