Tesoro Corporation

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"Andeavor" redirects here. For similar terms, see Endeavor (disambiguation).
Tesoro
IndustryOil and gas
PredecessorWestern Refining
Founded1968; 53 years ago (1968)
FounderRobert V. West Jr. Edit this on Wikidata
DefunctOctober 1, 2018 (2018-10-01)
FateAcquired by Marathon Petroleum
SuccessorMarathon 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.
ProductsPetroleum products, natural gas and fuel
RevenueIncrease US$34.975 billion (2017)
Increase US$1.525 billion (2017)
Increase US$1.528 billion (2017)
Total assetsIncrease US$28.573 billion (2017)
Total equityIncrease US$9.815 billion (2017)
Number of employees
14,300 (2017)
Footnotes / references
[3]

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 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 V. West Jr,[7] and was primarily engaged in petroleum exploration and production. Tesoro is the word for treasure (or treasury) in Italian and Spanish. In 1969, Tesoro began operating its first refinery, near Kenai, Alaska. Tesoro became the first Fortune 500 company to be headquartered in San Antonio, Texas.

Beginning in the late 1990s, Tesoro grew through a series of acquisitions and initiatives that created Tesoro Corporation, the company focusing on a single core business: petroleum refining and marketing. 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.

Milestones in the company'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: sold exploration and production operations;
  • 2001: purchased refineries in Mandan, North Dakota, and Salt Lake City, Utah from BP Amoco;
  • 2002: acquired Golden Eagle Refinery in Martinez, California from Ultramar (Valero);
  • 2003: sold Tesoro Marine Services to : 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 the 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;
  • 2009: Tesoro employees move into a newly completed corporate campus in July.[8]
  • 2011: Tesoro forms Tesoro Logistics LP (TLLP) as a master limited partnership;[9]
  • 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).[10][11]
  • 2016 Tesoro purchased Dakota Prairie Refining in Dickinson, North Dakota from WBI Energy. Construction of the refinery was completed in the spring of 2015.[citation needed]
  • 2016: Tesoro Corp has agreed to buy Western Refining for $4.1 billion.[12]
  • 2016/17: Par Pacific Inc. rebrands its Tesoro and 76 gas stations as .[13]
  • Logo from 2017 to 2018
    2017: Tesoro announces that it will be changing its name to Andeavor following its acquisition of Western Refining.[14] On August 1, 2017, the company changed its ticker symbol to "ANDV" from "TSO".[15]
  • 2018: Andeavor announces that they have entered into a definitive merger agreement with Marathon Petroleum under which Marathon Petroleum will acquire all of Andeavor's outstanding shares.[16] The merger was closed on October 1.[17]

Media controversy[]

Environmental record[]

Tesoro's Anacortes Refinery at the north end of March Point, southeast of Anacortes, Washington

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.[18] Major pollutants emitted annually by the corporation include more than 400,000 lb (180 t) of sulfuric acid.[19] following which the Environmental Protection Agency named Tesoro a potentially responsible party for at least four superfund toxic waste sites.[20] Tesoro has settled and/or closed each of the superfund sites for which it has been 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 has given over $1 million in support of California Proposition 23, which aimed to suspend the Global Warming Solutions Act of 2006.[21][failed verification]

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), are known to process Amazonian crude oil.[22]

Explosion[]

Main article: 2010 Tesoro Anacortes Refinery disaster

On April 2, 2010, an explosion at Tesoro's refinery in Anacortes, Washington killed seven workers.[23]

Libya[]

After the overthrow of Colonel Gaddafi, Tesoro bought Libyan crude oil in early April 2011 from the Vitol Group to supply its then-Hawaiian refinery.[24]

See also[]

References[]

  1. ^ "Andeavor Corporation (ANDV)". Andeavor Corporation. Archived from the original on 2017-09-11. Retrieved 2017-08-31.
  2. ^ "Andeavor Corporation (ANDV)". 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. ^ Staff, Investopedia (24 October 2010). "Fortune 100". Retrieved 30 April 2018.
  5. ^ "Fortune 500 Companies 2018: Who Made the List". Fortune. Retrieved 2018-11-10.
  6. ^ "Andeavor - Company History". 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.
  8. ^ "www.mysanantonio.com". Retrieved 30 April 2018.[permanent dead link]
  9. ^ "www.tesorologistics.com". Archived from the original on 2015-10-18. Retrieved 30 April 2018.
  10. ^ Daysog, Ian Scheuring, Rick. "Tesoro Corp. announces sale of Kapolei refinery, local operations". Retrieved 30 April 2018.
  11. ^ "Home". www.par-petro.com. Retrieved 30 April 2018.
  12. ^ 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.
  13. ^ "Tesoro and 76 gas stations to be renamed 'Hele'". 22 July 2016. Retrieved 30 April 2018.
  14. ^ "Andeavor". www.andeavor.com. Archived from the original on 12 February 2018. Retrieved 30 April 2018.
  15. ^ "News Release - Investor Relations - Andeavor". ir.andeavor.com. Retrieved 30 April 2018.
  16. ^ "Marathon Petroleum Corporation - Investor Relations - News Release". ir.marathonpetroleum.com. Retrieved 30 April 2018.[permanent dead link]
  17. ^ "Archived copy". Archived from the original on 2018-10-01. Retrieved 2018-10-01.CS1 maint: archived copy as title (link)
  18. ^ "Toxic 100". Political Economy Research Institute. Archived from the original on 2011-10-01. Retrieved August 14, 2007.
  19. ^ "TRI - RTKNet.org: The Right-to-Know Network". RTKNet.org. Archived from the original on 2014-12-13. Retrieved 2013-04-12.
  20. ^ "EPA Database Returned 5 Rows Connected to 'Tesoro'". PublicIntegrity.org. Center for Public Integrity. Archived from the original on 2007-10-22. Retrieved 2021-02-08.
  21. ^ "Yes on 23, California Jobs Initiative, a Coalition of Taxpayers, Employers, Food Producers, Energy, Transportation and Forestry Companies". cal-access.ss.ca.gov. Retrieved 2021-02-08.
  22. ^ "From Well to Wheel: The Social, Environmental, and Climate Costs of Amazon Crude". Amazon Watch. Retrieved 27 March 2017.
  23. ^ "Renegade Refiner: OSHA says BP has "systemic safety problem"". The Center for Public Integrity. Archived from the original on 2012-08-19. Retrieved 30 April 2018.
  24. ^ 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[]

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