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 Premium News Article
Tesoro's Profit Jumps Fivefold to $259 Million as Lower Crude Oil Prices Boost Refining Margins
SUGAR LAND--October 31, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--Tesoro Corporation (NYSE:TSO) (San Antonio, Texas) has announced that its third-quarter profit has jumped more than five times to $259 million, compared with $47 million in the same period last year. The company experienced a large boost to refining margins from the steep drop in crude oil prices from the record-highs set in the summer. Refining operating income totaled $476 million, almost $400 million higher than the second quarter, largely because of improved capture rates and lower energy costs, Chief Financial Officer Otto Schwethelm said. As part of the Refinery Tracker, Industrial Info is monitoring 42 active Tesoro projects worth $877.1 million in the U.S. The database includes projects ranging from $1 million maintenance turnarounds to a $300 million sulfur-recovery unit addition at the Golden Eagle refinery.
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Industry Segment: Petroleum Refining
Word Count: 471 Words
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