Tesoro Earnings Tumble on Weak Refining Results; Improvement Plans Remain on Track
Tesoro reported a sharp drop in third-quarter earnings to $170 million from $759 million a year ago as result of deterioration in refining market conditions and a return to more normalized retail marketing environment. Refining operating income fell to $52 million from $899 million last year on a drop in the Tesoro index to $12.45/barrel from $23.09/bbl last year and a decline in the capture rate to 73% from 84%. Higher renewable identification number costs contributed to the deterioration in ca...
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