Same-store sales were down slightly year-over-year. Retail segment operating income was $2 million, down $22 million from a year ago on lower retail fuel margins.
Tesoro reported first-quarter 2011 net income of $107 million, or 74 cents per diluted share, compared [image-nocss] to a net loss of $155 million, or $1.11 per diluted share, for first-quarter 2010.
For the first quarter, the company recorded segment operating income of $305 million compared to a segment operating loss of $125 million. The increase in operating income is due to higher refinery throughput rates, a significant crude sourcing advantage and an improved margin environment.
"We had an excellent first quarter. Significantly higher refinery utilization rates and good progress on our EBITDA improvement initiatives combined with strong product crack spreads and price advantaged crude oil helped deliver outstanding earnings and cash flow for the first quarter," said Greg Goff, president and CEO of Tesoro.
San Antonio, Texas-based Tesoro is an independent refiner and marketer of petroleum products. Through its subsidiaries, it 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 nearly 1,200 branded retail stations, of which more than 375 are company operated under the Tesoro, Shell, Mirastar and USA Gasoline brands.
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