Company Profile For Tesoro Corporation

Tesoro Corporation (Tesoro) is an independent petroleum refiners and marketers in the United States with two operating segments: refining crude oil and other feedstocks at its seven refineries in the western and mid-continental United States and selling refined products in bulk and wholesale markets (refining) and selling motor fuels and convenience products in the retail market (retail) through its 879 branded retail stations in 15 states. 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. Tesoro’s retail segment distributes motor fuels through a network of retail stations, primarily under the Tesoro Mirastar, Shell and USA Gasolinetm brands.

BRIEF: For the nine months ended 30 September 2009, Tesoro Corporation's revenues decreased 50% to $12.20B. Net income decreased 78% to $39M. Revenues reflect lower sales from Refining segments and a decrease in Retail segment revenue. Net income also reflects an increase in depreciation & amortization expense, lower operating income due to lower gross refining margin and higher interest & financing costs.