Tesoro Corporation

"Andeavor" redirects here. For similar terms, see Endeavor (disambiguation).

Tesoro Corporation, known briefly as Andeavor, was a Fortune 100^[4] and a Fortune Global 500 company headquartered in San Antonio, Texas, with 2017 annual revenues of $35 billion, and over 14,000 employees worldwide. Based on 2017 revenue, the company ranked No. 90 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.^[5]

Tesoro

Industry	Oil and gas
Predecessor	Western Refining
Founded	1968; 55 years ago (1968)
Founder	Robert V. West Jr.
Defunct	October 1, 2018 (2018-10-01)
Fate	Acquired by Marathon Petroleum
Successor	Marathon Petroleum
Headquarters	San Antonio, Texas , United States
Number of locations	10 oil refineries,^[1] 3,000 branded retail gas stations^[2]
Area served	Central, Western U.S, Western México
Products	Petroleum products, natural gas and fuel
Revenue	US$34.975 billion (2017)
Operating income	US$1.525 billion (2017)
Net income	US$1.528 billion (2017)
Total assets	US$28.573 billion (2017)
Total equity	US$9.815 billion (2017)
Number of employees	14,300 (2017)
Footnotes / references ^[3]

Tesoro was an independent refiner and marketer of petroleum products, operating ten refineries in the Western United States with a combined rated crude oil capacity of approximately 1,200,000 barrels (190,000 m³) per day. Tesoro's retail-marketing system included approx. 3,000 branded retail gas stations, of which more than 595 were company-operated under its own Tesoro brandname, as well as Shell, ExxonMobil, ARCO, and USA Gasoline brands.

Tesoro, known at the time as Andeavor, was acquired by Marathon Petroleum on October 1, 2018.

History

 

Tesoro's corporate headquarters, completed in 2009, at San Antonio, Texas

Tesoro was founded in 1968^[6] by Dr. Robert Van Osdell West Jr (1921–2006),^[7] and was primarily engaged in petroleum exploration and production. Tesoro began operating its first refinery, near Kenai, Alaska, in 1969. Tesoro became the first Fortune 500 company to be headquartered in San Antonio, Texas. Tesoro is the word for treasure (or treasury) in Italian and Spanish.

Beginning in the late 1990s, Tesoro grew through a series of acquisitions and initiatives that created Tesoro Corporation, the company focusing on the core business of petroleum refining, marketing, maritime transportation and distribution. The first segment involved the operation of six petroleum refineries situated in California, Alaska, Washington, Hawaii, North Dakota, and Utah.^[8] For its marketing and distribution segment, Tesoro sold refined gas and fuel products in both bulk and wholesale markets.^[8] Acquisitions expanded refining capacity from 72,000 barrels per day (11,400 m³/d) to approximately 664,000 barrels per day (105,600 m³/d).

Prior to its acquisition by Marathon Petroleum in 2018, Tesoro was the third-largest independent petroleum refining and marketing company in the United States. The merger between the two companies formed the largest American refiner by capacity and the fifth in the world.^[9]

Milestones in Tesoro's history are:

• 1998: acquires second refinery (after Nikiski) in Kapolei, Hawaii along with petroleum terminals and approximately 30 retail stations in Hawaii from BHP Americas — also acquires the former Shell refinery at Anacortes, Washington;
• 1999: sells exploration and production operations;
• 2001: purchases refineries in Mandan, North Dakota, and Salt Lake City, Utah from BP Amoco;
• 2002: acquires Golden Eagle Refinery in Martinez, California from Ultramar (Valero);
• 2003: sells Tesoro Marine Services to Martin Midstream: Tesoro Marine Services were operating fueling and supply terminals servicing US Gulf Coast oil and gas exploration — also made a series of refinery acquisitions that boosted the company's capacity output and positioned it for future expansion in key growth markets throughout the Western United States;
• 2005: largest capital expansion program in Tesoro Corporation's history and record earnings;
• 2007: announcement of purchase of Shell's refinery at Los Angeles refinery and approximately 250 Southern California retail stations;
• 2007: Tesoro acquires USA Gasoline;^[10]
• 2009: Tesoro employees move into a newly completed corporate campus in July;^[11]
• 2011: Tesoro forms Tesoro Logistics LP (TLLP) as a master limited partnership;^[12]
• 2011: Tesoro acquires 250 ARCO (Thrifty Style Stations) and Thrifty Stations in Southern California;
• 2012: Tesoro changes the 250 ARCO (Thrifty Style Stations) and Thrifty Stations in Southern California to USA Gasoline;
• 2013: Tesoro purchases the Carson refinery and the ARCO brand from BP;
• 2013: Tesoro sells its Kapolei refinery to Par Petroleum (now Par Pacific Holdings);^[13][14]
• 2016: Tesoro purchases Dakota Prairie Refining in Dickinson, North Dakota from WBI Energy; construction of the refinery was completed in the spring of 2015;
• 2016: Tesoro Corp agrees to buy Western Refining for $4.1 billion;^[15]
• 2016/17: Par Pacific Inc. rebrands its Tesoro and 76 gas stations as HELE;^[16][17]

•  

  Corporate logo from 2017 to 2018

  2017: Tesoro announces its change of name to Andeavor following its acquisition of Western Refining;^[18] On August 1, 2017, the company changed its ticker symbol to "ANDV" from "TSO";^[19]
• 2018: Andeavor announced its entering into a definitive merger agreement with Marathon Petroleum with Marathon Petroleum acquiring all of Andeavor's outstanding shares;^[20] the merger was closed on October 1.^[21]

Media controversy

Environmental record

 

Tesoro's Anacortes Refinery at March Point in Puget Sound, southeast of Anacortes, Washington State

Having taken over BP installations, researchers at the Political Economy Research Institute identified Tesoro as being the 24th-largest corporate producer of air pollution in the United States, releasing roughly 3,740,000 lb (1,700 t) of toxic chemicals annually.^[22] Major pollutants emitted annually by the corporation were estimated to include more than 400,000 lb (180 t) of sulfuric acid,^[23] following which the Environmental Protection Agency named Tesoro a potentially responsible party for at least four superfund toxic waste sites.^[24] Tesoro settled and/or closed each of the superfund sites where it was named as one of many responsible parties. Tesoro was listed as a de minimis contributor to a superfund site in Abbeville, LA, and the site has since been closed by the EPA.

Tesoro gave over $1 million in support of California Proposition 23, which aimed to suspend the Global Warming Solutions Act of 2006.^[25]

Defenders of the Amazon forest in South America cite Tesoro for sourcing some of their crude oil from the Amazon. Three of Tesoro's refineries - Anacortes (WA), LA (CA) and Golden Eagle (CA), were known to process Amazonian crude oil.^[26]

Explosion

Main article: 2010 Tesoro Anacortes Refinery disaster

On April 2, 2010, an explosion at Tesoro's refinery in Anacortes, Washington, killed seven workers.^[27]

Hawaii refinery

Tesoro bought Libyan crude oil, after the overthrow of Colonel Gaddafi, in early April 2011 from the Vitol Group to supply its then-Hawaiian refinery.^[28]

See also

•  Texas portal
•  Companies portal

• List of automotive fuel brands
• List of oil exploration and production companies
• Marathon Petroleum

References

1. . Andeavor Corporation. Archived from the original on 2017-09-11. Retrieved 2017-08-31.
2. . Andeavor Corporation. Archived from the original on 2019-07-10. Retrieved 2017-08-31.
3. "Andeavor 2017 Annual Report Form (10-K)". U.S. Securities and Exchange Commission. February 21, 2018. Retrieved October 3, 2018.
4. "Fortune 100". 24 October 2010. Retrieved 30 April 2018.
5. "Fortune 500 Companies 2018: Who Made the List". Fortune. Retrieved 2018-11-10.
6. . Andeavor.com. Archived from the original on 2 January 2019. Retrieved 30 April 2018.
7. "Robert V. West Jr., 85; founder of independent oil producer Tesoro". Los Angeles Times. 19 November 2006.
8. Plunkett, Jack W. (2008). Plunkett's Energy Industry Almanac 2009: Energy Industry Market Research, Statistics, Trends and Leading Companies. Houston, TX: Plunkett Research, Ltd. ISBN 978-1-59392-128-6.
9. Brelsford, Robert (April 30, 2018). "Marathon Petroleum, Andeavor plan merger". www.ogj.com. Retrieved 2022-07-19.
10. "Tesoro Completes USA Petroleum Acquisition". CSP Daily News. May 1, 2007. Retrieved 2023-03-27.
11. "www.mysanantonio.com". Retrieved 30 April 2018.^{[permanent dead link]}
12. . Archived from the original on 2015-10-18. Retrieved 30 April 2018.
13. Daysog, Ian Scheuring, Rick (18 June 2013). "Tesoro Corp. announces sale of Kapolei refinery, local operations". Retrieved 30 April 2018.
14. "Home". www.par-petro.com. Retrieved 30 April 2018.
15. Olson, Bradley; Hufford, Austen (2016-11-18). "Tesoro to Buy Western Refining for $4.1 Billion". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-11-18.
16. "Tesoro and 76 gas stations to be renamed 'Hele'". 22 July 2016. Retrieved 30 April 2018.
17. www.parpacific.com
18. . www.andeavor.com. Archived from the original on 12 February 2018. Retrieved 30 April 2018.
19. "News Release - Investor Relations - Andeavor". ir.andeavor.com. Retrieved 30 April 2018.
20. "Marathon Petroleum Corporation - Investor Relations - News Release". ir.marathonpetroleum.com. Retrieved 30 April 2018.^{[permanent dead link]}
21. . Archived from the original on 2018-10-01. Retrieved 2018-10-01.
22. . Political Economy Research Institute. Archived from the original on 2011-10-01. Retrieved August 14, 2007.
23. . RTKNet.org. Archived from the original on 2014-12-13. Retrieved 2013-04-12.
24. . PublicIntegrity.org. Center for Public Integrity. Archived from the original on 2007-10-22. Retrieved 2021-02-08.
25. www.abc7news.com
26. "From Well to Wheel: The Social, Environmental, and Climate Costs of Amazon Crude". Amazon Watch. 28 September 2016. Retrieved 27 March 2017.
27. . The Center for Public Integrity. Archived from the original on 2012-08-19. Retrieved 30 April 2018.
28. Schneyer, Joshua; Nichols, Bruce; Farge, Emma (May 25, 2011). "US refiner Tesoro buys cargo of Libyan rebel oil". Reuters. Retrieved December 15, 2016.

External links

• Business data for Tesoro Corporation:
  • Google
  • SEC filings
  • Yahoo!