Tesoro Corporation (NYSE:TSO) announced today that it has agreed to acquire the existing Shell-branded wholesale supply contracts in North Dakota, South Dakota, Minnesota, Utah and most of Idaho. The acquired contracts represent approximately 300 Shell-branded stations. Under the terms of the agreement, Tesoro may also grow the Shell brand through retail stations in these areas which are anchored by the company’s refineries in Mandan, ND and Salt Lake City, UT.
“Shell has one of the most recognized retail gasoline brands in the world and we are pleased to expand our usage of the brand,” said Everett Lewis, Executive Vice President and Chief Operating Officer.
The transaction will become effective January 1, 2011. Post closing, the number of Shell-branded stations within the Tesoro retail system is expected to be approximately 650.
Tesoro Corporation, a Fortune 150 company, is an independent refiner and marketer of petroleum products. Tesoro, through its subsidiaries, operates seven refineries in the western United States with a combined capacity of approximately 665,000 barrels per day. Tesoro's retail-marketing system includes over 875 branded retail stations, of which over 380 are company operated under the Tesoro®, Shell®, Mirastar® and USA Gasoline™ brands.This press release contains certain statements that are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 concerning the timing of certain transactions and anticipated quantity of retail stations represented by acquired contracts. For more information concerning factors that could affect these statements see our annual report on Form 10-K and quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission. We undertake no obligation to publicly release the result of any revisions to any such forward-looking statements that may be made to reflect events or circumstances that occur, or which we become aware of, after the date hereof."