Loading AI tools
American energy company From Wikipedia, the free encyclopedia
Tesoro Corporation, known briefly as Andeavor, was a Fortune 100[4] and a Fortune Global 500 company headquartered in San Antonio, Texas, with 2017 annual revenues of $35 billion, and over 14,000 employees worldwide. Based on 2017 revenue, the company ranked No. 90 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.[5]
| |
| Industry | Oil and gas |
|---|---|
| Predecessor | Western Refining |
| Founded | 1968 |
| Founder | Robert V. West Jr.  |
| Defunct | October 1, 2018 |
| Fate | Acquired by Marathon Petroleum |
| Successor | Marathon Petroleum |
| Headquarters | , |
Number of locations | 10 oil refineries,[1] 3,000 branded retail gas stations[2] |
Area served | Central, Western U.S, Western México |
| Products | Petroleum products, natural gas and fuel |
| Revenue |  US$34.975 billion (2017) |
| US$1.525 billion (2017) | |
| US$1.528 billion (2017) | |
| Total assets | US$28.573 billion (2017) |
| Total equity | US$9.815 billion (2017) |
Number of employees | 14,300 (2017) |
| Footnotes / references [3] | |
Tesoro was an independent refiner and marketer of petroleum products, operating ten refineries in the Western United States with a combined rated crude oil capacity of approximately 1,200,000 barrels (190,000 m3) per day. Tesoro's retail-marketing system included approx. 3,000 branded retail gas stations, of which more than 595 were company-operated under its own Tesoro brandname, as well as Shell, ExxonMobil, ARCO, and USA Gasoline brands.
Tesoro, known at the time as Andeavor, was acquired by Marathon Petroleum on October 1, 2018.
Tesoro was founded in 1968[6] by Dr. Robert Van Osdell West Jr (1921–2006),[7] and was primarily engaged in petroleum exploration and production. Tesoro began operating its first refinery, near Kenai, Alaska, in 1969. Tesoro became the first Fortune 500 company to be headquartered in San Antonio, Texas. Tesoro is the word for treasure (or treasury) in Italian and Spanish.
Beginning in the late 1990s, Tesoro grew through a series of acquisitions and initiatives that created Tesoro Corporation, the company focusing on the core business of petroleum refining, marketing, maritime transportation and distribution. The first segment involved the operation of six petroleum refineries situated in California, Alaska, Washington, Hawaii, North Dakota, and Utah.[8] For its marketing and distribution segment, Tesoro sold refined gas and fuel products in both bulk and wholesale markets.[8] 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).
Prior to its acquisition by Marathon Petroleum in 2018, Tesoro was the third-largest independent petroleum refining and marketing company in the United States. The merger between the two companies formed the largest American refiner by capacity and the fifth in the world.[9]
Milestones in Tesoro's history are:
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.[22] Major pollutants emitted annually by the corporation were estimated to include more than 400,000 lb (180 t) of sulfuric acid,[23] following which the Environmental Protection Agency named Tesoro a potentially responsible party for at least four superfund toxic waste sites.[24] Tesoro settled and/or closed each of the superfund sites where it was named as one of many responsible parties. Tesoro was listed as a de minimis contributor to a superfund site in Abbeville, LA, and the site has since been closed by the EPA.
Tesoro gave over $1 million in support of California Proposition 23, which aimed to suspend the Global Warming Solutions Act of 2006.[25]
Defenders of the Amazon forest in South America cite Tesoro for sourcing some of their crude oil from the Amazon. Three of Tesoro's refineries - Anacortes (WA), LA (CA) and Golden Eagle (CA), were known to process Amazonian crude oil.[26]
On April 2, 2010, an explosion at Tesoro's refinery in Anacortes, Washington, killed seven workers.[27]
Tesoro bought Libyan crude oil, after the overthrow of Colonel Gaddafi, in early April 2011 from the Vitol Group to supply its then-Hawaiian refinery.[28]
Seamless Wikipedia browsing. On steroids.
Every time you click a link to Wikipedia, Wiktionary or Wikiquote in your browser's search results, it will show the modern Wikiwand interface.
Wikiwand extension is a five stars, simple, with minimum permission required to keep your browsing private, safe and transparent.
