Petroleum products producer Tesoro, based in San Antonio, Texas, operates six refineries in the Western United States with a combined rated crude oil capacity of nearly 560,000 barrels per day. Its capacity helped the company post $16.6 billion in revenue for 2005. It also aided in its revenue growth of 35.2%.
As for first-quarter 2006 results, net earnings were $43 million -- up 54% from net earnings of $28 million in first-quarter 2005.
"Tesoro's first quarter earnings improvement was a significant achievement considering weaker market conditions, higher energy costs, the substantial turnaround work at our Golden Eagle refinery and the slow-down at our Alaska refinery due to extreme icing in the Cook Inlet," said CEO Bruce Smith in a May 4, 2006, statement. "During January and February's low-margin environment, we completed the ultra-low-sulfur diesel project at Golden Eagle and additional maintenance that enabled us to optimize throughput and yields in March when margins improved."
Smith added, "Reliability is a key to profitability and we are focused on maximizing our production to supply our customers during the driving season."
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