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Oct. 31, 2014, 3:17 PM
- Tesoro (TSO +5.4%) jumps more than 5% after the oil refiner reported Q3 earnings that easily beat expectations on better than expected refining margins, higher than estimated refining throughput, and record retail performance.
- Cowen raises its TSO target price to $90, saying the company's refining segment outperformed in all regions with throughputs 60K bbl/day higher than it estimated, and the retail segment beat operating income estimates by $100M on margins 100% higher than anticipated.
- Shares are upgraded to Outperform at Howard Weil, which cites California synergies and YTD business improvements of $390M, on pace to exceed FY 2014 guidance of $370M-$430M.
Oct. 31, 2014, 12:19 AM
Jul. 30, 2014, 6:55 PM
- Tesoro's (NYSE:TSO) Q2 earnings missed Wall Street expectations but a 2013 expansion of California operations and improved synergies helped produce a 9% Y/Y increase in earnings from continuing operations.
- Q2 revenues rose 25% Y/Y to $11.1B, well above consensus, but cost of sales widened to $9.87B from $7.91B.
- Estimates FY 2014 capital spending, excluding Tesoro Logisitcs (NYSE:TLLP), of $625M, a 7% reduction from prior guidance; TLLP capex is now seen at ~$200M, up 25% reflecting expected spending related to the construction of the Connolly Gathering System and the Anacortes truck rack.
- Gross refining margin fell to $13.35/bbl from $14.75 during the prior-year period.
- Hikes its quarterly dividend to $0.30 from $0.25 and announces a $1B stock repurchase program.
Jul. 30, 2014, 5:44 PM
Apr. 30, 2014, 5:38 PM
Feb. 6, 2014, 9:45 AM
- Tesoro (TSO -4.8%) opens sharply lower after Q4 results missed estimates as a result of lower refining margins, higher stock-based pay and a loss related to the sale of a refinery.
- Operating income in the refining and retail segment fell to $152M vs. $406M for the year-earlier period, driven primarily by a weaker margin environment across all operating regions.
- Although TSO processed more crude oil and other feedstocks in the quarter, its gross refining margin fell to $9.45/bbl vs. $15.11 in Q4 2012.
- Manufacturing costs rose to $392M vs. $239M in the year-ago quarter.
- TSO suffered lower refining margins, especially in the core California region, but it's a positive that the company’s balance sheet remains strong with $1.2B in cash, Wells Fargo says.
Feb. 5, 2014, 5:57 PM
Nov. 7, 2013, 2:28 PM
- Tesoro (TSO +2.3%) is one of few energy companies gaining ground today, despite Q3 earnings that fell 77% Y/Y and came up short of analyst estimates.
- Gross margins in the quarter fell to $9.22/bbl vs. $19.67/bbl for the year-earlier period; a smaller discount on benchmark WTI crude relative to international crude also had an effect in the midcontinent.
- However, revenues jumped 41.5% to $11.24B from $7.94B a year ago, attributable to improved throughput and better performance by the retail segment.
- CEO Greg Goff says TSO remains focused on executing its strategic plan, citing improved refinery run rates which rose to 863K bbl/day vs. 548K a year ago; throughput volumes in California surged 114% Y/Y to 557K bbl/day.
Nov. 6, 2013, 5:22 PM
Aug. 1, 2013, 5:10 PM
- Tesoro (TSO) Q2 beats across the board as revenues rose 21.3% Y/Y.
- A better margin environment in California was off-set by lower crack spreads in the Mid- Continent and Pacific Northwest, driven by lower discounts on advantaged crude oil.
- Retail fuel sales volumes were up over 60%, driven by the addition of 835 dealer operated ARCO retail stations on June 1, 2013 and the addition of 174 retail stations from Thrifty Oil.
- Refinery utilization at 93%.
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.
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