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. 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. 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. 2, 2015, 3:21 PM
- WTI crude oil settled below $40/bbl for the first time in more than three months, tumbling 4.6% to $39.94 as U.S. government data showed a 10th straight weekly increase in crude supplies.
- Meanwhile, Brent crude sank 4.4% to $42.49 on London’s ICE futures exchange, the lowest settlement since March 2009.
- The dollar's surge to 12-year highs after pro-rate hike comments by Janet Yellen also weighed on oil and other dollar-denominated commodities.
- Energy stocks suffered severe selling pressure: XOM -2.5%, CVX -2.2%, DVN -5.6%, CLR -5.5%, MRO -5.1%, HES -4.8%, TSO -3.8%, COP -3.7%, EOG -3.7%, APA -3.2%, PXD -3%, APC -2.8%.
- ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, DIG, DTO, DUG, BGR, USL, IYE, IEO, DNO, FENY, PXE, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
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. 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. 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. 10, 2015, 5:10 PM
- Tesoro Logistics (NYSE:TLLP) agrees to acquire storage and pipeline assets in Los Angeles owned by subsidiaries of refiner Tesoro (NYSE:TSO) for $500M.
- The assets include 97 crude oil, feedstock and refined product storage tanks with combined capacity of 6.6M barrels, and a 50% interest in Line 88, a 16-mile pipeline that transports jet fuel from TSO's Los Angeles refinery to the Los Angeles International Airport with average throughput of 25K bbl/day.
- TLLP says the $500M price includes $250M in cash and the issuance of $250M in common and general partner units to TSO, and expects the deal to be immediately accretive to unitholder distributions.
Oct. 28, 2015, 6:37 PM
- Tesoro (NYSE:TSO): Q3 EPS of $6.48 beats by $0.46.
- Revenue of $7.74B (-30.6% Y/Y) beats by $640M.
- Shares +2.3% AH.
Oct. 27, 2015, 5:35 PM
- ABX, ACGL, AEM, AF, AFFX, AFOP, AMGN, ANIK, AR, ARII, ARRS, ASGN, ATML, BANC, BLKB, BWLD, CACI, CAVM, CBL, CGI, CHDN, CLI, CMO, CMPR, CNL, CNO, CNW, CRUS, CSGP, CW, CWT, DRE, DYAX, ECHO, ELLI, EPR, EQIX, EQY, ESIO, ESRT, ESV, EXR, FFIV, FMC, FORM, FORR, FR, GPRO, HBI, HLS, HOS, HT, HUBG, HY, INT, INVN, ISIL, KEX, KRA, KS, LNC, LOCK, LOPE, MAA, MANT, MAR, MC, MEOH, MMLP, MTGE, MTW, MUR, NE, NEM, NGD, NSIT, NTRI, NVDQ, NXPI, O, OCN, OGS, OII, ORLY, OTEX, PLXS, PPC, PRXL, PSA, PTC, QDEL, QEP, QGEN, QUIK, REG, ROG, ROVI, RRC, SCI, SGI, SGMO, SIMO, SPN, SPRT, SPWR, SSS, STAA, SU, TAL, THG, THRX, TILE, TLLP, TSO, TTMI, UNM, VAR, VECO, VRTX, WDC, WES, WGP, WLL, WMB, WSTL, WTS, YELP
Oct. 22, 2015, 3:58 PM
- Tesoro Logistics (TLLP -2.4%) is initiated with an Accumulate rating and $66 price target at Seaport Global, but units are lower along with most other MLPs today.
- With more than 50% of revenues tied to the refining operations of Tesoro (TSO +1.2%), the firm views TLLP's midstream cash flows as primarily driven by refining demand-pull.
- Seaport says increasing hydrocarbon consumption in PADD V, where the supply of gasoline, jet fuel and distillates was up 3.3% Y/Y in Q3, provides a favorable backdrop for TLLP, further complemented by little direct exposure to commodity prices, while ~70% revenues are covered through MVCs or acreage dedications.
Oct. 9, 2015, 5:56 PM
- Refinery stocks Tesoro (NYSE:TSO) and Valero (NYSE:VLO) are shining stars in an otherwise gloomy energy sector picture - up a respective 70% and 43% Y/Y, vs. a 21% loss for the S&P 500 Energy Sector Index - and mutual funds are piling in.
- Falling oil prices often benefit refiners because they purchase crude as a feedstock for their refineries which produce valuable fuels such as gasoline and diesel, but portfolio managers say another reason they like the sector is that the management teams at top U.S. refiners have become disciplined about their capital spending plans and are returning more cash to shareholders.
- The number of actively managed mutual funds investing in VLO and TSO surged by a respective 32% to 319 and 20% to 210 this year, with the number of funds holding both companies rising 31% to 151, according to Lipper.
- But Arthur Barry, portfolio manager of the Loomis Sayles Value Fund, says he is worried that VLO's strength has attracted momentum money, fearing that "when things turn, they'll flee the stock."
Sep. 29, 2015, 12:15 PM
- Oppenheimer’s Fadel Gheit thinks it may only a matter of time before oil and gas companies need to start cutting their dividends if oil prices stay low, as all oil and gas companies are currently funding their dividend through additional borrowing, which cannot be sustained indefinitely.
- Dividend to cash flow averages 36% for the majors, Gheit calculates, highest for Shell (NYSE:RDS.A) at 41% and lowest for BP at 31%; 23% for independent refiners, highest for Phillips 66 (NYSE:PSX) at >29%, and lowest for Valero (NYSE:VLO) at <16%; and 17% for the E&Ps, highest for Occidental Petroleum (NYSE:OXY) at >45%, followed by ConocoPhillips (NYSE:COP) at 35%.
- Net debt ratio averages 14% for the majors, lowest for Chevron (NYSE:CVX) at 11%; 17% for the independent refiners, highest for Tesoro (NYSE:TSO) at 30% and lowest for HollyFrontier (NYSE:HFC) at 5%; 30% for the large E&Ps, highest for Range Resources (NYSE:RRC) at 49% and lowest for OXY at 9%.
Sep. 25, 2015, 2:10 PM
Sep. 23, 2015, 9:29 AM
- The first day of fall warrants a look at which stocks tend to perform nicely during the season. A scan by USA Today, relying on data from S&P Capital IQ, finds nine stocks beat the S&P 500 each of the last five falls. The group averaged over a 16% gain during the period.
- Fall winners: Seagate Technology (NASDAQ:STX), Royal Caribbean Cruises (NYSE:RCL), Western Digital (NASDAQ:WDC), Ameriprise Financial (NYSE:AMP), Tesoro (NYSE:TSO), Signet Jewelers (NYSE:SIG), Robert Half International (NYSE:RHI), Wyndham Worldwide (NYSE:WYN), FedEx (NYSE:FDX).
Aug. 25, 2015, 5:35 PM
- investors should stick with "market darlings" - the 25 stocks that had performed the best during the six months before a market pullback - according to the analyst team at RBC.
- The firm notes that although many recent winners are leading the market lower, the extent of the underperformance is just 1%; it also says investing in the group following sharp market pullbacks is a winning strategy over the ensuing week, month and six months.
- RBC's 25 market darlings are AET, ALTR, AMZN, AIZ, CVC, CI, CAG, EA, EQIX, EXPE, GME, GOOGL, HAS, HCA, MNST, NFLX, NKE, PRGO, REGN, SBUX, TSO, TWC, TSS, UA, UHS
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
Sector: Basic Materials
Industry: Oil & Gas Refining & Marketing
Country: United States
Other News & PR