SAN ANTONIO -- As it closes on its acquisition of Western Refining Inc., refiner-marketer Tesoro Corp. will change its name to Andeavor on Aug. 1, 2017, the company said, unveiling new logos and ticker symbols.
"We are announcing a new name to reflect the company's ongoing transformation," said Greg Goff, chairman, president and CEO. "The change to Andeavor acknowledges the significant progress we've made in becoming a premier refining, marketing and logistics company, and signals our aspiration to continue creating greater value for our stakeholders."
Here are the details of the rebranding and how it will affect retailers …
After Aug. 1, Andeavor will continue to license the Tesoro brand to retail stations that currently use it. The company said it does not intend to make the Andeavor name part of its retail portfolio.
"While our name is changing, our strategic priorities, financial discipline, guiding principles and the foundational elements of how we operate remain the same," Goff said. "We will continue to focus on optimizing our highly integrated refining, marketing and logistics system."
On Aug. 1, Andeavor common shares will begin trading on the New York Stock Exchange under the ticker symbol ANDV.
Tesoro Logistics LP will change its name to Andeavor Logistics LP. Its common units will trade on the NYSE under the ticker symbol ANDX.
The company will retire the TSO and TLLP ticker symbols.
San Antonio-based Tesoro closed its acquisition of Western Refining Inc. on June 1.
The $6.4 billion, stockholder-approved deal, which Tesoro announced on Nov. 17, 2016, creates a geographically diversified refining, marketing and logistics company. It adds Western's refineries in Texas, New Mexico and Minnesota to Tesoro's existing refineries in California, Washington, Alaska, Utah and North Dakota. The combined retail operations will include more than 3,000 gas stations and convenience stores operating under 12 retail and convenience-store brands.
Tesoro was founded in the 1960s as a company engaged primarily in petroleum exploration and production. It built and commenced operating its Kenai, Alaska, refinery in 1969 and began shifting its focus to refining and marketing in the late 1990s. Since 2010, through strategic growth, financial discipline, strong execution and the commitment of its employees, the company has become a leading U.S. independent refining, marketing and logistics companies.
El Paso, Texas-based Western Refining is an independent refining and marketing company that operates refineries in El Paso; Gallup, N.M.; and St. Paul Park, Minn. Its retail operations include approximately 550 gas stations and convenience stores in Arizona, Colorado, Minnesota, New Mexico, Texas and Wisconsin, primarily under the Giant, Howdy’s, Mustang and Sundial brands. It also includes approximately 290 under the SuperAmerica brand in Minnesota and Wisconsin, acquired in June 2016 upon the completion of a merger with Tempe, Ariz.-based Northern Tier Energy LP.
San Antonio-based Tesoro is an independent refiner and marketer of petroleum products. Through its subsidiaries, Tesoro operates seven refineries in the western United States. Tesoro's multisite operated (MSO) retail-marketing system includes more than 2,500 gas stations and convenience stores under the ARCO, Shell, Exxon, Mobil, USA Gasoline, Rebel and Tesoro brands.