SAN ANTONIO and HONOLULU (HawaiiNewsNow) - Tesoro Corp. has posted a $56 million third quarter profit that is up 70% from the same quarter last year, but its CEO says conditions for the company are still "challenging."
Tesoro is one of Oahu's larger employees. It owns the larger of Hawaii's two refineries. The other one is owned by Chevron.
Third quarter at a glance (year-before in parenthesis):
- Revenue: $5.32 billion ($4.74 billion).
- Net income: $56 million ($33 million).
- Per share: 40 cents (24 cents).
The San Antonio-based company, which has most of its operations on the West Coast, said its profit improved because of, among other things, a wider discount for heavy crude. Tesoro owns no oil wells.
"While we have seen improvements in the market during the third quarter, we continue to plan for a challenging margin environment and are committed to our improvement initiatives," CEO Greg Goff said in a statement Friday. "Improvement initiatives" means cost cuts.
Tesoro's refinery at Campbell Industrial Park reported third quarter throughput of 53,000 barrel a day, down from year-ago levels. Gross refining profit margin tripled, but remained much lower than Tesoro's larger refineries on the West Coast. Tesoro also has a refinery in Alaska.