SAN ANTONIO -- Tesoro Corp. and Tesoro Logistics LP officially changed their names on Aug. 1 to Andeavor and Andeavor Logistics LP, the culmination of a period of major changes for the refining, marketing and logistics companies.
"We are announcing a new name to reflect the company's ongoing transformation," Greg Goff, chairman, president and CEO, said in June in announcing the change.
Here are the details. …
1. Ticker change
The companies have retired their previous New York Stock Exchange (NYSE) ticker symbols, TSO and TLLP, and began trading under their new ticker symbols, ANDV and ANDX, respectively, upon Tuesday’s NYSE opening.
To mark the name changes, members of the companies’ executive management team rang the opening bell.
“Our name change to Andeavor acknowledges the significant progress we have made in transforming the company over the last several years and the opportunities we see ahead,” said Goff. “Through strong execution, financial discipline, strategic growth and the remarkable commitment of our employees, we have continually created significant value for our stakeholders.”
“While our name has changed, the same strategic priorities and guiding principles that enabled us to reach this important milestone today will continue to serve as the foundation for how we conduct business in the future,” he said. “We will continue to focus on optimizing our highly integrated marketing, logistics and refining system, caring for the communities where we operate, aiming to achieve the best safety and environmental performance in the industry and investing in our people.”
Tesoro closed on its acquisition in mid-November 2016 of Western Refining Inc. in a stock transaction valued at $4.1 billion. Western Refining’s retail operations included nearly 550 gas stations and c-stores under the Giant, Howdy’s and SuperAmerica brands.
The new, San Antonio-based Andeavor is now an integrated marketing, logistics and refining company with more than 3,200 gas stations and convenience stores under multiple fuel brands, including Arco, SuperAmerica, Shell, Exxon, Mobil, Tesoro, USA Gasoline and Giant. It also has ownership in two logistics businesses, which include Andeavor Logistics LP and Western Refining Logistics LP and ownership of their general partners. Andeavor operates 10 refineries in the midcontinent and Western United States.
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.
The November deal added Western Refining’s three refineries in Texas, New Mexico and Minnesota to Tesoro’s seven refineries in California, Washington, Alaska, Utah and North Dakota.
Andeavor Logistics, also based in San Antonio, is a full-service logistics company operating primarily in the Western and midcontinent regions of the United States.
It owns and operates a network of crude-oil, refined-products and natural-gas pipelines, as well as crude-oil and refined-products truck terminals, marine terminals and dedicated storage facilities. It also owns and operates natural-gas processing and fractionation complexes.