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2016 News Releases

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Dec 21, 2016Tesoro Corporation to Participate in the Wolfe Research Refiners Conference
SAN ANTONIO - December 21, 2016 - Tesoro Corporation (NYSE: TSO) announced today that Greg Goff, Chairman, President and Chief Executive Officer, Steve Sterin, Executive Vice President and Chief Financial Officer and Sam Ramraj, Vice President Investor Relations, will participate in the Wolfe Research Refiners Conference on Wednesday, January 4, 2017 in Boston, Massachusetts. Tesoro Corporation, a Fortune 100 company, is an independent refiner and marketer of petroleum products. Tesoro, through... 
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Dec 21, 2016Tesoro Corporation to Participate in the Goldman Sachs Global Energy Conference
SAN ANTONIO - December 21, 2016 - Tesoro Corporation (NYSE: TSO) announced today that Greg Goff, Chairman, President and Chief Executive Officer, Steve Sterin, Executive Vice President and Chief Financial Officer and Sam Ramraj, Vice President Investor Relations, will participate in the Goldman Sachs Global Energy Conference on Thursday, January 5, 2017 in Orlando, Florida.   Tesoro Corporation, a Fortune 100 company, is an independent refiner and marketer of petroleum products. Tesoro, through ... 
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Dec 15, 2016Tesoro Announces Pricing of $850 Million 4.750% Senior Notes due 2023 and $750 Million 5.125% Senior Notes due 2026
SAN ANTONIO - December 15, 2016- Tesoro Corporation (NYSE:TSO) ("Tesoro") announced the pricing of its $850 million 4.750% Senior Notes due 2023 and its $750 million 5.125% Senior Notes due 2026 (together, the "Notes"). Subject to customary conditions, Tesoro anticipates that the offering will be completed on December 22, 2016 and intends to use a combination of the net proceeds from the offering of the notes, cash on hand and borrowings under its amended revolving credit fac... 
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Dec 15, 2016Tesoro Announces Intention to Offer $1.6 Billion in Senior Notes
SAN ANTONIO - December 15, 2016- Tesoro Corporation (NYSE:TSO) ("Tesoro") announced today that it is proposing to offer in an unregistered offering $1.6 billion in aggregate principal amount of Senior Notes due 2023 and Senior Notes due 2026 (together, the "Notes"). Tesoro intends to use a combination of the net proceeds from the offering of the notes, cash on hand and borrowings under its amended revolving credit facility to fund (i) the cash consideration and other amounts ... 
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Nov 21, 2016Tesoro Corporation Sells Northern California Terminalling and Storage Assets to Tesoro Logistics
SAN ANTONIO - November 21, 2016 - Tesoro Corporation (NYSE:TSO) and Tesoro Logistics LP (NYSE:TLLP) today announced that a subsidiary of Tesoro has closed the sale of terminalling and storage assets located in Martinez, California to TLLP. The Northern California Terminalling and Storage Assets include 5.8 million barrels of crude oil, feedstock, and refined product storage capacity at Tesoro's Martinez Refinery along with a marine terminal capable of handling up to 35,000 bpd of feedstock and r... 
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Nov 17, 2016TESORO TO ACQUIRE WESTERN REFINING IN $6.4 BILLION TRANSACTION
·        Transaction creates a premier, highly integrated and geographically diversified refining, marketing and logistics company·        Stock transaction at exchange ratio of 0.4350, with option to elect cash in lieu of stock up to a cap of 10% of the equity consideration; values the transaction at $6.4 billion ·        Commit to delivering $350 to $425 million in annual synergies; run rate to be achieved within the first two years ·        Expects to achieve 10% to 13% EPS accretion in 2018,... 
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Nov 10, 2016 Tesoro Corporation Announces Election of William H. Schumann, III, to Board of Directors
SAN ANTONIO - November 10, 2016 - Tesoro Corporation (NYSE:TSO) announced that William H. Schumann, III, has been elected to the Company's Board of Directors, effective November 11, 2016. Mr. Schumann served as Executive Vice President of FMC Technologies (NYSE: FTI), a global provider of technology solutions for the energy industry, from 2007 until his retirement in 2012. Prior to that, he held various management positions of increasing responsibility during his 31-year career at FMC and its p... 
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Oct 31, 2016TESORO CORPORATION REPORTS 2016 THIRD QUARTER RESULTS
Net earnings from continuing operations of $170 million, or $1.43 per diluted share, consolidated net earnings of $201 million and EBITDA of $577 million Total Refining throughput was 873 thousand barrels per day and utilization was 98% Logistics operating income grew 25% year-over-year to $133 million Marketing operating income of $273 million; total branded stations increased by 178 year-over-year Returned $215 million to shareholders; $150 million in share repurchases and $65 million... 
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Oct 4, 2016Tesoro Corporation to Release Third Quarter Earnings
SAN ANTONIO - October 4, 2016 - Tesoro Corporation (NYSE:TSO) plans to release its earnings for the third quarter 2016 after the market closes on Monday, October 31, 2016. The Company will broadcast, live, its conference call with analysts regarding third quarter results and other business matters on Tuesday, November 1, 2016 at 7:30 a.m. CT. Interested parties may listen to the live conference call over the Internet by logging on to www.tsocorp.com. Tesoro Corporation, a Fortune 100 company, i... 
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Oct 3, 2016Tesoro Honors Top Suppliers
SAN ANTONIO - October 3, 2016 - Tesoro Corporation (NYSE: TSO) is pleased to announce the recipients of its first annual Tesoro Supplier Recognition Awards, selected for outstanding performance in alignment with Tesoro's Guiding Principles. Tesoro presented category awards in the areas of safety, innovation and value delivery, Shared Value and best performing small, disadvantaged or diverse business. One supplier from each of Tesoro's business segments - refining, logistics and marketing - was c... 
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Oct 3, 2016Tesoro Enters Into New $2.0 Billion Revolving Credit Facility
New credit facility becomes unsecured if investment grade credit rating is achieved Credit availability not subject to borrowing base redeterminations Tesoro continues on path to investment grade SAN ANTONIO - October 3, 2016 - Tesoro Corporation (NYSE:TSO) today announced that the Company has entered into a new senior secured revolving credit agreement with a group of banks led by JPMorgan Chase Bank. The new $2.0 billion, four-year cash flow credit facility replaces Tesoro's previous $3.... 
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Sep 16, 2016Tesoro Corporation Sells Remaining Alaska Storage and Terminalling Assets to Tesoro Logistics
SAN ANTONIO - September 16, 2016 - Tesoro Corporation (NYSE:TSO) and Tesoro Logistics LP (NYSE:TLLP) today announced that TLLP has closed the remaining portion of the acquisition of storage and terminalling assets in Alaska owned by subsidiaries of Tesoro. TLLP acquired the refined products terminals in Anchorage and Fairbanks, Alaska, for total consideration of $178 million, including $160 million of cash financed with borrowings on TLLP's revolving credit facility and $18 million of common and... 
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Sep 8, 2016Tesoro Corporation to Participate at the J.P. Morgan 7th Annual U.S. All Stars Conference
SAN ANTONIO - September 8, 2016 - Tesoro Corporation (NYSE: TSO) announced today that Greg Goff, Chairman, President and Chief Executive Officer, and Sam Ramraj, Vice President, Investor Relations, will participate in the J.P. Morgan 7th Annual U.S. All Stars Conference in London on Tuesday, September 20, 2016. Investor materials to be used at this conference will be available on Tesoro's website on the investor relations section at www.tsocorp.com Tesoro Corporation, a Fortune 100 company, is... 
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Sep 6, 2016Tesoro to Acquire Renewable Technology Company
SAN ANTONIO, Texas, September 6, 2016 - Tesoro Corporation (NYSE: TSO) has agreed to acquire Virent, Inc. ("Virent"), an innovative renewable fuels and chemicals company, to support Virent's success in bringing biofuels technology to commercial scale. Tesoro's renewable fuels strategy is to foster the development of high-quality, lower-carbon, renewable feedstocks and blendstocks that can either be co-processed in existing refineries or blended seamlessly with traditional fuels. Tesoro... 
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Aug 25, 2016Tesoro Corporation to Participate at the Barclays CEO Energy-Power Conference
SAN ANTONIO - August 25, 2016 - Tesoro Corporation (NYSE: TSO) announced today that Greg Goff, Chief Executive Officer, Steve Sterin, Executive Vice President and Chief Financial Officer and Sam Ramraj, Vice President Investor Relations, will participate in the Barclays CEO Energy-Power Conference in New York on Wednesday, September 7, 2016. Greg Goff will present at the conference at 1:45 PM, Eastern Time. Investor materials to be used during this presentation and a live webcast will be availa... 
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Aug 24, 2016Tesoro Updates Executive Responsibilities
SAN ANTONIO - Aug. 24, 2016 - Tesoro Corporation (NYSE:TSO) today announced updates to its executive responsibilities. Keith Casey, EVP, Operations, will become EVP, Marketing & Commercial, responsible for increasing value capture across all commercial activities within the Company. CJ Warner, EVP, Strategy & Business Development, will become EVP, Operations, responsible for driving operating efficiency and effectiveness across Tesoro's refining and logistics operations. In addition to hi... 
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Aug 3, 2016TESORO CORPORATION REPORTS 2016 SECOND QUARTER RESULTS
Net earnings from continuing operations of $418 million, or $3.47 per diluted share, consolidated net earnings of $449 million and EBITDA of $956 million, all include a pre-tax benefit of $363 million related to lower of cost or market inventory adjustment Logistics operating income grew 20% year-over-year to $125 million Successfully raised approximately $1 billion of debt and equity in Tesoro Logistics primarily to fund acquisitions from Tesoro and future growth Closed acquisition of Fl... 
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Jul 5, 2016Tesoro Corporation to Release Second Quarter Earnings
SAN ANTONIO - July 5, 2016 - Tesoro Corporation (NYSE:TSO) plans to release its earnings for the second quarter 2016 after the market closes on Wednesday, August 3, 2016. The Company will broadcast, live, its conference call with analysts regarding second quarter results and other business matters on Thursday, August 4, 2016 at 7:30 a.m. CT. Interested parties may listen to the live conference call over the Internet by logging on to www.tsocorp.com. Tesoro Corporation, a Fortune 100 company, is... 
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Jul 1, 2016Tesoro Corporation to Sell Alaska Storage and Terminalling Assets to Tesoro Logistics
SAN ANTONIO - July 1, 2016 - Tesoro Corporation (NYSE:TSO, Tesoro) and Tesoro Logistics LP (NYSE:TLLP) today announced that subsidiaries of Tesoro have executed an agreement for the sale of storage and terminalling assets in Alaska to TLLP for a total consideration of $444 million. The Alaska Storage and Terminalling Assets include:              Storage: Crude oil, feedstock and refined product storage tanks with combined capacity of approximately 3.5 million barrels in Kenai, Alaska, with c... 
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Jun 28, 2016Tesoro acquires Dakota Prairie Refining business in North Dakota
SAN ANTONIO, Texas, June 28, 2016 - Tesoro Corporation (NYSE: TSO), through its affiliate Tesoro Refining & Marketing Company LLC, has acquired Dakota Prairie Refining, LLC (DPR), which owns a  refinery near Dickinson, North Dakota, with strategic access to advantaged Bakken crude oil and is located just 100 miles west of the Tesoro Mandan Refinery. DPR's refinery has a crude oil capacity of 20 thousand barrels per day and produces ultra-low sulfur diesel, naphtha and resid. Tesoro plans to cont... 
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Jun 27, 2016Tesoro releases its 2015 Social Responsibility Report
SAN ANTONIO, June 27, 2016 - Tesoro Corporation (NYSE: TSO) today released its annual Social Responsibility Report for 2015 that outlines the Company's performance, approach, and commitment to social and environmental responsibility and demonstrates its commitment to operating in a responsible manner that creates shared value for shareholders, employees, customers, and communities. The 2015 Social Responsibility Report highlights accomplishments in the following areas: Safety: In 2015, Tesoro o... 
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Jun 20, 2016Tesoro Closes Acquisition of Marketing and Logistics Assets in Alaska
SAN ANTONIO, Texas, June 20, 2016 - Tesoro Corporation (NYSE: TSO), through its affiliates Tesoro Alaska Company LLC and Tesoro Alaska Terminals LLC, has closed the previously announced acquisition of Flint Hills Resources' (FHR) wholesale marketing and logistics assets in Anchorage and Fairbanks, Alaska. Consistent with the details of the transaction announced late in 2015, the acquisition includes: all FHR wholesale fuel marketing contracts in Alaska; an Anchorage terminal with 580,000 b... 
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May 4, 2016TESORO CORPORATION REPORTS 2016 FIRST QUARTER RESULTS
Net earnings from continuing operations of $58 million, or $0.48 per diluted share Adjusted earnings, excluding special items, were $144 million, or $1.19 per diluted share Strong consumer demand drives 71% year-over-year growth in Marketing operating income Total Refining throughput increased 86 thousand barrels per day versus first quarter 2015 Narrow crude oil differentials negatively impacted Refining results Continued growth in Logistics earnings Closed the acquisition of Great ... 
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Apr 6, 2016Tesoro Corporation to Release First Quarter Earnings
SAN ANTONIO - April 6, 2016 - Tesoro Corporation (NYSE:TSO) plans to release its earnings for the first quarter 2016 after the market closes on Wednesday, May 4, 2016. The Company will broadcast, live, its conference call with analysts regarding first quarter results and other business matters on Thursday, May 5, 2016, at 7:30 a.m. CT. Interested parties may listen to the live conference call over the Internet by logging on to www.tsocorp.com. Tesoro Corporation, a Fortune 100 company, is an in... 
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Feb 23, 2016Tesoro Corporation Announces Election of Edward G. Galante to Board of Directors
SAN ANTONIO - February 23, 2016 - Tesoro Corporation (NYSE:TSO) today announced the appointment of Edward G. Galante to the Company's Board of Directors, increasing the Board from nine to ten members, effective March 1, 2016. Mr. Galante served as Senior Vice President and a member of the Management Committee of ExxonMobil Corporation from 2001 until his retirement in 2006. Prior to that, he held various management positions of increasing responsibility during his more than 30 years with ExxonM... 
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Feb 3, 2016Tesoro Corporation and Tesoro Logistics LP Announce New Executive Appointment
SAN ANTONIO - February 3, 2016 - Tesoro Corporation (NYSE: TSO) announced today that Kim K.W. Rucker will join Tesoro as Executive Vice President, General Counsel and Secretary, effective March 14, 2016. Charles S. Parrish, who has served as the Company's General Counsel since March 2005 and as an Executive Vice President of the Company since April 2009, has announced his plans to retire. "I want to recognize and thank Chuck for his many contributions to Tesoro. Few employees are able to m... 
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Feb 1, 2016Tesoro Corporation Reports Fourth Quarter and Record Full Year Results for 2015
Tesoro Corporation Reports Fourth Quarter and Record Full Year Results for 2015 Record full year net earnings from continuing operations of $1.5 billion, or $12.39 per diluted share Excluding special items, adjusted earnings for 2015 were $1.7 billion, or $13.91 per diluted share Adjusted EBITDA for the quarter was $665 million and adjusted earnings were $221 million, or $1.83 per diluted share Record marketing segment performance for the year with operating income of $899 million Est... 
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Jan 20, 2016Tesoro launches plan to support development of renewable biocrude for its refineries
SAN ANTONIO, Texas, January 20, 2016 - Tesoro Corporation (NYSE: TSO) today announced its plan to foster the development of biocrude made from renewable biomass, which can be co-processed in its existing refineries, along with traditional crude oil. Converting renewable biomass into biocrude is expected to enable existing refining assets to produce less carbon-intensive fuels at a significantly lower capital and operating cost than competing technologies. This approach could lower Tesoro's com... 
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Jan 11, 2016Tesoro Closes Acquisition of Logistics Assets in the Williston Basin of North Dakota
SAN ANTONIO, Texas, January 11, 2016 - Tesoro Corporation (NYSE: TSO) ("Tesoro") has closed the previously announced acquisition of Great Northern Midstream LLC ("Great Northern Midstream"), a crude oil logistics provider which owns and operates high-quality, recently constructed crude oil pipeline, gathering system, transportation, storage and rail loading facilities in the Williston Basin of North Dakota. Consistent with the details of the transaction announced on Decembe... 
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Jan 8, 2016Tesoro Corporation to Release Fourth Quarter Earnings
SAN ANTONIO - January 8, 2016 - Tesoro Corporation (NYSE:TSO) plans to release its earnings for the fourth quarter 2015 after the market closes on Monday, February 1, 2016. The Company will broadcast, live, its conference call with analysts regarding fourth quarter results and other business matters on Tuesday, February 2, 2016, at 7:30 a.m. CT. Interested parties may listen to the live conference call over the Internet by logging on to www.tsocorp.com. Tesoro Corporation, a Fortune 100 company... 
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Jan 7, 2016Tesoro Boosts Fuel Supply Position in Nevada
SAN ANTONIO, Texas, January 7, 2016 - Tesoro Corporation (NYSE: TSO), through its affiliate Tesoro Refining & Marketing Company LLC, has signed a strategic supply agreement with an affiliate of Anabi Oil Corporation (“Anabi”) to sell fuel at 55 high volume retail stations in the greater Las Vegas, Nevada area that Anabi recently acquired.  The agreement allows Tesoro to increase its fuel sales in the Las Vegas region and strengthen the presence of the ARCO® and Mobil® brands. Anabi’s newl... 
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