EX-99.1
2
tsoex99109-25x13.htm
EXHIBIT 99.1
TSO EX.99.1 09-25-13
Exhibit 99.1
TESORO ANNOUNCES CLOSE ON SALE OF HAWAII OPERATIONS
SAN ANTONIO - September 25, 2013 - Tesoro Corporation (NYSE: TSO) announced today that it has completed the previously announced sale of all of its interests in Tesoro Hawaii, LLC to Hawaii Pacific Energy, LLC for approximately $325 million, which includes net working capital. The transaction includes an earn-out arrangement payable over three years up to $40 million based on consolidated gross margins.
Tesoro Hawaii, LLC, operates the Kapolei refinery, a network of retail stations and associated logistical assets. Hawaii Pacific Energy, LLC is a wholly owned subsidiary of Par Petroleum Corporation.
Tesoro Corporation, a Fortune 100 company, is an independent refiner and marketer of petroleum products. Tesoro, through its subsidiaries, operates six refineries in the western United States with a combined capacity of more than 845,000 barrels per day. Tesoro's retail-marketing system includes more than 2,200 retail stations under the Tesoro®, Shell®, ARCO® and USA Gasoline™ brands, of which 595 are company operated.
Contact:
Investors:
Brian Randecker, Senior Director, Investor Relations, (210) 626-4757
Media:
Tesoro Media Relations, media@tsocorp.com, (210) 626-7702
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EX - 99 . 1 2 tsoex99109 - 25x13 . htm EXHIBIT 99 . 1 TSO EX . 99 . 1 09 - 25 - 13 Exhibit 99 . 1 TESORO ANNOUNCES CLOSE ON SALE OF HAWAII OPERATIONS SAN ANTONIO - September 25 , 2013 - Tesoro Corporation ( NYSE : TSO ) announced today that it has completed the previously announced sale of all of its interests in Tesoro Hawaii , LLC to Hawaii Pacific Energy , LLC for approximately $ 325 million , which includes net working capital . The transaction includes an earn - out arrangement payable over three years up to $ 40 million based on consolidated gross margins . Tesoro Hawaii , LLC , operates the Kapolei refinery , a network of retail stations and associated logistical assets . Hawaii Pacific Energy , LLC is a wholly owned subsidiary of Par Petroleum Corporation . Tesoro Corporation , a Fortune 100 company , is an independent refiner and marketer of petroleum products . Tesoro , through its subsidiaries , operates six refineries in the western United States with a combined capacity of more than 845,000 barrels per day . Tesoro ' s retail - marketing system includes more than 2,200 retail stations under the Tesoro ® , Shell ® , ARCO ® and USA Gasoline ™ brands , of which 595 are company operated . Contact : Investors : Brian Randecker , Senior Director , Investor Relations , ( 210 ) 626 - 4757 Media : Tesoro Media Relations , media@tsocorp.com , ( 210 ) 626 - 7702 1
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