Caption
Close
Winners of the oil price crash
Winners of the oil price crash
China
China
India
India
The Philippines
The Philippines
Tanking companies
Tanking companies
Hotels
Hotels
Cruise lines
Cruise lines
Airlines
Airlines
Food companies
Food companies
Logging and paper product companies
Logging and paper product companies
Theme parks
Theme parks
Losers of the oil price crash
Losers of the oil price crash
Russia
Russia
Venezuela
Venezuela
Nigeria
Nigeria
Island countries hoping for an offshore oil boom
Island countries hoping for an offshore oil boom
The steel industry
The steel industry
The aerospace industry
The aerospace industry
Tesoro Corp. reported a surprise profit Monday, beating Wall Street analysts who expected a loss for the fourth quarter.
Tesoro, the nation’s largest refiner, earned 66 cents per share, or $78 million during the three months ended Dec. 31. Analysts predicted the company would lose 12 cents a share, or $15.6 million. Tesoro earned 45 cents per share or $54 million in the fourth quarter of 2015.
“We made excellent progress in 2016 executing our growth and productivity improvement strategies,” said Chairman and CEO Greg Goff in a news release. “This included achieving very strong safety and refining availability, delivering annual improvements to operating income and making strategic acquisitions that position the Company for further growth.”
The company generated $6.7 billion in revenue, a 6 percent increase from the $6.3 billion Tesoro made during the fourth quarter of 2015.
Goff said he is “looking forward to continued growth of Tesoro through our pending acquisition of Western Refining,” which the company announced in November and expects to close in the first half of 2017. The $4.1 billion all-stock deal in November and will total $6.4 billion after Tesoro assumes $1.7 billion of Western’s debt. The deal also gives Tesoro a non-controlling interest in Western Refining Logistics, which manages pipeline, storage and transport infrastructure for Western.
rdruzin@express-news.net
@druz_journo
rdruzin@express-news.net
@druz_journo
Our editors found this article on this site using Google and regenerated it for our readers.
