Tesoro 4Q profit more than doubles |
|
|
|
Published
:
Mon, 29 Jan 2007 13:50
|
SAN ANTONIO (AFX) - Oil refiner Tesoro Corp. said Monday that robust refining margins led to a more than doubling of fourth-quarter profit, despite a drop in revenue.Net income grew to $158 million, or $2.28 per share, from $69 million, or 97 cents per share, a year ago.Revenue fell by 8 percent to $4.02 billion from $4.36 billion a year earlier. Operating expenses and sales costs fell by 10 percent to $3.65 billion.Analysts polled by Thomson Financial expected the refiner to earn $1.91 per share.Tesoro attributed the improved results to a 16 percent jump in gross refining margin, which offset lower output from a refinery undergoing maintenance. Refining margins -- which refer to the spread between the cost of crude oil and price of refined products -- were $12.95 per barrel versus $11.19 a year before.Also during the quarter, jet fuel demand strengthened, resulting in an improved performance from Tesoro's Alaska refinery. Strong demand for diesel fuel boosted profit at the company's refineries in its mid-continent region.Full-year earnings rose to $801 million, or $11.46 per share, from $507 million, or $7.20 per share, in 2005. Annual revenue increased to $18.1 billion from $16.58 billion.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
Print this Story
Efforts to lower Hawaii gas prices snarl 