June 2007 -- Petroleum products refiner Tesoro Corp. reported a record first-quarter net income of $116 million, or $1.67 per share, in 2007 compared with net income of $43 million, or 61 cents per share, in the first quarter of 2006.
Additionally, on May 1, 2007, the board of directors approved a two-for-one stock split and a doubling of the quarterly cash dividend.
Refining operating income for the quarter reached $256 million.
According to the company, refining margins in the United States remained above historical levels due to high demand, unplanned outages and lower gasoline imports due to production cuts in Europe.
"The strong economy has increased the demand for transportation fuels, and the production of these fuels has become more complex due to new low sulfur standards," said Chairman and CEO Bruce Smith in a May 3 statement. "We feel that such factors may change the dynamics of our future operating plans, enabling higher throughput rates during the upcoming fall and winter months."
Tesoro also reported that it expects to complete several income-generating projects in the second quarter. These projects could contribute $75 million in additional EBITDA in 2007, assuming a 2004 to 2006 margin environment.
On May 1, 2007, Tesoro Corp. announced the completion of its purchase of the USA Gasoline brand and 138 operating stations from USA Petroleum Corp.
