Tesoro Posts Unexpected Loss as U.S. Crude Discount Shrinks
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Tesoro Corp., the largest independent refiner on the U.S. West Coast, said it lost 55 cents to 80 cents a share in the fourth quarter, missing analysts’ estimates of profit, as discounts for U.S. crude oil shrank. The shares plunged.
Hedging on derivatives and inventory challenges may have contributed to the loss, Mark Gilman, an analyst with Benchmark Co. LLC in New York, said in a telephone interview today. Gilman, who projected earnings of $1.99 a share, said the factors Tesoro cited were not a surprise to analysts.