Tesoro\'s Profit Jumps Fivefold to $259 Million as Lower Crude Oil ...

Tag : crude oil
Tesoro's Profit Jumps Fivefold to $259 Million as Lower Crude OilPrices Boost Refining Margins, an Industrial Info News Alert (Marketwire Via Acquire Media NewsEdge) SUGAR LAND, TX, October 31/ MARKET WIRE/ -- 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 thanfive times to $259 million, compared with $47 million in the same period lastyear. The company experienced a large boost to refining margins from thesteep drop in crude oil prices from the record-highs set in the summer.Refining operating income totaled $476 million, almost $400 million higherthan the second quarter, largely because of improved capture rates and lowerenergy costs, Chief Financial Officer Otto Schwethelm said. As part of theRefinery Tracker, Industrial Info is monitoring 42 active Tesoro projectsworth $877.1 million in the U.S. The database includes projects rangingfrom $1 million maintenance turnarounds to a $300 million sulfur-recoveryunit addition. For details, view the entire article by subscribing to IndustrialInfo's Premium Industry News at http://www.industrialinfo.com/showNews.jsp?newsitemID=140700, or browse other breaking industrial news stories at www.industrialinfo.com. Industrial Info Resources (IIR) is a marketing information service specializing in industrial process, energy and financial relatedmarkets with products and services ranging from industry news, analytics, forecasting, plant and project databases, as well as multimediaservices. For more information, send inquiries torefininggroup@industrialinfo.com or visit us online at www.industriali nfo.com. Related News Articles Valero Delays Projects for Major Maintenance Turnarounds andReduces Capital Spending by Nearly $2 Billion Through 2009 Sinopec to Make $2 Billion North American Oil-Company Purchase CNPC Begins Construction of Oil Refinery in Chad Add to Digg Bookmark with del.icio.us Add to Newsvine Contact: Joe Govreau 713-783-5147 Copyright ? 2008 Marketwire
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