Boston, MA 05/21/2013 (wallstreetpr) – Monday’s trading session saw Tesoro Corporation (NYSE:TSO) climbing up by 4.27%. It closed at a price of $64.90 which reached an intraday high of $65.75 before heading down to close at $61.11 per share. The average volume of 3.94 million was measured over a 30-day period
Tesoro Corporation and Tesoro Logistics announced that Tesoro Logistics LP has reached an agreement with the Tesoro Corporation. It will be acquiring the first section of logistics assets that are associated with the acquisition of BP Southern California Refining and Marketing business, by Tesoro Refining & Marketing Company LLC. The latter is a Tesoro subsidiary. These logistics are expected to be acquired for a $640 million. The transaction closing date is concurrent with the closing of the Carson acquisition. This is scheduled to take place in the 2013 Q2. The assets include six different storage and marketing terminal facilities. They have a combined throughput capacity of a total of 224,800 barrels per day as well as around 6.4 million barrels worth of total storage capacity. This includes 4.5 million barrels which are dedicated commercial-storage capacity.
Tesoro Corporation (NYSE:TSO) is an independent petroleum refinery company that also markets its products in the United States. Its subsidiaries which operate via two different business segments manufacture also sell transportation-fuels. Its refining operating segment operates 7 refineries in western U.S. They refine crude oil as well as feedstocks into transportation fuels.
