Business Services Industry
Losses May Grow at San Antonio, Texas-Based Tesoro Petroleum.
Knight Ridder/Tribune Business News, February, 2002
By Travis E. Poling, San Antonio Express-News Knight Ridder/Tribune Business News
Feb. 22--Tesoro Petroleum Corp. is expecting first-quarter losses to be more than the anticipated 9 cents per share because profit margins on refining are lower and a plant in Washington is down for maintenance.
Bruce Smith, CEO of the San Antonio-based refining and marketing company, said the difference between refining cost and the selling price of the refined products has averaged about $2.75 per barrel below the average spread in the fourth quarter of 2001.
Smith blamed the expected loss on warmer weather and a decline in airline travel, which quashed demand for heating oil and jet fuel.
The company anticipates 2002 earnings will be stronger than...
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