UPDATE: Tesoro 3Q Profit Soars On Increased Production, Revenue
02 Novembre 2011 - 11:58PM
Dow Jones News
Tesoro Corp. (TSO) posted third-quarter net income of $345
million, up from $56 million a year earlier, becoming the latest
refiner to reach pre-recession earnings levels.
Tesoro credited the earnings growth to increased activity at its
refineries and its access to discounted crude oil in the
mid-continent region and West Coast. New drilling technology
increased oil production in the Midwest, depressing U.S. benchmark
oil prices, while refiners such as Tesoro have also started using
more lower-quality, and therefore discounted, crude oil types.
Tesoro reported a profit of $2.39 a share, up from 39 cents a
share a year earlier, and its best showing since the second quarter
of 2007. Revenue rose 52% to $8.1 billion. Analysts surveyed by
Thomson Reuters expected earnings of $1.99 a share on revenue of
$7.78 billion.
By buying discounted crude and selling the finished fuel at
prices closer to that charged by higher-cost competitors, Tesoro
was able to boost gross refining margins to $18.43 a barrel, up
from $13.28 a year earlier. The company also boosted the average
throughput at its seven refineries to 92% of capacity, the highest
level in three years.
Tesoro was also the only major independent refinery to report
higher fuel-sales volumes for the quarter. Same-store fuel sales
grew by 1%, compared to sales declines reported by Marathon
Petroleum Corp. (MPC) and Valero Energy Corp. (VLO). Overall
fuel-sales volumes rose 16% after the company in September bought
an additional 290 gas stations, boosting the number of retail
locations it supplies to 1,200.
Tesoro share were up 3.55% to $28.00 after hours, they closed up
5.7% during the regular session.
-By Ben Lefebvre, Dow Jones Newswires; 713-547-9201;
ben.lefebvre@dowjones.com
--Nathalie Tadena contributed to this article.
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