Tesoro Corporation and Tesoro Logistics has announced the companies will change their names to Andeavor and Andeavor Logistics LP, respectively, effective Aug. 1, 2017.
According to an Oil and Gas Journal release, Tesoro, with the acquisition of Western Refining Inc. on June 1 will own 10 refineries with a combined refining capacity of more than 1.1 million b/sd (1.05 million b/cd). After Aug. 1, Andeavor will continue to license the Tesoro brand to retail stations that currently utilize it. The company does not intend to make the Andeavor name part of its retail portfolio, which will include 3,000 locations following the Western Refining purchase.
Tesoro Corporation Chairman, President and CEO Greg Goff stated “We are announcing a new name to reflect the Company’s ongoing transformation. The change to Andeavor acknowledges the significant progress we’ve made in becoming a premier refining, marketing and logistics company, and signals our aspiration to continue creating greater value for our stakeholders.”
Tesoro Government and Public Affairs Manager Kate Blair says the change won’t affect the 225 employees at the Nikiski refinery.
Tesoro Kenai Plant (information provided by: Kate Blair Government & Public Affairs Manager, Kenai Refinery Fact Sheet, tsocorp.com)
Located on the Cook Inlet, 60 miles southwest of Anchorage, Alaska, Tesoro’s Kenai refinery can process up to 72,000 barrels per day (bpd). The refinery produces gasoline and gasoline blendstocks, jet fuel, diesel fuel and heavy fuel oils, propane and asphalt. A 69-mile, 48,000 bpd common-carrier products pipeline transports jet fuel, gasoline and diesel fuel to the Port of Anchorage and the Anchorage International Airport.
Kenai Plant Facts:
Kenai full-time employees: Approx. 225
Crude oil capacity: 72,000 bpd.
Largest member of the Cook Inlet Spill Prevention & Response team.
Tesoro Background
Tesoro was founded in the 1960s as a company primarily engaged in petroleum exploration and production. It built and commenced operating its Kenai, Alaska, refinery in 1969 and began shifting its focus to refining and marketing in the late 1990s. Since 2010, through strategic growth, financial discipline, strong execution and the commitment of its employees, the Company has become one of the leading independent refining, marketing and logistics companies in the United States.
Goff reaffirmed that “While our name is changing, our strategic priorities, financial discipline, guiding principles and the foundational elements of how we operate remain the same. We will continue to focus on optimizing our highly integrated refining, marketing and logistics system, caring for the communities where we operate, aiming to achieve the best safety and environmental performance in the industry and investing in our people and assets.”
The Andeavor name will be applied to the refining, marketing and logistics businesses as well as Tesoro Logistics, which will become Andeavor Logistics. the stock ticker symbol will change to ANDV for Andeavor and ANDX for Andeavor Logistics.
