Tesoro, an independent refiner and marketer of petroleum products, has reported net earnings of $97m, or $0.70 per diluted share, for the fourth quarter of 2008, compared to a net loss of $40m, or $0.29 per diluted share, for the same quarter of 2007.
Tesoro has reported revenues of $4.33 billion for the fourth quarter of 2008, compared to $6.53 billion for the same period of 2007. Tesoro has reported an operating income of $150m fourth quarter of 2008, compared to an operating loss of $49m for the same period of 2007.
For the year 2008, the company has reported net earnings of $278m, or $2 per diluted share, compared to $566m, or $4.06 per diluted share for the year 2007. Tesoro has reported revenues of $28.31 billion for the year 2008, compared to $21.91 billion for the year 2007.
For the year 2008, the company has reported an operating income of $471m, compared to $967m in 2007 because of lower per barrel refining margins and higher per barrel manufacturing costs. The company’s fourth quarter segment operating income of $204m was $196m higher than the $8m of segment operating income in the fourth quarter of 2007 due to higher gross margins.
