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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 first quarter financial results issued on May 7, 2015, by Tesoro Corporation. | |||
99.2 | Supplemental earnings presentation financial information dated as of May 7, 2015. |
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 first quarter financial results issued on May 7, 2015, by Tesoro Corporation. | |
99.2 | Supplemental earnings presentation financial information dated as of May 7, 2015. |
• | First Quarter net earnings of $145 million, or $1.15 per diluted share |
• | Excluding special items, adjusted earnings were $124 million, or $0.98 per diluted share |
• | TLLP reported adjusted EBITDA of $168 million with strong contributions from the Rockies natural gas business |
• | Tesoro expects to achieve its 2015 plan to deliver $550 million to $670 million of business improvements |
Three Months Ended March 31, | |||||||
($ in millions, except per share data) | 2015 | 2014 | |||||
Operating Income | |||||||
Refining | $ | 190 | $ | 185 | |||
TLLP | 108 | 60 | |||||
Retail | 126 | 19 | |||||
Total Segment Operating Income | $ | 424 | $ | 264 | |||
Net Earnings From Continuing Operations Attributable to Tesoro | $ | 145 | $ | 79 | |||
Diluted EPS - Continuing Operations | $ | 1.15 | $ | 0.59 | |||
Diluted EPS - Discontinued Operations | — | (0.01 | ) | ||||
Total Diluted EPS | $ | 1.15 | $ | 0.58 | |||
Adjusted Diluted EPS - Continuing Operations | $ | 0.98 | $ | 0.72 |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Revenues | $ | 6,463 | $ | 9,933 | |||
Costs and Expenses: | |||||||
Cost of sales (a) | 5,340 | 8,948 | |||||
Operating expenses | 509 | 591 | |||||
Selling, general and administrative expenses (b) | 91 | 31 | |||||
Depreciation and amortization expense | 179 | 130 | |||||
(Gain) loss on asset disposals and impairments (c) | 4 | (5 | ) | ||||
Operating Income | 340 | 238 | |||||
Interest and financing costs, net (d) | (55 | ) | (77 | ) | |||
Other expense, net (e) | (1 | ) | (1 | ) | |||
Earnings Before Income Taxes | 284 | 160 | |||||
Income tax expense | 96 | 56 | |||||
Net Earnings From Continuing Operations | 188 | 104 | |||||
Loss from discontinued operations, net of tax | — | (1 | ) | ||||
Net Earnings | 188 | 103 | |||||
Less: Net earnings from continuing operations attributable to noncontrolling interest | 43 | 25 | |||||
Net Earnings Attributable to Tesoro Corporation | $ | 145 | $ | 78 | |||
Net Earnings (Loss) Attributable to Tesoro Corporation | |||||||
Continuing operations | $ | 145 | $ | 79 | |||
Discontinued operations | — | (1 | ) | ||||
Total | $ | 145 | $ | 78 | |||
Net Earnings (Loss) Per Share - Basic: | |||||||
Continuing operations | $ | 1.17 | $ | 0.60 | |||
Discontinued operations | — | (0.01 | ) | ||||
Total | $ | 1.17 | $ | 0.59 | |||
Weighted average common shares outstanding - Basic | 125.2 | 131.3 | |||||
Net Earnings (Loss) Per Share - Diluted: | |||||||
Continuing operations | $ | 1.15 | $ | 0.59 | |||
Discontinued operations | — | (0.01 | ) | ||||
Total | $ | 1.15 | $ | 0.58 | |||
Weighted average common shares outstanding - Diluted | 126.9 | 133.8 |
(a) | 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. |
(b) | Includes stock-based compensation expense of $28 million and benefit of $18 million for the three months ended March 31, 2015 and 2014, respectively. The significant impact to stock-based compensation expense is primarily a result of changes in Tesoro’s stock price during the period as compared to the prior period. |
(c) | 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. |
(d) | 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. |
(e) | Includes equity in loss of equity method investments of $1 million for Refining related to its investments in Watson Cogen Company and Vancouver Energy for each of the three months ended March 31, 2015 and 2014 and equity in earnings of equity method investments of $3 million for TLLP related to its investments in Three Rivers Gathering and Uinta Basin Field Services for the three months ended March 31, 2015. |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Earnings Before Income Taxes | |||||||
Refining (a) (f) | $ | 190 | $ | 185 | |||
TLLP (c) | 108 | 60 | |||||
Retail (f) | 126 | 19 | |||||
Total Segment Operating Income | 424 | 264 | |||||
Corporate and unallocated costs (b) | (84 | ) | (26 | ) | |||
Operating Income | 340 | 238 | |||||
Interest and financing costs, net (d) | (55 | ) | (77 | ) | |||
Other expense, net | (1 | ) | (1 | ) | |||
Earnings Before Income Taxes | $ | 284 | $ | 160 | |||
Depreciation and Amortization Expense | |||||||
Refining | $ | 119 | $ | 101 | |||
TLLP | 44 | 16 | |||||
Retail | 12 | 10 | |||||
Corporate | 4 | 3 | |||||
Total Depreciation and Amortization Expense | $ | 179 | $ | 130 | |||
Special Items, Before Taxes (g) | |||||||
Refining | $ | (42 | ) | $ | — | ||
TLLP | 13 | (5 | ) | ||||
Total Special Items | $ | (29 | ) | $ | (5 | ) | |
Adjusted EBITDA | |||||||
Refining (e) | $ | 266 | $ | 285 | |||
TLLP (e) | 168 | 71 | |||||
Retail | 138 | 29 | |||||
Corporate | (83 | ) | (23 | ) | |||
Total Adjusted EBITDA | $ | 489 | $ | 362 | |||
Capital Expenditures | |||||||
Refining | $ | 184 | $ | 68 | |||
TLLP | 66 | 26 | |||||
Retail | 4 | 5 | |||||
Corporate | 6 | 4 | |||||
Total Capital Expenditures | $ | 260 | $ | 103 |
(f) | Our refining segment uses RINs to satisfy its obligations under the Renewable Fuels Standard, in addition to physically blending required biofuels. Effective April 1, 2013, we changed our intersegment pricing methodology and no longer reduced the amount retail pays for the biofuels by the market value of the RINs due to significantly volatility in the value of RINs. At the end of 2014, given the price of RINs has become more transparent in the price of biofuels, we determined our intersegment pricing methodology should include the market value of RINs as a reduction to the price our retail segment pays to our refining segment. We made this change effective January 1, 2015. We have not adjusted financial information presented for our refining and retail segments for the period ended March 31, 2014. Had we made this change effective January 1, 2014, operating income in our refining segment would have been reduced by $28 million with a corresponding increase to operating income in our retail segment. |
(g) | The effects of special items on net earnings before income taxes by segment include: |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Refining | |||||||
Inventory valuation adjustment (a) | $ | (42 | ) | $ | — | ||
TLLP | |||||||
Throughput deficiency receivable (h) | 13 | — | |||||
Gain on sale of Boise Terminal (c) | — | (5 | ) |
(h) | During the three months ended March 31, 2015, TLLP invoiced QEPFS customers for shortfall payments. TLLP did not recognize $13 million ($4 million to Tesoro, after tax) of revenue related to the billing period as it represented opening balance sheet assets for the acquisition of the Rockies Natural Gas Business; however TLLP is entitled to the cash receipt from such billings. |
March 31, 2015 | December 31, 2014 | ||||||
Cash and cash equivalents (TLLP: $16 and $19, respectively) | $ | 459 | $ | 1,000 | |||
Inventories (i) | 2,532 | 2,439 | |||||
Current maturities of debt | 6 | 6 | |||||
Long-term debt, net of unamortized issuance costs (TLLP: $2,520 and $2,544, respectively) | 4,138 | 4,161 | |||||
Total equity | 7,078 | 6,976 | |||||
Total net debt to capitalization ratio | 37 | % | 37 | % | |||
Total net debt to capitalization ratio excluding TLLP debt (j) | 26 | % | 27 | % | |||
Working capital (current assets less current liabilities) | 1,576 | 1,608 | |||||
Total market value of TLLP units held by Tesoro (k) | 1,516 | 1,658 |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Cash distributions received from TLLP (l): | |||||||
For common/subordinated units held | $ | 19 | $ | 11 | |||
For general partner units held | 16 | 5 |
(i) | The total carrying value of our crude oil and refined product inventories was less than replacement cost by approximately $318 million at March 31, 2015. |
(j) | Excludes TLLP’s total net debt and capital leases of $2.5 billion at both March 31, 2015 and December 31, 2014, which are non-recourse to Tesoro, except for Tesoro Logistics GP, LLC, and noncontrolling interest of $2.5 billion at both March 31, 2015 and December 31, 2014. |
(k) | Represents market value of the 28,181,748 common units held by Tesoro at both March 31, 2015 and December 31, 2014. The market values were $53.80 and $58.85 per unit based on the closing unit price at March 31, 2015 and December 31, 2014, respectively. |
(l) | Represents distributions received from TLLP during the three months ended March 31, 2015 and 2014 on common or subordinated units and general partner units held by Tesoro. |
Three Months Ended March 31, | |||||||
REFINING SEGMENT | 2015 | 2014 | |||||
Total Refining Segment | |||||||
Throughput (Mbpd) | |||||||
Heavy crude (m) | 96 | 170 | |||||
Light crude | 546 | 598 | |||||
Other feedstocks | 54 | 49 | |||||
Total Throughput | 696 | 817 | |||||
Yield (Mbpd) | |||||||
Gasoline and gasoline blendstocks | 358 | 421 | |||||
Diesel fuel | 144 | 200 | |||||
Jet fuel | 119 | 128 | |||||
Heavy fuel oils, residual products, internally produced fuel and other | 117 | 124 | |||||
Total Yield | 738 | 873 | |||||
Refined Product Sales (Mbpd) (n) | |||||||
Gasoline and gasoline blendstocks | 487 | 512 | |||||
Diesel fuel | 180 | 187 | |||||
Jet fuel | 158 | 152 | |||||
Heavy fuel oils, residual products and other | 74 | 77 | |||||
Total Refined Product Sales | 899 | 928 | |||||
Segment Operating Income ($ millions) | |||||||
Gross refining margin (o) (f) | $ | 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 | |||||
(Gain) loss on asset disposal and impairments | 3 | (1 | ) | ||||
Segment Operating Income (f) | $ | 190 | $ | 185 | |||
Gross Refining Margin ($/throughput barrel) (p) (q) | $ | 11.77 | $ | 10.80 | |||
Manufacturing Cost before Depreciation and Amortization Expense ($/throughput barrel) (n) | $ | 6.33 | $ | 5.65 | |||
Refined Product Sales Margin ($/barrel) (o) (p) | |||||||
Average sales price | $ | 74.13 | $ | 114.87 | |||
Average costs of sales | 65.11 | 105.34 | |||||
Refined Product Sales Margin | $ | 9.02 | $ | 9.53 |
(m) | We define heavy crude oil as crude oil with an American Petroleum Institute gravity of 24 degrees or less. |
(n) | 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. |
(o) | Consolidated gross refining margin combines gross refining margin for each of our regions adjusted for other amounts not directly attributable to a specific region. Other amounts resulted in a decrease of $1 million and an increase of $2 million for the three months ended March 31, 2015 and 2014, respectively. 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. |
(p) | 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 refined product sales (in barrels). 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. |
(q) | The gross refining margin per throughput barrel excludes the impact of the $42 million benefit recognized during the three months ended March 31, 2015 from a lower of cost or market inventory valuation adjustment recorded in the fourth quarter of 2014 in the computation of the rate at a consolidated or regional level. |
Three Months Ended March 31, | |||||||
Refining By Region | 2015 | 2014 | |||||
California (Martinez and Los Angeles) | |||||||
Throughput (Mbpd) | |||||||
Heavy crude (m) | 90 | 165 | |||||
Light crude | 295 | 327 | |||||
Other feedstocks | 37 | 29 | |||||
Total Throughput | 422 | 521 | |||||
Yield (Mbpd) | |||||||
Gasoline and gasoline blendstocks | 223 | 277 | |||||
Diesel fuel | 83 | 134 | |||||
Jet fuel | 73 | 78 | |||||
Heavy fuel oils, residual products, internally produced fuel and other | 75 | 78 | |||||
Total Yield | 454 | 567 | |||||
Gross Refining Margin ($ millions) | $ | 436 | $ | 397 | |||
Gross Refining Margin ($/throughput barrel) (p) (q) | $ | 10.67 | $ | 8.45 | |||
Manufacturing Cost before Depreciation and Amortization Expense ($/throughput barrel) (n) | $ | 7.53 | $ | 6.48 | |||
Capital Expenditures ($ millions) | $ | 55 | $ | 27 | |||
Pacific Northwest (Alaska & Washington) | |||||||
Throughput (Mbpd) | |||||||
Heavy crude (m) | 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 barrel) (p) (q) | $ | 11.52 | $ | 9.04 | |||
Manufacturing Cost before Depreciation and Amortization Expense ($/throughput barrel) (n) | $ | 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 barrel) (p) (q) | $ | 16.06 | $ | 22.56 | |||
Manufacturing Cost before Depreciation and Amortization Expense ($/throughput barrel) (n) | $ | 4.56 | $ | 4.07 | |||
Capital Expenditures ($ millions) | $ | 103 | $ | 36 |
Three Months Ended March 31, | |||||||
TLLP SEGMENT | 2015 | 2014 | |||||
Gathering | |||||||
Crude oil gathering pipeline throughput (Mbpd) | 156 | 98 | |||||
Average crude oil gathering pipeline revenue per barrel (r) | $ | 1.95 | $ | 1.34 | |||
Crude oil gathering trucking volume (Mbpd) | 46 | 45 | |||||
Average crude oil gathering trucking revenue per barrel (r) | $ | 3.23 | $ | 3.18 | |||
Gas gathering throughput (thousands of MMBtu/day) | 1,020 | — | |||||
Average gas gathering revenue per MMBtu (r) | $ | 0.39 | $ | — | |||
Processing | |||||||
NGL processing throughput (Mbpd) | 7 | — | |||||
Average keep-whole fee per barrel of NGL (r) | $ | 31.84 | $ | — | |||
Fee-based processing throughput (thousands of MMBtu/day) | 689 | — | |||||
Average fee-based processing revenue per MMBtu (r) | $ | 0.46 | $ | — | |||
Terminalling and Transportation | |||||||
Terminalling throughput (Mbpd) | 918 | 901 | |||||
Average terminalling revenue per barrel (r) | $ | 1.10 | $ | 0.93 | |||
Pipeline transportation throughput (Mbpd) | 818 | 817 | |||||
Average pipeline transportation revenue per barrel (r) | $ | 0.39 | $ | 0.36 | |||
Segment Operating Income ($ millions) | |||||||
Revenues | |||||||
Gathering | $ | 77 | $ | 25 | |||
Processing | 67 | — | |||||
Terminalling and transportation | 119 | 102 | |||||
Total Revenues (s) | 263 | 127 | |||||
Expenses | |||||||
Operating expenses (t) | 86 | 45 | |||||
General and administrative expenses (u) | 25 | 10 | |||||
Depreciation and amortization expense | 44 | 16 | |||||
Gain on asset disposals and impairments | — | (4 | ) | ||||
Segment Operating Income | $ | 108 | $ | 60 |
(r) | Management uses average revenue per barrel and average revenue per MMBtu to evaluate performance and compare profitability to other companies in the industry. We calculate average revenue per barrel as revenue divided by total throughput or keep-whole processing volumes. We calculate average revenue per MMBtu as revenue divided by gas gathering and fee-based processing volume. 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 as an alternative to segment operating income, revenues and operating expenses or any other measure of financial performance presented in accordance with U.S. GAAP. |
(s) | TLLP segment revenues from services provided to our refining segment were $148 million and $111 million for the three months ended March 31, 2015 and 2014, respectively. These amounts are eliminated upon consolidation. |
(t) | TLLP segment operating expenses include amounts billed by Tesoro for services provided to TLLP under various operational contracts. These amounts totaled $17 million and $13 million for the three months ended March 31, 2015 and 2014, respectively. These amounts are net of imbalance gains and reimbursements primarily related to pressure testing and repairs and maintenance costs totaling $8 million and $7 million for the three months ended March 31, 2015 and 2014, respectively. These amounts are eliminated upon consolidation. Additionally, TLLP segment third-party operating expenses related to the transportation of crude oil and refined products are reclassified to cost of sales upon consolidation. |
(u) | TLLP segment general and administrative expenses include amounts charged by Tesoro for general and administrative services provided to TLLP under various operational and administrative contracts. These amounts totaled $17 million and $7 million for the three months ended March 31, 2015 and 2014, respectively. These amounts are eliminated upon consolidation. |
Three Months Ended March 31, | |||||||
RETAIL SEGMENT | 2015 | 2014 | |||||
Average Number of Stations (during the period) | |||||||
Company/MSO-operated (v) | 584 | 574 | |||||
Branded jobber/dealer | 1,677 | 1,696 | |||||
Total Average Retail Stations | 2,261 | 2,270 | |||||
Fuel Sales (millions of gallons) | |||||||
Company/MSO-operated (v) | 269 | 260 | |||||
Branded jobber/dealer | 769 | 735 | |||||
Total Fuel Sales | 1,038 | 995 | |||||
Fuel Margin ($/gallon) (w) | $ | 0.19 | $ | 0.09 | |||
Segment Operating Income ($ millions) | |||||||
Gross Margins | |||||||
Fuel (w) (f) | $ | 195 | $ | 85 | |||
Other non-fuel (x) | 13 | 28 | |||||
Total Gross Margins | 208 | 113 | |||||
Expenses | |||||||
Operating expenses | 68 | 81 | |||||
Selling, general and administrative expenses | 1 | 2 | |||||
Depreciation and amortization expense | 12 | 10 | |||||
Loss on asset disposals and impairments | 1 | 1 | |||||
Segment Operating Income (f) | $ | 126 | $ | 19 |
(v) | During the fourth quarter 2014, we converted our company-operated retail locations to multi-site operators (“MSO”) retaining the transportation fuel sales. All employees and merchandise inventory were transferred to the MSOs. |
(w) | Management uses fuel margin per gallon to compare fuel results to other companies in the industry. There are a variety of ways to calculate fuel margin per gallon and different companies may calculate it in different ways. We calculate fuel margin per gallon by dividing fuel gross margin by fuel sales volumes. Investors and analysts may use fuel margin per gallon to help analyze and compare companies in the industry on the basis of operating performance. This financial measure should not be considered an alternative to revenues, segment operating income or any other measure of financial performance presented in accordance with U.S. GAAP. Fuel margin and fuel margin per gallon include the effect of intersegment purchases from the refining segment at prices which approximate market. |
(x) | Includes merchandise gross margins for the three months ended March 31, 2014. |
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 (y) | $ | 518 | $ | 367 | |||
Special items (g) | (29 | ) | (5 | ) | |||
Adjusted EBITDA (y) | $ | 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 (y) | $ | 518 | $ | 367 | |||
Special items (g) | (29 | ) | (5 | ) | |||
Adjusted EBITDA (y) | $ | 489 | $ | 362 |
(y) | 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. |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Reconciliation of Refining Operating Income to Refining EBITDA and Adjusted EBITDA | |||||||
Operating income | $ | 190 | $ | 185 | |||
Depreciation and amortization expense | 119 | 101 | |||||
Other expense, net (e) | (1 | ) | (1 | ) | |||
EBITDA (y) | $ | 308 | $ | 285 | |||
Special items (g) | (42 | ) | — | ||||
Adjusted EBITDA (y) | $ | 266 | $ | 285 | |||
Reconciliation of TLLP Operating Income to TLLP EBITDA and Adjusted EBITDA | |||||||
Operating income | $ | 108 | $ | 60 | |||
Depreciation and amortization expense | 44 | 16 | |||||
Other income, net (e) | 3 | — | |||||
EBITDA (y) | $ | 155 | $ | 76 | |||
Special items (g) | 13 | (5 | ) | ||||
Adjusted EBITDA (y) | $ | 168 | $ | 71 | |||
Reconciliation of Retail Operating Income to Retail EBITDA and Adjusted EBITDA | |||||||
Operating income | $ | 126 | $ | 19 | |||
Depreciation and amortization expense | 12 | 10 | |||||
EBITDA (y) | $ | 138 | $ | 29 | |||
Special items (g) | — | — | |||||
Adjusted EBITDA (y) | $ | 138 | $ | 29 | |||
Reconciliation of Corporate and Other Operating Loss to Corporate and Other EBITDA and Adjusted EBITDA | |||||||
Operating loss | $ | (84 | ) | $ | (26 | ) | |
Depreciation and amortization expense | 4 | 3 | |||||
Other expense, net (e) | (3 | ) | — | ||||
EBITDA (y) | $ | (83 | ) | $ | (23 | ) | |
Special items (g) | — | — | |||||
Adjusted EBITDA (y) | $ | (83 | ) | $ | (23 | ) |
Rockies Natural Gas Business | |||
Three Months Ended March 31, 2015 | |||
Reconciliation of Net Earnings to EBITDA and Adjusted EBITDA | |||
Net earnings | $ | 38 | |
Depreciation and amortization expense | 24 | ||
EBITDA (y) | $ | 62 | |
Throughput deficiency receivable (h) | 13 | ||
Adjusted EBITDA (y) | $ | 75 |
Three Months | Year Ended | ||||||
Ended June 30, | December 31, | ||||||
Reconciliation of Projected Net Earnings to Projected EBITDA | 2015 | 2015 | |||||
Projected net earnings | $ | 381 | $ | 1,086 | |||
Depreciation and amortization expense | 178 | 716 | |||||
Income tax expense | 186 | 560 | |||||
Interest and financing costs, net | 55 | 238 | |||||
Projected EBITDA (y) | $ | 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: (z) | |||||||
Inventory valuation adjustment (a) | (25 | ) | — | ||||
Throughput deficiency receivable (h) | 4 | — | |||||
Debt redemption charges (d) | — | 19 | |||||
Gain on sale of Boise Terminal (c) | — | (1 | ) | ||||
Adjusted Earnings (aa) | $ | 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: (z) | |||||||
Inventory valuation adjustment (a) | (0.20 | ) | — | ||||
Throughput deficiency receivable (h) | 0.03 | — | |||||
Debt redemption charges (d) | — | 0.14 | |||||
Gain on sale of Boise Terminal (c) | — | (0.01 | ) | ||||
Adjusted Diluted EPS (aa) | $ | 0.98 | $ | 0.72 |
(z) | 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. |
(aa) | 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. |
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