Tesoro Blames Lower 4Q Refining Earnings on Reduced Refining Margins, Hawaii Refinery

摘要

Valero wasn't the only oil refiner having problems with West Coast refining margins. San Antonio-based independent refiner Tesoro said during its conference call announcing fourth quarter earnings that West Coast cracks were low, causing the company to reduce throughput rates at several facilities. The company had announced that quarterly refining operating earnings were $9 million in the fourth quarter of 2007, vs. $284 million during the same period a year ago.