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Tesoro history
Tesoro company history timeline
The first step in this direction was taken when Tesoro sold $25 million worth of stock in late 1968.
Tesoro was founded in 1968 by Doctor Robert V. West Jr, and was primarily engaged in petroleum exploration and production.
Accordingly, Tesoro purchased Cardinal Transports, Inc., in early 1969.
In 1969, Tesoro began operating its first refinery, near Kenai, Alaska.
In August 1971 Tesoro raised $32.2 million in an equity offering.
1971: The company enters the marketing sector through the purchase of the S&N Investment Company and the Digas Company, operator of gasoline service stations.
During this time, Tesoro continued to expand its American holdings, purchasing the Charles Wheatley Company in February 1972.
With the expectation that these talks would bear fruit, Tesoro established in September 1972 a wholly owned European subsidiary, Tesoro-Europe Petroleum B.V., to market petroleum products.
In May 1973 Tesoro bought FWI, Inc. from Falcon Seaboard, Inc. in Houston.
The tragedy is the worst industrial accident to date since the Department of Labor and Industries began enforcing the Washington State Industrial Safety and Health Act (WISHA), enacted in 1973.
By the end of 1973 Tesoro was able to report that its steady pace of acquisitions in all sectors of the petroleum industry had allowed it to quintuple its earnings in just five years in business.
In September 1974 the company formed Tesoro Coal Company.
By the end of the 1974 fiscal year, Tesoro had gross revenues exceeding $500 million and earnings of about $60 million.
Corco had been caught short by the sharp rise in petroleum prices in 1974, and its profitability had fallen, bringing the cost of its stock down as well.
Tesoro diversified into a third area of the energy industry, forming Tesoro Natural Gas Company in April 1977 to purchase and transport natural gas.
In 1977 Tesoro was forced to write off $59 million in Corco investments and lost $58 million overall.
Further difficulties arose in December 1978 when various investigations by the Internal Revenue Service (IRS), the Securities and Exchange Commission (SEC), and the United States Justice Department resulted in the company having to pay tax penalties.
In an effort to rebuild, Tesoro brought in management consultants in 1979 to help it create a plan for future growth.
1980: The company fends off the first of several takeover attempts, this one by Diamond Shamrock Corporation.
In June 1982 this speculation bore fruit when Tesoro announced a plan to sell its domestic oil, gas, and coal properties, as well as its interest in the Trinidadian company, and split its remaining holdings into two companies.
In 1985 Tesoro further restructured its stock offerings to prevent any corporate takeover attempts.
The company reported a loss of $87 million at the end of 1985.
Matters continued to worsen in 1986, as Tesoro wrote off $44.3 million on an attempt to find oil in Trinidad and also gave up the value of its Indonesian reserves.
By the end of 1987, Pentane Partners owned 9.74 percent of the company, and Oakville held 6.2 percent of Tesoro's stock.
In May 1988 Tesoro's board rejected a bid by Pentane for the remainder of the company.
1988: Tesoro sells its domestic oil and gas producing properties to American Exploration.
The company earned only $3.9 million in 1991 and omitted its fourth quarterly dividend payment on stocks.
Difficulties continued in 1992, as the company laid off 60 employees and closed offices in an effort to reduce costs.
Shell Oil (now Tesoro) Refinery, March Point, Anacortes, May 10, 1994
Tesoro began doing so in 1994, leading to the resignation of the Metropolitan representatives from the Tesoro board.
In 1997, Shell and Texaco, Inc., which operated an adjacent oil refinery, wanted to combine their refining and gasoline retailing operations in the West and Midwest.
In early 1999, then, the company announced that it would seek to sell or spin off its exploration and production operations.
2000: An agreement is reached with Wal-Mart Stores, Inc. to open and operate filling stations at Wal-Mart outlets under the name Mirastar.
Tesoro received its first Letter of Determination in August 2001.
Tesoro Anacortes Refinery, March Point, Anacortes, 2003
Anacortes Refinery, March Point, January 13, 2008
Blackened towers (left back) at Tesoro Refinery after explosion and fire, Anacortes, April 2, 2010
2010: Formed Tesoro Logistics LP, a master limited partnership that owns, operates, develops, and acquires logistics assets to gather crude oil and distribute, transport and store crude oil and refined products
In 2010, the Board adopted an extensive Conflict of Interest Policy and each Board member is in complete compliance with full disclosure.
Prior to its acquisition by Marathon Petroleum in 2018, Tesoro was the third-largest independent petroleum refining and marketing company in the United States.
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Tesoro may also be known as or be related to TESORO TECHNOLOGY CO, Tesoro, Tesoro Corp and Tesoro Corp.