Type Public Founded 1968 | Industry Oil and Gas Revenue 37.6 billion USD (2013) | |
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Traded as NYSE: TSO
S&P 500 Component Number of locations 7 Oil refineries, 595 retail locations Key people Gregory J. Goff, President & CEO Stock price TSO (NYSE) US$ 83.01 +1.37 (+1.68%)29 Mar, 3:55 PM GMT-4 - Disclaimer Headquarters San Antonio, Texas, United States CEO Gregory J. Goff (1 May 2010–) Subsidiaries ARCO, USA Gasoline, TESORO WEST COAST CO Profiles | ||
Tesoro Corporation (NYSE: TSO a.k.a.: "Tesoro Petroleum", or simply as "Tesoro") is a Fortune 100 and a Fortune Global 500 company headquartered in Texas at San Antonio, with 2013 annual revenues of $37 billion, and over 5,700 employees worldwide.
Contents
Tesoro is an independent refiner and marketer of petroleum products, operating seven refineries in the Western United States with a combined rated crude oil capacity of approximately 845,000 barrels (134,300 m3) per day. Tesoro’s retail-marketing system includes over 2,264 branded retail gas stations, of which more than 595 are company-operated under its own Tesoro brandname, as well as Shell, ExxonMobil, ARCO, and USA Gasoline brands.
History
Tesoro was founded in 1968 by Dr. Robert V. West Jr, primarily engaged in petroleum exploration and production (Tesoro is the word for "Treasure (or Treasury)" in both Italian and Spanish). In 1969, Tesoro began operating its first refinery, near Kenai, Alaska: Tesoro Corp. became the first Fortune 500 company to be headquartered in San Antonio.
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).
Milestones in the company's history are:
Executives
Tesoro Corporation's executive management team comprises:
Environmental record
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. Major pollutants emitted annually by the corporation include more than 400,000 lb (180 t) of sulfuric acid. following which the Environmental Protection Agency named Tesoro a potentially responsible party for at least four superfund toxic waste sites. 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 aims to suspend the Global Warming Solutions Act of 2006.
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.
Explosion
On April 2, 2010, there was an explosion at the Anacortes refinery with seven deaths.
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.