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.
Brian Randecker, Investor Relations, (210) 626-4757
Tesoro Media Relations, email@example.com, (210) 626-7702