Tesoro Logistics LP : Tesoro Logistics LP Reports Interim Second Quarter 2013 Results

Tesoro Logistics LP : Tesoro Logistics LP Reports Interim Second Quarter 2013

SAN ANTONIO - July 29, 2013 - Tesoro Logistics LP (NYSE: TLLP) ("TLLP" or  the 
"Partnership") today reported second quarter 2013 net income of $19.2 million,
or $0.38 per diluted common limited partner unit.

On July 18, 2013, the Partnership announced its quarterly cash distribution of
$26.1 million,  or  $0.51  per  limited  partnership  unit,  or  $2.04  on  an 
annualized basis. This distribution represents  a four percent increase  over 
the quarterly distribution of $0.49 per unit ($1.96 per unit on an  annualized 
basis) paid in  May 2013 and  a twenty-four percent  increase over the  second 
quarter 2012 distribution paid in August 2012.

The resulting  EBITDA for  the  second quarter  was  $31.6 million,  or  $33.4 
million  excluding  transaction   costs  of  $1.8   million  related  to   the 
acquisitions of the Carson logistics assets and the Northwest Products System,
versus first quarter EBITDA  of $30.5 million  excluding transaction costs  of 
$2.2 million,  primarily  attributable to  the  acquisition of  the  Northwest 
Products System.

Tesoro Logistics  intends to  distribute  its full  earnings release  for  the 
second quarter 2013 after the market closes on Monday, August 5, 2013.

About Tesoro Logistics LP
Tesoro Logistics  LP, headquartered  in San  Antonio, Texas,  is a  fee-based, 
growth-oriented Delaware limited partnership  formed by Tesoro Corporation  to 
own, operate, develop  and acquire  crude oil and  refined products  logistics 

Chris Castro, Investor Relations Manager, (210) 626-7202

Tesoro Media Relations, media@tsocorp.com, (210) 626-7702

                             TESORO LOGISTICS LP
                                (In thousands)

                                        Three Months Ended  Three Months Ended
                                          June 30, 2013       March 31, 2013
Reconciliation of EBITDA to Net
Net income                              $       19,173      $           18,678
Add: Depreciation and amortization
expenses                                         6,338                   4,081
Add: Interest and financing costs, net           6,571                   5,604
 Less: Interest income                        (470)                    (23)
EBITDA (a)                              $       31,612      $           28,340

(a) We define earnings before interest, income taxes, depreciation and
amortization expenses ("EBITDA") as net income before depreciation and
amortization expenses, net interest and financing costs and interest income.
EBITDA should not be considered as an alternative to net income in accordance
with accounting principles generally accepted in the United States of America
("U.S. GAAP"). EBITDA has important limitations as an analytical tool, because
it excludes some, but not all, items that affect net income. EBITDA is not a
measure prescribed by U.S. GAAP but is a supplemental financial measure that
is used by management and may be used by external users of our financial
statements, such as industry analysts, investors, lenders and rating agencies
to assess:

  oour operating performance as compared to other publicly traded
    partnerships in the midstream energy industry, without regard to
    historical cost basis or financing methods;
  othe ability of our assets to generate sufficient cash flow to make
    distributions to our unitholders;
  oour ability to incur and service debt and fund capital expenditures;and
  othe viability of acquisitions and other capital expenditure projects and
    the returns on investment of various investment opportunities.


This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.

Source: Tesoro Logistics LP via Thomson Reuters ONE
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