San Antonio Refiner Tesoro Earns Record Profits for 2015
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San Antonio-based Tesoro Corp. missed fourth-quarter earnings estimates after its refinery in Los Angeles unexpectedly went offline, but still generated record earnings for 2015.
Tesoro, which operates six refineries in the Western U.S., generated $1.5 billion in profits for 2015, up from $872 million in 2014.
But the company’s refining income was down in the fourth quarter, impacted by unplanned downtime at its Los Angeles refinery. For the fourth quarter, Tesoro reported adjusted earnings of $221 million, or $1.83 per share, up from $188 million in the fourth quarter of 2014. Analysts had projected the company would earn $2.08 a share, according to the average estimate of 19 analysts polled by Thomson Financial Network.
Tesoro’s shares closed Monday at $87.76, up 51 cents. The company released results after the markets closed.