Tuesday, September 30, 2014         

 Print   Email   Most Popular   Save   Post   Retweet

Tesoro: Planned Hawaii refinery closure curbs Q4 profits

By Star-Advertiser Staff

LAST UPDATED: 02:30 p.m. HST, Feb 06, 2013

  Craig T. Kojima / ckojima@staradvertiser.com Tesoro will close its Kapolei refinery in April, with the facility instead operating as an import, storage and distribution terminal.

Tesoro Corp. said today a write-down associated with the planned closure of It’s Hawaii refinery in April cut into the company’s profit during the final three months of last year.

Tesoro reported fourth-quarter net income of $27 million, or 19 cents a share, compared with a net loss of $124 million or 89 cents a share in the fourth-quarter of 2011.

The fourth-quarter 2012 results included after-tax expenses totaling $1.09 a share “primarily attributed” to the company’s plan to close it’s refinery in Campbell Industrial Park and turn the facility into an import, storage and distribution terminal. The results also included a after-tax expenses of 6 cents a share related to Tesoro’s acquisition of a BP refinery in Southern California.

Excluding those items Tesoro earned $190 million, or $1.34 a share in the fourth quarter.

Tesoro Corp.’s decision close the Campbell Industrial Park refinery and lay off as many as 200 workers is not expected to have a significant effect on prices for gasoline and other fuel products in Hawaii, state officials and energy analysts said.

 Print   Email   Most Popular   Save   Post   Retweet

Breaking News
Career Changers
Tetris Movie in Works?

Political Radar

Volley Shots
Tuesday check-in

Political Radar

Warrior Beat
Quick turnaround

Political Radar

Political Radar

Political Radar