Tesoro to Begin Operating in Mexico
July 18 2017 - 4:17PM
SAN ANTONIO, TEXAS - July 18,
2017 - Tesoro Corporation (NYSE: TSO), to become Andeavor on
August 1, 2017, today announced it has reached a definitive
agreement with Petróleos Mexicanos (Pemex) for terminaling and
transportation services in Mexico. The agreement will enable Tesoro
to supply transportation fuels in the Mexican states of Sonora and
Baja California.
Earlier this summer, Tesoro was awarded capacity
in the Open Season for Northwest Mexico on the Pemex oil products
pipeline and storage terminals. The final agreement with Pemex has
now been signed and Tesoro will soon begin to move products in the
country through this arrangement.
"The expansion of our strategic footprint to
include Northern Mexico strengthens our integrated value chain with
significant growth opportunities for our marketing business," said
Greg Goff, Chairman, President and CEO. "We are excited about
Mexico and the opportunity to create value for the Company,
customers, business partners and communities."
Tesoro plans to integrate supply to Mexico with
its West Coast Refining and Logistics system and market products in
country under the ARCO® brand.
About Tesoro
Corporation
Tesoro Corporation, soon to become Andeavor, is an independent
refiner and marketer of petroleum products. Tesoro, through its
subsidiaries, operates 10 refineries in the western United States
with a combined capacity of approximately 1.2 million barrels per
day and ownership in a logistics business, which includes interest
in Tesoro Logistics LP (NYSE: TLLP) and Western Refining
Logistics, LP (NYSE: WNRL) and ownership of their general partners.
Tesoro's retail-marketing system includes approximately 3,000
retail stations marketed under multiple well-known fuel brands,
including ARCO®, SuperAmerica®, Shell®, Exxon®, Mobil®, Conoco®,
Tesoro®, USA Gasoline(TM) and Giant®.
Notes to
editors
-
In the Energy Reform Framework, Tesoro
participated and was awarded capacity in the Pipeline and Storage
Open Season for Northwest Mexico.
-
Tesoro has been evaluating opportunities in
Mexico for some time, and believe the Mexican States of Sonora and
Baja California are an excellent fit with its U.S. West Coast
system.
-
Tesoro will adopt a new name, Andeavor,
effective August 1, 2017.
-
Tesoro is soon to celebrate its 50th year in
operation and is one of the largest independent petroleum refiners
and marketers in the United States, with a strategically
concentrated presence in the western United States.
FORWARD LOOKING STATEMENTS
This release contains "forward-looking" statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, including
without limitation statements concerning: our operational,
financial and growth strategies, including the expansion of our
strategic footprint into Mexico, our ability to successfully effect
those strategies and the expected timing and results thereof;
statements regarding the agreement with Pemex, and the expected
benefits and timing thereof; and statements regarding value
creation for the Company and its stakeholders. For more information
concerning factors that could affect these statements, see our
annual report on Form 10-K, quarterly reports on Form 10-Q, and
other public filings and press releases, available at
www.tsocorp.com. We undertake no obligation to revise or update any
forward-looking statements as a result of new information, future
events or otherwise.
Contacts:
Investors:
Brian Randecker, Investor Relations, (210) 626-4757
Media:
Tesoro Media Relations, media@tsocorp.com, (210) 626-7702
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Tesoro Corporation via Globenewswire
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