Tesoro posts $3 million Q4 profit

By Howard Dicus - bio | email

SAN ANTONIO and HONOLULU (HawaiiNewsNow) - Tesoro Corp., owner of the larger of Hawaii's two oil refineries, made a $3 million profit in the fourth quarter.

San Antonio-based Tesoro lost $179 million in the same quarter a year earlier and described 2010 as another challenging year.

The company Thursday cited a "write-off of goodwill at the Hawaii refinery" as one factor in its small net for the quarter.

For full-year 2010, Tesoro lost $29 million, down from a $140 million loss in 2009.

"We are pleased with the year-over-year improvement in the fourth quarter and our ability to continue to deliver gross margin improvements in excess of the market gains," said CEO Greg Goff in a statement.

Tesoro reported that its Kapolei refinery saw higher throughput in the fourth quarter for jet fuel, diesel and gasoline.

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