Tesoro
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| Tesoro Corporation | |
|---|---|
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| Type | Public |
| Founded | 1968 |
| Headquarters | San Antonio, TX, USA |
| Key people | Bruce Smith, Chairman, President & CEO |
| Industry | Oil and Gasoline |
| Products | Petroleum Products |
| Revenue | $12 billion USD (2005) |
| Employees | 5,500 |
| Website | www.tsocorp.com |
Tesoro Corporation NYSE: TSO is a FORTUNE 150 company headquartered in San Antonio, Texas, with 2004 annual revenues of $12.2 billion, assets of $4 billion, and more than 4,000 employees.
Tesoro is an independent refiner and marketer of petroleum products, operating six refineries in the Western United States with a combined rated crude oil capacity of nearly 560,000 barrels per day. Tesoro’s retail-marketing system includes over 500 branded retail gas stations, of which more than 200 are company-operated under the Tesoro and Mirastar brands. The Mirastar brand is used for stations operated jointly with Wal-Mart stores in the Western United States.
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[edit] History
Tesoro was founded in 1968[1] by Dr. Robert V. West Jr, as a company primarily engaged in petroleum exploration and production (the name Tesoro is Spanish for "treasure"). In 1969, Tesoro began operating Alaska's first refinery, near Kenai. Tesoro would eventually become the first Fortune 500 company ever headquartered in San Antonio.
In the late-1990s, Tesoro grew through a series of acquisitions and initiatives that created Tesoro Corporation – the company focuses on a single core business: petroleum refining and marketing. Acquisitions expanded refining capacity from 72,000 barrels per day (11,400 m³/d) to nearly 560,000 barrels per day (89,000 m³/d). This change was created due to following milestones:
- 1998: Acquired second refinery in Kapolei, Hawaii along with petroleum terminals and approximately 30 retail stations in Hawaii from BHP Americas. Also acquired the former Shell refinery in Anacortes, Washington.
- 1999: Sold exploration and production operations.
- 2001: Purchased refineries in Mandan, North Dakota and Salt Lake City, Utah from Amoco.
- 2002: Acquired Golden Eagle refinery in Martinez, California from Ultramar (Valero).
- 2003: Sold Tesoro Marine Services to Martin Midstream LLC. Tesoro Marine Services operated fueling and supply terminals servicing 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 the company’s history; record earnings.
- 2007: Announces agreements to purchase Shell’s Los Angeles refinery and approximately 250 southern California retail sites.
- 2007: Announces agreement to purchase approximately 150 retail stations in California from USA Petroleum.
- 2007: Construction begins on new corporate campus in San Antonio.
[edit] Executives
Tesoro Corporation's Senior Management Team:[2]
| Bruce A. Smith | Chairman, President and Chief Executive Officer |
| William J. Finnerty | Executive Vice President and Chief Operating Officer |
| Everett Lewis | Executive Vice President, Corporate Strategic Planning |
| Gregory A. Wright | Executive Vice President and Chief Financial Officer |
| W. Eugene Burden | Senior Vice President, External Affairs |
| C. A. “Chuck” Flagg | Senior Vice President, Supply and Optimization |
| J. William Haywood | Senior Vice President, Refining |
| Joseph M. Monroe | Senior Vice President, Business Integration and Analysis |
| Charles S. Parrish | Senior Vice President, General Counsel and Secretary |
| Claude P. Moreau | Senior Vice President, Marketing |
| Lynn Westfall | Senior Vice President, Chief Economist |
| Susan A. Lerette | Vice President, Human Resources |
| Otto C. Schwethelm | Vice President, Finance and Treasurer |
| Sarah S. Simpson | Vice President, Corporate Communications |
| Arlen Glenewinkel Jr. | Vice President and Controller |
| Iype Chacko | Vice President, Crude Oil Supply |
| Michiel Espach | Vice President , Information Technology |
[edit] Environmental Record
Researchers at the University of Massachusetts Amherst have identified Tesoro as the 24th-largest corporate producer of air pollution in the United States, releasing roughly 3.74 million pounds of toxic chemicals annually into the air.[3] Major pollutants emitted annually by the corporation include more than 2 million pounds of sulfuric acid[4] The Environmental Protection Agency has named Tesoro a potentially responsible party for at least four Superfund toxic waste sites.[5] Tesoro has settled and/or closed each of the superfund sites for which it has been named as a one of many responsible parties. Tesoro was listed as a de minimis contributor to a superfund site in Abbyville, LA and the site has since been closed by the EPA.
[edit] See also
[edit] References
[edit] External links
- Tesoro Web site
- Collaboration key to shaping energy future (Profile on Bruce Smith in BIC Magazine, June/July 2007)
