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Tesoro Management Discusses Q2 2012 Results - Earnings Call Transcript

We also made meaningful progress on our refining and marketing integration with the addition of 165 stations in Southern California from Thrifty Oil Company.

In the third quarter, we intend to add the remaining 9 stations to our retail system completing the Thrifty integration planned schedule for 2012. These additions, along with another 50 sites we expect to add in 2014, should provide between 20,000 and 25,000 barrels per day of ratable and profitable demand allowing us to sustain high refinery utilization.

In addition, we completed the first IPO -- post-IPO asset sale to Tesoro Logistics early in the second quarter generating $75 million of incremental value and demonstrating our commitment to capturing the full value of our logistics assets.

Yesterday, we announced our intent to sell the Long Beach marine terminal and pipeline assets to Tesoro Logistics in the third quarter. These assets support not only our Wilmington California refinery, but other third-party refineries as well. We also reaffirmed our intent to offer the Anacortes Washington rail and unloading facility to Tesoro Logistics. We expect that transaction to occur in the fourth quarter.

The transactions we announced yesterday, which add between $35 million and $45 million of annual logistics EBITDA, combined with organic growth already underway at TLLP, will continue to grow the value of Tesoro's investments in these assets providing additional value to our shareholders.

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