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Tesoro: Planned Hawaii refinery closure curbs Q4 profits

By Star-Advertiser Staff

LAST UPDATED: 2:30 p.m. HST, Feb 6, 2013

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.

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