Tesoro Corporation (NYSE: aka: "Tesoro Petroleum", or simply as "Tesoro") is a Fortune 100 and a Fortune Global 500 company headquartered in Texas at San Antonio, with 2013 annual revenues of $37 billion, and over 5,700 employees worldwide.
Tesoro is an independent refiner and marketer of petroleum products, operating seven refineries in the Western United States with a combined rated crude oil capacity of approximately 845,000 barrels (134,300 m3) per day. Tesoro’s retail-marketing system includes over 2,264 branded retail gas stations, of which more than 595 are company-operated under its own Tesoro brandname, as well as Shell, ExxonMobil, ARCO, and USA Gasoline brands.
Tesoro was founded in 1968 by Dr. Robert V. West Jr, primarily engaged in petroleum exploration and production (Tesoro is the word for "Treasure (or Treasury)" in both Italian and Spanish). In 1969, Tesoro began operating its first refinery, near Kenai, Alaska: Tesoro Corp. became the first Fortune 500 company to be headquartered in San Antonio.
In the late 1990s, Tesoro grew through a series of acquisitions and initiatives that created Tesoro Corporation, the company focusing on a single core business: petroleum refining and marketing. Acquisitions expanded refining capacity from 72,000 barrels per day (11,400 m3/d) to approximately 664,000 barrels per day (105,600 m3/d).
Milestones in the company's history are:
- 1998: acquires second refinery (after Nikiski) in Kapolei, Hawaii along with petroleum terminals and approximately 30 retail stations in Hawaii from BHP Americas - additionally acquires the former Shell refinery at Anacortes, Washington;
- 1999: sold exploration and production operations;
- 2001: purchased refineries in Mandan, North Dakota, and Salt Lake City, Utah from Amoco;
- 2002: acquired Golden Eagle Refinery in Martinez, California from Ultramar (Valero);
- 2003: sold Tesoro Marine Services to Martin Midstream LLC: Tesoro Marine Services were operating fueling and supply terminals servicing US Gulf Coast oil and gas exploration - additionally made a series of refinery acquisitions that boosted the company’s capacity output and positioned it for future expansion in key growth markets throughout the Western United States;
- 2005: largest capital expansion programme in the corporation’s history and record earnings;
- 2007: announcement of purchase of Shell's refinery at Los Angeles refinery and approximately 250 Southern California retail stations;
- 2007: Tesoro acquires USA Gasoline;
- 2009: Tesoro employees move into a newly completed corporate campus in July.
- 2011: Tesoro forms Tesoro Logistics LP (TLLP) as a master limited partnership;
- 2011: Tesoro acquires 250 ARCO (Thrifty Style Stations) and Thrifty Stations in Southern California;
- 2012: Tesoro changes the 250 ARCO (Thrifty Style Stations) and Thrifty Stations in Southern California to USA Gasoline;
- 2013: Tesoro purchases the Carson Refinery and the ARCO brand from BP;
- 2013: Tesoro sells its Kapolei refinery to Par Petroleum.
- 2016 Tesoro purchased Dakota Prairie Refining in Dickinson, North Dakota from WBI Energy. Construction of the refinery was completed in the spring of 2015.
Tesoro Corporation's executive management team comprises:
- Greg J. Goff – President and CEO
- Keith Casey – Executive Vice President, Operations
- Kim K. Rucker – Executive Vice President, General Counsel and Secretary
- Steven Sterin - Executive Vice President, CFO
Having taken over BP installations, researchers at the Political Economy Research Institute identified Tesoro as being the 24th-largest corporate producer of air pollution in the United States, releasing roughly 3,740,000 lb (1,700 t) of toxic chemicals annually. Major pollutants emitted annually by the corporation include more than 400,000 lb (180 t) of sulfuric acid. following which the Environmental Protection Agency named Tesoro a potentially responsible party for at least four superfund toxic waste sites. Tesoro has settled and/or closed each of the superfund sites for which it has been named as one of a large number of responsible parties. Tesoro was listed as a de minimis contributor to a superfund site in Abbeville, LA, and the site has after been closed by the EPA.
On April 2, 2010, there was an explosion at the Anacortes refinery with seven deaths.
After the overthrow of Colonel Gaddafi, Tesoro bought Libyan crude oil in early April 2011 from the Vitol Group to supply its then-Hawaiian refinery.