Tesoro Earnings Improve in 1Q; Shares Attractive on Valuation and Improvement in Competitiveness
Tesoro reported that earnings from continuing operations fell to $50 million from $58 million the year before, as strong operating performance was offset in part by higher interest charge and expenses related to the pending Western Refining acquisition. Refining operating income swung to a profit of $34 million from a loss of $93 million last year. The improvement primarily resulted from a negative inventory adjustment the year before, but market conditions also improved slightly, while Tesoro o...
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