|Exchange:||New York Stock Exchange|
|Industry:||Oil & Gas Refining & Marketing|
|Tesoro Corporation was incorporated in Delaware in 1968 under the name Tesoro Petroleum Corporation. On November 8, 2004, its name was changed to Tesoro Corporation. The Company is an independent petroleum refiner and marketer in the United States with two operating segments - refining crude oil and other feedstocks and selling petroleum products in bulk and wholesale markets and selling motor fuels and convenience products in the retail market. Through its refining segment, the Company produces refined products, primarily gasoline and gasoline blendstocks, jet fuel, diesel fuel and heavy fuel oils for sale to a variety of commercial customers in the western and mid-continental United States. Retail segment distributes motor fuels through a network of gas stations, primarily under the Tesoro®, Shell®, and USA GasolineTM brands. Tesoro owns and operates seven petroleum refineries, located in California, Alaska and Washington Hawaii and North Dakota and Utah, and sells refined products to a variety of customers in the western and mid-continental United States. Its refineries produce a high proportion of refined product sales volumes, and it purchases the remainder from other refiners and suppliers. Tesoro purchases crude oil and other feedstocks for refineries from a diversified supply of domestic and foreign sources through term agreements with renewal provisions and in the spot market. Refining yield represents production volumes of refined products consisting primarily of gasoline and gasoline blendstocks, jet fuel, diesel fuel and heavy fuel oils. The Company also manufactures other products, including liquefied petroleum gas, petroleum coke and asphalt. The Company sells refined products including gasoline and gasoline blendstocks, jet fuel, diesel fuel, heavy oil and residual products in both the bulk and wholesale markets. Through its network of retail stations, it sells gasoline and diesel fuel in the western and mid-continental United States. All of the Company's operations, like those of other companies engaged in similar businesses, face frequently changing federal, state, regional and local laws, regulations and ordinances relating to the protection of the environment, including those governing emissions or discharges to the air and water, the handling and disposal of solid and hazardous wastes and the remediation of contamination.|
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