About Tesoro

Company History

Tesoro was founded in 1968 as a company primarily engaged in petroleum exploration and production. In 1969, we began operating Alaska’s first refinery near Kenai. Today, Tesoro is a FORTUNE 150 company and one of the largest independent petroleum refiners and marketers in the Western United States.

In the late 1990s, Tesoro began what Chairman, President and CEO, Bruce A. Smith calls “Tesoro’s transformation.” Tesoro has methodically grown through a series of acquisitions and strategic initiatives that have created Tesoro Corporation – a more dynamic and competitive company, focused on one core business: Petroleum refining and marketing.

That transformation began with the sale of exploration and production operations in 1999. Another business segment, marine services, was sold in 2003.

At the same time, Tesoro made a series of refinery acquisitions that boosted Tesoro’s capacity output and positioned it for future expansion in key growth markets throughout the Western United States. In 1998, Tesoro acquired refineries in Kapolei, Hawaii, and Anacortes, Washington. In 2001, the company purchased refineries in Mandan, North Dakota, and Salt Lake City, Utah. In 2002, Tesoro acquired its Golden Eagle refinery in Martinez, California. In 2007, Tesoro acquired its seventh refinery in Los Angeles, California. Together, the acquisitions have expanded refining capacity from 72,000 barrels per day to 660,000 barrels per day.

Moving ahead, Tesoro continues to focus on improving profitability from operations by achieving greater operating efficiencies, increasing cash flow from operations and improving shareholder value, and continuing to meet and exceed standards of safe, reliable operations. Tesoro became publicly traded in 1968; 1998 reached $1 billion in revenue; In 2006 achieved market capitalization of $5.2 billion.