Posted at 9:57 a.m., Thursday, January 31, 2008
Tesoro says Hawaii big part of fourth-quarter loss
Advertiser Staff
Tesoro Corp., operator of seven refineries including Hawai'i's largest, posted a fourth-quarter loss saying its Campbell Industrial Park refinery sustained an $86 million pre-tax operating loss.The San Antonio-based company said it swung to a net loss of $40 million, or 29 cents a share, from a net profit a year earlier of $158 million, or $1.17 a share.
Tesoro Chairman, President and Chief Executive Officer Bruce Smith said the company taking a number of steps to boost future results, including "achieving a better value for commercial products marketed in Hawaii."
"In 2008, we look forward to completing several income-producing projects, realizing additional synergies associated with the addition of Los Angeles and improving profitability in Hawaii," said Smith in a press statement today.
The company said the fourth-quarter loss in Hawaii compared to a $19 million pre-tax operating profit in the fourth-quarter a year earlier.
It said the product prices here didn't reflect its rapidly rising costs and premiums paid for crude oil. An outage at its Hawai'i refinery also contributed about $30 million to the loss here, with $10 million of that going to higher repair and maintenance expenses.
