Tesoro results up in 2001 - April 28, 2001

Providing coverage of Alaska and northern Canada's oil and gas industryApril 2001

Vol. 6, No. 4

Week of April 28, 2001

Tesoro results up in 2001

Petroleum News Alaska Staff

Tesoro Petroleum Corp. said March 26 it expects first quarter earnings per diluted share in the 35 to 50 cent range, compared to 20 cents in the first quarter of 2000.

Refining margins and total refinery throughput for the first two months of this year have increased compared to last year. Refining margins have benefited from favorably priced heavy crude oils, strong gasoline prices and seasonally strong diesel prices. The company projects a 250,000-barrel per day throughput for the quarter.

Tesoro said it processed approximately 60 percent heavy crude through the end of February, compared to approximately 45 percent in the first quarter of last year.

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