Last €48.74 EUR
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Company Description

Contact Info

19100 Ridgewood Parkway

San Antonio, TX 78259

United States

Phone: 210-626-6000

Fax:

Tesoro Corporation operates as a petroleum refining and marketing company in the western United States. The company’s subsidiaries primarily transport crude oil, and manufacture, transport and sell transportation fuels. It owns and operates six petroleum refineries located in the western United States and sells transportation fuels to a variety of customers. During 2013, the company acquired BP’s integrated southern California refining, marketing and logistics business, which included the 266 thousand barrels per day (Mbpd) Carson refinery. In 2013, the company sold all its interest in Tesoro Hawaii, LLC, which operated a 94 Mbpd Hawaii refinery, retail stations, and associated logistics assets. The company’s six refineries have a combined crude oil capacity of 850 Mbpd. Segments The company operates in two segments, Refining and Retail. Refining segment California Refineries Los Angeles: The company completed the Los Angeles Acquisition in June 2013. The acquired assets include the 266 Mbpd Carson refinery located adjacent to its Wilmington refinery, related marine terminals, land terminals and pipelines. The assets also include the ARCO brand and associated registered trademarks, as well as a master franchisee license for the ampm convenience store brand and the supply rights to stations in central and southern California, Nevada and Arizona. Additionally, the company acquired an anode coke calcining operation and a 51% ownership in the Watson cogeneration facility, both located at the Carson refinery. Refining: The company’s 363 Mbpd Los Angeles refinery is located in the Carson-Wilmington area of California on approximately 930 acres south of Los Angeles. The Los Angeles refinery also processes intermediate feedstocks. The refinery’s major processing units include crude distillation, vacuum distillation, delayed coking, hydrocracking, naphtha reforming, hydrotreating, fluid catalytic cracking, butane isomerization and alkylation. The refinery produces a high proportion of transportation fuels, including California Air Resources Board (CARB) gasoline and CARB diesel fuel, as well as conventional gasoline, diesel fuel and jet fuel. The refinery also produces heavy fuel oils, liquefied petroleum gas, petroleum coke, calcined coke and electricity. Transportation: The company receives crude oil and other feedstocks and ships refined products through the Long Beach marine terminals operated by Tesoro Logistics LP (TLLP), which are located on land leased by the company or owned by TLLP. The company’s Los Angeles refinery can also receive crude oil from the San Joaquin Valley and the Los Angeles Basin via pipeline. The company distributes refined products through TLLP and third-party terminals and pipelines in its market areas and through purchases and exchange arrangements with other refining and marketing companies. The company stores its refined products at TLLP and third-party terminals in southern California, the majority of which have marine access. Martinez Refining: The company’s 166 Mbpd Martinez refinery is located in Martinez, California on approximately 2,200 acres east of San Francisco. The company sourced crude oil for its Martinez refinery from California, South America and other foreign and domestic locations in 2013. The company also supplied the refinery with Bakken crude oil and intermediate feedstocks. The refinery’s major processing units include crude distillation, vacuum distillation, delayed coking, hydrocracking, naphtha reforming, hydrotreating, fluid catalytic cracking and alkylation units. The refinery produces a high proportion of transportation fuels, including CARB gasoline and CARB diesel fuel, as well as conventional gasoline and diesel fuel. The refinery also produces liquefied petroleum gas and petroleum coke. Transportation: The company receives crude oil through a marine terminal owned by TLLP, which is located on land leased by the company near its Martinez refinery. The company leases additional land for a second marine terminal owned by the company, which includes a dock and related pipelines and receives refined products from the refinery thro

 

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TX5

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Valuation TX5 Industry Range
Price/Earnings 23.9x
Price/Sales 0.2x
Price/Book 1.9x
Price/Cash Flow 8.9x
TEV/Sales 0.1x
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