Friday, July 25, 2014         

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Tesoro rebounds to net $3M

By Star-Advertiser staff


Tesoro Corp., which operates the largest of two refineries in Hawaii, said yesterday it swung to a fourth-quarter profit of $3 million, or 2 cents a share, from a loss of $179 million, or $1.30 a share, a year ago.

Excluding one-time items, Tesoro had a loss of $19 million, or 13 cents a share, compared with a loss of $136 million, or 99 cents a share, in the year-earlier period. Revenue rose 18 percent to $5.5 billion from $4.7 billion.

In Hawaii, Tesoro's refining margin at its Campbell Industrial Park plant rose to $4.79 a barrel from $1.99 a barrel in the year-earlier period. The refining margin is the spread between the cost of crude oil and the price of refined products.

The yield, or the total number of barrels of refined products of gas, jet fuel, diesel fuel and heavy oils, rose to 70,000 barrels a day from 68,000 barrels a day a year earlier. The total throughput in Hawaii increased to 69,000 barrels a day from 67,000 barrels a day.

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