| Type | Public S&P 500 Component |
|---|---|
| Industry | Oil and Gasoline |
| Founded | 1968 |
| Headquarters | San Antonio, TX, USA |
| Key people | Greg Goff, President & CEO |
| Products | Petroleum Products |
| Revenue | $28.3 billion USD (2008) |
| Employees | Approx. 5,600 |
| Website | www.tsocorp.com |
Tesoro Corporation (NYSE: TSO) is a Fortune 100 and a Fortune Global 500 company headquartered in San Antonio, Texas, with 2008 annual revenues of $28.3 billion, and approximately 5,600 employees.
Tesoro is an independent refiner and marketer of petroleum products, operating seven refineries in the Western United States with a combined rated crude oil capacity of approximately 664,000 barrels (105,600 m3) per day. Tesoro’s retail-marketing system includes over 870 branded retail gas stations, of which more than 380 are company-operated under the Tesoro, Shell, Mirastar and USA Gasoline brands.
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Tesoro was founded in 1968[1] by Dr. Robert V. West Jr, as a company primarily engaged in petroleum exploration and production (the name Tesoro is Spanish for "treasure"). In 1969, Tesoro began operating its first refinery, near Kenai, Alaska. Tesoro would eventually become the first Fortune 500 company ever headquartered in San Antonio.
In the late 1990s, Tesoro grew through a series of acquisitions and initiatives that created Tesoro Corporation – the company focuses on a single core business: petroleum refining and marketing. 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). This change was created due to the following milestones:
Tesoro Corporation's executive management team:[3]
Researchers at the Political Economy Research Institute have identified Tesoro as the 24th-largest corporate producer of air pollution in the United States, releasing roughly 3.74 million pounds of toxic chemicals annually into the air.[4] Major pollutants emitted annually by the corporation include more than 2 million pounds of sulfuric acid[5] The Environmental Protection Agency has named Tesoro a potentially responsible party for at least four Superfund toxic waste sites.[6] Tesoro has settled and/or closed each of the superfund sites for which it has been named as a 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 is also the recipient of several Legacy Awards for its environmental record.[7] In its Anacortes refinery, the company voluntarily has used scrubbing technology which costs twice as much as the required techniques to only remove particulate matter.[8]
Tesoro has given over $1 million in support of California Proposition 23 which aims to suspend the Global Warming Solutions Act of 2006. [9]
On April 2, 2010, there was an explosion at the Anacortes, Washington, refinery with seven deaths.
Tesoro was the first company to buy Libyan rebel oil in early April 2011.[10]