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Tesoro to Buy Washington Refinery from Shell

Tesoro Petroleum


said it will buy an Anacortes, Wash., refinery for $237 million from

Royal Dutch/Shell Group



* * * * *

Elsewhere in the oil patch: Hours after the company's stock was upgraded this morning, a



official said that between 25,000 and 30,000 barrels per day of heavy Louisiana sweet crude oil will continue to be shut in through at least Monday because of damaged pipelines off Louisiana.

In other post-close news (

earnings estimates from First Call


Earnings reports and previews

CyberShop International


reported a first-quarter loss of 19 cents per share, 8 cents worse than the lone analyst's expectation and down from the year-ago loss of 10 cents.



reported first-quarter earnings of 6 cents per share, missing the single-analyst estimate by 2 cents and the year-ago figure by 10 cents. Maritrans was the Jan. 9 selection of's

$10 Store.

Impac Mortgage


reported first-quarter earnings of 48 cents per share, on target with the five-analyst prediction and above the year-ago 41 cents.

AGL Resources


posted second-quarter earnings of 79 cents per share, missing the eight-analyst forecast for 82 cents and the year-ago 87 cents.

Mergers, acquisitions and joint ventures

Renters Choice


said it will buy

Central Rents

for $103 million in cash.

Offerings and stock actions

International Telecommunications Data Systems


said it filed to offer 4.3 million shares of common stock.

Paradigm Technology


said its shareholders have approved a 1-for-10 reverse stock split.

MindSpring Enterprises


said it filed with the

Securities and Exchange Commission

for a 1.65 million-share offering.

Knight/Trimark Group

(NITE:Nasdaq) filed with the SEC for an IPO of 10 million common shares. The estimated initial price for the stock is between $14 and $16 per share.

Comings and goings

Fort James


said its president and COO, Michael Riordan, will leave the company.

American Oilfield Divers


said CEO Rod Stanley resigned and COO Kevin Peterson will replace him.

Analyst actions

A.G. Edwards


Pulitzer Publishing


to buy from accumulate.

A.G. Edwards initiated coverage of



with a buy.




said its Distribution and Industrial Products unit will increase aluminum sheet and coil conversion prices on depot shipments of all alloys by 2 cents per pound on May 4.



chemical unit said it will build a cyclohexane facility capable of producing 65 millions gallons per year at its petrochemicals complex in Beaumont, Texas.

A federal nuclear regulatory agency said

Northeast Utilities


has taken adequate steps to restart the company's Millstone Unit 3 nuclear power plant in Connecticut.

Union Pacific


said it will spend $1.4 billion over the next five years to expand and upgrade its railroad tracks, connections and terminals in Texas and Louisiana to relieve congestion on its clogged rail lines.