Tesoro posts record year earnings

Posted: Friday, February 01, 2002

ANCHORAGE (AP) -- Tesoro Petroleum Corp. reported record profits of $88 million for 2001, up 32 percent from the previous year.

The San Antonio, Texas-based oil refining and retailing company said revenue reached $5.2 billion, up 2 percent.

The company said the higher earnings were due to better profits on its refined products -- mainly gasoline, diesel fuel and jet fuel -- more refining throughput and improved operating performance.

In the fourth quarter, profit fell to $4 million from $24.4 million a year earlier, a decline attributed in part to the Lower 48 recession and warm weather.

Fourth-quarter revenue was $1.3 billion, down 11 percent. Tesoro has refineries in Nikiski as well as in Hawaii and three Lower 48 locations. Its Alaska refinery handles almost 51,000 barrels of product a day, 14 percent of the company's production.

Its gasoline is sold through more than 600 branded stations, including about 130 in Alaska.

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