SAN ANTONIO, TEXAS - July 25, 2017 - Tesoro Corporation (NYSE: TSO), to become Andeavor on Aug. 1, 2017, today announced it has reached a definitive agreement that will enable the company to supply transportation fuels and launch the ARCO brand in the states of Sonora and Baja California, Mexico.
This agreement allows Profesional Fuels Solutions, S.A. de C.V. (ProFuels) to begin wholesale marketing operations in Mexico under the ARCO brand. The ARCO brand provides value to consumers through its high-quality TOP TIERTM gasoline. The first ARCO-branded stations are expected to open within the next 60 days.
Tesoro's wholesale marketing agreement with an affiliate of ProFuels, currently the largest operator of retail gasoline stations and a distributor of transportation fuels in northwest Mexico since 1991, provides ProFuels the ability to market and grow the ARCO fuel brand in the region.
Tesoro plans to integrate supply to Mexico with its West Coast refining, marketing and logistics system and expects to expand the brand throughout Baja California and Sonora to achieve a leading market position in both states.
"We are very excited to begin operations in Mexico and to launch the ARCO brand. This agreement furthers our strategic marketing integration and presents a tremendous opportunity to offer a high-quality fuel in a growing market," said Greg Goff, Chairman, President and CEO.
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
ARCO® is a trademark of Tesoro.
ARCO® stations offer quality TOP TIERTM gasoline and are currently located in five western U.S. states, including Arizona, California, Nevada, Oregon and Washington.
Tesoro has been evaluating opportunities in Mexico for some time, and believes 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 focused 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 our plans to integrate supply to Mexico, launch the ARCO brand, and expand the brand throughout Baja California and Sonora; our ability to successfully effect those strategies and the expected timing and results thereof; and statements regarding the agreement with ProFuels, and the expected benefits and timing thereof. 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, firstname.lastname@example.org, (210) 626-7702