$TSO (Tesoro Corporation)

$TSO {{ '2016-04-07T18:09:21+0000' | timeago}} • SEC

$TSO's net cash from operating activities increased $767MM or 56% to $2.1Bil in 2015. Net cash used in investing activities decreased $2Bil or 64% to $1.1Bil in 2015. Net cash used in financing activities during 2015 totaled $1.1Bil as compared to net cash from financing activities of $1.6Bil in 2014.

$WNR {{ '2017-05-31T16:05:06+0000' | timeago}} • Announcement

$WNR said election forms were received with respect to about 88MM of its common stock in the aggregate for the shareholder election for consideration related to the acquisition of Western Refining by $TSO. Also, cash election option was selected with respect to around 10MM common shares. The merger is expected to be completed on June 1, 2017.

$WNR {{ '2017-05-25T13:41:19+0000' | timeago}} • Announcement

$WNR said  the waiting period applicable to its proposed acquisition by $TSO pursuant to the Hart Scott Rodino (HSR) Act has terminated. This satisfies one of the final conditions to the closing of the pending acquisition. $WNR expects the closing to occur on June 1, 2017.

$TSO {{ '2017-05-09T13:36:44+0000' | timeago}} • Webcast

$TSO stated that in 1Q17 versus 1Q16, ANS was comparable YoY. In 2Q16, ANS relative to Brent was weakened slightly but in 2017, it has strengthened. This variability is normal. With competition from other foreign sources of crude oil, $TSO does not see material changes in how Brent would price relative to ANS on an annual basis.

$TSO {{ '2017-05-09T13:18:17+0000' | timeago}} • Webcast

$TSO said moving into Mexico, it sees a potential to take part of its exports and move it directly into its system. The company has targeted a certain amount of volume in Northwest Mexico which it sees being a ratable, secure supply of demand throughout the year. This would be beneficial for the company.

$TSO {{ '2017-05-09T11:02:58+0000' | timeago}} • Announcement

$TSO ended 1Q17 with $2.3Bil in cash and cash equivalents, which includes $1.6Bil of proceeds from the senior notes issued during 4Q related to the announced acquisition of $WNR. This was down from $3.3Bil at the end of 2016 primarily due to $TLLP's $705MM acquisition of the North Dakota Gathering and Processing Assets.

$TSO {{ '2017-05-09T11:02:45+0000' | timeago}} • Announcement

$TSO said it is excited about the transformation of the company through its pending acquisition of $WNR and the value creation as a result of synergies. The company expects to close the transaction in 2Q17 and look forward to sharing additional information regarding synergies and integration plans.

$TSO {{ '2017-05-09T11:02:30+0000' | timeago}} • Announcement

$TSO reported a drop in 1Q17 earnings due to higher interest and financing costs as well as costs associated with acquisitions. Net income fell to $50MM or $0.42 per share from $69MM or $0.57 per share last year. Revenue grew to $6.64Bil from $5.1Bil.

$WNR {{ '2017-03-24T17:52:14+0000' | timeago}} • Announcement

$WNR stockholders have approved its proposed acquisition by $TSO. Completion of the acquisition remains subject to the satisfaction or waiver of customary closing conditions and the transaction is expected to close in 1H17.

$WNR {{ '2017-02-28T13:24:23+0000' | timeago}} • Announcement

$WNR said it is looking forward to the completion of the pending $TSO transaction. Meanwhile, $WNR remains focused on safe and reliable operations while emphasizing operational efficiencies and managing its costs. The company will also continue to maximize the benefits of its investment in Western Refining Logistics.

$TSO {{ '2017-02-07T14:52:27+0000' | timeago}} • Webcast

$TSO believes it has created a good logistics business. The company had targeted to grow into the Permian prior to the Western Refining opportunity and this transaction supports its efforts in this space. The early indications of putting Tesoro Logistics into the Permian as a service provider are positive.

$TSO {{ '2017-02-07T14:37:03+0000' | timeago}} • Webcast

$TSO said looking at the West Coast market and the current inventory levels coupled with certain other factors, the company believes it is supportive to a good market environment and strong demand. The company is optimistic in terms of its outlook on West Coast fundamentals.

$TSO {{ '2017-02-07T14:11:32+0000' | timeago}} • Webcast

In 4Q16, $TSO’s Refining segment operating income was $43MM compared to $12MM in 4Q15. In Logistics, operating income increased to $123MM from $97MM a year ago. Marketing operating income was $169MM compared to $175MM last year.

$TSO {{ '2017-02-07T14:05:20+0000' | timeago}} • Webcast

$TSO expects to deliver an estimated  $475-575MM of annual improvements in operating income in 2017, excluding any expected synergies from the proposed Western Refining acquisition, through the execution of its growth and productivity plans. These improvements consist of $305-355MM in Refining, $125-150MM in Logistics and $45-70MM in Marketing.

$TSO {{ '2017-02-07T14:00:59+0000' | timeago}} • Webcast

With regards to its acquisition of Western Refining, $TSO remains committed to delivering $350-425MM in annual synergies from operational improvements, value chain optimization and corporate initiatives with a run rate to be achieved by the end of the second year. This transaction is on target to close in 1H17.

$TSO {{ '2017-02-06T22:29:33+0000' | timeago}} • Announcement

$TSO reported higher 4Q16 earnings, helped by higher revenues. The company's net earnings from continuing operations attributable to shareholders was $78MM, or $0.66 per share compared to $54MM, or $0.45 per share during 4Q15. Revenue during the quarter rose to $6.65Bil.

$TSO {{ '2016-11-17T16:16:20+0000' | timeago}} • Announcement

$TSO agreed to buy $WNR at an implied current price of $37.30 per $WNR share in a stock transaction. This represents an enterprise value of $6.4Bil, including the assumption of about $1.7Bil of $WNR's net debt and $605MM market value of non-controlling interest in $WNRL. The transaction is expected to close in 1H17.

$TSO {{ '2016-11-01T13:47:59+0000' | timeago}} • Webcast

$TSO expects FY16 Tesoro Index of $12-14 per barrel. Marketing segment fuel margins are expected to be in the range of 11-14 cents per gallon. The company expects higher utilization and operational efficiencies of $400-500MM for FY16.

$TSO {{ '2016-11-01T13:15:44+0000' | timeago}} • Webcast

$TSO's Marketing operating income fell 27% to $273MM, reflecting stronger than normal market conditions a year ago. Fuel margins were 14.9 cents per gallon. Total branded stations grew by 178.

$TSO {{ '2016-10-31T21:45:59+0000' | timeago}} • Announcement

$TSO, an independent refiner and marketer of petroleum products, reported 3Q16 net earnings from continuing operations of $170MM, or $1.43 per diluted share, compared to $759MM, or $6.13 per diluted share a year ago. The results were hurt by lower operating income as the year-ago numbers were helped by stronger-than-normal market environment.

$TSO {{ '2016-08-04T15:45:53+0000' | timeago}} • Webcast

Chow of Tudor, Pickering, Holt & Co follows up with a question on $TSO's working capital strategy. CFO Steven Sterin says the company is trying to find ways to reduce working capital so that it can be made a source of cash over time. Sterin then goes on to reveal that $TSO expects working capital to be a source of cash in the second half of 2016.

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