Tesoro Reports Weak Full-Year Results as Expected; Shares Undervalued
Tesoro reported weak fourth-quarter and full-year results in line with low expectations going into 2016. Net earnings dropped to $724 million from $1.5 billion the previous year as the result of low refining margins and thin crude differentials. Considering a pretax benefit to operating income of $123 million versus a loss of $276 million related to inventory adjustments last year, net earnings for the quarter of $78 million disappointed compared with an already weak last quarter of 2015. We pla...
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