Tesoro reports record first-quarter earnings

Posted: Friday, April 27, 2001

SAN ANTONIO (AP) -- Tesoro Petroleum Corp. announced Thursday that first-quarter earnings were $22 million, or 52 cents a share.

Earnings increased 160 percent in the first quarter compared to the same quarter last year, the company said.

''Stronger earnings were principally due to a combination of higher margins and increased throughput. Margins benefited from increasing the amount of lower-cost, heavy crude processed through our refineries. To capture the benefit of the current high-margin environment, we raised refinery throughput 7 percent compared to last year's first quarter,'' said Bruce A. Smith, Tesoro's chairman, president and CEO.

Operating expenses during the first quarter were $119 million, or 14 percent higher than the same period last year. Higher costs for utilities and fuel, higher throughput and increased employee costs contributed to the increase in operating expenses.

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