We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Andeavor | NYSE:ANDV | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 153.50 | 0 | 01:00:00 |
Delaware | 1-3473 | 95-0862768 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
19100 Ridgewood Pkwy San Antonio, Texas | 78259-1828 | |
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | Exhibits. | |||
99.1 | Press release announcing selected first quarter financial results issued on April 22, 2015 by Tesoro Corporation. |
TESORO CORPORATION | ||||
By: | /s/ STEVEN M. STERIN | |||
Steven M. Sterin | ||||
Executive Vice President and Chief Financial Officer | ||||
Exhibit Number | Description | |
99.1 | Press release announcing selected first quarter financial results issued on April 22, 2015 by Tesoro Corporation. |
Three Months Ended March 31, | |||||||
REFINING SEGMENT | 2015 | 2014 | |||||
Total Refining Segment | |||||||
Throughput (Mbpd) | |||||||
Heavy crude (a) | 96 | 170 | |||||
Light crude | 546 | 598 | |||||
Other feedstocks | 54 | 49 | |||||
Total Throughput | 696 | 817 | |||||
Yield (Mbpd) | |||||||
Gasoline and gasoline blendstocks | 358 | 421 | |||||
Diesel fuel | 144 | 200 | |||||
Jet fuel | 119 | 128 | |||||
Heavy fuel oils, residual products, internally produced fuel and other | 117 | 124 | |||||
Total Yield | 738 | 873 | |||||
Refined Product Sales (Mbpd) (b) | |||||||
Gasoline and gasoline blendstocks | 487 | 512 | |||||
Diesel fuel | 180 | 187 | |||||
Jet fuel | 158 | 152 | |||||
Heavy fuel oils, residual products and other | 74 | 77 | |||||
Total Refined Product Sales | 899 | 928 | |||||
Segment Operating Income ($ millions) | |||||||
Gross refining margin (c) | $ | 779 | $ | 795 | |||
Expenses | |||||||
Manufacturing costs | 397 | 416 | |||||
Other operating expenses | 67 | 92 | |||||
Selling, general and administrative expenses | 3 | 2 | |||||
Depreciation and amortization expense | 119 | 101 | |||||
Loss on asset disposal and impairments | 3 | (1 | ) | ||||
Segment Operating Income | $ | 190 | $ | 185 | |||
Gross refining margin ($/throughput bbl) (d) (e) | $ | 11.77 | $ | 10.80 | |||
Manufacturing cost before depreciation and amortization expense ($/throughput bbl) (c) | $ | 6.33 | $ | 5.65 | |||
Refined Product Sales Margin ($/bbl) (c) (d) | |||||||
Average sales price | $ | 74.13 | $ | 114.87 | |||
Average costs of sales | 65.11 | 105.34 | |||||
Refined Product Sales Margin | $ | 9.02 | $ | 9.53 |
(a) | We define heavy crude oil as crude oil with an American Petroleum Institute gravity of 24 degrees or less. |
(b) | Sources of total refined product sales include refined products manufactured at our refineries and refined products purchased from third parties. Total refined product sales margins include margins on sales of manufactured and purchased refined products. |
(c) | Consolidated gross refining margin combines gross refining margin for each of our regions adjusted for other amounts not directly attributable to a specific region. Gross refining margin includes the effect of intersegment sales to the retail segment at prices which approximate market and fees charged by TLLP for the transportation and terminalling of crude oil and refined products at prices which we believe are no less favorable to either party than those that could have been negotiated with unaffiliated parties with respect to similar services. Gross refining margin approximates total refining throughput multiplied by the gross refining margin per barrel. |
(d) | Management uses various measures to evaluate performance and efficiency and to compare profitability to other companies in the industry, including gross refining margin per barrel, manufacturing costs before depreciation and amortization expense (“Manufacturing Costs”) per barrel and refined product sales margin per barrel. We calculate gross refining margin per barrel by dividing gross refining margin (revenues less costs of feedstocks, purchased refined products, transportation and distribution) by total refining throughput. We calculate Manufacturing Costs per barrel by dividing Manufacturing Costs by total refining throughput. We calculate refined product sales margin per barrel by dividing refined product sales margin by total refining throughput. Refined product sales margin represents refined product sales less refined product cost of sales. Investors and analysts use these financial measures to help analyze and compare companies in the industry on the basis of operating performance. These financial measures should not be considered alternatives to segment operating income, revenues, costs of sales and operating expenses or any other measure of financial performance presented in accordance with U.S. GAAP. |
(e) | The gross refining margin per throughput barrel excludes the impact of the $42 million benefit recognized during the three months ended March 31, 2015 from a lower of cost or market inventory valuation adjustment recorded in the fourth quarter of 2014 in the computation of the rate at a consolidated or regional level. |
Three Months Ended March 31, | |||||||
Refining By Region | 2015 | 2014 | |||||
California (Martinez and Los Angeles) | |||||||
Throughput (Mbpd) | |||||||
Heavy crude (a) | 90 | 165 | |||||
Light crude | 295 | 327 | |||||
Other feedstocks | 37 | 29 | |||||
Total Throughput | 422 | 521 | |||||
Yield (Mbpd) | |||||||
Gasoline and gasoline blendstocks | 223 | 277 | |||||
Diesel fuel | 83 | 134 | |||||
Jet fuel | 73 | 78 | |||||
Heavy fuel oils, residual products, internally produced fuel and other | 75 | 78 | |||||
Total Yield | 454 | 567 | |||||
Gross refining margin ($ millions) | $ | 436 | $ | 397 | |||
Gross refining margin ($/throughput bbl) (d) (e) | $ | 10.67 | $ | 8.45 | |||
Manufacturing cost before depreciation and amortization expense ($/throughput bbl) (c) | $ | 7.53 | $ | 6.48 | |||
Capital expenditures ($ millions) | $ | 55 | $ | 27 | |||
Pacific Northwest (Alaska & Washington) | |||||||
Throughput (Mbpd) | |||||||
Heavy crude (a) | 6 | 5 | |||||
Light crude | 139 | 148 | |||||
Other feedstocks | 13 | 15 | |||||
Total Throughput | 158 | 168 | |||||
Yield (Mbpd) | |||||||
Gasoline and gasoline blendstocks | 69 | 74 | |||||
Diesel fuel | 26 | 32 | |||||
Jet fuel | 33 | 32 | |||||
Heavy fuel oils, residual products, internally produced fuel and other | 35 | 36 | |||||
Total Yield | 163 | 174 | |||||
Gross refining margin ($ millions) | $ | 172 | $ | 136 | |||
Gross refining margin ($/throughput bbl) (d) (e) | $ | 11.52 | $ | 9.04 | |||
Manufacturing cost before depreciation and amortization expense ($/throughput bbl) (c) | $ | 4.43 | $ | 4.27 | |||
Capital expenditures ($ millions) | $ | 26 | $ | 5 |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Mid-Continent (North Dakota and Utah) | |||||||
Throughput (Mbpd) | |||||||
Light crude | 112 | 124 | |||||
Other feedstocks | 4 | 4 | |||||
Total Throughput | 116 | 128 | |||||
Yield (Mbpd) | |||||||
Gasoline and gasoline blendstocks | 66 | 70 | |||||
Diesel fuel | 35 | 34 | |||||
Jet fuel | 13 | 18 | |||||
Heavy fuel oils, residual products, internally produced fuel and other | 7 | 10 | |||||
Total Yield | 121 | 132 | |||||
Gross refining margin ($ millions) | $ | 172 | $ | 260 | |||
Gross refining margin ($/throughput bbl) (d) (e) | $ | 16.06 | $ | 22.56 | |||
Manufacturing cost before depreciation and amortization expense ($/throughput bbl) (c) | $ | 4.56 | $ | 4.07 | |||
Capital expenditures ($ millions) | $ | 103 | $ | 36 |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Reconciliation of Net Earnings to EBITDA and Adjusted EBITDA | |||||||
Net earnings | $ | 188 | $ | 103 | |||
Loss from discontinued operations, net of tax | — | 1 | |||||
Depreciation and amortization expense | 179 | 130 | |||||
Income tax expense | 96 | 56 | |||||
Interest and financing costs, net | 55 | 77 | |||||
EBITDA (f) | $ | 518 | $ | 367 | |||
Special items (g) | (29 | ) | (5 | ) | |||
Adjusted EBITDA (f) | $ | 489 | $ | 362 | |||
Reconciliation of Cash Flows from (used in) Operating Activities to EBITDA and Adjusted EBITDA | |||||||
Net cash used in operating activities | $ | (148 | ) | $ | (150 | ) | |
Debt redemption charges | — | (31 | ) | ||||
Deferred charges | 83 | 60 | |||||
Changes in current assets and current liabilities | 470 | 343 | |||||
Income tax expense | 96 | 56 | |||||
Stock-based compensation benefit (expense) | (28 | ) | 18 | ||||
Interest and financing costs, net | 55 | 77 | |||||
Other | (10 | ) | (6 | ) | |||
EBITDA (f) | $ | 518 | $ | 367 | |||
Special items (g) | (29 | ) | (5 | ) | |||
Adjusted EBITDA (f) | $ | 489 | $ | 362 |
(f) | We define EBITDA as consolidated earnings, including earnings attributable to noncontrolling interest, excluding net earnings (loss) from discontinued operations, before depreciation and amortization expense, net interest and financing costs, income taxes and interest income. We define Adjusted EBITDA as EBITDA plus or minus amounts determined to be “special items” by our management based on their unusual nature and relative significance to earnings in a certain period. |
(g) | Special items included in EBITDA but excluded for presentation of adjusted EBITDA consist of the following: |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
(In millions) | |||||||
Inventory valuation adjustment (h) | $ | (42 | ) | $ | — | ||
Throughput deficiency receivable (i) | 13 | — | |||||
Gain on sale of Boise Terminal (j) | — | (5 | ) | ||||
Total special items included in EBITDA | $ | (29 | ) | $ | (5 | ) |
(h) | Includes a benefit of $42 million ($25 million after tax) recognized during the three months ended March 31, 2015 resulting from a lower of cost or market inventory valuation adjustment recorded in the fourth quarter of 2014. |
(i) | During the three months ended March 31, 2015, TLLP invoiced a QEPFS customer for a shortfall payment. TLLP did not recognize $13 million ($4 million to Tesoro, after tax) of revenue related to the billing period as it represented an opening balance sheet asset for the acquisition of the Rockies Natural Gas Business; however, TLLP is entitled to the cash receipt from such billing. |
(j) | Includes a gain of $5 million ($1 million to Tesoro, after-tax) for the three months ended March 31, 2014 resulting from TLLP’s sale of its Boise Terminal. |
Three Months | Year Ended | ||||||
Ended June 30, | December 31, | ||||||
Reconciliation of Projected Net Earnings to Projected EBITDA | 2015 | 2015 | |||||
Projected net earnings | $ | 379 | $ | 1,086 | |||
Depreciation and amortization expense | 178 | 716 | |||||
Income tax expense | 186 | 560 | |||||
Interest and financing costs, net | 57 | 238 | |||||
Projected EBITDA (f) | $ | 800 | $ | 2,600 |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Net Earnings Attributable to Tesoro Corporation from Continuing Operations - U.S. GAAP | $ | 145 | $ | 79 | |||
Special Items, After-tax: (k) | |||||||
Inventory valuation adjustment (h) | (25 | ) | — | ||||
Throughput deficiency receivable (i) | 4 | — | |||||
Debt redemption charges (l) | — | 19 | |||||
Gain on sale of Boise Terminal (j) | — | (1 | ) | ||||
Adjusted Earnings (m) | $ | 124 | $ | 97 | |||
Diluted Net Earnings per Share from Continuing Operations Attributable to Tesoro Corporation - U.S. GAAP | $ | 1.15 | $ | 0.59 | |||
Special Items Per Share, After-tax: (k) | |||||||
Inventory valuation adjustment (h) | (0.20 | ) | — | ||||
Throughput deficiency receivable (i) | 0.03 | — | |||||
Debt redemption charges (l) | — | 0.14 | |||||
Gain on sale of Boise Terminal (j) | — | (0.01 | ) | ||||
Adjusted Diluted EPS (m) | $ | 0.98 | $ | 0.72 |
(k) | For the purpose of reconciling net earnings, special items have been adjusted pre-tax to reflect our limited and general partner interests in TLLP including amounts attributable to our incentive distribution rights. |
(l) | Includes charges totaling $31 million ($19 million after-tax) for premiums and unamortized debt issuance costs associated with the redemption of the 2019 Notes during the three months ended March 31, 2014. |
(m) | We present net earnings from continuing operations adjusted for special items (“Adjusted Earnings”) and net earnings per diluted share from continuing operations adjusted for special items (“Adjusted Diluted EPS”) as management believes that the impact of these items on net earnings from continuing operations and diluted earnings per share from continuing operations is important information for an investor’s understanding of the operations of our business and the financial information presented. Adjusted Earnings and Adjusted Diluted EPS should not be considered as an alternative to net earnings, earnings per diluted share or any other measure of financial performance presented in accordance with U.S. GAAP. Adjusted Earnings and Adjusted Diluted EPS may not be comparable to similarly titled measures used by other entities. |
1 Year Andeavor Chart |
1 Month Andeavor Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions