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Tesoro Reports Quarterly Profit on Surging Refining Margins

Tesoro Corp., the largest independent refiner on the U.S. West Coast, reported its fourth consecutive quarterly profit as the average margin between oil costs and fuel prices more than doubled.

First-quarter net income was $107 million, or 74 cents a share, compared with a year-earlier loss of $155 million, or $1.11, San Antonio-based Tesoro said in a statement today. Excluding a loss related to asset disposals and impairments, profit in the quarter was about 75 cents a share, 10 cents higher than the average of 16 analysts’ estimates compiled by Bloomberg.