Tesoro Corporation

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 1200000 oilbbl 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 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 72000 oilbbl/d to approximately 664000 oilbbl/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]
• Andeavor logo.svg: 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

See also

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

External links